Didi EV Joint Venture With Li Auto Files For Bankruptcy
$DiDi Global Inc(DIDIY.US$ Didi’s joint EV venture with Li Auto $Li Auto(LI.US$ has filed for bankruptcy, bringing a four-year partnership to an end.
The company, Beijing Judian Chuxing Technology, which was 51% owned by Didi while 49% was held by Li Auto, submitted the bankruptcy application to a Beijing court last week.
Didi and Li Auto, previously known as Chehejia, established the EV venture in 2018 to develop and manufacture customised smart electric vehicles for ride-hailing services.
It was also among a series of partnerships Didi struck with major automakers including Volkswagen $VOLKSWAGEN A G(VWAGY.US$ , Toyota $Toyota Motor(TM.US$ and BYD $BYD Company ADR(BYDDY.US$ with plans to adopt more EVs with autonomous driving technologies in its fleets.
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