China’s electric cars: unit of most indebted developer rolls out nine EV models, but no sign of launch

The company, which unveiled six Hengchi-branded EVs in August, rolled out another three models on Wednesday

While none of the nine models has been assembled yet, the company previously said the cars would be launched either in the second half of this year or the first half of 2022

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Evergrande New Energy Vehicle Group unveiled three new electric car models on Wednesday. Photo: Weibo

Published: 9:00pm, 10 Feb 2021Updated: 9:10pm, 10 Feb 2021

Evergrande New Energy Vehicle Group, the carmaking arm of the world’s most indebted developer, unveiled three new models amid ambitions of becoming the world’s largest electric vehicle (EV) maker.

The company, which unveiled six Hengchi-branded EVs in August, followed it up on Wednesday with a Class B luxury saloon, a Class C coupe and a Class B SUV, taking another important step towards making next-generation cars.

The company said in a statement that the unveiling of the three new models shows Evergrande’s determination and confidence in manufacturing great EVs.

Evergrande New Energy’s Hong Kong-listed shares jumped 19.1 per cent to HK$58.7 on Wednesday, giving it a market capitalisation of HK$517.5 billion (US$66.8 billion), more than double that of its parent China Evergrande Group’s HK$213.2 billion.

Evergrande New Energy’s electric car factory in Tianjin. Photo: Handout

Evergrande New Energy’s shares have climbed nearly 94 per cent so far this year.

“Evergrande New Energy’s share price has had a strong rally since January 2021,” analyst Kelly Zou of CGS-CIMB Securities wrote in a research note. “We think a further share price breakthrough will hinge on the market response to its official product launches.”

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