Evergrande, Apple speed up EV plans

Both China Evergrande New Energy Vehicle (0708) and Apple are reportedly ramping up their launch of electric cars.

The EV unit of the embattled developer China Evergrande (3333) has started recruiting dealers for its Hengchi 5 electric car in 18 cities across China, including Beijing, Shanghai, Guangzhou and Shenzhen, say reports by mainland media.

It is said that Evergrande demanded the size of the car dealership shops to be 200-300 square meters and the display area to be larger than 150 square meters.

The dealers are also required to be in good operating condition and have sufficient capital, the reports said.

The company said in a March filing that it aimed to start mass production of Hengchi 5 on June 22.

Trading in the shares of Evergrande, its property management unit, as well as the EV units, have been suspended since the end of March as they could not publish their 2021 financial results on time.

Meanwhile, Apple has recruited a longtime Ford Motor executive who helped lead safety efforts and vehicle engineering, a sign the iPhone maker is again ramping up the development of an electric car.

The tech giant hired Desi Ujkashevic for the car project, said people with knowledge of the matter. Ujkashevic had worked at Ford since 1991, most recently serving as its global director of automotive safety engineering. Before that, she helped oversee engineering of interiors, exteriors, chassis and electrical components for many Ford models.