Jan 13, 2022 07:29 PM

BUSINESS

Evergrande Auto Stock Plunges After It Finally Makes First Car

Hengchi 5 production line in Tianjin. Photo: Screenshot from HENGCHI

Hengchi 5 production line in Tianjin. Photo: Screenshot from HENGCHI

After delaying mass production for years, the electric-car unit of debt-stricken developer Evergrande said it had finally produced its first actual car — 12 days ahead of schedule.

In a post (link in Chinese) on the Weibo social media platform, Evergrande New Energy Vehicle Group Ltd. announced that it had achieved a “big milestone” with the production of the first Hengchi 5 SUV.

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