Chinese startup Human Horizons, the company behind the HiPhi performance EV brand, has filed for pre-bankruptcy restructuring, Bloomberg reported on Friday.

Human Horizons filed an application for restructuring with a court in Yancheng, the eastern Chinese city where its factory is located, saying its assets could no longer cover debt as of April, according to the report, which cited court documents dated Aug. 9. This comes after failed attempts by Human Horizons to seek additional funding, according to Chinese media reports.

The court reportedly ruled that Human Horizons met the conditions for restructuring, and will appoint an administrator to oversee the process for six months, with a possible extension of three months.

Founded in 2019, Human Horizons managed to bring the HiPhi X electric SUV and HiPhi Z electric hatchback to market, with plans for a third model dubbed the HiPhi A announced in 2023. The HiPhi A was to be a limited-edition performance flagship derivative of the HiPhi Z, with 1,287 hp and development input from Apollo, the company behind the Intensa Emozione and Project Evo gas-powered hypercars.

Human Horizons does not operate in the U.S., but started sales in Germany and Norway last year with its HiPhi X and HiPhi Z models. It delivered less than 8,000 vehicles worldwide in 2023, reports Bloomberg, leaving it unable to pay suppliers. The company suspended production February and has been closing showrooms.

The past few years have seen numerous EV startups come and go, but Bloomberg notes that the Chinese auto industry has become particularly cutthroat, with more than 100 brands competing for a shrinking number of sales as the economy slows. In 2022, China also eliminated a national EV subsidy that had helped drive sales, although together EVs and plug-in hybrids made up the majority of sales in China for the first time earlier this year.