China's Evergrande to launch NEV production in 2021
Chinese investment holding company Evergrande Health is on target to start commercial production next year of its Hengchi series new energy vehicles (NEVs).
The firm is set to release its first type Hengchi 1 this year. Construction of the company's production bases in Guangdong and Shanghai are scheduled to be completed in the second half of 2020, with production targeted to begin in 2021. The first phases of the two production bases will have a design capacity of 200,000 units/yr each.
Evergrande also has automobile manufacturing bases in Tianjin, Liaoning and Zhengzhou, with the first phase of the combined capacity designed to be over 1mn units/yr. It plans to set up several factories to produce power batteries with a combined capacity of 60GWh/yr over 10 years.
The firm's revenues from the NEV sector were 660mn yuan ($93mn) in 2019, including Yn587mn from sales of lithium batteries, Yn66mn from technical services and Yn7mn from sales of vehicle components.
Evergrande, a subsidiary of Chinese property developer Guangzhou Evergrande Group, is principally engaged in the media and healthcare sectors. The firm entered the NEV market last year.
It agreed in January 2019 to buy a controlling stake in battery manufacturer Shanghai Cenat New Energy. It acquired Swedish electric vehicle producer National Electric Vehicle Sweden AB the same month.
China will extend government subsidies and purchase tax exemption on NEVs for two years to the end of 2022. The country produced 53,840 NEVs during January-February 2020, down by 63.8pc from a year earlier, with sales falling by 59.5pc to 59,705, according to data from China's automotive manufacturers association CAAM.
source: Argus Media
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