Evergrande Successfully Delivers Hengchi 5 Electric Car To First 100 Customers

The Hengchi 5 SUV from Evergrande has now entered the market. (photo: twitter @airin199961)

JAKARTA - China Evergrande New Energy Vehicle Group Ltd has started deliveries of the Hengchi 5 electric vehicle, to the first 100 customers to get their hands on their car on Saturday, October 29. The statement appeared on the official Wechat account, the Chinese company.

The company was originally a unit of the debt-ridden property developer China Evergrande Group. But they turned into a car factory and finally launched vehicle production at a factory in the northern city of Tianjin last month.

Evergrande now wants to shift the group's main business from a real estate company to a car business over the next decade. They plan to make 1 million vehicles by 2025.

Evergrande will start mass production of its second EV model in the first half of 2023 and the third in the second half of next year. The Hengchi 5 sports utility vehicle retails for 179,000 yuan (IDR 380 million).

Hengchi 5 is the latest variant of an electric car produced by a Chinese company. As the country with the largest car market in the world, Evergrande targets the middle class market.