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Troubled Chinese new energy vehicle startup continues to bounce back with plans to restart production this month, aiming to produce and sell 10,000 vehicles this year. The company will resume manufacturing of the E5 and EX5 electric models at its Wenzhou facility in Zhejiang Province, with the possibility of exceeding the goal to reach 20,000 units, as outlined in their 2025-2030 business development plan.
Following its restructuring, the automaker was officially taken over by Xiangfei Automobile Sales after court approval on April 3. The company has plans to build a knock-down plant in Thailand to tap into Southeast Asian and Middle Eastern markets and target an annual production of 100,000 units starting next year.
Looking ahead to 2027-2028, the company anticipates sales between 250,000 and 400,000 units and will begin preparations for an initial public offering. By 2030, they aim to produce one million units, with projected revenues reaching approximately CNY120 billion (around USD16.8 billion).
Product development will focus on pure electric and extended-range vehicles, with more than 10 new models expected over the next five years. These will include updated versions of the E5 and EX5, along with new sedans, SUVs, and multi-purpose vehicles.
Founded in 2015, the company has raised over CNY41 billion (about USD5.7 billion). However, reports of salary cuts, layoffs, and mounting debts began surfacing in late 2022, leading to the initiation of a bankruptcy restructuring process roughly a year later.
Xiangfei Auto was established in 2023 with a registered capital of CNY100 million (around USD13.9 million). It is led by Huang Jing, who is the legal representative and the real controlling shareholder of Baoneng Motor Group — the automotive division of the Chinese real estate and financial conglomerate Baoneng Investment Group. His associates hold stakes in several of Baoneng Motor’s affiliated companies.
According to corporate records, Baoneng Motor has been listed as a dishonest debtor 12 times, with total debts surpassing CNY36.2 million (about USD5.1 million).
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