In a dramatic turn for China's hyper-competitive EV market, luxury brand HiPhi (backed by Human Horizons) is poised for a 2026 comeback after bankruptcy, fueled by Canadian investor EV Electra and local Salt City resources. This revival coincides with Volvo's global debut of the EX60 pure EV SUV, boasting up to 810km WLTP range, outpacing BMW iX3. Meanwhile, Welling's new robot joint modules signal China's push into humanoid robotics, underscoring the EV industry's pivot to adjacent tech frontiers.
HiPhi's Dramatic Fall and Potential Rebirth
HiPhi, founded in 2019 by ex-SAIC exec Ding Lei, targeted the premium pure EV segment with its debut HiPhi X in 2020 (¥570k-¥800k). Its bold design and tech features garnered buzz but faltered amid cash crunches and market shifts.
- Key Challenges:
- Intense price wars eroded high-end pure EV demand.
- 2024 halt in production after funding dried up.
- Parent Human Horizons filed for bankruptcy in Aug 2024; court-approved restructuring in Apr 2025.
Debts totaled ~¥136bn (¥124.76bn unsecured, ¥11.56bn secured across 2,462 creditors). Now, a restructuring draft introduces two investors, including 'Jiangsu HiPhi Auto' (69.8% EV Electra, 30.2% Human Horizons). Salt City's factory upgrade (¥17.96m investment) eyes 150k annual capacity for HiPhi X/Y/Z iterations.
Debt Resolution Table:
| Creditor Type | Amount (¥bn) | Resolution Strategy |
|---|---|---|
| Employee/Tax (Priority) | 6.3 | Full cash payment from investors |
| Unsecured (Majority) | 124.76 | >80% debt-to-equity conversion; small claims cash |
| Secured | 11.56 | Proportional cash/equity |
This 'debt-to-stock' model clears finances but ties future ops to new stakeholders.
Volvo EX60: New Benchmark in Pure EV SUVs
Transitioning to global players, Volvo unveiled the EX60 on SPA3 platform, directly challenging BMW iX3 with superior specs:
EX60 Specs Comparison:
| Model | Battery (kWh) | Range (WLTP km) | Power (hp) | 0-100km/h (s) | Fast Charge (10-80%) |
|---|---|---|---|---|---|
| P6 (RWD) | 80 | 620 | 369 | 5.7 | 19 min (400kW) |
| P10 (AWD) | 91 | 660 | 503 | 4.4 | 19 min |
| P12 (AWD) | 112 | 810 | 670 | 3.8 | 19 min; 340km/10min |
Dimensions: 4803x1899x1635mm (2970mm wheelbase, 85L frunk). Features native NACS for Tesla Superchargers, Google Gemini AI, and 28 Bowers & Wilkins speakers. Its 810km range sets a new pure EV bar, pressuring Chinese rivals like HiPhi to innovate on efficiency.
Broader Tech Horizons: Welling's Robotics Push
China's EV ecosystem extends to robotics, with Welling unveiling high-precision joint modules for humanoid bots:
- Harmonic Series: 40-170mm dia., 3.5-382Nm torque; integrated motor, driver, reducer.
- Planetary Series: 50-126mm dia., 6-115.5Nm; high rigidity for multi-scenarios.
Already supplying global leaders, this bolsters China's actuator tech amid EV supply chain synergies (e.g., motors for both vehicles and robots).
Why This Matters: Global Implications
HiPhi's revival highlights China's EV 'survival of the fittest'—over 100 startups folded since 2023 amid price wars (BYD, NIO dominate). International capital like EV Electra eyes HiPhi's export potential (Middle East/Europe), while Volvo's EX60 intensifies premium pure EV rivalry. Welling's modules position China as a robotics powerhouse, potentially integrating AI/motors into next-gen EVs. This convergence drives efficiency, autonomy, and diversification.
Looking Ahead
HiPhi must rebuild supply chains and trust for 2026 relaunch, possibly targeting exports. Volvo EX60 hits markets soon, forcing Chinese brands like XPeng/Zeekr to match range/charging. Expect humanoid tech to influence EV autonomy. In China's ¥124bn debt resolutions and 810km benchmarks, resilience defines the future.
