Unable to Pay Employee Salaries, This Chinese Electric Car Brand Goes Bankrupt

JAKARTA - BeyonCa, which once won an award as the most valuable company for investment this year in 2022, has gone bankrupt in March 2026. According to CarNewsChina on Sunday (28/3/2026), the Chinese premium electric car brand has been reported bankrupt and has ceased operations. BeyonCa was founded in 2021 by former Volkswagen Group Vice President Soh Weiming along with Christian Klinger, a former member of the VW AG board. Therefore, BeyonCa is often referred to as an electric car startup founded by former Volkswagen Group executives. Since its official launch, BeyonCa was touted to have a bright future. Even in 2023, the company targeted sales of up to 100,000 vehicles within three to five years. However, BeyonCa has now been reported bankrupt in China, leaving hundreds of employees without receiving their salaries. The employees are also demanding full settlement of unpaid salaries, payment of social security contributions and housing funds, reimbursement of personal expenses, compensation, as well as an official statement from the company and shareholders. The employees have also stated they are prepared to pursue legal action.