Evergrande New Energy Auto
Evergrande New Energy Auto was a Chinese electric-vehicle company established by Evergrande Group, with operations and technology interests spanning China and Sweden.
Last updated October 9, 2026
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Overview
Evergrande New Energy Auto was an electric-vehicle company associated with China Evergrande Group. Established on August 28, 2019, the business was created as part of Evergrande's effort to build a major presence in the new-energy vehicle industry. Its activities were connected with vehicle development, manufacturing assets, engineering capabilities, and a portfolio of automotive marques and partnerships in China and Sweden. The company's primary vehicle marque was Hengchi. Rather than operating only as a conventional car brand, Evergrande New Energy Auto was structured around a broader automotive platform intended to combine proprietary vehicle products with acquired technology and manufacturing resources. Its Swedish connections included National Electric Vehicle Sweden, commonly known as NEVS, which Evergrande established after acquiring Saab-related assets from a bankruptcy estate in 2012. The company also had a short-lived cooperation with Swedish supercar manufacturer Koenigsegg and took a minority stake in that company, reported in the reference material as 20 percent. The Saab-related and Swedish assets were strategically important because they offered access to engineering expertise, vehicle-development facilities, and an established automotive industrial base. In China, Evergrande pursued its own electric-vehicle product strategy under the Hengchi name. The available reference material does not provide a complete model history, detailed production volumes, retail-market footprint, or a definitive account of the company's current manufacturing operations, so those aspects cannot be stated reliably here. Evergrande New Energy Auto later faced major financial and corporate-structuring uncertainty. On February 2, 2024, it announced that the company and a proposed subscriber identified in the announcement as Founder would continue studying whether to proceed with a proposed transaction. The plan involved the transfer of the outstanding balance owed to China Evergrande Group and related arrangements concerning loans associated with Xu Jiayin and Xinxin that were to be converted into new shares. Negotiations on revised terms had been suspended, and no final decision had been reached at the time described by the announcement. On May 22, 2024, the company received a request from a local administrative department to terminate an agreement and return RMB 1.9 billion in rewards and subsidies. This development further illustrated the pressure on the business and its dependence on government-related support arrangements, although the supplied material does not establish the final legal or financial outcome. Overall, Evergrande New Energy Auto is best understood as Evergrande Group's electric-vehicle venture and automotive holding platform, centered on Hengchi and supported by Chinese and Swedish assets, rather than as a mature global vehicle manufacturer with a fully documented current product range.
History
Evergrande New Energy Auto was founded on August 28, 2019, as Evergrande Group's dedicated electric-vehicle venture. Its creation reflected the group's attempt to diversify beyond property and establish a substantial position in China's emerging new-energy vehicle sector. The business was associated with activities in both China and Sweden and was organized around vehicle development, manufacturing capabilities, and automotive technology. Its principal marque was Hengchi, under which Evergrande intended to develop and market electric vehicles. The company was not built solely through greenfield investment. Its wider automotive strategy drew on Swedish assets and earlier transactions connected with Saab. In 2012, Evergrande acquired Saab assets from a bankruptcy estate and subsequently founded National Electric Vehicle Sweden, or NEVS. These assets provided a connection to Swedish automotive engineering and production infrastructure. Evergrande also entered into a brief cooperation with Koenigsegg, the Swedish supercar manufacturer. The cooperation resulted in Evergrande taking a minority interest in Koenigsegg, reported in the available reference material as 20 percent. This partnership and the NEVS connection formed part of Evergrande's effort to assemble international technical resources while developing its own mass-market electric-vehicle proposition under Hengchi. The supplied reference material does not document a complete sequence of Hengchi model launches, sustained production figures, sales performance, or a definitive network of markets outside China and Sweden. Accordingly, the company's historical profile is clearer as a corporate and technology-building project than as a fully documented high-volume automaker. The company entered a period of significant uncertainty alongside the wider financial problems of China Evergrande Group. On February 2, 2024, Evergrande Auto disclosed that it and a proposed subscriber called Founder were considering whether to continue with a transaction involving the outstanding balance owed to China Evergrande Group. The proposed arrangements also concerned loans associated with Xu Jiayin and Xinxin that were to be converted into new shares. Negotiations over changes to important terms had been suspended, and the parties had not reached a final conclusion. On May 22, 2024, a local administrative department requested that Evergrande New Energy Vehicle terminate an agreement and return RMB 1.9 billion in rewards and subsidies. The supplied sources do not specify the final resolution of that request. These events left the company's operating and corporate status uncertain. The available record therefore presents Evergrande New Energy Auto as a major Evergrande electric-vehicle initiative built around Hengchi, NEVS-related Swedish assets, and external automotive partnerships, but one whose later financial and administrative position requires further verification.
- 2024
Proposed restructuring transaction placed under review
[1]Evergrande Auto announced that it and Founder would continue studying a proposed debt-transfer and loan-conversion transaction, without reaching a final agreement.
- 2024
Request to repay rewards and subsidies
[1]A local administrative department requested termination of an agreement and repayment of RMB 1.9 billion in rewards and subsidies.
- 2019
Evergrande New Energy Auto founded
[1]Evergrande established its new-energy vehicle company on August 28, 2019, with activities linked to China and Sweden.
- 2019
Hengchi becomes the primary vehicle marque
[1]The company organized its principal electric-vehicle product effort around the Hengchi marque.
- 2012
Acquisition of Saab-related assets
[1]Evergrande acquired Saab assets from a bankruptcy estate, creating the foundation for its later Swedish automotive activities and the formation of NEVS.
Products and positioning
An ambitious, vertically oriented electric-vehicle venture within Evergrande Group, combining the Hengchi vehicle marque with acquired Swedish automotive assets, engineering resources, and strategic industry partnerships.
Electric vehicles
Hengchi
Hengchi was Evergrande New Energy Auto's primary vehicle marque. It represented the company's attempt to develop a branded electric-passenger-vehicle range under Evergrande ownership. The supplied reference material identifies Hengchi as the central marque but does not provide a sufficiently complete, verified model-by-model history, production record, or current retail lineup.
Electric-vehicle engineering and manufacturing platform
NEVS
National Electric Vehicle Sweden, commonly known as NEVS, was connected to Evergrande's Swedish automotive strategy after Evergrande acquired Saab-related assets from a bankruptcy estate in 2012. It supplied an automotive industrial and engineering platform within the wider group, rather than serving simply as a consumer-facing Evergrande model name.
Controversies
2024
Liquidation proceedings
The Hong Kong High Court ordered China Evergrande Group to be wound up after creditors and the company failed to reach an acceptable restructuring arrangement. The order initiated a long and complex process involving of…
2021
Evergrande debt crisis
Evergrande faced severe liquidity stress as property sales weakened, borrowing controls tightened and the group struggled to refinance obligations. The crisis affected bondholders, suppliers, employees, homebuyers and h…
Brand decisions
2024
Review proposed debt-transfer and share-conversion transactionStrategyBackground
The company faced corporate and financial uncertainty connected with amounts owed to China Evergrande Group and related loan arrangements.
Action taken
Evergrande Auto and Founder continued studying whether to proceed, while suspending negotiations on revised key terms.
Aftermath
No final opinion or completed transaction was reported in the supplied material.
2024
Respond to request for subsidy repaymentOtherBackground
A local administrative department sought to terminate an agreement associated with government rewards and subsidies.
Action taken
The department requested that Evergrande New Energy Vehicle return RMB 1.9 billion.
Aftermath
The available reference does not establish whether the repayment was completed or how the agreement was ultimately resolved.
Requested repayment of rewards and subsidies. RMB 1.9 billion requested for return (May 22, 2024)
2019
Enter the electric-vehicle industry through a dedicated companyStrategyBackground
Evergrande pursued diversification into new-energy vehicles and sought to combine Chinese market ambitions with international automotive assets.
Action taken
It founded Evergrande New Energy Auto and developed the Hengchi marque.
Aftermath
The business became Evergrande Group's principal electric-vehicle platform, with activities tied to China and Sweden.
2012
Acquire Saab-related assets and establish a Swedish vehicle platformM&ABackground
Evergrande sought automotive technology, engineering capability, and production-related assets to support a future electric-vehicle business.
Action taken
It acquired Saab assets from a bankruptcy estate and subsequently founded NEVS.
Aftermath
The transaction gave Evergrande a Swedish automotive base that later formed part of its broader new-energy vehicle strategy.
Recent events
China Evergrande terminates agreement to sell Evergrande Property Services shares[6]
China Evergrande notified the buyer that it was terminating the agreement to sell shares in Evergrande Property Services. The buyer had issued a notice requiring the seller to perform its obligations under the agreement and said it reserved its legal rights.
Evergrande begins month-long 30% property discount campaign[7]
Reported:
China Evergrande began a month-long campaign in China offering 30% discounts on every property project. The campaign aimed to sell 200 billion yuan of property during the period.
Sources7 sources
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