Sunday, June 16, 2024

Avatr denies buying HiPhi

This is beginning to sound a lot like an on and off again romance, Avatr are now denying that they are going to buy HiPhi. Yesterday an Avatr spokesperson bluntly said “Don’t talk nonsense, there is no such thing” in response to news that Avatr had acquired HiPhi and production would resume this month.

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Rumors about problems at HiPhi began in January with HiPhi at the time refuting them. However, in February company founder Ding Lei announced the suspension of production for supposedly 6 months and outlined a winding down of salary payments. Ding also said that realistically HiPhi had a three month window to organize a turnaround.

Avatr’s comment has not dismissed that talks are ongoing. With the visit of HiPhi’s chairman, Ding Lei, to Changan back in February where he was pictured talking to Zhu Huarong, chairman of Changan, there is plenty of basis behind the rumors. Talks with HiPhi have even been confirmed by Changan.

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Furthermore Chen Zhuo, president of Avatr, has previously posted a message in support of Ding Lei saying “He is a respected senior in the industry, and I look forward to the return of Mr. Ding and HiPhi.”

Ding Lei’s early career saw him at SAIC where he held various posts with Shanghai Volkswagen and Shanghai General Motors before becoming Vice President of Shanghai Automotive Group. Later he served as Vice Chairman of LeSee before leaving to found Human Horizons, the parent company of the HiPhi brand. Faraday Future founder Jia Yueting accused Ding of stealing the designs of the FF91 from his time at LeEco and using them to create the HiPhi X.

In order to maintain after-sales care to existing car owners HiPhi has resorted to livesteam selling. Yang Yueqing, HiPhi’s project director, has been heading up the sales and has been peddling various meat and drink products.

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HiPhi’s Yang Yueqing seen livestreaming to raise funds

Editor’s note:

All Avatr’s statement dated yesterday has said it that it denies that it has bought HiPhi. It does not deny that it might be in talks with HiPhi for such an acquisition merely saying “Today it has been reported online that Avatr has confirmed the acquisition of HiPhi, I would like to clarify that this information is false.”

Source: Fast Technology

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