Beijing's private fund crackdown claims Dreame's 1,000-person EV division

Dreame, the Chinese vacuum maker, is liquidating its automotive division, "Project Starry Sky," which once employed over 1,000 people. The collapse followed Beijing's tightened oversight of China's $3.4 trillion private fund industry, which singled out Dreame and cut off government-backed capital. At AWE 2026 in March, Dreame had confirmed a 2027 market launch. Only legal and HR staff remain.