Another Chinese electric car brand has thrown in the towel on bankruptcy. HiPhi, which was praised to the skies in Norwegian tests, is a thing of the past.
The Chinese electric car brand HiPhi dreamed of coming to Denmark. Especially after the brand surprisingly won a tough Norwegian range test as recently as last winter. Now they are bankrupt.
This is written by several media – including Carnewschina and Autocar.
However, the bankruptcy of the parent company does not necessarily mean that it is finally over for HiPhi. The car brand has already started an attempt to reconstruct itself with the healthiest parts of the company.
A Chinese court on Thursday approved the bankruptcy petition because it is clear that Human Horizons, the company behind HiPhi, is unable to pay its debts.
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Car production already stopped in the spring of 2023. Originally, the plan was that the assembly line would only be idle for six months. Half a year which had to be spent on getting the business under control.
But the site is, among other things, the employees in the brand's so-called flagship store in Norway disappeared. Even though access to the premises has actually been up until now.
Before bankruptcy, HiPhi had two models on the program. HiPhi X and Z that had to compete with i.a. Tesla Model S. However, sales were so-so, and there was not enough interest in the cheaper HiPhi Y either.
And now the bankruptcy is a reality, because no one has wanted to step in with the capital that HiPhi needed. Thus, the bankruptcy appears to be the second among the car brands in 2024.
There are many indications that Fisker Inc., founded by Danish Henrik Fisker, after selling 3,200 cars at once, is one step closer to liquidating the business.
Back at HiPhi, the bankruptcy of the Chinese brand may be the start of the wave of carnage in the car industry that experts are already warning is just around the corner. Read more about it here .
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