BEIJING (Reuters) – China Evergrande Recent Energy Vehicle Group Ltd has began deliveries of its Hengchi 5 electric vehicle, with the primary 100 customers getting their cars on Saturday, it said on its official Wechat account.
The corporate, a unit of heavily indebted property developer China Evergrande Group, launched production of the vehicle at a plant within the northern city of Tianjin last month.
Evergrande is aiming to shift the group’s primary business from real estate to the auto enterprise over the following decade, with plans to make 1 million vehicles by 2025.
It has said it will start mass production of its second EV model in the primary half of 2023 and a 3rd within the latter half of next yr.
The Hengchi 5 sport-utility vehicle sells for 179,000 yuan ($24,690.00).
($1 = 7.2499 Chinese yuan renminbi)
(Reporting by Jenny Wang and Dominique Patton; Editing by Robert Birsel)
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