(Yicai Global) Feb. 10 -- Evergrande New Energy Vehicle Group became China’s third most-valuable listed automaker today after the startup unwrapped three new vehicle models, driving its share price to an all-time high.

Evergrande NEV [HKG: 0708] closed up 19 percent at HKD58.70 (USD7.60). Earlier in the day the stock had hit HKD60.20, a 22 percent gain. With a market value of HKD517.5 billion (USD66.7 billion), only BYD and Nio are worth more.

The Shenzhen-based startup, which is backed by Evergrande Group, China’s biggest real estate developer by sales, has brought out three more prototype pure electric models under its high-end Hengchi brand, despite not having produced a single vehicle so far. 

Evergrande NEV has said it plans to make its first vehicle in the first half of this year, and kick off mass production in the second half. It unveiled the Hengchi 1 to 6 -- a range of sedans, sport utility vehicles and multi-purpose vehicles -- last August.

The three new vehicles are designed by a global auto design alliance formed in 2019 by Hui Ka Yan, Evergrande Group’s founder chairman. The Hengchi 7 is a B-class luxury car designed by Japan’s Satomi Maruyama; the Hengchi 8 is a C-class luxury SUV designed by Stephane Schwarz, former director at Nissan Design Europe; and the Hengchi 9 is a B-class luxury mid-sized SUV designed by Jason Clark Hill of the US.

Evergrande NEV’s assembly line in Guangzhou, southeastern Guangdong province, has not yet started operating. The firm intends to build 10 manufacturing and core technology parts plants in China, Sweden and countries along the route of the Belt and Road initiative, it has said previously.

Each base will have annual production capacity of 100,000 units in the first phase. That will be increased to 1 million after two to three years, and five million in 10 to 15 years.

Editor: Kim Taylor