BEIJING, Oct 29 (Reuters) – China Evergrande New Power Automobile Group Ltd (0708.HK) has began deliveries of its Hengchi 5 electrical car, with the primary 100 prospects getting their automobiles on Saturday, it mentioned on its official Wechat account.
The corporate, a unit of closely indebted property developer China Evergrande Group (3333.HK), launched manufacturing of the car at a plant within the northern metropolis of Tianjin final month.
Evergrande is aiming to shift the group’s major enterprise from actual property to the auto enterprise over the following decade, with plans to make 1 million automobiles by 2025.
It has mentioned it will begin mass manufacturing of its second EV mannequin within the first half of 2023 and a 3rd within the latter half of subsequent yr.
The Hengchi 5 sport-utility car sells for 179,000 yuan ($24,690.00).
($1 = 7.2499 Chinese language yuan renminbi)
Reporting by Jenny Wang and Dominique Patton; Enhancing by Robert Birsel
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