Beijing's private fund crackdown forces Dreame to scrap its EV division

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