AutoBeta(AutoBeta.net)06/22 Report--

The new car-building forces are facing a huge crisis. Due to financial problems, many car companies have come to a standstill, and a large number of employees' claims for wages have broken out. After Boxun Automobile and Jiangsu Sailin Automobile, another new power car company has been protected by employees.

According to media reports, Baiteng Motor has owed nearly four months' salary to its employees, including the director level, involving nearly 1,000 people. Baiteng has not given a direct account so far, and there are no follow-up arrangements. It is said that Baiteng employees are planning to collectively protect their rights and ask for wages.

Baiteng insiders told the media that the company now has only a shell. The Shanghai office was removed in April, the Beijing office was withdrawn on June 17, and the Nanjing factory was shut down last week due to arrears, water and electricity was cut off. The end of the four-month non-pay telecommuting of thousands of employees is also a long way off.

Due to operational difficulties, Baiteng Motor has made a decision to postpone the payment of employees' salaries in order to reduce costs. According to an internal document issued by Baiteng Motor on April 1, the basic salary of employees in Baiteng China from April to July will be pro rata. The company said that due to the impact of the COVID-19 epidemic on the global economy, the company's external business environment was facing tremendous changes. After discussion by the management, it was decided to implement a temporary employee compensation delay plan to reduce short-term fixed cost expenses for the company and deal with the impact of economic downside risks on the company's operations.

Internal documents show that Baiteng automotive engineers and employees of the same level, the percentage of deferred pay is 10%, the higher the position, the higher the delayed salary, and the director level is 45%. The company promised that part of the deferred salary would be paid in a lump sum along with August salary by September 7.

In addition, the core management of Baiteng Automobile collectively reduced the salary by 70% and 80%, contributing to the company's cost reduction.

What is incomprehensible to employees is that Baiteng has repeatedly reneged on its promises, and some employees have revealed that wages for March have not yet been paid. Financing channels are not as expected, senior executives have left, factories are in arrears, water and power are off, and 470 million yuan of debt is outstanding, and some employees have lost confidence in the company.

BYTON is a new energy vehicle brand owned by Nanjing Zhixing New Energy Technology Development Co., Ltd., founded in September 2017. founder Dai Lei has worked in brilliance BMW and Infiniti China. Officially, Biteng is positioned as a high-end new energy brand rooted in China and with a global layout. Baiteng's operating headquarters, manufacturing base and R & D center are all in Nanjing.

According to Tianyan check, Baiteng has completed five rounds of financing so far, with a total amount of more than 1 billion US dollars. Investors include Marubeni, FAW Group, Foxconn and Ningde era.

Baiteng CEO Dai Lei said in November 2019, "most of the new power car-building enterprises certainly can not survive, because consumers do not need so many brand choices, the market space is not so large." Moreover, the new forces of building cars have to attach importance to assets, and only a few of them have come out in the end. " Dai Lei also said that Baiteng is in the final stage of the $500m C round of financing, some of which has already been accounted for, and that the first model, the M-Byte, will be mass-produced at the Nanjing plant in mid-2020.

In September 2018, Baiteng formally completed the acquisition of Tianjin FAW Huali and obtained the qualification to build a car. According to the announcement issued by FAW Xiali at that time, it transferred 100% of Tianjin FAW Huali Automobile to Baiteng at a transfer price of 1 yuan, while Baiteng had to bear 854.62 million yuan in debt and employee compensation.

Affected by the financing channel is not as expected, the operation of the company and other problems, Baiteng still owes 470 million yuan. On June 3, 2020, FAW Xiali announced that four companies, namely, Baiteng, FAW Xiali, FAW Huali and Tianjin FAW Xiali Operation and Management Co., Ltd., had signed a "supplementary agreement". According to the agreement, Biden must pay off the remaining debt of 470 million yuan by October 31 this year, of which 235 million yuan will be paid by June 30 and the remaining 235 million yuan by October 31.

It is reported that the Baiteng plan proposes the core management to participate in the company's new round of financing. Funds are in a hurry, employees are asking for salaries and safeguarding their rights, and the mass production plan of Baiteng M-Byte may be postponed again. Baiteng M-Byte positioning high-end luxury SUV, the biggest highlight of the car is equipped with a 48-inch giant touch screen, as well as a 7-inch driver touch screen, priced at 30-400000 yuan.

In 2002, the new forces of car building collectively "stalled", and the vehicles faced the fate of reshuffling before they started production. Great changes have taken place in the capital environment, investors have become extremely cautious about Internet car-building investment projects, new power car companies have financing difficulties, and business problems have gradually become prominent. Among them, Tianjin Boxun Automobile has basically given up the car-building project and started full standby measures; Jiangsu Sailin Automobile is also in trouble because of events such as the operation of the company and the report of the chairman, and if it is unable to obtain operating funds in the short term, the company will not be able to sustain it.

The crazy wave of new power car building is basically over, car companies have entered a stage of polarization, and car companies that do not have access to external financial support may collectively collapse in 2020.

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