Evergrande Health Industry Group, the loss-making electric vehicle arm of mainland property developer China Evergrande Group, on Monday unveiled six car models under its Hengchi brand, putting it on track to start mass production as planned next year. The company launched the Hengchi 1 to Hengchi 6 new-energy vehicle models, comprising SUVs, crossovers and sedans, in Guangzhou and Shanghai, but did not provide any other details including pricing or their availability. “Within three to five years, the company strives to become the world’s number one new energy vehicle group in terms of [operational] scale, and competitiveness,” Evergrande Health said in a statement. Pan Darong, Evergrande Health’s chief financial officer, said in March that Hengchi, which means run fast forever, will enter mass production in 2021, and that 13 other models were under development. The company said in its annual results announcement that it would invest 15 billion yuan (US$2.1 billion) this year and 10 billion yuan in 2021 on developing next-generation cars. So far Evergrande Health remains on course, unveiling the Hengchi 1 model this year as planned. The company also said two of its production bases, in Guangdong and Shanghai, will be completed in the second half of this year and will be able to produce 200,000 vehicles annually from next year. However, the company’s losses have been mounting, rising to 4.4 billion yuan (US$630 million) last year from 1.4 billion yuan in 2018. Chinese Tesla challenger Xpeng tops up on cash from Alibaba and Qatar ahead of New York Stock Exchange IPO Its parent company, mainland developer Evergrande, which is chaired by Chinese billionaire Hui Ka-yan , jumped into the electric car business in June 2018 and pledged to challenge the likes of Tesla , the world’s most valuable car maker, which has a production plant in Shanghai that makes the Model 3 and Model Y for the China market. Last month, Evergrande Health Industry Group, which was previously focused primarily on care homes and hospitals before branching out into electric cars, told the Hong Kong stock exchange that it plans to change its name to China Evergrande New Energy Vehicle Group to reflect the group’s increasing focus on its car business. The name change is subject to shareholders’ approval at a general meeting, which is scheduled for August 20. Car sales on the mainland in June fell 6.5 per cent from a year ago to 1.68 million units, the China Passenger Car Association said. Sales of new energy vehicle, which includes pure electric vehicles and hybrid models, reached 85,600. The association’s secretary general Cui Dongshu said he expects new energy vehicle sales in the second half of 2020 to be significantly higher than in the same period last year Shares of Evergrande Health rose 3.6 per cent to HK$37.05 on Monday.