Before the explosion at the beginning of this year, HiPhi, founded by Ding Lei, was relatively prosperous among the new domestic car manufacturing forces.

Of course, HiPhi's prosperity does not stem from sales, but mainly from pricing.

Before HiPhi emerged, NIO was the most expensive new force in car manufacturing. However, with the emergence of HiPhi, NIO had to cede its position as the "most expensive new force in car manufacturing".

Therefore, HiPhi has always been known as the most expensive new force in car manufacturing.

Objectively speaking, HiPhi achieved great success initially based on its pricing. After all, as a brand-new automotive brand, it was no mean feat to price its first model at 800,000 yuan, but HiPhi did it.

I remember that for a period of time, HiPhi's first model, the HiPhi X, consistently ranked among the top sellers of luxury pure electric vehicles priced above 500,000 yuan, according to sales rankings published by some institutions.

The reason why HiPhi performed well in its first two years of launch, in my opinion, was not because domestic consumers were "stupid with money." In terms of overall product capabilities, the HiPhi X was indeed outstanding. It performed exceptionally well in both technology and acceleration compared to vehicles of the same class.

It is worth mentioning that the gull-wing doors and programmable headlights equipped on HiPhi vehicles have become their biggest selling points. For high-end consumers who prioritize novelty over price, HiPhi vehicles may well satisfy their curiosity.

Therefore, it is often heard that HiPhi cars are toys for the rich, which is a very accurate description.

However, although wealthy individuals may not consider price as a major factor when purchasing a car, they are still a minority. This led to a decline in sales for HiPhi after a few years on the market. To boost sales, HiPhi had to launch its cheapest model, the HiPhi Y, in July 2023.

As the third model under HiPhi, the HiPhi Y is positioned as a medium to large pure electric SUV, similar to the HiPhi X. Although its price is much lower than that of the HiPhi X, it retains the same selling points, including the impressive gull-wing doors.

However, the reality is that consumers are not receptive to the HiPhi Y, priced at over 300,000 yuan and featuring gull-wing doors. Without sales, HiPhi naturally struggles to survive.

It was not until the beginning of this year that HiPhi officially imploded.

Although both HiPhi and Ding Lei personally made efforts during this time, and there were rumors that several automakers wanted to acquire HiPhi, it now seems unlikely that HiPhi will be revived.

Recently, HiPhi officially filed for bankruptcy, which was anticipated by many. Nevertheless, it is heartbreaking to think of the over 10,000 car owners who spent hundreds of thousands of yuan on HiPhi vehicles.

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