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China Evergrande launches first EV, the Hengchi 5, at just over half the price of Tesla’s Model Y as embattled developer aims to revive fortunes
- The world’s most heavily indebted developer hopes its cut-price smart SUV, at 179,000 yuan (US$26,693), will help revive its fortunes and generate much-needed cash
- The company will start delivering units in October, said Liu Yongzhuo, president of Evergrande Auto, during an online presentation watched by 825,000 people
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The electric car subsidiary of China Evergrande, the world’s most indebted property developer, has launched its first vehicle at a little over half the price of Tesla’s popular Model Y.
China Evergrande New Energy Vehicle Group (Evergrande Auto) has priced the Hengchi 5 sport-utility vehicle (SUV), its first model since its inception three years ago, at 179,000 yuan (US$26,693), about 44 per cent cheaper than the American giant’s Shanghai-made Model Y.
“We aim to manufacture world-class smart luxury SUV electric cars priced below 300,000 yuan. Hengchi 5 will become the best SUV electric car in this category,” said Liu Yongzhuo, president of Evergrande Auto, during an online presale presentation on Wednesday evening.
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The first of the SUVs will roll off the production line in October, and the company aims to deliver 10,000 units by 2023, Liu told some 825,000 viewers.
In comparison, Tesla’s Shanghai-made Model Y is priced at 316,900 yuan while Nio’s EC6 entry-level SUV sells at 396,000 yuan. But Xpeng’s G3, another SUV, is cheaper still, starting at 168,900 yuan.
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“The price is attractive. Evergrande is aiming for a big sales volume [of the Hengchi] to improve the group’s financial conditions,” said Chen Jinzhu, chief executive of Shanghai Mingliang Auto Service, a vehicle consultancy
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