The company, which applied for bankruptcy to a competent court in Yancheng, China, admitted that it could not pay its debts as of April 30. The court, located in the city where HiPhi’s production facilities are located, accepted the application on August 8 and ordered the company to enter the restructuring phase.
Following the certification of Human Horizons’ bankruptcy, an administration is coming will oversee the restructuring process for six months. This period can be extended for another three months if necessary. This allows HiPhi to leverage its assets to attract potential investors. It will be his last effort to avoid bankruptcy.
Last year, it sold less than 8 thousand units.
2023 Less than 8,000 sales HiPhi, which was able to carry out the production process, decided to stop its production for 6 months in February. In April, Changan-owned Avatr denied rumors of a deal with HiPhi. It was also claimed that the company was in talks with FAW Group, but no official agreement materialized.
As Bloomberg reported, More than 100 brands It is struggling to gain a share of China’s electric vehicle market. Price competition in recent years It brought many companies to the brink of bankruptcy. Especially startups that were not supported by a major automobile manufacturer began to go bankrupt one by one. HiPhi seems to be the last link in this chain for now.
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