Core Viewpoint - The article highlights the ongoing struggles of HYCAN Automotive, including unresolved financial disputes with dealers, declining sales, and operational challenges, leading to significant concerns about the company's future viability [3][5][14]. Group 1: Company Background - HYCAN Automotive was established in April 2018 as a joint venture involving GAC Group, NIO, and other stakeholders, with GAC Group initially responsible for vehicle development and production [7][8]. - The company launched its first production model, HYCAN 007, in May 2020, but faced poor sales due to high pricing [11]. - Despite attempts to revitalize the brand with new models like HYCAN Z03 and A06, overall sales remained disappointing, with a reported 82.32% year-on-year decline in 2024 [12][14]. Group 2: Financial and Operational Challenges - By 2024, HYCAN Automotive's financial difficulties became evident, with significant layoffs, unpaid wages, and a halt in sales operations in Shanghai, involving over 100 million yuan in claims [12][13]. - The company reported a total revenue of 617 million yuan and a net loss of 1.13 billion yuan by November 2024 [12]. - GAC Group has been compelled to provide financial support to HYCAN, including a loan of approximately 23.8 million yuan for employee wages and compensation [13]. Group 3: Dealer Relations and Consumer Impact - Dealers have expressed frustration over unaddressed financial claims and lack of communication from HYCAN, leading to protests and calls for government intervention [3][5][6]. - The ongoing issues have resulted in significant consumer dissatisfaction, including failures in after-sales service and product support, raising safety concerns for vehicle owners [14][15]. - GAC Group has stepped in to manage after-sales services for HYCAN vehicles, but challenges remain in fulfilling prior service commitments [15].