Former Nio Electric Car Rival Singulato Goes Bust

What's new: Singulato Motors, one of China’s earliest new-energy vehicle startups, entered bankruptcy liquidation after allegedly raising $2.3 billion in funding without delivering any vehicles.

Several entities related to Singulato started the winding-down process in late June, according to a national bankruptcy cases portal. The parent company, Zhiche Youxing Technology Shanghai Co. Ltd., faced debt claims totaling 98.3 million yuan ($13.5 million) as of Aug. 20.