Stock Market News

China’s Didi EV joint venture with Li Auto applies for bankruptcy – court

2022.08.11 13:38

China's Didi EV joint venture with Li Auto applies for bankruptcy - court
FILE PHOTO: The logo for Chinese ride-hailing company Didi Global Inc is pictured during the IPO on the New York Stock Exchange (NYSE) floor in New York City, U.S., June 30, 2021. REUTERS/Brendan McDermid

SHANGHAI (Reuters) – Chinese ride-hailing firm Didi’s joint venture with Li Auto has applied for bankruptcy, according to a court filing, pointing to the end of a four-year-old partnership to make electric vehicles (EV).

The company, 51% owned by Didi while 49% held by Li Auto, submitted the bankruptcy application to Beijing No. 1 Intermediate People’s Court on Thursday, a statement on a website run by the Supreme Court showed.

Didi and Li Auto did not immediately respond to requests for comment.

Didi and Li Auto, previously known as Chehejia, established Beijing Judian Chuxing Technology in 2018 to develop and manufacture customized smart electric vehicles for ride-hailing services. It was also among a series of partnerships Didi struck with major automakers including Volkswagen (ETR:VOWG_p), Toyota and BYD with plans to adopt more EVs with autonomous driving technologies in its fleets.

While Didi and BYD launched a co-developed EV model D1 in 2020, most of the collaborations have made little progress.

Scrutiny from Beijing for suspected violation of data security has forced Didi to de-list from the New York Stock Exchange and reined in its business since last July.

However, the ride-hailing firm has quietly pushed ahead with a car-making project, code-named “Da Vinci”, Reuters reported in June.

It was also in advanced talks with state-backed Sinomach Automobile to buy a third of its electric-vehicle unit, Reuters reported then.

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 98,358.35 0.17%
ethereum
Ethereum (ETH) $ 3,419.44 0.99%
tether
Tether (USDT) $ 1.00 0.06%
solana
Solana (SOL) $ 255.81 1.25%
bnb
BNB (BNB) $ 682.91 1.46%
xrp
XRP (XRP) $ 1.45 6.95%
dogecoin
Dogecoin (DOGE) $ 0.434184 5.08%
usd-coin
USDC (USDC) $ 0.999712 0.03%
cardano
Cardano (ADA) $ 1.07 2.96%
staked-ether
Lido Staked Ether (STETH) $ 3,415.93 1.05%
tron
TRON (TRX) $ 0.216841 3.28%
stellar
Stellar (XLM) $ 0.57976 32.58%
avalanche-2
Avalanche (AVAX) $ 42.01 1.78%
the-open-network
Toncoin (TON) $ 6.39 13.27%
shiba-inu
Shiba Inu (SHIB) $ 0.000027 0.01%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,051.00 1.37%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 97,899.23 0.43%
polkadot
Polkadot (DOT) $ 9.06 17.81%
chainlink
Chainlink (LINK) $ 17.68 3.45%
bitcoin-cash
Bitcoin Cash (BCH) $ 511.38 3.65%
weth
WETH (WETH) $ 3,418.85 0.45%
sui
Sui (SUI) $ 3.45 4.37%
pepe
Pepe (PEPE) $ 0.000021 4.18%
near
NEAR Protocol (NEAR) $ 6.61 4.33%
leo-token
LEO Token (LEO) $ 8.68 1.08%
litecoin
Litecoin (LTC) $ 101.19 0.53%
aptos
Aptos (APT) $ 12.86 0.67%
uniswap
Uniswap (UNI) $ 11.16 5.13%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,602.79 1.15%
hedera-hashgraph
Hedera (HBAR) $ 0.15123 1.36%
internet-computer
Internet Computer (ICP) $ 11.62 3.73%
crypto-com-chain
Cronos (CRO) $ 0.196582 2.97%
usds
USDS (USDS) $ 1.00 0.11%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.577148 5.68%
ethereum-classic
Ethereum Classic (ETC) $ 29.90 0.22%
render-token
Render (RENDER) $ 8.08 1.44%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.56 15.47%
bittensor
Bittensor (TAO) $ 538.05 1.33%
kaspa
Kaspa (KAS) $ 0.15409 4.54%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.02%
arbitrum
Arbitrum (ARB) $ 0.880108 4.13%
vechain
VeChain (VET) $ 0.043829 3.83%
whitebit
WhiteBIT Coin (WBT) $ 24.74 0.62%
cosmos
Cosmos Hub (ATOM) $ 9.09 14.45%
bonk
Bonk (BONK) $ 0.000047 6.28%
filecoin
Filecoin (FIL) $ 5.82 13.71%
dai
Dai (DAI) $ 0.999818 0.04%
mantra-dao
MANTRA (OM) $ 3.80 0.24%
okb
OKB (OKB) $ 55.96 9.67%
dogwifcoin
dogwifhat (WIF) $ 3.26 3.66%