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Hengrun Auto (Hunan Hengrun Auto Technology Co., Ltd.) is an automobile manufacturer based in Xiangtan, Hunan Province. The company was formerly known as Hunan Hengrun High‑Tech Co., Ltd., established on April 17, 2006, primarily engaged in the R&D, production, and sales of municipal sanitation equipment and special‑purpose vehicles, with its headquarters in the Jiuhua Economic Development Zone, Xiangtan. In March 2022, the company was officially renamed Hunan Hengrun Auto Technology Co., Ltd.
The founders and actual controllers of Hengrun Auto are Chen Jianping, Nie Shulian, and Chen Biao. Chen Jianping started his business in 1990, working in road and bridge construction, and founded Hunan Hengli Highway Bridge Construction Co., Ltd. in 2003. He established Hunan Hengrun High‑Tech Co., Ltd. in 2006, and currently serves as Chairman and General Manager of Hengrun Shares, as well as Executive Director and Manager of Hunan Hengrun Auto Co., Ltd. As of 2025, the company's legal representative remains Chen Jianping.
The Hengrun Auto brand was established in 2014, focusing on the R&D, manufacturing, sales, and after‑sales service of complete vehicles and parts. It holds production qualifications for both passenger cars and commercial vehicles (including new energy), making it one of the more comprehensively qualified brands in China. The company has planned to establish 100 city showrooms and service centres by 2025. Within the Hengrun brand system, Hunan Hengrun High‑Tech Co., Ltd. (parent company) primarily operates municipal sanitation equipment and special‑purpose vehicles, while its holding subsidiary Hunan Hengrun Auto Co., Ltd. (51% stake) focuses on the R&D and manufacturing of new energy passenger cars, commercial vehicles, and parts.
Start‑up Phase (2006–2013)
Hunan Hengrun High‑Tech Co., Ltd. was established in Xiangtan on April 17, 2006, initially engaged in the R&D, production, and sales of municipal sanitation equipment and special‑purpose vehicles, including sanitation vehicles and road and bridge maintenance vehicles. The company entered the automotive manufacturing space through its special‑purpose vehicle business, gradually accumulating production experience and technical resources, and became a designated state special‑purpose vehicle producer and a recognised high‑tech enterprise.
Qualification Expansion Phase (2014–2016)
In March 2014, Hunan Hengrun Auto Co., Ltd. was officially established in the Xiangtan Economic and Technological Development Zone, with registered capital of 200 million RMB, engaged in vehicle and parts R&D, manufacturing, sales, and after‑sales services. That year, MIIT Announcement Batch 264 approved Hengrun Auto's upgrade from a modified pickup manufacturer to a commercial vehicle complete‑vehicle manufacturer, officially entering the commercial vehicle manufacturing field. In February 2015, products such as the Hengrun Auto HRQ1080PH4 cargo truck passed MIIT Announcement Batch 269. In July of the same year, MIIT Announcement Batch 274 further approved Hengrun Auto to obtain new energy complete‑vehicle production qualifications, and the company subsequently launched new energy commercial vehicle products such as pure electric cargo truck chassis and pure electric box trucks. On December 15, 2015, the company was officially listed on the NEEQ (New Third Board).
Passenger Vehicle Breakthrough (2016–2018)
Between 2016 and 2018, Hengrun Auto continued to expand its qualifications. In May 2017, MIIT Announcement Batch 295 officially approved Hengrun Auto to obtain passenger vehicle complete‑vehicle production qualifications, fully entering the passenger vehicle manufacturing space. That year, the wholly‑owned grand‑subsidiary Hunan Hengrun Auto Research Institute Co., Ltd. was established, focusing on automotive R&D. In August 2018, MIIT Announcement Batch 310 confirmed Hengrun Auto's product announcement for the HRQ6350BEV pure electric multi‑purpose passenger car. In November 2018, the company's first new energy pure electric passenger car achieved vehicle registration and officially entered the market.
Product Launch and Market Exploration (2019–2021)
In 2019, Hunan Hengrun Auto Co., Ltd. was recognised as a Hunan Province high‑tech enterprise. In 2020, its holding subsidiary launched its first new energy pure electric passenger car, the HRS1, and began sales. This A0‑class three‑door, four‑seat electric off‑road vehicle marked Hengrun Auto's entry into the new energy passenger car market. In June 2021, the Hengrun HRS1 (also known as "Little Teddy") was officially launched in two trims—Classic and Elite—priced at 49,800–79,800 RMB. In 2021, the parent company posted a net loss of 31.6644 million RMB, facing significant operational pressure.
Adjustment and New Model Launch (2022–2024)
In March 2022, the parent company was officially renamed Hunan Hengrun Auto Technology Co., Ltd., and the stock short name was changed to "Hengrun Auto" to better align with its business focus. That same month, the first Hengrun New Energy user experience centre in South China opened in Guangdong Jifeng, and Hengrun began building out its terminal channel network. In October 2022, the facelifted HRS1—a five‑door, four‑seat pure electric multi‑purpose passenger car (Model HRQ6370BEV)—was successfully developed. That same month, the company launched its second new energy passenger car, the Hengrun H23 Battery Swap Edition, with a starting price of 139,800 RMB, though market response was muted due to design controversy and high pricing. In April 2023, Hengrun Auto was recognised as a Hunan Province "Specialised, Refined, Differential, and Innovation" Little Giant enterprise. Starting in 2023, the company's special‑purpose vehicle revenue grew significantly (up 238.49% year‑on‑year), while new energy vehicle revenue declined sharply (down 81.47% year‑on‑year), and the company's operational focus gradually shifted back to special‑purpose vehicles. In 2025, full‑year operating revenue reached 81.7155 million RMB, up 63.40% year‑on‑year, with a net loss of 17.3529 million RMB, narrowing the loss by 40.82% year‑on‑year. As of early 2026, the company's uncovered losses had reached one‑third of its total share capital.
Hengrun Auto's vehicle product lines are divided into two major segments: commercial vehicles and passenger cars.
Passenger Vehicle Segment focuses on new energy pure electric models, with two production models currently:
Hengrun HRS1: Hengrun Auto's first pure electric passenger car, positioned as an A0‑class three‑door, four‑seat compact SUV, measuring 3,560×1,610×1,705 mm with a 2,250 mm wheelbase. Its boxy, tough styling has often drawn comparisons to the Suzuki Jimny. The HRS1 is available in two trims: Classic (55,800 RMB) and Elite (79,800 RMB), with the Elite offering rear wiper, aluminium alloy wheels, LCD central display, multi‑function steering wheel, reversing camera, cruise control, and tyre pressure monitoring. Five exterior colours are available: Ice White, Emerald Green, Vibrant Orange, Flame Red, and Gentian Blue.
Hengrun H23 Battery Swap Edition: Hengrun Auto's second new energy passenger car, positioned as a five‑door, five‑seat compact hatchback, measuring 3,974×1,636×1,625 mm with a 2,650 mm wheelbase. Launched in October 2022 in a single Basic trim priced at 139,800 RMB. It is powered by a single 49 kW motor, with an NEDC range of 302 km, and features battery‑swap capability as standard—a rare feature in the small pure electric market at the time. Its exterior design is distinctive, with an irregular "H"‑shaped chrome grille that some observers noted resembled the Kandi K23. Interior features include a 10.4‑inch vertical central display, reversing radar, speed‑sensing auto‑lock, keyless entry, and an electric tailgate.
Commercial Vehicle Segment covers pickup trucks, cargo trucks, dump trucks, pure electric cargo truck chassis, pure electric box trucks, pure electric detachable garbage trucks, and HRQ1180 heavy‑duty trucks. Sanitation special‑purpose vehicles are the core revenue source for the company's special‑purpose vehicle business, with H1 2023 special‑purpose vehicle revenue of 23.9469 million RMB, accounting for 73.6% of main business revenue, up 238.49% year‑on‑year. Hengrun Auto is currently developing the HR03 (an A0‑class urban SUV), a five‑door, five‑seat model in the preparation and production phase.
In overseas exports, the company developed the HR02 for the U.S. market (based on the HR01 platform, removing rear seats, in two variants: a three‑door enclosed‑boot version and a two‑door open‑boot version), both of which have rolled off the line and been exported to the U.S.
Hengrun Auto's passenger car sales remain very low, with a limited brand market share. According to the December 2025 Domestic Brand Terminal Sales Ranking from Yiche, Hengrun Auto's monthly sales were only around 5 units, ranking at the bottom among all domestic brands. The Hengrun HRS1 is the brand's best‑selling model, but its overall volume remains small. The H23 Battery Swap Edition, affected by high pricing (139,800 RMB) and design controversy, also failed to meet market expectations.
Financially, Hengrun Auto (parent company and subsidiary combined) has been loss‑making in recent years. In 2020, the parent company recorded a loss of 6.2222 million RMB, expanding to 31.6644 million RMB in 2021. In H1 2023, parent company operating revenue was 33.7698 million RMB (including 23.9469 million RMB from special‑purpose vehicles and 8.1060 million RMB from new energy vehicles), but gross margin remained negative (-4.65%), R&D expenses were significantly compressed year‑on‑year, and financial expenses surged 2,187% year‑on‑year. In full‑year 2025, the company achieved operating revenue of 81.7155 million RMB, up 63.40% year‑on‑year, with a net loss of 17.3529 million RMB, narrowing the loss by 40.82% year‑on‑year, and basic earnings per share of -0.1100 RMB. In H1 2024, parent company net profit was -0.6035 million RMB, net cash flow from operations was -1.6259 million RMB, and ending cash balance was only 0.2589 million RMB. By H1 2025, parent company net profit had widened further to -0.8030 million RMB, and ending undistributed profits had fallen to -95.4235 million RMB.
On the channel front, as of 2025, Hengrun Auto has established a small number of city showrooms and user experience centres, but remains far from its goal of "100 city showrooms and service centres by 2025."
In the commercial vehicle space, Hengrun Auto leverages years of experience in sanitation equipment and special‑purpose vehicle manufacturing, with stamping, welding, painting, and assembly production lines achieving over 80% automation, capable of flexible production across SUVs, MPVs, sedans, and other models. The company has also conducted R&D work in the heavy‑truck segment, with the HRQ1180 heavy truck incorporating multiple key technologies and currently in the trial R&D stage.
In the passenger vehicle space, Hengrun Auto focuses on the pure electric technology route. The Hengrun HRS1 is equipped with a rear‑mounted permanent magnet synchronous motor delivering 44 HP (32 kW) and 140 N·m of torque, with a top speed of 102 km/h. It uses a 28.2 kWh LFP battery pack, with an NEDC range of 305 km. Braking is via front disc and rear drum, meeting basic small SUV requirements; the suspension is front MacPherson independent and rear multi‑link non‑independent. The vehicle uses a unibody design, with ABS (Model WX80, supplied by Zhejiang Wanxiang Jinggong Co., Ltd.) and an LFP battery from Henan Penghui Power Co., Ltd. Slow charging takes 12 hours, while fast charging reaches 80% in 1.5 hours, and DC fast charging is not supported—placing it at a disadvantage compared to competitors in charging efficiency. The Hengrun H23 Battery Swap Edition is equipped with a 49 kW single motor delivering 175 N·m of torque, with an NEDC range of 302 km. Its standard battery‑swap function allows quick battery replacement at swap stations, offering an alternative replenishment route for users.
In new energy vehicle core technology, Hengrun Auto is advancing a power battery thermal management system designed to address battery charging and discharging challenges—particularly in northern cold regions—by reducing the impact of low temperatures on range and battery life, thereby extending battery longevity.
Hengrun Auto's overseas presence focuses on two areas: passenger car exports and commercial vehicle parts and chassis exports.
On the passenger car export front, Hengrun Auto developed the HR02 for the U.S. market, based on the HR01 platform. Removing the rear seats while retaining the exterior styling, it was developed in two variants—a three‑door enclosed‑boot version and a two‑door open‑boot version—both of which have rolled off the line and been exported to the U.S. In addition, Hengrun Auto is pursuing joint development projects for cooperative models such as Kandi, as well as after‑sales services and joint exports under the cooperation framework.
On the commercial vehicle and parts front, Hengrun Auto's engine products are sold across China and exported to many countries and regions, including Europe, the Americas, the Middle East, Southeast Asia, and Africa. However, the scale of its new energy passenger car exports remains relatively small.
According to its disclosed development plans, Hengrun Auto will accelerate the rollout of sales and service outlets nationwide, aiming to establish 100 city showrooms and service centres by 2025, forming a national sales and service network and adopting a "sales, lease, charging, service" commercial cycle model to further penetrate the market. In the electronics and electrical field, the company plans to invest in key automotive electronic projects such as HUD and 5G T‑BOX, with body electronics and intelligent driving‑related products to enter mass production successively. The company also plans to cooperate with Unigroup Guoxin to develop intelligent driving technology, combining Unigroup Guoxin's chip design expertise with Hengrun Auto's automotive manufacturing resources. In the commercial vehicle segment, Hengrun Auto will continue to strengthen its core products—such as heavy trucks and sanitation special‑purpose vehicles—and maintain a "special‑purpose vehicle plus new energy passenger vehicle" parallel strategy. Following the 2022 name change and stock short name change, Hengrun Auto's NEEQ governance structure and business focus are expected to be continuously optimised. However, with uncovered losses reaching one‑third of total share capital, the company's ability to strengthen its capital base, secure external financing, and drive industrial integration will be critical to its future development.
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