The China Evergrande New Energy Vehicle Group says it has received more than 37,000 pre-orders for its all-electric Hengchi 5, the first in a host of planned EVs that it is developing.
Pre-orders for the Henghi 5 opened two weeks ago and while they are non-binding, they do require buyers to pay a 1,000 yuan ($148) deposit. Company president Liu Yongzhuo said pre-orders for the electric SUV had far exceeded the company’s expectations.
Evergrande intends on delivering the first 10,000 units between October 1, 2022 and March 31, 2023 and notes that buyers will be eligible for a full refund if they change their minds within 15 days of collecting the keys.
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Production of the Hengchi 5 was originally scheduled to begin in June but has since been delayed until the third quarter.
Evergrande has an ambitious plan to make one million EVs a year by 2025 and is currently in the middle of a debt restructuring plan due to difficulties it has had in raising external investment for the Hengchi brand.
The Hengchi 5 is 4.73-meters long and is outfitted with a CATL-sourced lithium-phosphate battery. It is powered by a 201 hp electric motor and Hengchi claims it can travel 435 miles (700 km) on a single charge according to the NEDC testing cycle .
In early 2019, Evergrande chairman Hui Ka Yan said the company would “strive to become the world’s biggest, and the strongest, electric vehicle group within three to five years.” He has added that he wants to shift Evergrande group’s primary business from real estate to its automotive venture within 10 years.
