AutoBeta(AutoBeta.net)06/12 Report--

According to media reports, the Baiteng car factory was suspected of being cut off by relevant parties due to arrears, and a large number of employees left and lost. A netizen who identified himself as a Baiteng employee said, "in principle, our play is over and we are no longer needed. We have given everyone a long holiday. There is nothing to say." One comment said, "if the news is true, does it mean that Baiteng Motor has basically been declared out."

Not to mention whether the above reports are true or not, from the point of view of employees' demands for wages, suspension of pay, arrears of payments to suppliers, non-payment of contract payments, etc., Baiteng Motor is really plagued by funds!

The "cash shortage" of Baiteng automobile has intensified.

According to Tianyan check, Baiteng is a new energy vehicle brand under Nanjing Zhixing New Energy Technology Development Co., Ltd. since its establishment, it has carried out four rounds of financing, with a total amount of more than 1.2 billion US dollars, including FAW Group, Foxconn, Ningde Times and so on. In April this year, Baiteng Motors revealed that the company's core management contributed to participate in round C financing, and the company is still in contact with several investors to make full adjustments. But judging from the current situation, it will be very difficult for Baiteng to complete the C-round financing in the short term, at least not until June.

The trouble of Baiteng car is more than "money shortage".

On June 2, * ST Xiali issued an announcement that FAW Xiali and Nanjing Zhixing, FAW Huali and Xiali signed the Supplementary Agreement on the property Rights transaction contract and the Quadripartite Agreement of Tianjin FAW Huali Automobile Co., Ltd. in Tianjin (II), and once again clarified the repayment plan: after the signing of this agreement, Nanjing Zhixing will pay 235 million yuan before June 30, 2020. Pay the remaining 235 million yuan by October 31, 2020. If Nanjing Zhixing overpays, it shall still be liable for breach of contract in accordance with the provisions of the property Rights Trading contract and the Supplementary Agreement of the property Rights Trading contract.

If the agreement can eventually be implemented on schedule, it also means that FAW Xiali will no longer control FAW Huali. In September 2018, FAW Xiali transferred 100% of its wholly-owned subsidiary Tianjin FAW Huali Automobile to Nanjing Zhihang at a transfer price of 1 yuan. After the completion of the equity transfer, Baiteng Automobile will formally take over FAW Huali and obtain production qualifications. In exchange, Nanjing Zhixing also has to bear 800 million yuan in debt of FAW Huali and 54.62 million yuan in employee compensation.

Can Baiteng car repay the relevant payment of FAW Xiali? From the announcement, Nanjing Zhixing still has 470 million yuan of outstanding debt, according to the current operating conditions of Baiteng Motor, to a large extent unable to repay the relevant debt, unless there is a new financing process.

At the end of May this year, there were media reports that Baoneng was investing in Baiteng Motor, which had entered the middle process. According to the investment process, the letter of intent is signed before the full adjustment, and the investment is determined after the completion of the adjustment, and the two sides will sign the final investment agreement. On this matter, Baoneng senior officials said that the incident is not true, Biden Chief Affairs Officer Ding Qingfen said that it is not convenient to make any comments.

How serious is the cash shortage of Baiteng cars?

In April this year, insiders revealed that some employees' wages in March have not yet been paid, and the company promised to pay half of the wages in March, but it has not yet been fulfilled. In addition, there are media reports that employees in the US R & D center of Baiteng Automobile are "suspended", senior executives' salaries are cut by 80%, and employees in China are delayed in paying their salaries. Baiteng Motor responded that under the continuing impact of the epidemic, Baiteng can not be left alone, and the business operation is facing great challenges. At present, a number of phased measures have been taken to reduce short-term fixed costs and ease financial pressure.

Baiteng Motor's response is the usual tactic, under the influence of the epidemic, the reason why the company's development is not going well to the epidemic, but even if it is not affected by the epidemic, Baiteng's operating conditions may also have growth problems due to the inevitable changes in the environment of the new energy vehicle industry, but this "tragedy" has been accelerated by the epidemic.

Due to the shortage of money, the delivery of the new car of Baiteng is slim.

In November 2019, Baiteng's first production model, the M-Byte, was unveiled as a mid-to-high-end luxury SUV, priced at 30-400000 yuan, and began delivery in the middle of this year. It is understood that the Baiteng M-Byte mass production version provides two kinds of power systems, namely the single-motor rear-drive version and the front and rear double-motor rear-drive version, with a maximum power of 272hp and 408hp, and a comprehensive mileage of 430km and 550km.

get the opposite of what one wants! In the case of the delayed landing of round C financing, the impact of the epidemic has made it impossible for this mass production model to be delivered on time. To say the least, even if Baiteng C round financing is successfully landed and mass production models are successfully launched, this is only the beginning of the challenge, and it is difficult to win Baiteng's first mass production car against the background of many car manufacturers marching into the field of new energy vehicles.

On the one hand, the newly launched new energy subsidy policy sets a price threshold of 300000 yuan. If the price of Baiteng M-Byte remains above 300000 yuan, then the subsidy will be missed. Missed subsidies of Baiteng M-Byte in the market competitiveness will be weakened, after all, 270000 yuan of domestic Model 3 is really fragrant.

On the other hand, among the models at the level of 30-400000 yuan, including Tesla's domestic Model 3 long-lasting version, Xilai ES8 and ES6, etc., will all become direct rivals of Baiteng M-Byte. Under the "encirclement and suppression" of the above models, it is also difficult for Baiteng M-Byte to stand out.

It is not easy to build a car, especially in the current market environment, if you want to survive, you must tighten your belt. In fact, as a car manufacturer that has only been established for three years, a series of measures taken to deal with the epidemic are understandable. However, it is understood that in the context of the "money shortage", Baiteng Motor may become one of the car manufacturers that will collapse in 2020.

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