Chinese company Lifan may go broke

Chinese company Lifan may go broke

June 20, 2020 0 By autotimesnews

The most popular Chinese automobile concern Lifan is virtually ruined: about 400 lawsuits from creditors are being considered in Chinese courts with a demand to recover from the corporation almost 3 billion yuan

Taking into account the fact that in China the sales volume of the automaker over 5 years (from 2015 to 2019) fell 10 times and the popularity of Chinese brand cars in the eighth ten sales, the company’s liquidation is a matter of the coming weeks.

Initially, Lifan, founded in 1992, was a private workshop for the repair of mopeds with a staff of 9 people, while in just 13 years it acquired its own production of motorcycles and cars.

In 2014, only in China sold 145,000 cars.