HiPhi Advances Bankruptcy Restructuring; Hongqi Unveils All-Solid-State Battery Prototype — Weekly EV Market Highlights

This week saw a flurry of developments in the new energy vehicle (NEV) sector: - Human Horizons, the parent company of HiPhi, unveiled a draft restructuring plan. Two potential investors remain in negotiations, with over 80% of debts to be converted into equity. Employees and small creditors will receive cash settlements. - FAW’s Hongqi brand successfully rolled out its first prototype vehicle equipped with a self-developed all-solid-state battery. The vehicle features 66Ah cells and has passed a 200°C thermal abuse test, marking its entry into real-world vehicle validation. - GAC Group clarified that its collaboration with Huawei currently does not involve sales channels, focusing instead on synergy within the HarmonyOS ecosystem and intelligent technologies. - XPeng introduced a low-interest installment plan spanning seven years, with monthly payments as low as RMB 1,355. Tesla and Xiaomi also intensified their financial incentives. - Additionally, the newly launched 2026 BMW iX1, initially priced from RMB 228,000, is already being offered at dealerships for around RMB 160,000, highlighting intensifying competition and pricing pressure among premium electric models.