SHANGHAI/HONG KONG—At the Shanghai Auto Show in April, the booth for China Evergrande Group’s new energy vehicle (NEV) was hard to miss. One of the largest exhibits at the event, in a prime spot opposite BMW, the property developer-backed unit showed off nine concept vehicle models under its brand “Hengchi,” which translates to “eternally speeding.” “There has never been a car company that has been able to deliver such a diversified product line in such a short amount of time,” Daniel Kirchert, who joined Evergrande NEV days before the auto show as vice president, told industry executives and reporters in a speech at the event. Analysts and industry executives say there have long been questions about how Evergrande NEV, founded in 2019, would meet its ambitious goals. Chairman Hui Ka Yan had declared that the company wanted to sell one million EVs a year by 2025, a level Tesla Inc. …