China’s $1 Billion Self-Driving Unicorn Collapses, Xiaomi’s Investment Fails
China’s $1 Billion Self-Driving Unicorn Collapses, Xiaomi’s Investment Fails
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A single piece of shocking news—700 people lost their jobs. Zongmu Technology, once a star company in autonomous driving, was valued at more than 9 billion yuan and had major investors like Lenovo and Xiaomi. But now, its executives have resigned, and its founder, Tang Rui, is unreachable. His phone is off, and he has reportedly fled overseas.
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