Evergrande New Energy Auto () was a Chinese automobile manufacturer owned by

Evergrande Group The China Evergrande Group was a Chinese property developer, and it was the second largest in China by sales. It was founded in 1996 by Hui Ka Yan (Xu Jiayin). It sold apartments mostly to upper- and middle-income dwellers. Evergrande was i ...

that specializes in developing electric vehicles.

History

Evergrande was founded on August 28, 2019, and is located in China and Sweden. All of their vehicles are produced by founded marques. Evergrande's primary marque is

Hengchi Hengchi (), officially Shenzhen Hengchi Automobile Trading Co., Ltd, was a Chinese automobile manufacturer that specializes in developing electric vehicles owned by Evergrande Group. The subsidiary entered liquidation proceedings in September 202 ...

. After acquiring the assets of Saab from a bankruptcy estate in 2012, Evergrande also founded

NEVS NEVS AB (an abbreviated form of "National Electric Vehicle Sweden") was a Swedish electric car manufacturer which acquired the assets of Saab Automobile from a bankruptcy estate in 2012. After facing numerous financial difficulties, the compa ...

, while

Koenigsegg Koenigsegg Automotive AB () is a Swedish manufacturer of high-performance sports cars based in Ängelholm, Skåne County, Sweden. Koenigsegg cars have on several occasions broken various production car speed records. Company The company w ...

had a brief cooperation with Evergrande which resulted in Evergrande taking a minority stake (20%) in the Swedish super car brand. On February 2, 2024, Evergrande Auto issued an announcement that Evergrande Auto and Founder will study whether to proceed with the proposed transaction, involving the proposed transfer of the outstanding balance owed to China Evergrande Group, The related transactions and special transactions of

Xu Jiayin Hui Ka Yan (, or Xu Jiayin in Mandarin Chinese; born 9 October 1958) is a Chinese former billionaire businessman. He is the chairman of the board and Chinese Communist Party Committee Secretary, Communist Party secretary of the Evergrande Group ...

and Xinxin in which the relevant loans were converted into new shares. The Company and the Subscriber have suspended negotiations on the revision of the terms of the proposed transaction, but are still studying whether to proceed with the proposed transaction and have not yet reached a final opinion. If the Company and the Subscriber decide to proceed with the Proposed Transaction, they will study and renegotiate to revise certain key terms of the Proposed Transaction. On May 22, 2024, Evergrande New Energy Vehicle received a request from the local administrative department to terminate the agreement and return RMB 1.9 billion in rewards and subsidies.

References

2019 establishments in China Electric vehicle manufacturers of China Car brands Car manufacturers of China Chinese brands Vehicle manufacturing companies established in 2019 {{PRChina-company-stub