Evergrande To Open Pre-Orders For Hengchi 5 This Week

The China Evergrande New Energy Vehicle Group, better known simply as Evergrande, will open up pre-orders for the all-electric Hengchi 5 this week.

For those that don’t know, Evergrande is a Chinese real estate developer that is looking to morph its primary business to the automotive industry. In early 2019, company chairman Hui Ka Yan said the brand would “strive to become the world’s biggest, and the strongest, electric vehicle group within three to five years.” Evidently, things are moving a little slower than Evergrande had once hoped.

The company’s EV business, Hengchi, had intended on commencing mass production of the 5 in June but Reuters reports this has been pushed back until the third quarter. While pre-orders will open this week, they will be non-binding.

Read More: Evergrande Wants To Become An EV Juggernaut, But Is $113.7 Billion In Debt

Evergrande is aiming to make 1 million EVs a year by 2025 and is in the midst of working on a debt restructuring plan due to difficulties in securing external investment for the Hengchi brand.

The world got its first glimpse of the Hengchi 5 back at 2021’s Shangai Auto Show when the company showcased no less than nine planned models. The 5 is 4.73-meters long and comes equipped with a lithium-phosphate battery sourced from CATL. Power comes courtesy of a 201 hp (150 kW) electric motor and it is apparently good for up to 700 km (435 miles) of range on the NEDC testing cycle.

Chinese media reports that Hengchi started to accept “blind bookings” for the 5 back in May. These bookings require prospective customers to place a deposit without actually knowing what the final price will be. It is claimed that no less than 50,000 blind bookings were made within the first 10 hours.