HiPhi files for bankruptcy

Human Horizons, an automobile brand known for its “HiPhi” lineup of innovative electric cars, has initiated bankruptcy proceedings in China.

Car News China points out that the company is not considering complete liquidation as an option, instead trying to reorganize its business and get back on track. The court that declared Human Horizons insolvent has reported receiving a message from the company where it states that it is undergoing a change of structure. For the next six to nine months, it will stay under external management.

The creators of the HiPhi brand stay moderately optimistic about the situation, saying they are trying to cut as many losses as they can while retaining their crucial assets and to get new partners interested in the business.