Hyperdrive
Zombie Chinese EV Makers Resurrected in ‘Productive Force’ Push
- Zhidou Electric, Haima Auto get new funding, resume production
- Move is a risky bet in overcrowded, competitive EV market
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At least three defunct Chinese electric vehicle makers are getting a new lease on life after the industry was touted as a “new productive force” — a slogan coined by President Xi Jinping to promote the development of advanced technology.
Zhidou Electric Vehicles Co., a maker of micro cars that went bankrupt in 2019, said it’s completed a restructuring with the help of Aima Technology Group Co. and automaker Zhejiang Geely Holding Group Co. It has resumed production and will launch a new EV called Zhidou Rainbow in April, according to a March 7 post on its official Wechat account.