Evergrande Group. Photo: VCG

Chinese property giant Evergrande Group’s electric car (EV) unit is aiming to deliver its first vehicle earlier in 2022, despite facing major debt problems. 

Liu Yongzhuo, the president of Evergrande New Energy Vehicle, vowed on Monday at a meeting held in North China's Tianjin Municipality, that the group would achieve its goal of delivering the first Hengchi-branded car with the full cooperation and strong support from partners, according to an official statement posted on Evergrande’s website. 

The meeting was held at its Tianjin production plant with partners, suppliers, and local authorities. 

Liu stressed that the company has already commenced a three-month campaign to ensure that its first car rolls off the production line at its Tianjin plant early next year while the company gathered core R&D teams and talents across the nation for technical supports and transformed the Tianjin plant into a first-class smart industrial factory. 

Local officials and suppliers said at the meeting that they would fully cooperate with the carmaker to provide necessary support including providing necessary components for vehicle manufacture. 

The share price of Hong Kong-listed Evergrande New Energy Vehicle increased over 10 percent on Tuesday opening, following the meeting. 

The company announced earlier in September that it terminated its plan on listing on China's Science and Technology Innovation Board (STAR).

Meanwhile, another private enterprise Wanda Group and state-owned Chinese carmaker FAW Group, announced the formal launch of their strategic cooperation on Monday, according to a post published through Wanda Group’s official Wechat account. 

Wang Jianlin, founder of Wanda Group, said that he would personally take the lead with all Wanda executives above vice presidents to transfer to Hongqi cars, not only to express trust in domestic brands, but also to show confidence in the national car brand. 

Global Times