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Evergrande NEV starts first mass production -sources -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO A view of China Evergrande New Energy Vehicle Group (EV) in Tianjin on October 20, 2021. Picture taken October 20, 2021. REUTERS/Yilei Sun

SHANGHAI/HONG KING (Reuters) – China Evergrande New Energy Vehicle Group launched its first mass production this Thursday according to two sources familiar with the matter.

People said that the company produced the first Hengchi 5 sport-utility vehicle 12 days earlier than planned at Tianjin’s Tianjin manufacturing facilities. The official ceremony is expected to take place in the coming weeks.

China Evergrande Group is the major cash-strapped unit that owns property developer China Evergrande Group. The company has had difficulty obtaining external funding for its operations.

Evergrande NEV did not respond to our request for comment.

Several EV models were introduced by Evergrande but they are still in production.

In November, the EV company stated that it had been in talks with potential buyers about selling some assets. It also spoke to potential investors regarding financing.

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