The Evergrande car is finally here! Hengchi 5 went offline 12 days ahead of schedule and entered the countdown to mass production.

On January 12, Evergrande brand Hengchi officially announced: "Hengchi's first five cars will be offline at the Tianjin factory 12 days ahead of schedule. Hengchi has ushered in a major milestone!" The official one-minute promotional video shows the whole process of Hengchi 5 from stamping, welding, painting to final assembly, announcing to the outside world that Hengchi 5 is really coming.

Earlier, it was reported that the first car of Hengchi 5 had been successfully offline on December 30, 2021, and a low-key offline activity was held at the Tianjin factory on the same day. There is also news that Hengchi 5 is still in the PT0 (small batch trial production) stage, and now it is only offline of the final assembly, and it is expected that the formal mass production will wait until August this year.

As the first model launched by Evergrande, Hengchi 5 is positioned as a pure electric A-class SUV, with a length, width and height of 4725mm, 1925mm and 1688mm, respectively, and a wheelbase 2780mm. The peak power of the motor is 150W, the maximum speed is 180kmax h, using lithium iron phosphate battery, the NEDC mileage will exceed 700km. The market price of the car is estimated at 150000-200000 yuan, which is the lowest positioning and cheapest of the nine Hengchi models, and will be targeted at Audi Q3, BMW X1 and other models.

In October last year, Evergrande President Liu Yongzhao said that Evergrande had begun a three-month battle and that the transformation of the production line of the Tianjin plant was going all out to ensure that Hengchi's first car, Hengchi 5, would be offline at the Tianjin plant early next year. Now it seems that Evergrande's previous slogan of "working hard for three months" is not just talk.

Now, the first five cars of Evergrande are finally off the line, which is of great significance to Evergrande and will help Evergrande stabilize the stock market. But the ultimate fate of Evergrande depends on the market performance of Hengchi 5.

Xu Jiayin also revealed at a special meeting on the resumption of work and production of Evergrande Group that he would complete the industrial transformation from real estate to new energy vehicles within 10 years, which means that Evergrande Group will form an industrial pattern dominated by new energy vehicles and supplemented by real estate in the future.

As of January 12, Evergrande Motor (00708.HK) closed at HK $4.03, up 3.33%, with a total market capitalization of HK $43.7 billion. Evergrande's share price fell as much as 90% in 2021.