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Recently, Beidou Xingtong issued a "2019 performance Forecast and Goodwill and Asset impairment risk Alert announcement". According to the announcement, the estimated impairment loss of accounts receivable in 2019 is 51 million yuan, mainly from Zhongtai Automobile and Boxun Automobile. Boxun Automobile due to the tight capital chain, the whole vehicle project is currently in a state of suspension, and the accounts receivable of the company has been overdue since July 2019, judging from the operating conditions of customers. The possibility of a refund is slim.

Nanjing Boxun Automobile was founded in December 2016, the scope of business is new energy vehicles and parts research and development, manufacturing, sales and so on. At present, the company has launched three original eco-electric platforms, i-SP, i-MP and i-LP, and launched two mass-produced SUV models, the iV6 and iV7, at the Shanghai Auto Show in April 2019.

IV6 positioning in the high-end intelligent electric cross-border SUV, using the i-MP platform of the three major platforms, the appearance is somewhat similar to Tesla Model Y. According to officials, the car has a maximum battery charge of more than 90kW and has a mileage of more than 600km under comprehensive operating conditions, against the Standard Tesla Model Y.

According to the data, Boxun Motor has an operating income of 13.18 million yuan and a net profit loss of 300 million yuan in 2017, while it has an operating income of more than 56.58 million yuan and a loss of 479 million yuan in 2018. In May 2019, due to arrears of year-end bonus and overtime pay, Boxun Automobile was protected by employees' rights, and suppliers were out of stock, resulting in difficulties in Boxun automobile production.

In order to obtain the production qualification, Bojun Automobile and Tianjin FAW Xiali jointly set up a joint venture company and obtained an operating license in November 2019. The new company is named Tianjin Bojun Automobile Co., Ltd., with a registered capital of 2.54 billion yuan. FAW Xiali contributed 505 million yuan with assets and liabilities related to the whole vehicle, such as land, plant, equipment, etc., which had been evaluated and recorded, with a shareholding ratio of 19.9%. Nanjing Boxun New Energy vehicle contributed 2.034 billion yuan in cash and held a stake of 80.1%.

According to Tianyan survey, Boxun Automobile has conducted a total of six financing, the most recent financing is June 3, 2019, the investors are Shengshi Investment, Baoshi, Yuanxing Investment and other companies, with a financing amount of 2.5 billion yuan.

At present, it seems that the big reason for the shutdown of the whole Boxun automobile project is due to the problem of funds. in fact, it is not only Boxun cars, but also other new car-building forces, including NIO, Weimar, Xiaopeng, and so on, are troubled by funds, and the break-even is still difficult to predict. At present, there is a growing funding gap for Boxun cars, coupled with arrears of payments to suppliers, making it difficult to deliver the first mass-produced model on time.

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