EV brands facing wave of bankruptcies

By
Christian Domke Seidel

The reports are piling up. Sometimes more, sometimes less prominent projects on the Chinese car market fail on a regular basis. In August 2022, for example, the driving service provider DiDi filed for bankruptcy. In September, Byton’s liquidator auctioned off a drivable prototype of the brand. By then, the production lines had long been at a standstill. In November, WM Motor announced that manager salaries would have to be cut in half. At the same time, wages would be paid later. The manufacturer faced a total loss of $1.2 billion in 2021 (on 44,000 cars sold).