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Embattled Evergrande NEV seeks regulatory approval for electric model in China -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO : A National Electric Vehicle Sweden logo (NEVS), is pictured on a Beijing Headquarters building, 28 December 2015. REUTERS/Kim Kyung-Hoon/File Photo

BEIJING, (Reuters) – China Evergrande Group’s electric vehicle (EV) unit Evergrande NEV seeks Chinese regulatory approval for its first Hengchi 5 sport-utility cars. The embattled firm vows to make automobiles as soon as possible.

The unit made public a warning in September stock exchange filings, saying that it is still seeking new investors as well as to sell assets. Without either of these it could struggle to pay employees salaries or cover expenses. Plans to list shares in China mainland were also scrapped.

Evergrande NEV, even though it is struggling to attract external capital, continues to build its production facility in China’s Tianjin coastal city to produce the Hengchi 5 model. The company aims to get manufacturing up and running by 2022.

According to a witness at Reuters, some Hengchi5 vehicles were seen inside the factory last month.

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