Chinese EV Maker HiPhi Enters Bankruptcy Process in Death Knell
- Firm suspended production in February, looked for investors
- EV makers fighting for survival in competitive China market
Source: Bloomberg
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Chinese electric vehicle maker Human Horizons Group Inc., the company behind the premium HiPhi brand, has filed for pre-bankruptcy restructuring — becoming another victim of China’s cutthroat auto market.
The manufacturer lodged an application to a People’s Court in Yancheng, the eastern Chinese city where its factory is located, saying its assets could no longer cover debt as of April and fulfilled the conditions for a bankruptcy, according to a court document published Thursday.