Hyperdrive
Chinese EV Maker HiPhi Suspends Operations for Six Months
- Workers barred from factory, company stops paying full wages
- Competition intensifying in China’s EV market as growth slows
A HiPhi Y electric vehicle at the New Energy Vehicle Experience Center.
Source: Bloomberg
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Chinese electric vehicle maker Human Horizons Group Inc. suspended operations for at least six months, adding to signs of an enduring squeeze in the industry as growth slows.
The Shanghai-based manufacturer of the premium HiPhi brand suspended production on Sunday and barred workers from entering its factory, said an employee who asked not to be named because they have not been authorized to speak publicly. Workers will receive January wages at the end of this month, and then salaries will be paid at a 70% rate between Feb. 18 and March 18, the employee said, citing a memo that had been sent to workers.