Before Debt Woes, China Evergrande’s Ambitious Car Making Goals Stunned Industry

The China Evergrande Center building sign is seen in Hong Kong, on Sept. 23, 2021. Tyrone Siu/Reuters

SHANGHAI/HONG KONG—At the Shanghai Auto Show in April, the booth for China Evergrande Group’s new energy vehicle (NEV) was hard to miss.

One of the largest exhibits 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.”