AutoBeta(AutoBeta.net)11/02 Report--

On November 1, the bankruptcy liquidation case of Nanjing Zhixing New Energy Automobile Technology Development Co., Ltd., an affiliated company of Baiteng Automobile, was formally heard. According to relevant data, Nanjing Zhixing New Energy vehicle Technology Development Co., Ltd. was established in June 2017. It is a joint venture between Zhixing New Energy vehicle Investment Management (Nanjing) Co., Ltd. and Nanjing Qining Feng New Energy Automobile Industry Investment Fund (limited partnership), while Nanjing Baiteng Automotive Technology Co., Ltd. was established in December 2017 and is 100% owned by Nanjing Zhixing New Energy. The bankruptcy liquidation will also mean that mass production of the first model, the M-Byte, may continue to be delayed after Baiteng Motor lost 8.4 billion of its investment in three years.

In fact, on July 12, Nanjing Zhixing New Energy Automobile Technology Development Co., Ltd. added bankruptcy reorganization information to the Nanjing Qixia District people's Court, and the applicant was Shanghai Huaxun Network system Co., Ltd. However, with regard to the bankruptcy reorganization filed, Baiteng Motor responded that at present, some creditors have filed a lawsuit in the court and filed for bankruptcy against Baiteng, the court has not formally accepted the bankruptcy application, and Baiteng is actively responding and seeking settlement.

It is understood that Baiteng Motor was established in September 2017, with a cumulative financing amount of 8.4 billion yuan, which is a new energy vehicle brand under Nanjing Zhixing New Energy Technology Development Co., Ltd. According to statistics, since its establishment in 2017, Baiteng Automobile has conducted six rounds of financing, with a total financing amount of about 8.4 billion yuan, including Harmony Automobile, Foxconn, Tencent Investment and other giants, and FAW of China has participated in two rounds of financing. In addition, the former CEO Bi Fukang served as the vice president of BMW Group, and COO Dai Lei served as the general manager of Infiniti in China. Baiteng is regarded by the outside world as the most promising new force in car building. Baiteng's first production model is named M-Byte, and the biggest highlight of the new car is the interior, which has a 48-inch comprehensive screen divided into three display areas, with driving information in the left area and navigation and other services in the central and right areas. At the time, officials said the new car would go into production in mid-2020. However, under the influence of the epidemic and market competition, it is the failure of Baiteng Motor that came earlier than mass production. In June 2020, the news of Baiteng Beijing and Shanghai office rent withdrawal, factory water and power outages, layoffs and arrears of wages were successively exposed by the media. Subsequently, Baiteng Motor issued an internal email to all employees, and after communication between shareholders and management of the company, the mainland business operations in China were suspended from July 1, with all staff waiting for work and production suspension for half a year. In June of the same year, CCTV Financial Channel reported that Baiteng, which "burned up 8.4 billion yuan and could not build a mass-production car," was publicly reported.

However, the story of Baiteng does not end there. On January 4 this year, Baiteng signed a strategic cooperation framework agreement with Foxconn Technology Group and Nanjing Economic and technological Development Zone to accelerate the mass production of Baiteng's first model, M-Byte, and strive to achieve mass production of M-Byte by the first quarter of 2022. According to the agreement, Foxconn will provide advanced manufacturing technology, operation and management experience and industry chain resources to support the mass production of Baiteng's first model, the M-Byte. However, there is not much progress in how Foxconn drives the development of Baiteng, and the partnership between Foxconn and Baiteng has been shelved because of its deteriorating financial situation.

Of course, Foxconn, which is determined to enter the auto market, is not just partnering with Baiteng. At the beginning of this year, Foxconn also signed a strategic cooperation agreement with Geely to establish a joint venture aimed at providing contract manufacturing and customized consulting services to global automobile and travel companies. including but not limited to the whole process of automobile or parts, intelligent control system, automobile ecosystem and electric vehicle industry chain, etc. Foxconn, the parent company of Foxconn, held the Technology Day in Taiwan on October 18, officially launching the pure electric car brand Foxtron and bringing three new cars, namely, the all-electric sedan Model C, the all-electric SUV Model E and the electric bus Model T. It is understood that the three models will be made by Honghua Advanced, a joint venture between Foxconn's parent company Hon Hai Group and Na Zhijie's parent company Yulong Group. This is the first time that Foxconn has shown its products to the outside world since Foxconn announced the construction of the car. At the same time of releasing the new car, Hon Hai Group also said that pure electric vehicles are expected to account for 5% of its manufacturing revenue by 2026, with a revenue target of NT $1 trillion, of which 40% of its spare parts are made by Hon Hai Group. judging from the current car construction of Foxconn, there is indeed a lot of uncertainty about the follow-up cooperation between Foxconn and Baiteng.

In fact, the current situation of Baiteng is not an isolated case, but a phenomenon in the current market. From the point of view of the market, it is really sad that the once magnificent new power brand has been reduced to this day. The capital market is optimistic about the new power of car-building, not the new power of dreaming, and brands without core technology and core products will fall, which is also a wake-up call for projects that are dressed in the cloak of innovation but are actually cheating. At present, there is no doubt that this situation is also present in the domestic new power market. New power brands such as NIO, Xiaopeng, ideal and other new power brands continue to seize the market, and Naha, Weima and Zero keep squeezing into their heads. However, the future, Aichi, Yundu, Tianjing, Xinte and other new power brands are difficult to improve.

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