(Yicai Global) Feb. 1 -- Panda Auto, a Chinese ride-hailing platform for new-energy vehicles, ceased operating today due to the crisis at its debt-ridden parent company, auto and motorcycle firm Lifan Holdings.
Panda Auto made the announcement via WeChat yesterday after previously beginning a restructuring and applying for bankruptcy. It has begun the process of trying to refund users and did not say whether its business will restart in the future.
Founded in 2015, Panda Auto had over 20,000 cars and more than 4 million registered users. It operated in 12 cities including Hangzhou, Chengdu and Zhengzhou. The platform had also secured a license to test autonomous driving in Chongqing.
Panda Auto was unable to refund user deposits within the agreed time period from last July because of the impact of the crisis at Lifan. Lifan was acquired by Geely Auto Group last year after racking up debts of over CNY30 billion (USD4.64 billion).
Editor: Tom Litting