E Weekly Review | FAW Hongqi's all-solid-state battery prototype rolls off line

What were the major developments in the new energy vehicle market this week?

Is HiPhi really staging a comeback? Two potential investors remain in talks

Human Horizons, the parent company of HiPhi, has made a breakthrough in its bankruptcy reorganization case, Gasgoo learned on January 22. The interim administrator has formally released a draft reorganization plan to creditors, outlining specific paths for debt repayment, resuming production, and providing after-sales support.

The draft reveals that two potential investors are still in negotiations, discussing investment agreements and proposals respectively. While six companies had previously expressed interest, some have since withdrawn or failed to pay required deposits.

Image source: HiPhi

The debt repayment plan has taken center stage. Under the draft, employee claims, tax liabilities, social security debts, and common debts will be fully repaid in cash from investment proceeds—totaling roughly 630 million yuan, according to prior announcements. Secured claims will be prioritized up to the value of the collateral, with any excess converted into ordinary debt.

Regarding ordinary debt, amounts of 30,000 yuan or less per creditor will be fully repaid in cash. For amounts exceeding that threshold, creditors can choose between proportional cash repayment or conversion into equity. Junior debt will not be repaid.

Data shows there are five secured creditors with claims totaling approximately 1.16 billion yuan, while ordinary creditors number 2,462 with claims reaching as high as 12.48 billion yuan.

Under this proposal, more than 80% of the debt will be converted into equity in the restructured company.

Gasgoo Takeaway: HiPhi has spent the past two years searching for a lifeline, moving from self-rescue adjustments to pre-bankruptcy restructuring, and finally to courting investors to restart production. Which way will HiPhi’s fortunes turn this time? Only time will tell.

FAW Hongqi Unveils Prototype Car with All-Solid-State Battery

China FAW has successfully rolled out the first prototype vehicle featuring its self-developed Hongqi all-solid-state battery, the company announced on January 21. The move marks FAW's entry into a new phase of real-vehicle testing and validation in this cutting-edge technology sector.

Following 470 days of intensive technical research, the development team has secured a series of phased breakthroughs across multiple core areas.

Efforts focused heavily on sulfide electrolyte systems, 10Ah cells for basic performance units, and manufacturing processes for 60Ah cells designed for automotive-grade applications.

Image source: FAW Hongqi

The unit undergoing verification is a 66Ah all-solid-state cell, which demonstrates exceptional safety. It successfully passed thermal abuse tests at 200 degrees Celsius, exhibiting strong thermal stability and potential for high safety standards.

This achievement represents another significant milestone in FAW's independent innovation within core new energy technologies. With the global automotive and battery industries actively investing in all-solid-state battery R&D, these real-world tests will help accelerate maturity validation and iteration. The data gathered will provide valuable experience for future technological upgrades and product applications. Moving forward, China FAW plans to continue in-depth testing and optimization of the technology.

Gasgoo Takeaway: The road from prototype to mass production still faces hurdles in cost, manufacturing processes, and supply chains. While this move undoubtedly secures a technological foothold for Hongqi and Chinese automakers, the pace of industrialization and market acceptance remains to be seen.

GAC Group: Huawei Cooperation Does Not Currently Cover Sales Channels

An investor recently asked GAC Group on an interactive platform whether models like the Trumpchi M8 would be sold through Huawei's retail channels. GAC responded on January 23.

GAC stated that it has signed a comprehensive cooperation framework agreement with Huawei Terminal. The two parties will jointly build the HarmonyOS ecosystem and innovate in frontier technologies like AI. By deeply integrating their respective strengths in NEV manufacturing, operating systems, smart cockpits, and global services, they aim to create smart mobility solutions with global competitiveness.

GAC added that this partnership is the latest step in their broader collaboration, focusing on strategic synergy in technology and ecosystems rather than sales channels. Since 2017, the two companies have continuously expanded and deepened their strategic partnership, spanning hardware to software, products to cloud services, R&D to smart manufacturing, and the joint creation of high-end smart NEV brands.

Gasgoo Takeaway: This move delineates the current scope of cooperation, focusing on technology rather than sales systems. As automakers deepen ties with tech giants, resource integration becomes increasingly complex. Retaining control over distribution channels reflects a strategic approach that balances caution with independence.

XPENG Announces 7-Year Low-Interest Financing

As the new year begins, the battle for market share in the EV sector has quickly spread to financing. To adapt to shifting market conditions and attract buyers, several major automakers have rolled out unprecedented financial promotions at the start of 2026. By offering ultra-long-term zero or low-interest loans, they are lowering the barrier to entry for consumers.

On January 22, XPENG officially launched a seven-year financing option. The entire lineup now qualifies for a seven-year low-interest installment plan, with monthly payments starting as low as 1,355 yuan. The promotion runs from January 21 to January 31, 2026.

Tesla, meanwhile, has adopted an equally aggressive strategy with a multi-pronged approach. In addition to its highly watched 'five-year 0% interest' offer, Tesla is simultaneously offering a 'seven-year ultra-low interest' loan with an annual percentage rate as low as 0.98%. This dual strategy caters to two distinct consumer groups: those looking to minimize total expenditure and those seeking lower monthly payments.

As a key market player, Xiaomi EV was quick to follow suit, offering a more flexible 'three-year 0% interest' financing plan for its models. This provides a direct and cost-effective option for consumers who prefer shorter repayment terms and want to avoid paying any interest.

Gasgoo Takeaway: This is more than a simple promotion; it is a systematic war designed to reshape the barriers to consumption, lock in long-term customer value, and squeeze out competitors using financial muscle. The industry is shifting from a battle over products to a battle over financing.

160,000 yuan for a freshly revamped BMW EV? A direct discount right out of the gate?

BMW recently launched the 2026 iX1, a pure-electric compact SUV. While the official starting price is set at 228,000 yuan, dealer quotes across multiple platforms are already showing prices in the 160,000-yuan range—a clear case of 'discounts at launch.'

As an annual update, the 2026 iX1 carries an official guide price ranging from 228,000 to 268,000 yuan. Positioned as a compact electric SUV, it is essentially the battery-powered derivative of the combustion-engine X1. It targets urban consumers seeking both luxury and an electric driving experience, going head-to-head with rivals like the Audi Q4 e-tron and Mercedes-Benz EQA.

Image source: BMW

As a key model in BMW's EV lineup, the 2026 iX1 focuses primarily on configuration upgrades, an attempt to maintain competitiveness in an increasingly fierce segment for luxury compact electric SUVs.

However, while the launch demonstrates BMW's continuous iteration in electrification technology, it also highlights the deeper challenges the brand faces in its energy transition in China. These include gaining market acceptance, maintaining pricing structures, and fending off fierce competition from domestic startups.

Gasgoo Takeaway: This price disparity reflects the real pressure BMW's electric models are under in the current market. The launch and pricing situation of the 2026 iX1 serve as a vivid microcosm of the rollout of BMW's new energy strategy in China.