Summary
Hycan, an EV startup backed by GAC, has shut its Shanghai office and delayed severance payments for employees.
The company's sales plunged 82% year-over-year, with restructuring plans underway amidst severe financial struggles.
GAC retains a minor stake in Hycan, with its NEV division, GAC Aion, holding a 21% share.
Hycan Automobile Technology, a GAC-backed electric vehicle (EV) startup, has closed its Shanghai office due to severe operational difficulties. Despite promising to pay severance by October 31, the company has failed to fulfill this commitment, leaving employees in financial distress.