[sandeepmdas]

Hi BHPian,

Greetings! I am posting this to bring your attention to the plight of an upcoming Chinese EV maker that's on the brink of extinction.

The company is incorporated with a working capital of $27 billion and it has a known portfolio of 9 EVs - 4 SUVs, 4 sedans and an MPV. All are designed with inputs from the erstwhile Swedish carmaker Saab and several German auto ancillary majors. The supercar maker Koenigsegg is also involved in the design process. These cars are named simply as 1, 2 3...much like OnePlus.

The original aim of the company was to dethrone the mighty Tesla.

The company was preparing to launch the lineup this November, but suddenly the parent of this new carmaker has collapsed. So do you have any Chinese friends who are interested.... ��

Sounds like the Nigerian scam? Unfortunately, and sadly, it's not. The above said is all true. The name of the carmaker is Hengchi. You might know the name of the parent: Evergrande.

Read more:
https://www.scmp.com/business/compan...mp-debt-ridden

https://www.bloomberg.com/news/newsl...for-evergrande

The images are courtesy of JustAnotherCarDesigner - Own work, CC BY-SA 4.0, https://commons.wikimedia.org/w/inde...urid=104276922

[Venkatesh]

Evergrande's EV unit suspends mass production due to lack of orders.

China Evergrande New Energy Vehicle Group said in mid-September that it had started mass production of the Hengchi 5 model at a plant in the northern city of Tianjin and in late October said it had delivered its first 100 cars.

However, the company has paused production as there are not enough new orders for the electric sport-utility vehicle.

Many employees have yet to receive salaries for October and November.

Source