Evergrande Unveils Three More Pure Electric Cars in EV Push

China Evergrande Group’s new-energy vehicle startup unveiled three more car models, even though it hasn’t started mass production of its first six types.

  • The EV arm posted short videos of “Hengchi 7”, “Hengchi 8” and “Hengchi 9” on Wednesday, showing their exteriors
  • “Hengchi 7” is a sedan; “Hengchi 8” is a vehicle designed as a cross between a sport wagon and a sedan; “Hengchi 9” is a mid-sized sports-utility vehicle, according to company statement. All three types are pure electric and branded as luxury cars
  • Stock of China Evergrande New Energy Vehicle Group surged as much as 22% in early trading Wednesday, touching a high of HK$60.20. The unit’s 93% gain this year has pushed its market value to about HK$519 billion ($67 billion), more than twice as much as its property development parent
  • Last week, the EV arm released photos and video footage of its first batch of cars undergoing a winter test. Two of Evergrande’s planned production bases, in Guangzhou and Shanghai, have started trial production, it said in statement

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