Hodo Technology Faces Challenges Reorganization Plan Hits Snags, Funding Issues Emerge

TapTechNews August 14th news, according to Late Auto reports, the reorganization plan promoted by intelligent driving solution provider Hodo Technology and GAC Group has encountered changes, and Hodo's capital chain has been very tight. Affected by this, Hodo is now disbanding most of its core departments such as data and R & D, and suspending R & D activities.

Hodo Technology was established in June 2017 and has cumulatively raised more than one billion Chinese yuan. The investors include IDG, Sequoia China, Guangdong Technology Finance, GAC Group and NavInfo, etc.

TapTechNews learned from public information that Hodo's founder, Ni Kai, once worked for Microsoft and Baidu, and founded Baidu's driverless team, and was an important technical person in charge in the early stage of Baidu's autonomous driving business.

It is said that Hodo held a shareholders' meeting on the GAC reorganization matter in Beijing and Guangzhou last week, but the reorganization plan did not get the support of all shareholders. Ni Kai then sent an internal letter to inform employees about the obstruction of the reorganization and said that the company will not be able to pay the July salary and the due arrears and provident fund.

On August 12, Hodo held an online meeting to notify employees to pack up and leave the office, and they can apply for voluntary resignation later. Some employees who could not get the arrears for a long time moved the company's water dispenser.

The map supplier NavInfo has invested in Hodo many times, and its 2023 annual report mentioned that they have recorded the investment in Hodo Technology as a loss of 18.96 million yuan in other comprehensive income losses.