HONG KONG : China Evergrande New Energy Vehicle Group Ltd said on Tuesday it would start taking pre-orders for its first model, a key milestone for the unit of embattled property developer China Evergrande group.
The start of pre-orders for the sport-utility vehicle comes after Evergrande Chairmen Hui Ka Yan vowed within 10 years to shift the group's primary business from real estate to the automobile venture, which has itself struggled for capital.Mass production of the Hengchi 5 has been delayed to the third quarter from June, according to company executives' recent statements. Evergrande has been reeling under more than $300 billion worth of liabilities.
Shares of the unit have been suspended from trading since April, pending publication of audited annual results for the 2021 financial year.
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