Evergrande New Energy Vehicle Forced to Repay $1.37M

According to Tianyancha, a commercial information inquiry platform, Evergrande New Energy Vehicle Investment Holding Group Co., Ltd., an automobile business arm of Evergrande, recently added new information regarding its listing as a judgment debtor. The company now needs to repay a total of 9.26 million yuan ($1.37 million). At present, the company’s total amount of debt has exceeded 100 million yuan.

At the end of July, Evergrande announced that its Hengchi 5, a new energy vehicle model, officially rolled off the production line at the beginning of this year. In March, it passed the 353rd batch of new products announced by the Ministry of Industry and Information Technology, and the Hengchi 5 then obtained its sales qualification. The vehicle officially started its pre-sale on July 6. Up until now, the company has received more than 37,000 pre-sale orders.

The first batch of 10,000 Hengchi 5 vehicles will be delivered starting in October this year, while the second batch will be delivered before the first quarter of next year.

Hengchi 5 is a pure electric luxury SUV with a body size that exceeds the BMW X1. The Hengchi 5 is equipped with CATL’s lithium iron phosphate battery, with a rated power of 72.8 kWh and a cruising range of 602 km. In fast charging mode, the battery takes only 28 minutes to charge from 30% to 80%. The pre-sale price is 179,000 yuan.

SEE ALSO: Evergrande New Energy Vehicle Group’s Hengchi 5 Starts Pre-Sale

According to Evergrande New Energy Vehicle’s 2021 interim report, the company’s asset-liability ratio is as high as 96.7%. The company lost 1.429 billion yuan, 4.426 billion yuan, and 7.394 billion yuan respectively from 2018 to 2020 when no car was listed. In the first half of 2021, it also suffered another huge loss of 4.79 billion yuan.