HiPhi Undergoes Restructuring, Set to Receive $1 Billion Investment”

On May 20th, Chinese media outlet Time Weekly learned from an insider at HiPhi Auto that recently, HiPhi Auto’s parent company, Human Horizons, internally released an announcement about the company’s reorganization work group during its restructuring period, deciding to establish a reorganization work group and a joint operation work group.

The reorganization work group will be responsible for the restructuring from equity to all operation-related activities, with four sub-groups: shareholder side, government side, supplier side, and employee side. The joint operation work group will be responsible for the company’s daily decision-making and operations, with seven sub-groups: product planning, project design engineering, production and supply chain, marketing, finance, legal, and human resources and general functions.

While advancing the reorganization work, HiPhi is also about to receive the urgently needed “lifesaving money” for resuming work and production.

According to an insider at HiPhi Auto, Human Horizons and the auto investment consulting platform iAuto recently signed a comprehensive strategic cooperation agreement. iAuto plans to invest $1 billion in Human Horizons, fully supporting HiPhi Auto’s plan to resume business operations and vehicle production.

An insider at HiPhi Auto told Time Weekly that HiPhi Auto has already begun restructuring, and the company is very confident. As for iAuto’s investment, they will wait until the $1 billion is really credited to be reliable, and there are other investors who want to invest in HiPhi Auto in the future.

SEE ALSO: XPeng Motors AI Day Highlights Summary