AutoBeta(AutoBeta.net)07/13 Report--

According to Tianyan investigation, Baiteng Automobile affiliated company Nanjing Zhixing New Energy Automobile Technology Development Co., Ltd. added bankruptcy reorganization information on July 12, case number (2021) Su 0113 Breaking Shen 26, the applicant is Shanghai Huaxun Network system Co., Ltd. According to Sky Eye check risk information, the company currently has a total of 23 information about the person subject to execution and 13 pieces of untrustworthy information.

In response, the person in charge of Baiteng Automobile responded to the media: "at present, some creditors have filed a lawsuit to the court and filed for bankruptcy, the court has not formally accepted the bankruptcy application, Baiteng is actively responding and seeking settlement."

According to public data, Baiteng Automobile, founded in September 2017, is a new energy vehicle brand of Nanjing Zhixing New Energy Technology Development Co., Ltd. According to statistics, since its establishment in 2017, Baiteng Motor has conducted four rounds of financing, totaling about 8.4 billion yuan, including giants such as Harmony Automobile, Foxconn and Tencent Investment, and China FAW has participated in two rounds of financing of B and C. as a result, Baiteng Automobile is also regarded as the most promising new car-building company in China. However, due to the depletion of funds, Baiteng Motor went to the point of shutdown, financing difficulties and the impact of the epidemic further aggravated the company's operating crisis, which eventually led to employee wage arrears and company shutdown. In August last year, Baiteng was first reported by CCTV news that it appeared in front of the screen because it "burned up 8.4 billion yuan and could not build a mass-production car."

On June 1, 2020, the then CEO Dai Lei admitted at the staff meeting that he owed the wages of more than 1400 people in China, with a total amount of 90 million yuan. On the last day of 2020, Baiteng sent employees a "notice of suspension of production in China", informing all companies in China (excluding Hong Kong) that they still do not have the conditions to resume work and production. According to the study, starting from January 1, 2021, the company will extend the shutdown period for six months until June 30, 2021. In addition, the Baiteng North American and German offices have initiated bankruptcy filing procedures in accordance with local laws.

On January 4 this year, Baiteng signed a strategic cooperation framework agreement with Foxconn and Nanjing Economic and technological Development Zone. The three parties will work together to promote mass production of Baiteng new energy products and strive to achieve mass production of M-Byte by the first quarter of 2022. However, according to relevant reports, Zhang Ying, former party committee secretary of FAW Capital Holdings Co., Ltd. and director of Nanjing Shengteng, has been appointed as the latest chairman of Baiteng Motor, took over the management control of the company and began a FAW-led restructuring. As a result, Baiteng's strategic cooperation with Foxconn may change.

In this regard, the person in charge of Baiteng Automobile said: "Baiteng is actively promoting the mass production of the first car." At the same time, according to the current needs of the company, Baiteng is carrying out the optimization of the team, with the division and cooperation of Baiteng's core shareholder FAW Group and partner Foxconn to send senior executives to support the development of mass production and operation. Baiteng will make full use of FAW Group, Foxconn, local governments and other core resources to formulate a package of relevant plans to steadily promote the mass production of the first car on the market. " Foxconn's public position is that the follow-up cooperation with Baiteng Motor will not be confirmed until the internal restructuring of Baiteng Automobile is completed.

According to related sources, Foxconn's cooperation with Baiteng Motor may change, with the main obstacle coming from China FAW, one of Baiteng's largest shareholders. Foxconn insiders also said that Foxconn is withdrawing relevant personnel previously stationed in the company from Baiteng, and some of its project staff stationed in the Nanjing plant have also been withdrawn one after another.

Foxconn's investment in Baiteng may get more room for survival, but there is still uncertainty about the follow-up cooperation between Foxconn and Baiteng, which shows that the survival pressure of Baiteng is very great. Of course, even if Baiteng's first model is officially put into mass production, there is still a lot of uncertainty about its future development. the current new energy vehicle market is almost occupied by new car-building brands such as Tesla, Ulai, ideal, Xiaopeng and so on. these days, new power brands have formed a solid market position, which is difficult to shake in a short period of time, while traditional car companies are also constantly promoting the layout of high-end new energy vehicles. More and more technology companies are entering the market to build cars, and the "big cake" of new energy vehicles has been almost divided. At this time, even if Baiteng achieves mass production and listing, it is actually very difficult to gain a foothold in the market, and unless there are subversive or revolutionary technologies or products, it is also very likely that Baiteng cars will fall down. Of course, there is not much time left for Baiteng cars, as is the case in 2020 and 2021, and the competition in the market will be fiercer in 2022, with only brands with technology and capital remaining in the market.

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