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Baiteng Motor, a new power car company, has suffered a "shutdown" since the middle of this year due to capital and operational problems, and other businesses have been suspended except for keeping a small number of jobs running. But with the recent news of Baiteng cars, the company seems to have hope again.

According to the relevant media, Baiteng's board of directors and shareholders' meeting have formally approved the Baiteng restructuring plan, which means that the restructuring strategy after the three-month shutdown has made substantial progress, according to relevant media quotes. The follow-up project will be carried out by Ding Qingfen, chief affairs officer of Baiteng.

It is understood that as Daniel Kirchert, co-founder and CEO of Baiteng Motor, has resigned a few days ago, a number of media have contacted the person in charge of Baiteng for the reasons for Dai Lei's departure, but they have not received a reply as of press time.

In fact, as a member of the new car-building power, Baiteng Motor was founded in late 2016 by Dai Lei and Bi Fukang. Now Dai Lei, former general manager of Infiniti China and senior vice president of BMW marketing at brilliance, and Bi Fukang, the former father of BMW i8, have both left, reflecting the difficulties of Baiteng.

According to previous reports, Bi Fukang said FAW interfered too much. FAW previously owned 15% of Baiteng, and FAW lent Baiteng tens of millions of US dollars, corresponding to FAW's right to use Baiteng's manufacturer equipment and other assets and technologies in China.

Bi Fukang also said in an interview that he felt that FAW was driving Baiteng to shut down completely so that it could retain Baiteng's factory in Nanjing and Baiteng's electric car technology. Bi Fukang also said that all expenses of Baiteng had to be approved by FAW, so many of Baiteng's engineer team left the company. He stressed that "do not want Baiteng to fail, as one of the founders of Baiteng, Bi Fukang still owns Baiteng shares, but the future of this share is still under discussion, but his discussions with Baiteng and FAW are" not friendly. "

In this regard, Biden spokesman denied Bi Fukang's allegations, "FAW is indeed the company's main investor, but FAW shares are less than Bi Fukang, there is only one seat on Baiteng's board of directors."

In any case, Baiteng's restructuring has been supported by FAW and other core shareholders, hoping to push Baiteng to restart quickly. For this reorganization, Baiteng completed the combination with an enterprise named Nanjing Shengteng Automotive Technology Co., Ltd., whose shareholders are basically the same as Baiteng, the same as FAW Group, Nanjing Economic Development District Science and Technology Fund, and Shengtun Group. It was officially established on September 9 this year.

In this regard, many people believe that this is Baiteng to evade debt and change the shell, but there is also news that Sheng Teng was born to quickly promote the mass production and research and development of BYTON M-Byte. In the future, Shengteng will focus on the research and development of vehicles and electric platforms, while Baiteng will focus on vehicle production and marketing. The two companies will carry out integrated management and complement each other in the functional structure.

For Baiteng, which has been commented that "burning up 8.4 billion yuan cannot produce a mass production car", now with FAW Group and other shareholders planning to raise 2 billion yuan to establish a new company, it means that FAW and other core shareholders hope to promote Baiteng to restart quickly and accelerate the research and development and mass production of mass production M-Byte, but with the departure of the two founders, it also shows that Baiteng Automobile will be dominated by the new company.

According to previous sources, Baiteng will proceed in accordance with the restructuring plan put forward by FAW Group at the end of June this year. In the restructuring plan, in addition to the mass production of M-Byte, Baiteng Automobile Nanjing Plant will also produce pure electric vehicles codenamed "EQ320". According to the agreement of FAW Group to invest in Baiteng B round, 50, 000 of the 150000 annual production capacity of Baiteng Nanjing plant will be used to produce Red Flag EQ320.

On the other hand, Baiteng Motor and Dongfang FAW Group intend to strengthen cost control, and some projects of M-Byte models originally undertaken by foreign suppliers will be handed over to local suppliers in China.

In addition, it is also reported that there are other potential foreign investors to conduct in-depth investigation of Baiteng, and have plans to invest. If the situation is true, it means that there are still some prospects for Baiteng, which has encountered many sets of tickets, but there will be challenges before the mass-production models are on the market.

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