Chinese government funding crackdown shuts down vacuum maker Dreame's car division

Dreame, a Chinese vacuum cleaner company, is shutting down its car-making division, "Project Starry Sky," which had over 1,000 employees. Beijing's government had tightened rules on private investment funds and stopped giving Dreame state-backed money. In March, Dreame had still planned a 2027 car launch. Only legal and HR staff remain.