On October 11, Evergrande Auto’s Strategic Partners Conference was held at the firm’s Tianjin production base. At the meeting, Liu Yongzhuo, President of Evergrande Auto, said that the company had launched a three-month “tough battle” to ensure that the first Hengchi vehicle would be rolled off the assembly line in early 2022.
To achieve this goal, Evergrande has mobilized core research and development teams and technical elites from Shanghai, Guangzhou and Shenzhen for support, and the Tianjin facility has been transformed into one of China’s first-class industrial 4.0 high-end intelligent factory.
Compared with the Shanghai and Guangzhou bases, Tianjin’s production base has qualifications for new energy vehicle production issued by both the National Development and Reform Commission (NDRC) and the Ministry of Industry and Information Technology, and has met all the conditions required for mass production. Therefore, Evergrande Auto has transferred its strategic center to the Tianjin base.
Since the beginning of 2021, Evergrande has successively seen its Hengchi trial cars 1, 3, 5, 6 and 7 leave the assembly line, and has completed the winter, summer and plateau tests. Yet, according to Chinese media outlet LatePost, many Evergrande Auto employees said their department had asked them to take days off after the National Day holiday until October 31.
In the 2020 financial report released by Evergrande Auto, which has terminated its listing to Shanghai’s STAR Market, the firm has invested a total of 47.4 billion yuan ($7.3 billion), of which 24.9 billion yuan is used to purchase core technologies and research and development investment, while the remaining 22.5 billion yuan is used for plant construction.
It is worth noting that Evergrande Hengchi New Energy Automotive Institute (Shanghai) Co., Ltd. has undergone a change to its registration with the Industrial and Commercial Administration recently, and the registered capital of the enterprise has increased from roughly 100 million yuan to 1 billion yuan.