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According to media reports citing Boxun Auto employees, Boxun Automobile signed a standby agreement with some employees. According to the agreement, the waiting period is from June 1, 2020 to December 31, 2020, during which the company will pay 2480 yuan of living expenses to employees every month. Some employees said, "No wages were paid from February to April this year, only about half a month's salary was paid on May 15, and the average employee only had more than 2,000 yuan." Another employee also said, "because the previous salary has not been settled, many employees have chosen to sign the waiting agreement."

With wages in arrears and layoffs, Boxun, whose future is uncertain, is in a business crisis.

The year-end bonus has not been handed out yet! Due to the loss and insolvency of Boxun cars, Bergshire has not awarded the 2018 year-end bonus, and the 2019 year-end bonus is "not mentioned".

The supplier stops the supply! In January this year, Big Dipper announced that the estimated impairment loss of accounts receivable in 2019 was 51 million yuan, mainly from Zhongtai Motor and Boxun Motor, of which Boxun Automobile was in a state of suspension due to tight capital chain.

Employees need to pay their own social security! In January, Boxun sent employees an email about "social security account information," which showed that employees had to pay for their own social security and transfer it to the company's account, along with the company's name, account and bank of deposit. In March this year, it was revealed that Boxun Automobile requires employees to pay their own social security, not only for individuals, but also for the company.

The future is uncertain and senior executives leave! In 2019, Chen Xi, vice president of marketing and sales of Boxun Automobile, Zhang Zhen, president of marketing communication, Zhang Tian, vice president of employee marketing, and Zhang Zhiwei, who is in charge of Sandian, left one after another.

The first production car launched a year ago is still the PPT, has been hovering on the edge of the market.

In September 2019, FAW Xiali announced the establishment of a joint venture with Boxun Automobile in Tianjin Boxun. Among them, Boxun Automobile contributed 2.034 billion yuan in cash, with a shareholding ratio of 80.1%; FAW Xiali contributed 505 million yuan in terms of assets and liabilities related to land, plant, equipment and other assets and liabilities of the whole vehicle after evaluation and record, with a shareholding ratio of 19.9%.

At that time, some people in the industry believed that the restructuring of FAW Xiali and Boxun Automobile was a win-win situation, which not only solved the production qualification problem of Boxun Automobile, but also allowed FAW Xiali's spare capacity to be digested. Due to the losses of FAW Xiali for many years, many employees have great hopes for the establishment of the joint venture company and have joined the joint venture company one after another and have achieved better career development.

But facts have proved that the development after the combination of the new power of car building with uncertain future and the traditional car companies caught in operational difficulties is not a pleasant surprise.

According to the annual report released by FAW Xiali in 2019, the operating income in 2019 was 429 million yuan, down 61.85% from the same period last year; the net profit belonging to listed companies was-1.481 billion yuan, down 4068.32% from the same period last year.

As one of the new forces in domestic car-building, Boxun, which was founded in 2016, has been unable to achieve mass production. At the Shanghai Auto Show in April 2019, Boxun unveiled two mass-produced SUV models, the iV6 and the iV7, which are scheduled to go on sale at the end of 2019. However, up to now, the first production model is still in the PPT stage, due to arrears of employees' year-end bonus, overtime pay and other employees to protect their rights, coupled with suppliers out of stock, Boxun car production problems.

Both traditional car companies and new car-building forces are having a hard time in the current market environment. Boxun Automobile, as a member of the new car-building force, has lagged behind in mass production, coupled with negative news such as unpaid wages, layoffs and executive departures. It's even harder for Boxun to get the money.

According to the investigation information, Boxun Automobile has completed a total of 6 rounds of financing since its establishment. In June 2019, a number of companies, including Pukou High Investment, Sumitomo Asia and Baoshi de, invested 2.5 billion yuan, but the specific amount of the other five financing times was not disclosed.

Now that the capital investment is gradually returning to rationality, it will be more and more difficult for the new power of car building without products to be listed. Ideal car CEO Li Xiang once said that "the financing window for car-building new power enterprises is less than a year away, and a large number of enterprises will be eliminated in a year, and 90% of the investors will lose all their money." Wang Xing, founder of Meituan, made it clear that "only idealism, NIO and Xiaopeng can come out of the new forces." Obviously, Boxun cars, which are not yet on the market and are in operational crisis, are already standing on the edge of the market.

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