Chinese media are surprisingly negative about Youxia Motors, describing the company’s founders as a bunch of smart ass ‘IT people’ trying to raise capital for their own misty purposes. And there seems to be some truth in that. Various sources (
Huangqiu,
ITtime Sina,
CNR) claim and say the following :
– two years ago the Youxia Motors raised venture capital intended for the development of the
Youxia One electric sportscar. One year later they build a single prototype based on the Hyundai Genesis Coupe, used that to raise some more money, and then secretly cancelled the whole project.
They instead used the money to develop the Youxia X sedan, without telling anyone, surprising investors and media alike on the unveiling event on Sunday, and investors are reportedly very pissed off. The company has not responded to these allegations, and has not denied them.