China Evergrande New Energy Vehicle Group, which has pledged to take on Tesla Inc. but repeatedly missed production targets, is taking preorders for its first vehicle, reports Bloomberg.
The electric sports utility vehicle, the Hengchi 5, is larger than BMW AG’s X1 model and powered by Contemporary Amperex Technology (CATL) batteries. The car is designed to run 602 kilometers (374 miles) on one charge, the Guangzhou-based company said during an online event Wednesday evening.
The starting price of the vehicle is RMB 179,000 ($26,681) after the state subsidy, the company said. Deliveries are expected to start as soon as October and reach 10,000 units by the end of March.