Ding Lei said that he was using old-fashioned business strategies and was no match for his counterparts from Internet companies. He also said that there have been companies expressing interest in HiPhi, including acquisitions and investments.
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China's NEV sales declined significantly in the first three weeks of February, mainly due to the Chinese New Year holiday.
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Lotus Technology's business combination with a SPAC is expected to close on February 22 and will trade under the ticker symbol "LOT".
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Buick has become the latest to join the price war, with significant price cuts for all four trims of the Electra E4.
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Deepal has lowered the starting price of the SL03 BEV by RMB 7,000 and is offering customers an additional RMB 10,000 cash discount.
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BYD is looking to accelerate the replacement of traditional fuel vehicles with NEVs at lower prices, and more automakers following suit is expected to speed up the process.
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Lotus Technology plans to merge with L Catterton Asia Acquisition Corp in order to list on the Nasdaq, issuing up to 181,315,064 ordinary shares.
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Employees will be paid as usual until February 18, and after March 15 only HiPhi employees in Shanghai will receive basic pay, according to local media.
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China's NEV penetration at retail was 32.8 percent in January, down 7.5 percentage points from 40.3 percent in December.
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This means that the penetration of passenger NEVs at retail was 32.8 percent in January, down from 40.2 percent in December.
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