China Evergrande New Energy Vehicle Group said on Tuesday it will begin taking orders for its first model, a major milestone for the company controlled by the world’s most indebted real estate group.
The start of orders for the sport utility vehicle comes after Evergrande chairman Hui Ka Yan pledged to change the group’s core business from vehicle real estate within a decade.
The all-electric model is the Hengchi 5. Orders start on Wednesday (6).
Mass production of the Hengchi 5 has been delayed to the third quarter, according to recent statements by company executives.
The company says it aims to build 1 million vehicles a year by 2025.
Evergrande is staggering under more than $300 billion in liabilities. The shares of the group’s automaker have been suspended from trading since April, awaiting the publication of the audited annual results for the 2021 financial year.
The group has been working on a debt restructuring plan. The automotive arm has been struggling to obtain foreign investment and is negotiating the sale of part of its assets with potential buyers.
Source: CNN Brasil
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