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Electric cars in China

China's embattled Evergrande starts preorders for new EVs

Property developer faces uphill battle breaking into crowded electrics market

Evergrande Group committed to investing 45 billion yuan in its EV business. (Photo from China Evergrande New Energy Vehicle Group's social media)

GUANGZHOU -- The electric vehicle unit of China Evergrande Group has begun accepting preorders for its first model, in what the cash-strapped property developer hopes will be the first step to recouping its hefty investments in a competitive sector.

The Hengchi 5 sport utility vehicle carries a driving range of 602 km and is priced at 179,000 yuan ($26,700), including a required 1,000-yuan deposit.

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