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China's Changan in talks to take over struggling EV maker Human Horizons, report says

Reuters
·1-min read
Chongqing Changan Automobile's logo on its CS75 SUV model is pictured at its booth during the Auto China 2016 auto show in Beijing

SHANGHAI (Reuters) - China's state-owned Chongqing Changan Automobile Co Ltd is in talks to take over struggling Chinese electric vehicle maker Human Horizons, financial news outlet Yicai reported on Wednesday, citing Changan Chairman Zhu Huarong.

Ding Lei, founder of Shanghai-based Human Horizons which makes the Hiphi-branded EVs, met Zhu in Chongqing on Feb. 27, Yicai added, citing a separate person it didn't name.

Changan Auto confirmed the meeting between Ding and Zhu in a response to Reuters but declined to comment on the reported talks of acquisition or merger.

Human Horizons didn't immediately respond to a request for comment.

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The company founded in 2017 told its employees on Feb. 18 that it would suspend operation for six months, financial media outlet Caixin has reported, after Ministry of Investment of Saudi Arabia retracted a plan to invest $5.6 billion in Human Horizons.

Human Horizons sells three Hiphi EVs models priced from 339,000 yuan ($47,089.87) to 800,000 yuan in China. The cars, with monthly sales under 1,000 units, are manufactured in a plant that previously made Kia cars in the eastern Jiangsu province.

($1 = 7.1990 yuan)

(Reporting by Zhang Yan, Zhuzhu Cui and Brenda Goh; Editing by Michael Perry)