AutoBeta(AutoBeta.net)09/10 Report--

Nanjing Shengteng Automotive Technology Co., Ltd., a new technology company registered by Baiteng Motor, was officially established on Sept. 9, with a registered capital of 1.5 billion yuan, according to Tianyan check information. From the shareholder penetration map, we can see that Duan Lianxiang holds 6.67% of the shares, and other shareholders include FAW Equity Investment (Tianjin) Co., Ltd., Xiamen Daohe Zhaopin Investment Partnership, Nanjing Xingzhi Technology Industry Development Co., Ltd., and so on.

In addition, the business scope of Nanjing Shengteng Automobile includes auto parts research and development, technical services, technical consultation, technical promotion; new energy vehicle sales, new energy vehicle electrical accessories sales, artificial intelligence application software development and so on.

Earlier, there were media reports that Baiteng Motor had applied to register as a new technology company with the intention of raising 2 billion yuan to accelerate mass production of M-Byte. With the official establishment of Nanjing Sheng Tengqi, it indirectly confirmed the authenticity of previous reports.

Baiteng Motor, which was founded less than three years ago, was once regarded by the outside world as one of the most promising new forces in car building. It not only established a cooperative relationship with FAW Group and obtained capital investment from FAW Group, but also bought FAW Huali, a wholly owned subsidiary of FAW Group, at a symbolic price of "one yuan", and obtained the qualification for vehicle production.

Baiteng Automobile, as a new automobile company, underestimates the cost of car manufacturing, and has too high expectations of itself, which hinders its production and directly affects the progress of car construction. In March, FAW Xiali issued a notice saying that Baiteng owed 470 million yuan, which must be paid by October 31 after negotiation.

On June 30, the internal email of Baiteng Motor informed all the employees in China that the company had stopped work and production from July 1, and all employees were waiting for duty, and the company would no longer arrange work.

Biden said, "2020 is a difficult year, due to the global COVID-19 epidemic and other factors, the company's financing and production operations have encountered major challenges." After months of trial and effort, we still have to announce with regret that all companies in China (excluding Hong Kong) will stop production from July 1, 2020. "

Baiteng Automobile, which has not been delivered in mass production, has set up a shell company to continue to promote the financing process and speed up the landing of its products. However, the industry is not optimistic about its future development, some industry insiders said that although Baiteng M-Byte has the conditions for mass production, but with the break of the Baiteng capital chain, the M-Byte originally scheduled for mass production in the middle of this year has been delayed again and again, missing the best time window for pure electric vehicles. In addition, as the car-building industry enters a downturn and knockout stage, the new energy vehicle market is not as expected, and the heavily indebted Baiteng car will face more problems.

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