Human Horizons, parent company to the once much fancied HiPhi electric vehicle brand, has filed for bankruptcy in China.
The move, made official by the Yancheng’s Economic and Technological Development Zone court on Thursday, officially ends the seven-year-old company’s desperate bid to attract investment required to restart production of the HiPhi X, Z and Y.
The high-profile Chinese EV start-up announced in February 2024 that it had placed production of the three luxury electric cars on hold as part of a re-organisation programme for the struggling company.
Under the reorganisation, Human Horizons aimed to refinance its operations and seek a possible joint venture partner, following a downturn in sales and an increase in production costs due to the supply-chain squeeze in the wake of the Covid pandemic.
