China Evergrande Group on Friday announced that its electric vehicle (EV) unit began mass production of the Hengchi 5 model at a plant in the northern city of Tianjin.
China Evergrande New Energy Vehicle Group Ltd said in a statement that deliveries of the first electric car type introduced last year will begin in October.
It began accepting non-binding pre-orders for the Hengchi 5 sport-utility vehicle in July, after delaying mass production from June to the third quarter.
Evergrande states that buyers will be entitled to a complete refund if they change their minds within 15 days of picking up the keys and that the first 10,000 units will be delivered between October 1, 2022 and March 31, 2023.
The Hengchi 5 is a five-seat D-SUV. It had a wheelbase of 2780 mm and dimensions of 4725/1925/1676 mm. In terms of power, the Hengchi 5 has a single electric motor on the front axle with a capacity of 345 Nm and 150 kW (204 hp). Its acceleration from zero to one hundred is 7.8 seconds. Therefore, it lacks the performance advantages that many people associate with EVs.
The Hengchi 5, on the other hand, features a CATL LFP battery with a capacity of 72.8 kWh. It can operate up to 602 km of CLTC range with it on board. Furthermore, the first Hengchi SUV is outfitted with an L2 automated driving technology known as 'Hengchi H-Pilot.' It includes Lane Change Assist, Self-Parking, and other features.
Hengchi is aware that its parent firm has a shady reputation. As a result, they aim to entice buyers with intriguing buying perks. For example, after purchasing the Hengchi 5, a customer has 15 days to return it. The Hengchi 5 is covered by a lifetime car warranty (including the battery pack).
In addition, its buyers receive complimentary lifetime maintenance twice a year, a free home charging station (with free installation), complimentary lifetime road support, and a complimentary 5-year (10 G/month) on-board internet access.
Due to its struggles in securing outside funding for the Hengchi brand, Evergrande has an ambitious aim to produce a million electric vehicles annually by 2025. As a result, it is currently in the middle of a debt restructuring strategy.
The chairman of Evergrande, Hui Ka Yan, stated at the beginning of 2019 that the business would "strive to become the world's biggest and strongest electric vehicle group within three to five years."
In addition, he stated that within 10 years, he wanted the automotive initiative of the Evergrande Group to become the main focus instead of real estate.