On April 24th, China Evergrande Group announced that its new energy vehicle division will sell two of its businesses to another unit within the group. The move is aimed at enabling Evergrande Auto to focus on automaking.
Wang Shi, the 72-year-old founder of China Vanke, a prominent property developer in China, has ventured into the world of venture capital.
Since the start of 2023, a price war has broken out in China's automotive industry, leading to intensified market competition. This has made it increasingly challenging for car manufacturers with consistently low sales and inadequate self-sustaining capabilities.
On March 22, Evergrande, a property developer that has been at the center of China's property sector crisis, issued a warning stating that its electric vehicle division may need to suspend production if it fails to secure new financing.
A Shanghai subsidiary of Evergrande New Energy Vehicle Group (Evergrande Auto) recently released details about it having become a judgement debtor, as well as regarding consumption restriction orders.
Real estate developer Evergrande's automobile arm announced on September 16 that its Hengchi 5 model has started mass production in Tianjin and deliveries will begin in October. The new energy vehicle brand will also accelerate the development of other models.
Regarding recent reports that Evergrande Auto will be acquired by another automobile company, on August 18, Liu Yongzhuo, president of Evergrande Auto, denied the news.
Forty-three days after the pre-sale of its Hengchi 5 model began, Evergrande Auto is reportedly to be acquired by another automobile company, and this acquisition may be led by the local government.
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.
Evergrande New Energy Vehicle Group's first model, the Hengchi 5, is now available for pre-orders, the automobile arm of Chinese real estate developer Evergrande Group announced on July 6.
The pre-sale of the Hengchi 5, a car model made by Evergrande Auto, will start on July 6. Interested customers can make an appointment to test drive, which has been made available in the last week or so.
A Wednesday report alleged that Evergrande Auto has indefinitely delayed the pre-sale of its Hengchi 5 model, sparking heated online discussion. That evening, Evergrande Auto issued a statement denying the report.
Real estate developer Evergrande's first pure electric SUV, the Hengchi 5, has seen 50,000 units ordered within the 10 hours of blind booking during Labor Day holiday.
After the trading of its shares was suspended on March 21, Evergrande Auto, the auto arm of embattled property giant China Evergrande Group, resumed stock operations from 9:00 a.m. on Wednesday.
The president of Evergrande Auto, Liu Yongzhuo, announced on Sunday that pre-sale of its Hengchi 5 model will be initiated in the near future.
Embattled property giant China Evergrande Group and its subsidiary units suspended trading in Hong Kong on Monday morning, according to exchange filings, without offering any explanation.
Evergrande Group has moved out of its headquarters building in Shenzhen, and that the building has removed branding that displays "Evergrande Group."
Hengchi 5, the first mass production model of Evergrande Auto, successfully rolled off the production line on Thursday, 12 days ahead of schedule.
Liu Yongzhuo, President of Evergrande Auto, said that the three-month battle to get the first car off the assembly line, which started on October 8, has achieved initial results, and the BIW assembly line was launched at the end of November.
British electric vehicle (EV) maker Saietta has said that it is acquiring electric powertrain company e-Traction from China Evergrande Group's automotive unit in a deal worth up to 2 million euros ($2.31 million).