SHANGHAI — When Huang Ximing, a former senior engineer at Ford Motor Co., established Bordrin Motor Corp. in Shanghai in 2016 to build electric vehicles, he was confident that the strength of his technology would ensure his new company could easily beat out other EV startups in China.
But Huang has been proved woefully wrong.
According to documents now coming into public view, Huang far underestimated the expense of launching an EV startup.
In June, the onetime Detroit resident who had also worked at General Motors, admitted in an open letter in China that Bordrin had run into a severe cash crunch.
Last month, an internal document leaked to the Internet by employees at Bordrin's operations in Shanghai revealed that the business was awaiting liquidation.
Numerous EV startups have sprouted across China in recent years.
In 2017, Huang confidently assured Automotive News China that if "90 percent" of China's EV startups vanished amid the competition, Bordrin would be one of the few that survived.
Indeed, Bordrin had a much stronger technology background than other Chinese EV startups. It was born out of an engineering company Huang created in Shanghai in 2007, which had engineered EVs and traditional vehicles for a wide array of domestic Chinese automakers.
But his venture fell short on fundraising.