China Evergrande NEV Starts Preorders for First Car

pictureThe Hengchi 5 is larger than BMW AG’s X1 model and powered by Contemporary Amperex Technology Co. batteries. Photo: Bloomberg

(Bloomberg) — China Evergrande New Energy Vehicle Group Ltd., which has pledged to take on Tesla Inc. but repeatedly missed production targets, is taking preorders for its first vehicle.

The electric sports utility vehicle, the Hengchi 5, is larger than BMW AG’s X1 model and powered by Contemporary Amperex Technology Co. batteries. The car is designed to run 602 kilometers (374 miles) on one charge, the Guangzhou-based company said during an online event Wednesday evening.

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