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Evergrande Group, with the help of local governments, will launch its first batch of electric cars in 2022, a year later than originally planned, Hong Kong's South China Morning Post reported. Liu Yongzhao, president of Evergrande New Energy vehicle Group, also said that with the support of the local government, it will ensure that its first electric car is produced and tested in the Tianjin factory and sold to the public early next year. A three-month campaign has been launched to ensure that the first Hengchi car is offline. In addition, the report also pointed out that Evergrande managers held meetings with partners and local officials in the Tianjin coastal area. At the meeting, the person in charge of Tianjin Binhai High-tech Industrial Development Zone said that the local government will provide help to Evergrande.

It is worth noting that Xu Jiayin, chairman of Evergrande, said at a special meeting on the resumption of work and production of Evergrande Group on October 22 that the transformation from the real estate industry to the new energy automobile industry should be realized within 10 years. Such a strategic decision also means that Evergrande will be dominated by new energy vehicles and supplemented by real estate in the future. Although Evergrande Group is mired in a debt crisis, as a large domestic real estate group, such a decision also caused an uproar in the industry. According to relevant data, Evergrande was renamed by Evergrande Health in the early days, including health business and new energy vehicle business. Earlier, Evergrande Group realized the industrial layout of the R & D and manufacturing of new energy vehicles, power batteries, powertrain and other industries through a series of acquisitions. Evergrande's renamed share price surpassed Great Wall Motors, Ulay Motors and BYD. It has become the largest car company in China by market capitalization. However, standing high also suffered the worst fall, with Evergrande, which has not yet been in production, falling all the way after its high debut at the shanghai auto show, plunging nearly 95 per cent from a peak of HK $72.45 this year, with its market value wiped off more than HK $680 billion to HK $36.83 billion.

According to Evergrande's original plan, its Hengchi series will start trial production in the first half of this year and mass production will begin in the second half of this year. However, the plan cannot keep up with the change. Although Evergrande's product road test photos have been photographed many times, it is obviously impossible for Evergrande to launch mass-produced models as scheduled in the second half of the year against the backdrop of Evergrande's deep debt crisis. On September 24, Evergrande issued an announcement saying, "in view of the group's liquidity problems, there are delays in the payment of suppliers and project payments in the living space of Evergrande Health Valley and new energy vehicles, resulting in the suspension of some related projects." As of the announcement, the Group has not made significant progress in striving for the resumption of work for some projects. If no progress is made in the introduction of strategic investment and / or the sale of potential assets in the short term, it will lead to a lack of further capital investment for Evergrande, which is expected to affect Evergrande's daily operations. as a result, the payment of wages and / or other expenses of the employees of the Group will continue to deteriorate, and at the same time affect the progress of research and development of new energy vehicles, which will have a significant negative impact on the mass production of new energy vehicles of the Group.

At present, it is uncertain whether Evergrande can launch its first electric cars in 2022. Although the help of the local government has injected a boost into the mass production of Evergrande to a certain extent, at present, Evergrande Group is mired in a debt crisis, and Evergrande relies largely on its parent company to survive. Evergrande's debt problem is also bound to affect the development of Evergrande Motor. Some professionals pointed out that Evergrande is still in the PT0 stage (production verification). Generally speaking, it will take half a year from this stage to mass production. Evergrande will have some difficulty in selling its first car to the public early next year.

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