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home / news releases / evergrande ev unit to begin accepting orders for hig

NIO - Evergrande EV unit to begin accepting orders for highly discounted SUV

NIO Inc. American depositary shares each representing one Class A

China Evergrande Group ( OTCPK:EVGRF ) is set to begin accepting orders for its Hengchi 5 SUV model this week, per a new regulatory filing.

Preorders for the vehicle are due to open on Wednesday, with pricing expected to be far below similar offerings from domestic competitors Xpeng Inc. ( XPEV ) and Nio ( NIO ). The South China Morning Post indicated that the vehicle is expected to undercut competitors at a $23,878 list price to ensure strong initial sales for the EV unit connected to the heavily distressed real estate developer Evergrande ( OTCPK:EGRNF ).

The announcement comes only about a week after a winding-up petition against the struggling property developer was filed in Hong Kong . Trading in the name has been suspended for months as the firm has failed to report audited financials for 2021 .

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Evergrande EV unit to begin accepting orders for highly discounted SUV
Stock Information
Company Name: NIO Inc. American depositary shares each representing one Class A
Stock Symbol: NIO
Market: NYSE
Website: nio.com
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