China Evergrande New Energy Vehicle Group Ltd said on Tuesday it would start taking pre-orders for its first model, a key milestone for the unit of China Evergrande Group.
The start of pre-orders for the sport-utility vehicle comes after Evergrande Chairmen Hui Ka Yan vowed within 10 years to shift the group's primary business from real estate to the automobile venture, which has struggled for capital.
Pre-orders will begin on Wednesday, and aren't binding.
According to company executives, the production of the Hengchi 5 has been delayed until the third quarter of June. Evergrande has been a victim of more than $300 billion in liabilities.
Evergrande New Energy Vehicle hopes to make 1 million vehicles a year by the year 2025.
Evergrande is working on a debt restructuring plan. Its electric vehicle arm has struggled to secure external investment and has negotiated with potential buyers for some of its assets.
Shares of the unit have been suspended since April, pending the publication of the annual results for the year 2021, which was announced by the unit.