Chinese electric vehicle (EV) brand HiPhi, which ceased operations at the end of February, has reportedly secured a new investment and is preparing to resume operations and production.
According to a report from local automotive media outlet Auto Home, HiPhi has received a strategic investment from a Hong Kong-based organization, enabling it to resume operations and production. The brand is expected to officially resume activities in late April or early May.
HiPhi’s store in Ningbo, Zhejiang province, has already started inviting potential customers to test drive its cars, while preparations are underway at a HiPhi store in Shanghai for its reopening. The brand’s department directors have outlined the manpower needed for the resumption of operations and production and are awaiting approval to start rehiring former employees.
Following the resumption of production, HiPhi plans to launch a new vehicle project based on the HiPhi Y model. The new model will feature additional features while aiming to lower the price tag, offering customers a more affordable option.
HiPhi’s previous models include the luxurious HiPhi X and HiPhi Z, with the HiPhi Y currently being the least expensive starting at RMB 339,000 ($46,780). The brand may have had positive partnership discussions with FAW Group, as the latter began due diligence on HiPhi in early April to understand the brand’s financial situation, legal relationships, and risk factors.
Founded in 2017, HiPhi is the EV brand of Human Horizons, targeting the premium EV market segment. Despite a setback in February when it announced a six-month production halt, HiPhi’s founder Ding Lei expressed optimism about the brand’s future, actively working towards a turnaround.
Ding met with Changan Automobile chairman Zhu Huarong in Chongqing on February 27, showcasing HiPhi vehicles to the Changan team. Recent reports suggest that Changan’s EV unit Avatr has held talks with HiPhi and may have reached a partnership deal, indicating a positive outlook for HiPhi’s future operations.
