One of the largest exhibits at the event, situated in a prime spot opposite BMW, the property development-backed unit displayed nine concept vehicle models under its brand Hengchi which means eternally speeding. There has never been a car company that is able to deliver such a diversified product line in such short time, Daniel Kirchert, who joined Evergrande NEV just days before the auto show as vice president, told industry executives and reporters at the event in a speech.
Analysts and industry executives say there have long been questions about how Evergrande NEV, founded in 2019, could meet its ambitious goals - chairman Hui Ka Yan had declared that it wanted to sell one million EVs a year by 2025, a level Tesla Inc is only expected to hit this year after 18 years of operation.
Six months after the auto show, the doubts are stronger than ever as the company's parent wrestles with more than $300 billion in liabilities.
These targets would be really aggressive, nearly impossible to achieve even for established, well-managed automotive companies because of the capital and human resources required to attempt executing on the plan, said Tu Le, an auto analyst at Sino Auto Insights.
From 2019 to 2021, Evergrande's NEV arm raised more than 50 billion yuan $7.78 billion from its parent company, as well as investors such as Sequoia Capital China, ride-hailing giant Didi Global Inc and Alibaba-linked investor Yunfeng Capital.
It has announced 14 models and plans to have 10 factories across China and Sweden. Since then it has built six bridges - including one in Shanghai. A recent visit to Reuters there found about 20 Hengchi electric vehicles for testing parked outside. But the company has yet to publish a production model or reveal a single vehicle.
In comparison, Nio and Xpeng, two of China's most successful NEV startups with sales, were struggling to raise money in their early years and raised a combined $7.3 billion through stock market listing and pre-IPO fundraising.
Nio has four models and is building its second factory. Xpeng has three and is expanding production from current two sites to four. Tesla has four models to sell and is building four car plants.
Evergrande NEV did not immediately respond to a request for comment.
The company has managed to lure top executives from automotive firms such as designer Walter De Silva and battery scientist Junesoo Lee from SK. Kirchert had been chief executive at Byton, another Chinese EV startup struggling in a crowded sector. He did not respond to a request for comment.
The rapid expansion prompted criticism from Beijing, including the Chinese state news agency Xinhua, which singled out the company in March as an example of the problems with the industry.
The huge potential market has given birth to some electric car companies that'make cars" on paper, Xinhua said in a report on the high valuations about powerpoint carmakers.
Evergrande NEV warned stock exchange in filings last month that it was still seeking new investors and asset sales and the possibility of loan default, which would prove impossible without either an end to pay salaries and cover other expenses.
It also decided to issue shares in mainland China and said in an exchange filing that it had failed to pay some form of plant construction suppliers. The memo seen by Reuters also showed that the company had instructed contract workers to stop working at Shanghai factory in September.
But three sources familiar with the matter say the company is not abandoning the project and is in talks with external investors to pay for the project, leveraging valuable production licenses it has obtained through an acquisition and land related to auto projects.
On Monday, it told suppliers and local authorities in Tianjin, where it is building a car plant, that management would make sure it began mass production next year.
Last week, its New Motor Firm, the National Electric Vehicle Sweden AB, told Reuters that it is in talks with U.S. and European venture capital firms and industrial partners to find new owners. A source familiar with the situation told Reuters that the unit could be valued at as much as $1 billion.