GAC Group-backed (HKG:2238) Hycan Automobile Technology shut down its branch in Shanghai and missed the date for paying severance to staff, YiCai Global reported Monday.
The severance packages were due for payment by the end of October, but the electric vehicle maker kept delaying the compensation, former employees told YiCai Global.
Sales of Hycan Automobile Technology fell 82% year over year to 110 units in October and 83% to 4,388 units in the first 10 months of 2024, according to the report.
GAC owns a 4.5% stake in Hycan Automobile Technology, while its new energy vehicle arm, GAC Aion, holds a 21% stake, YiCai Global wrote.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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