Luxury electric car brand Gaohe HiPhi parent company Chinese Express filed for bankruptcy protection, entered the pre-restructuring stage, and China's new energy vehicle industry entered a critical moment。The company was in financial trouble and stopped production nearly six months ago.。

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The People's Court of Yancheng Economic and Technological Development Zone accepted the pre-reorganization application on August 8, 2024。The court decision stated that Chinese Express was unable to pay off debts exceeding its assets as of April 30, 2024, and recognized the pre-reorganization application.。firm goes bankrupt, but notes the potential for its restructuring。

During this six-month pre-restructuring period, which can be extended by three months if necessary, Chinese Express must cooperate with the manager to protect assets, operate prudently, and attract strategic investors.。The period is seen as a last-ditch effort to avert total bankruptcy through a new court-supervised rescue mechanism designed to reduce restructuring costs and revive valuable but troubled businesses.。

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HiPhi suspended operations in February 2024, promising to pay employees until February 18。But by mid-March, only basic pay was paid。Despite these efforts, the company is still struggling to recover, which is a sign of possible turbulence in the domestic new energy vehicle market。

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In May 2024, iAuto Group signed a strategic cooperation agreement with Chinese Express, committing $1 billion in funding for team reconstruction and resumption of production.。However, there are concerns about iAuto's financial stability and whether the promised funds will be delivered.。Similar uncertainty has plagued previous potential investments, such as from Saudi Arabia.。

Founded in 2017, Chinese Express soon positioned Gaohe Gaohe as a luxury electric vehicle brand, and launched its first model Gaohe HiPhi X in 2020。Still, the brand faces sales and operational challenges。The launch of the more affordable HiPhi Y in 2023 has temporarily boosted sales, but more efforts are needed to stabilize the company。

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Rumors of a takeover between Changan Automobile and FAW Group have surfaced, and FAW Group is reportedly conducting due diligence on Kaohe。However, at this critical restructuring stage, the future of Kohe HiPhi remains uncertain.。