Chinese EV startup Human Horizons files for bankruptcy [Video]

Chinese startup Human Horizons, the company behind the HiPhi performance EV brand, has filed for pre-bankruptcy restructuring, Bloomberg reported on Friday.

Human Horizons filed an application for restructuring with a court in Yancheng, the eastern Chinese city where its factory is located, saying its assets could no longer cover debt as of April, according to the report, which cited court documents dated Aug. 9. This comes after failed attempts by Human Horizons to seek additional funding, according to Chinese media reports.

The court reportedly ruled that Human Horizons met the conditions for restructuring, and will appoint an administrator to oversee the process for six months, with a possible extension of three months.

Founded in 2019, Human Horizons managed to bring the HiPhi X electric SUV and HiPhi Z electric hatchbackto market, with plans for a third model dubbed the HiPhi A announced in 2023. The HiPhi A was to be a limited-edition performance flagship derivative of the …