Chinese electric vehicle maker Letin, also known as Levdeo, filed for bankruptcy on May 5, but its court application was rejected on June 7. Founded in 2008, the company made low-speed electric vehicles for less demanding drivers (the brand was popular among senior citizens who prefer a more covered and faster scooter) but struggled to adapt to more advanced new energy vehicle technology in an environment of fierce competition in China’s market, ultimately leading to underperformance. According to a dealership, the court declined the reorganization application due to the company’s insufficient conditions for bankruptcy, primarily due to the absence of a potential investor. [Caixin, in Chinese]
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