December 2, 2021

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Problem Chinese developer Evergrande wants to switch to an “electric car”

In 2019, Chinese developer giant Evergrande was impressed with its ambitious “arrogant” statements regarding the expansion of its electric mobility business. Within 3 to 5 years, it wanted to become the largest electric vehicle manufacturer in the world, while so far it has introduced 9 concept models. At the moment, she has huge debts, due to which the company turned out. It’s interesting that she mainly wants to switch to an “electric car”, while real estate should be just a secondary issue.

China Evergrande Group, one of the largest developers in China, also known by its acronym Evergrande, is among the world’s 150 largest companies by revenue. In 2019, it surprisingly announced that it will become the largest electric vehicle producer in the world within 3-5 years, investing 23 billion in this field. $. It also announced that it is preparing 15 fully electric models.

according to Reuters However, it currently has $300 billion in debt, so it must be consolidated if it is to survive. It is interesting to the world of electric mobility that as part of the merger, the company wants to transform into a manufacturer of electric vehicles. Hui Ka Yan, the company’s chairman, recently announced that it will convert its automobile “division” to electric vehicles to its core business, rather than real estate, within 10 years. Reuters.

This apparently pleased the company’s investors in general, with shares of Evergrande up 6%, and in the case of subsidiary China Evergrande New Energy Vehicle Group, up as much as 17%. Thus, investors seem to have confidence in the further development of the e-mobility market and in Evergrande’s ability to assert itself in it, even though it has not yet produced a single mode of production.

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What does the Evergrande depend on?

Last year, Hui Ka Yan said he believed his company Evergrande was “armed with the technology of the future.” You must have earned, for example, thanks to investments in companies such as Faraday Future (a company that wanted to follow in the footsteps of Tesla) or NEVS (an electronic mobility company that arose from the ruins of SAAB).

As we also reported in 2019, Evergrande established a joint venture with supercar manufacturer Koenigsegg, which will focus on vehicle research and capacity building. Because of battery technology, Evergrande bought the Sino-Japanese company Shanghai Cenat New Energy. The Chinese developer also led discussions on future cooperation on batteries and electric motors for electric vehicles, as well as artificial intelligence, with Harvard University.

It has also partnered with Hofer Powertrain (electric motors), Benteler (electric platforms), Magna Steyr (contract car manufacturer), AVL (engines), FEV and Edag (engineering).

According to reports from August of this year, Evergrande has already completed three production plants, and serial production and delivery will be launched next year. At the same time, the automobile “division” of China’s Evergrande New Energy Vehicle Group has so far introduced 9 electric concept cars under the Hengchi brand.

hengchi evergrande electric vehicle

Illustration source: Evergrande

Hengchi 1 is supposed to be a “super luxury mid-size sedan” with a highly enlarged wheelbase (3.15 m), Hengchi 2 – a “small luxury sedan”, Hengchi 3 – a “large luxury SUV”, Hengchi 4 – “luxury 7 – domestic MPV ”, Hengchi 5 – small SUV segment A, Hengchi 6 – small crossover A, Hengchi 7 – crossover, Hengchi 8 – large sedan and Hengchi 9 – SUV of the middle class. However, no more detailed specifications of these models have been published yet.

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