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HiPhi Motors' journey towards recovery has encountered significant hurdles. The strategic investor, EV Electra, has yet to disburse any funds, including the cooperation deposit, as per the initial plan, resulting in stalled negotiations. As per the agreement between the two parties, EV Electra was mandated to pay a total of US$600 million in phases. Since its inception in 2019, HiPhi Motors introduced its maiden model, the HiPhi X, in 2020. However, the company faced a crisis in 2023 and was compelled to cease operations, leading to a bankruptcy reorganization application in 2024. Currently, HTO Jiangsu is in the pre-reorganization phase and is actively seeking investors for joint beneficial debt, with the aim of raising no more than RMB 300 million. The newly established Jiangsu HiPhi Motors Co., Ltd. is a joint venture between EV Electra and HTO.
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