Chinese company Human Horizons, which manufactures HiPhi electric cars, has filed for bankruptcy. reports carnewschina.com.
The company had applied to the court for preliminary arrangement the day before. It states that the company cannot cover its debts with its assets and accepts its bankruptcy.
Over the course of six months, Human Horizons will work with executives to protect the company’s assets and attract strategic investors.
In February 2024 it became: knownChinese premium electric carmaker Hiphi, popular in Russia, has stopped working at its sole factory in the city of Yancheng, north of Shanghai, for six months, the company said.
Journalists were able to access an internal memo sent to employees by Hiphi via WeChat messenger. The report states that the facility entered a six-month production shutdown phase starting on February 18. Workers are prohibited from entering the factory. Employees were promised that their January salaries would be paid by the end of February, with the payment deadline for days worked in February to be determined later.
It was later revealed that HiPhi had an investor: American company iAuto, which will invest $1 billion in HiPhi. The deal was completed on May 10. However, concerns have been raised about iAuto’s financial stability and whether the firm has the funds it promised.
Previously reportedThe price of the DFSK ix5 crossover in Russia fell by 600 thousand rubles.