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Another Chinese EV producer in danger - Yuanhang has financial problems
Yuanhang Auto has sold just 5,584 cars this year and is now reported to be in financial difficulties. Company denies it's about to go bankrupt.carnewschina.com
Reports emerged on October 30 that Yuanhang, an EV brand owned by Dayun Group, is in trouble. According to the report, the company is suffering from employee loss and is also delaying salary payments.
According to an employee in the R&D Department of Yuanhang, in the chassis section, staff are leaving very fast; there are now only a dozen employees left. Another employee reported that his department had been forced to take a week of unpaid leave.
Furthermore, insiders are reporting that Yuanhang is experiencing cash flow problems and is looking for financing from the local government and other potential investors.
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