Evergrande Auto has dismissed its employees without cause. Positions including auto manufacturing and R&D have been affected.
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Category: Evergrande
Unknown third party set to buy 29% of Evergrande Auto and save the company. Could Hengchi production restart?
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Evergrande NEV president Liu Yongzhuo has been taken into criminal detention on suspicion of violating the law, an announcement said.
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Tesla sets up data center in China, BYD teams with Ayala Corp in the Philippines, Evergrande Auto gets $500M investment from UAE, Geely's JiYue 01 is launched, New interior images of Galaxy E8.
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Evergrande NEV earns RMB 130 million in 2022 from its main operations, well below RMB 2.5 billion in 2022 and RMB 15.5 billion in 2020.
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Evergrande NEV will accelerate production and deliveries of the Hengchi 5 and advance the development and production of subsequent models, an executive said.
The plant of Evergrande New Energy Vehicle Group (Evergrande NEV), the electric vehicle unit of China's Evergrande Group, has resumed production after a month-long hiatus.
Evergrande NEV's Hengchi Auto plant in Tianjin resumed full production on May 23, according to an article posted by Hengchi on its official WeChat account today.
Officials from Tianjin Binhai New Area visited the plant on May 29, where production lines are running normally and thousands of workers are working, Hengchi said.
Hengchi president Liu Yongzhuo said the company will speed up the production and delivery of Hengchi 5 and push forward the development and production of subsequent models.
Here is a video accompanying Hengchi's article.
Hengchi's Tianjin plant had previously suspended production for a month because of financial difficulties.
On March 23, Evergrande NEV said in a Hong Kong Stock Exchange announcement that it had continued its cost-saving initiatives to focus its financial resources on supporting mass production of the Hengchi 5, with job cuts at its Swedish subsidiary National Electric Vehicle Sweden AB.
However, Evergrande NEV will be at risk of shutting down production if it is unable to secure additional liquidity, the announcement said.
In a new HKEX announcement on April 24, Evergrande NEV said it had already delivered more than 900 Hengchi 5 units to consumers, but would suspend production of the model at its Tianjin plant due to a lack of funds.
The group plans to resume production of the model in May, the announcement added.
The Hengchi 5 is the first model of Hengchi Auto to be mass-produced, and it started deliveries on October 29, 2022.
The model is currently available in only one version with a starting price of RMB 179,000 ($25,240).
Trading of Evergrande NEV's shares traded in Hong Kong has been suspended since April 1, 2022, and a date for restarting trading has not yet been set.
($1 = RMB 7.0914)
Evergrande NEV puts Hengchi 5 production on hold due to lack of funds
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Evergrande NEV said it plans to resume production of the Hengchi 5 in May.
(A Hengchi 5 on display at the 2021 Shanghai auto show. Image credit: CnEVPost)
Evergrande New Energy Vehicle Group (Evergrande NEV), the electric vehicle (EV) unit of China's Evergrande Group, has put production of its first model on hold, after warning of the risk a month ago.
Evergrande NEV has already delivered more than 900 Hengchi 5 units to consumers, but will suspend production of the model at its Tianjin plant due to a lack of funding, according to a Hong Kong Stock Exchange announcement yesterday.
The group plans to resume production of the model in May, the announcement added.
Hengchi 5 is the first mass-produced model of Evergrande NEV's Hengchi Auto, and its deliveries started on October 29, 2022.
The model is currently available in only one version, with a starting price of RMB 179,000 ($25,930).
On December 2, Reuters reported that Evergrande NEV suspended mass production of the Hengchi 5 due to a lack of sufficient new orders.
On March 23, Evergrande NEV said in a Hong Kong Stock Exchange announcement that it had continued to push ahead with cost-saving initiatives to focus its financial resources on supporting mass production of Hengchi 5, with layoffs at its Swedish subsidiary National Electric Vehicle Sweden AB.
However, Evergrande NEV would be at risk of halting production in the event that additional liquidity is not available, the announcement said.
The group will plan to launch a number of flagship models if it can seek more than RMB 29 billion in future financing and hopes to get them into mass production, the announcement said.
Interestingly, the Hengchi 5 received an OTA upgrade on April 3, when the H-Pilot assisted driving system became available for the first time.
Trading of Evergrande NEV's shares in Hong Kong has been suspended from April 1, 2022, and the timing for restarting trading has not yet been determined.
($1 = RMB 6.9041)
Hengchi 5 gets assisted driving capability days after Evergrande NEV warns of production halt risk
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The H-Pilot assisted driving system is available for the first time for the Hengchi 5, giving the vehicle the ability to perform full-speed adaptive cruise control and lane keeping.
Evergrande New Energy Vehicle Group (Evergrande NEV), the EV division of China Evergrande Group, brought an important software update to its first production model, even though it made an announcement two weeks ago that there was a risk of discontinuing production.
The Hengchi 5 received an OTA upgrade on April 3, with the H-Pilot assisted driving system available for the first time, Evergrande NEV said in articles on its social media accounts yesterday.
With the update, Hengchi 5 will see 12 controller (ECU) optimizations, 14 new features, and 25 functional optimizations.
With H-Pilot support, the Hengchi 5 will be able to achieve full-speed adaptive cruise control and lane-keeping on city streets as well as highways.
The vehicle will also receive automatic emergency braking capability, which monitors the vehicle's environment in front of it in real time and automatically slows it down in the event of a potential collision.
Hengchi 5 also gains nine assisted driving features, including cornering speed assist, forward/rearward collision warning, lane departure warning, blind spot monitoring, and traffic sign recognition.
Hengchi will continue to bring users a better driving experience through OTA upgrades, the article said, adding that higher-level intelligent driving systems will be opened up next.
Hengchi 5 is the first model of Evergrande NEV's Hengchi Auto in production, which opened for delivery on October 29, 2022.
The model is currently available in only one version with a starting price of RMB 179,000 ($26,010).
Here is a video about the OTA update posted by Hengchi on its Weibo account.
On December 2 last year, Reuters reported that Evergrande NEV had suspended mass production of the Hengchi 5 due to a lack of sufficient new orders for the SUV.
On March 23, Evergrande NEV said in a Hong Kong Stock Exchange announcement that it was at risk of suspending production without access to additional liquidity.
Hengchi 5 was in continuous volume production and has delivered more than 900 units, according to the announcement.
Trading in Evergrande NEV's shares in Hong Kong has been suspended since April 1, 2022, and a date for restarting trading has not yet been set.
($1 = RMB 6.8819)
Evergrande NEV warns risks of production halt if it can't get additional liquidity
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Evergrande NEV's only model currently on sale, the Hengchi 5, has delivered more than 900 units, according to an exchange announcement.
(Image credit: CnEVPost)
Evergrande New Energy Vehicle Group (Evergrande NEV), the electric vehicle unit of China Evergrande Group, is at risk of discontinuing production after struggling to deliver hundreds of vehicles.
Evergrande NEV's only model currently on sale, the Hengchi 5, is continuing to be produced in volume, with more than 900 units delivered to date, according to an announcement the company made today on the Hong Kong Stock Exchange website.
In order to focus its financial resources on supporting the mass production of the Hengchi 5, Evergrande NEV has continued its cost-saving initiatives and has taken measures to reduce the workforce of its Swedish subsidiary National Electric Vehicle Sweden AB, according to the announcement.
However, Evergrande NEV will be at risk of shutting down production in the event that additional liquidity is not available, the announcement said.
The group will plan to launch several flagship models if it can seek more than RMB 29 billion ($4.21 billion) in future financing and hopes to get them into mass production, the announcement said.
Under this plan, Evergrande NEV's cumulative unleveraged cash flow from 2023 to 2026 is expected to be between RMB minus 7 billion and RMB minus 5 billion, the announcement said.
Trading of Evergrande NEV's shares in Hong Kong has been suspended since April 1, 2022, and the timing of restarting trading has not yet been determined.
Hengchi 5 is the first model in mass production of Evergrande NEV's Hengchi Auto, which started delivery on October 29, 2022.
The model is currently available in only one version, with a price of RMB 179,000.
On December 2, Reuters reported that Evergrande NEV suspended mass production of the Hengchi 5 due to a lack of sufficient new orders for the SUV.
A Securities Times report at the time cited people close to Hengchi as saying the brand planned to lay off 10 percent of its workers and would suspend payroll to 25 percent of its workers for one to three months.
($1 = RMB 6.8807)
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