HiPhi

Rumors on Chinese social media said HiPhi will lay off up to 20 percent of its workforce and up to 50 percent in some divisions.

HiPhi has eliminated some premium features on the new variant of the HiPhi Z, thereby bringing down the starting price significantly.

HiPhi previewed the price hike earlier this month, saying it was because the two long-range versions accounted for a larger-than-expected share of orders.

HiPhi will raise the starting prices of two long-range versions of its HiPhi Y SUV in September, saying it's because they accounted for a larger-than-expected share of orders.

The HiPhi Y is HiPhi's key effort to enter the mainstream premium EV market, targeting the segment where the Nio ES6 is present.

In the past week, the HiPhi Y received 2,000 firm orders and more than 50,000 purchase intentions, a HiPhi executive said.

The HiPhi Y, which starts at just RMB 1,000 more than the Nio ES6 but far less than HiPhi's other two models, is trying to get a piece of the mainstream premium EV market.

HiPhi's third model, the HiPhi Y, which will be launched in China on July 15, will also be introduced to the European market soon and will be available for pre-order there by the end of the year.

The deal accounts for over half of the more than $10 billion in investments signed on the first day of the Arab-China business conference in Riyadh on Sunday.

The HiPhi Y will be priced in the RMB 400,000-500,000 range and will be the least expensive of Human Horizons' models, previous reports have implied.