AutoBeta(AutoBeta.net)06/30 Report--

According to official news, Evergrande has officially launched the Hengchi AVP automatic parking system.

AVP (Automated Valet Parking), that is, automatic valet parking, is the key link to realize intelligent transportation in the future. According to reports, Hengchi AVP automatic parking system integrates ultrasonic radar, millimeter wave radar, high-definition look around camera and other sensors, combined with high-precision maps, can accurately identify vehicle location and surrounding obstacles, and achieve L4-level unmanned driving functions in a series of specific scenes, such as narrow road cruising, pedestrian avoidance, vehicle obstacle avoidance, automatic car following, automatic parking identification and so on. In addition, Hengchi owners can achieve one-click parking and one-button summoning through the mobile phone App. After starting the button parking, the unmanned Hengchi finds its own path all the way, completing the most complex cross-storey automatic parking in the industry; after starting the button call, the user can summon the vehicle to drive out automatically and go to the designated location to wait.

Hengchi said that its mass production has entered the sprint stage. According to the plan, the Hengchi series will be trial-produced in the fourth quarter of this year and will be delivered in large quantities next year.

After the release of Hengchi AVP automatic parking system, the secondary market responded immediately. On June 30, Evergrande opened up 1.78%, opening high in intraday trading. As of today's close, Evergrande Motor rose 2.85% to HK $28.9 per share, with a total market capitalization of HK $282.3 billion.

Evergrande's share price has been falling all the way since April 19, falling 44.41% from HK $68.1 on April 19 to HK $38.35 on June 1. It was not until June 1st that Evergrande saw its first big increase, rising 9.57% to HK $38.35 per share, with a total market capitalization of HK $374.6 billion. The surge may be related to the establishment of Hengda Hengchi Intelligent Technology (Shanghai) Co., Ltd. on May 31.

It is worth noting that Evergrande has also accelerated the pace of car construction after 2020. In July 2020, the listed company Evergrande Health changed its name to Evergrande Automobile. In August 2020, Evergrande released six models: Hengchi 1, Hengchi 2, Hengchi 3, Hengchi 4, Hengchi 5 and Hengchi 6. In November 2020, Evergrande officially released the Hengchi logo, which means "protect the blue sky, win the Red Sea, the Lion of the East, and be proud of the world." In February 2021, Xu Jiayin, chairman of the board of Evergrande, supervised the winter test of Hengchi, and in the same month Evergrande released three models: Hengchi 7, Hengchi 8 and Hengchi 9. On March 15, Evergrande established a joint venture with Tencent to jointly develop a world-leading on-board intelligent operating system with independent intellectual property rights. Evergrande owns a 60% stake in the joint venture. On March 25th, Evergrande Automobile, in conjunction with Tencent and Baidu, unveiled a series of cutting-edge scientific and technological achievements, such as the intelligent cockpit, supercomputing platform, intelligent ecosystem and so on. The H-SMART OS Hengchi Intelligent Network connection system, which took a year and 11 months to develop, was also unveiled. On April 19, 9 models of Hengchi were unveiled at the Shanghai International Auto Show. On May 12, Evergrande announced that it had applied for 3012 patents at home and abroad, of which 1355 were authorized. On June 6, Hengchi launched its summer test, and Hengchi's five models carried out a series of extreme tests in Turpan.

Earlier, Evergrande President Liu Yongzhao said at the Shanghai Auto Show that Hengchi will start trial production in the fourth quarter of this year and deliver it in large quantities next year. Power batteries with higher specific energy, high safety, long life and super charge will also be mass produced in the second half of this year. Xu Jiayin, chairman of Evergrande Group, put forward three major goals: Evergrande Automobile will become the largest and strongest new energy automobile group in the world; annual production and sales will exceed 1 million vehicles by 2025; and annual production and sales will exceed 5 million vehicles by 2035.

According to the previous disclosure of Evergrande, Evergrande has invested 47.4 billion yuan in the new energy vehicle industry, of which 24.9 billion yuan has been invested in research and development. Although Evergrande has no experience in car manufacturing, thanks to its "banknote ability", Evergrande can quickly achieve the layout of its supply chain. However, as more and more technology companies gather to build cars across the border, even Evergrande, which has a strong "money ability", is actually very difficult. According to the official 2020 financial report, Evergrande achieved an operating income of 15.487 billion yuan in 2020, an increase of 175 percent over the same period last year, including 15.299 billion yuan for the health management division and 188 million yuan for new energy vehicles. From the data, we can see that more than 90% of Evergrande's revenue comes from the health business, while new energy vehicles account for less than 10%. It remains to be seen whether Evergrande's "car-building dream" will come true.

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