Evergrande’s Hengchi 7 Looks Impressive Out Testing, But Will It Be Built?

While Evergrande, China’s second-largest property developer, is facing financial trouble, the company appears to be pushing forward with its plans for a raft of electric vehicles. Or so it seems.

Earlier this year, the automotive arm of the Evergrande Group unveiled no less than nine vehicles at the Shanghai Auto Show through its Hengchi brand. One of these was the Hengchi 7 and a prototype was recently spied on local streets.

The Henghci 7 takes the form of a sleek-looking sedan with a fastback roofline. Local media reports it has a wheelbase of 114 inches (2,910 mm) and will allegedly be able to travel 441 miles (710 km) on a single charge. Making it stand out from other EVs are the Volvo-inspired ‘Thor’s Hammer’-like LED daytime running lights and the aggressive upside-down L-shaped taillights connected by a light bar.

Read More: Evergrande’s $87 Billion Valuation Surpasses GM And Ford Despite Never Having Sold A Vehicle

As electric vehicles go, this one looks very promising. However, there’s a possibility it will never reach production, nor will any other vehicles unveiled by Hengchi.

Global financial markets are in a frenzy after it emerged that China Evergrande Group is on the brink of default. Evergrande is the world’s most indebted property developer and is said to have a total debt exposure of roughly $305 billion. New details have also started to emerge about the formation of the China Evergrande New Energy Vehicle Group behind the Henghci brand.

The Financial Review has revealed that at its peak, the value of the automaker surged to as high as $119.5 billion, making it twice as valuable as its parent company, despite it not selling or even producing a single production vehicle. Evergrande founder Hui Ka Yan and his friends profited hugely from the carmaker’s soaring value. In fact, one person in Hui’s circle is claimed to have bought 80 million shares in Evergrande Auto’s predecessor for HK$30 cents (US$0.039) apiece before selling them for HK$50 (US$6.42) each.