China's Evergrande delivers first electric vehicles

China's Evergrande delivers first electric vehicles

China's Evergrande delivers first electric vehicles

BEIJING (Reuters) - China Evergreened New Energy Vehicle Group Ltd. has started deliveries of its Hengchi 5 electric vehicle, with the first 100 customers getting their cars on Saturday, it said on its official WeChat account.China's Evergrande delivers first electric vehicles

The company, a unit of heavily indebted property developer China Evergrande Group, began production of the vehicle last month at a plant in the northern city of Tianjin.

With plans to build one million vehicles by 2025, Evergrande is aiming to shift the group's primary business from real estate to the automobile enterprise over the next decade.

It has said that it will begin mass production of its second EV model in the first half of 2023 and the third in the latter half of next year.

The Hengchi 5 sport-utility vehicle sells for 179,000 yuan ($24,690.00).

($1 = 7.2499 Chinese Yuan Renminbi)

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