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Apple’s iPhone Partner Foxconn Unveils First Electric Vehicles

Reuters

Before debt woes, China Evergrande’s ambitious car making goals stunned industry

At the Shanghai Auto Show in April, the booth for China Evergrande Group’s new energy vehicle (NEV) unit was hard to miss. One of the largest exhibitions at the event, in a prime spot opposite BMW, the property developer-backed unit showed off nine concept vehicle models under its brand “Hengchi”, which translates to “eternally speeding.” “There has never been a car company that has been able to deliver such a diversified product line in such a short amount of time,” Daniel Kirchert, who joined Evergrande NEV days before the auto show as vice president, told industry executives and reporters in a speech at the event.

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