Chinese Luxury EV Maker Human Horizons Halts Production Amid Intensifying Competition and Financial Struggles
• Chinese EV maker Human Horizons suspends production of luxury HiPhi cars for 6 months due to intense competition and financial issues • Company unable to pay employee salaries in January and seeks to cut costs amid EV sales growth slowdown • HiPhi competes in high-end EV market in China where smaller players are struggling as competition increases • Over 15 Chinese EV startups with 10 million units of production capacity have collapsed recently • Slowing EV sales growth and unprofitability plagues many smaller Chinese EV makers like Human Horizons and WM Motor which filed bankruptcy in Oct