Chinese automobile manufacturer Evergrande New Energy Vehicle Group Ltd said it had begun deliveries of its Hengchi 5 electric vehicle. It reported that the first 100 customers would get their cars on Saturday.

The company is a unit of the heavily indebted property developer Evergrande Group. Founded by Hui Ka Yan in 2019, the company launched vehicle production at a plant in the northern city of Tianjin last month.

Evergrande Group is likely to shift the its primary business from real estate to the automobile venture over the next decade. The company plans to manufacture 1 million vehicles by 2025.

The company has said it would start mass production of its second EV model in the first half of 2023 and a third in the latter half of next year. The Hengchi 5 sport-utility vehicle sells for 179,000 yuan (USD 24,690.00).