Didi Chuxing’s electric car maker files for bankruptcy, ending the joint venture started with Li Auto four years ago
- Beijing Judian Travel Technology, which is 51 per cent owned by Didi and 49 per cent by Li Auto, filed for bankruptcy on Thursday
- The news comes weeks after the conclusion of a national security probe into Didi that saw the ride-hailing giant fined US$1.2 billion
Beijing Judian Travel Technology Co filed for bankruptcy on Thursday with Beijing No 1 Intermediate People’s Court, according to the National Enterprise Bankruptcy Information Disclosure Platform under the Supreme People’s Court.
Set up in 2018 with registered capital of 400 million yuan (US$59.3 million), the company built EVs for Didi’s ride-hailing service. The venture is 51 per cent owned by Didi and 49 per cent by Li Auto, according to company record platform Qichacha.
Didi and Li Auto did not immediately respond to requests for comment.
Shares of Nasdaq-listed Li Auto closed up 3.8 per cent to US$32.71 on Thursday. Didi, which delisted from the New York Stock Exchange in June amid a national security probe from Beijing, closed up 0.3 per cent to US$3.01 on the over-the-counter market.
