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.
Despite reported high level talks with both FAW and Changan, Human Horizons has been unable to attract the necessary investment to keep HiPhi afloat as a going concern.
Suggestions are the core part of the Human Horizons business, including rights to the HiPhi brand name, could be purchased by a third party interested in continuing operation of the company. However, any decision on the matter will now be handled by the Chinese court.
The court statement read: “[Human Horizons’] assets could not repay all due debts, but it had reorganisation value and possibility”.
Prior to the shuttering of production, HiPhi had announced plans to enter the European market in 2023. In preparation for European sales, the X had already been granted passenger car homologation approval by Germany’s TUV.
Founded by Chinese automotive industry veteran Ding Lei in 2017, Human Horizons entered China’s burgeoning EV market with the flamboyantly styled X in 2020.
The luxurious large MPV, measuring 5200mm in length, was distinguished by its chisel-nose styling and complex gullwing rear doors.
The X was powered by a dual-motor drivetrain with 590bhp – sufficient to provide it with a claimed 0-62mph time of 3.9sec and limited 124mph top speed. A 97kWh battery meanwhile provided it with a 341 miles range on China’s CLTC test cycle.
Production of flagship X, as with the later Z saloon and Y SUV, was carried out by the Yueda Kia plant in Yancheng.
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