Didi EV Joint Venture With Li Auto Files For Bankruptcy

$DiDi Global Inc (DIDIY.US)$ Didi’s joint EV venture with Li Auto $Li Auto (LI.US)$ has filed for bankruptcy, bringing a four-year partnership to an end.

The company, Beijing Judian Chuxing Technology, which was 51% owned by Didi while 49% was held by Li Auto, submitted the bankruptcy application to a Beijing court last week.

Didi and Li Auto, previously known as Chehejia, established the EV venture in 2018 to develop and manufacture customised smart electric vehicles for ride-hailing services.

It was also among a series of partnerships Didi struck with major automakers including Volkswagen $VOLKSWAGEN A G (VWAGY.US)$ , Toyota $Toyota Motor (TM.US)$ and BYD $BYD Company ADR (BYDDY.US)$ with plans to adopt more EVs with autonomous driving technologies in its fleets.