Luxury car brand BeyonCa files for bankruptcy in China

The collapse of the company was reported by CarNewsChina with reference to an open letter from former and current employees of the brand, who were left without work and without wages.

BeyonCa was created in 2021 by people from the Volkswagen Group – So Weiming and ex-member of the board of VW AG Christian Klinger. The ambitious project was positioned as a manufacturer of premium electric vehicles. Auto industry veterans were involved in working on the brand: head of the engineering department Hans-Joachim Rothenpieler and chief designer Lucas Colombo.

In 2023, the company announced plans to sell 100 thousand cars within 3-5 years. The first model was to be the electric coupe-crossover GT Opus 1 with a 130 kWh battery and a price starting from 1 million yuan (about $140 thousand). The project attracted strategic investors: Renault, Chinese Dongfeng, as well as the Saudi investment group Al Faisaliah Group.

BeyonCa was last publicly announced in June 2024 in connection with plans to open a factory in Hong Kong. The brand has not been in touch since then. Reportedly, despite promises to begin mass production back in 2024, the company has not produced a single car.

In an open letter, employees demand full repayment of arrears of wages, payment of insurance premiums, compensation and an official response from management and shareholders. Workers note that they are ready to defend their rights in court.

The situation around BeyonCa raises questions among industry experts: how did a startup with a team of Volkswagen top managers and investments from major market players cease to exist without starting production and leaving the staff without a livelihood.

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