Evergrande just started ordering for the Hengchi 5 electric SUV two weeks ago which is the company’s first electric vehicle. In total, Evergrande said it had received more than 37,000 pre-orders for the Hengchi 5 electric SUV.
Pre-orders of Hengchi 5 are non-binding, but buyers must pay a 1,000 yuan ($148) deposit to enter the listing. Evergrande party through company president Liu Yongzhuo said pre-orders for Hengchi 5 far exceeded the company’s expectations.
Evergrande plans to deliver the first 10,000 units of Hengchi 5 between October 1, 2022 and March 31, 2023. Evergrande targeted production of the Hengchi 5 to begin in June, but postponed it until the third quarter of 2022.
Evergrande targets electric vehicle production to reach one million units per year by 2025 and is currently in the midst of a debt restructuring plan.
Dimensionally the Hengchi 5 is 4.73 meters long with a lithium-phosphate battery supplied by CATL. Using a 201 hp electric motor, the Hengchi has a range of 435 miles (700 km) on a single charge according to the NEDC test cycle.
Evergrande wants to shift the group’s main business from real estate to its automotive business within 10 years.