Singularity Auto's Associated Company Listed as Dishonest, CEO Restricted in High Consumption

TapTechNews May 22nd news, according to the China Enforcement Information Disclosure Network, on May 7th, due to violation of the property reporting system, the associated company of Singularity Auto, Zhiche Youxing Technology (Shanghai) Co., Ltd. was listed as a person subject to enforcement for dishonesty, and at the same time, the company and its legal representative Shen Haiyin were restricted in high consumption. The obligation determined by the effective legal document shows that this enforcement involves a labor arbitration case, and the company should pay the applicant Li XX a salary difference of more than 79,000 yuan ($11,000).

In December 2014, Zhiche Youxing Technology Co., Ltd. was registered and established, and it is one of the earliest batch of new energy vehicle startups in China. The founder and CEO Shen Haiyin once served as the vice president of 360 and the vice president of Kingsoft Software Group.

According to TapTechNews' understanding, from 2015 to 2019, Singularity Auto completed multiple rounds of financing, with a total financing amount of more than 17 billion yuan ($2.4 billion). The investment institutions include Intel Capital, 360 Security, Sanhua Holding, Dongfeng Design and Research Institute, Legend Star, etc. Singularity Auto had more than 1,500 employees at its peak. Unfortunately, Singularity Auto has not been able to launch a mass-produced vehicle, and the company's first planned mass-produced vehicle, iS6, has not been launched so far.