Beijing (ZXZC)- Human Horizons, the startup owning the high-end EV brand HiPhi, announced today that it had formed a partnership with China’s Bank of Communications (BoCom) Shanghai branch on November 7th, to gain financial support.

HiPhi Z; photo credit: HiPhi

Per the agreement, BoCom will provide Human Horizons and its correlating companies with a RMB5 billion ($782.07 million) comprehensive credit line. The funding will be put into the company’s financial services such as settlement business, international business, corporate business. BoCom will provide financial support for the company’s production, sales, R&D, and more.

It is worth pointing out that this is also the first time for Human Horizons to release financing activities to the public. During its five years in the industry, Human Horizons did not once mention the company’s financing situation like other automaking startups did. When asked about relating questions, the founder and chairman of the company, Ding Lei, replied that the company was not planning to initiate public placement before the project achieved substantial progress. 

HiPhi X; photo credit: HiPhi

In addition, the company’s first model, the HiPhi X, started delivery this May. According to the company’s monthly sales report, positioned as a luxury EV (priced over RMB500,000), the HiPhi X sold 641 vehicles, ranking No.1 in September, with the Porsche Taycan following in the second place.