The Chinese electric vehicle manufacturer Human Horizons Group, the company behind the luxury electric vehicles HiPhi, which in 2023 managed to sell its models in two European markets, has announced that it is entering insolvency proceedings.
The manufacturer of models such as the electric supercar HiPhi A, a 100% electric vehicle with over 1300 horsepower, has filed for bankruptcy in the People’s Court in Yancheng, a city in eastern China where the brand’s factory is located. The company stated that its assets have not been able to cover its debts since April, fulfilling the conditions for bankruptcy, according to a judicial document published this Friday, August 9th.
Founded in 2019, HiPhi had the goal of expanding its brand in Europe by 2024, after successfully entering Germany and Norway in 2023 with two models, the X SUV and the Z GT sedan.
