AutoBeta(AutoBeta.net)12/30 Report--

On December 30th, according to the information of the national enterprise bankruptcy reorganization case information network, brilliance Renault Gold Cup Co., Ltd. filed for bankruptcy, the case number is (2021) Liao 01 Breaking Shen 24, and the handling court is the Shenyang Intermediate people's Court of Liaoning Province. both the applicant and the applicant are brilliance Renault Gold Cup.

However, it is no accident that brilliance Renault Gold Cup has come to this day. According to Tianyan check APP information, brilliance Renault Gold Cup has been listed as the person subject to execution many times this year, with a total of 5 items of information about the person subject to execution, with a total amount of 9.03 million yuan.

In addition, there has also been news that brilliance Renault is facing a crisis. According to media reports: as early as three months ago, a factory in Huachen Renault Gold Cup was shut down, all employees had a holiday in early December and suspended their wages from December 20, and social security and provident fund contributions were suspended (medical insurance only). It also said that employees could leave voluntarily, and some suppliers sued Huachen Renault Gold Cup because it had been in arrears for months.

Earlier, there were rumors of internal unrest in Huachen Renault. In May this year, brilliance Renault stopped the operation of a number of important projects, staff left intensively, and French experts were ready to withdraw one after another. In September, the French newspaper Echo reported that Renault was rectifying its business trapped in the Chinese market, negotiating to end its joint venture with brilliance and withdrawing from the Chinese commercial vehicle market.

Looking back on 2020, brilliance Renault Gold Cup market performance is not good, in July 2020, there are media reports of Huachen Renault company layoffs and compensation arrangements. It is understood that the news comes from a personnel optimization contract document by Huachen Renault, which shows that by the end of April next year, brilliance Renault Gold Cup plans to optimize 650 employees, accounting for about 20% of the current Shenyang factory employees, which is interpreted as a 20% layoff. At the same time, the document also involves layoff compensation and other related issues. At the time, Renault China responded: "No (layoffs), this is part of the change plan, no one will be formally abolished, to encourage organizational competitiveness."

The automobile industry is concerned that when consulting the relevant information about brilliance Renault Gold Cup, the data show that brilliance Renault Gold Cup was established on December 15, 2017. Brilliance holds 51% of the shares and Renault 49%. Brilliance Renault Gold Cup, formerly known as Shenyang brilliance Golden Cup Automobile Co., Ltd. (hereinafter referred to as "Golden Cup Automobile"), was first born in 1989 and is one of the earliest brands engaged in light commercial vehicles in China. The performance of early Golden Cup cars in the automobile market is extremely outstanding, such as the launch of a number of best-selling models, including Sea Lion, Grace and so on. In 1997, Golden Cup ranked first in the country in the field of light passenger production and sales. The number of Jinbei cars in the market reached 1 million in 2010, with a market share of 75%, and has been ranked first in China's commercial vehicle market for 19 years in a row.

Jinbei sold 96000 cars in 2015, but its sales dropped to 23000 in 2016, and its net profit also dropped to a loss of 208 million yuan from 36 million yuan in 2015. a big reason for this great change is the change in market demand and the rise of many car brands, including Jiangling Motor, SAIC Chase and so on. In order to reverse the situation, brilliance China introduced Renault Group. In December 2017, 49% of brilliance Golden Cup Automobile Co., Ltd. was acquired by Renault Group and formed Huachen Renault with brilliance China Automobile Holdings Co., Ltd., with a shareholding ratio of 49% and 51%, respectively. After the establishment of brilliance Renault, according to the plan, the company plans to produce and sell light commercial vehicles under the Golden Cup, Renault and Huasong brands, and proposes to achieve annual sales of 150000 units by 2022 and launch five core competitive models by 2023. It will also enter the electric light passenger market, and the proportion of medium-sized goods in Huachen Renault Gold Cup will reach 15% by 2025.

However, Renault's entry did not make brilliance's Renault Cup any easier. Due to the slow introduction of new products, brilliance Renault Gold Cup still failed to introduce Renault models four years after its establishment, and the launch of new Jinbei cars did not keep up with the pace of the market, and the research and development technology lagged behind. It was not until November 24 last year that the first model of brilliance Renault Gold Cup joint venture, the Golden Cup Sea Lion King, was officially launched, while the first model of the Renault brand was not scheduled to hit the market until 2022. Before that, only the Golden Cup F50 and SUV Golden Cup were the main models. Data show that its sales have been declining in the four years since the establishment of brilliance Renault Gold Cup. Sales of Huachen Renault Gold Cup in 2018 were 43000, down nearly 30% from the same period last year; sales in 2019 were 40200, down 6.5% from the same period last year; and sales in 2020 were about 23000, down 42.8% from the same period last year.

In view of this, on April 14, 2020, Dongfeng Renault announced its restructuring and withdrawal from the Chinese traditional passenger car market. Renault transferred its 50% stake in Dongfeng Renault to Dongfeng Automobile Group, and Dongfeng Renault stopped the business activities related to the Renault brand. After that, Renault said that it would focus on the two pillar businesses of electric vehicles and light commercial vehicles in the Chinese market, of which the light commercial vehicle business will be carried out through brilliance Renault Gold Cup Automobile Co., Ltd. the electric vehicle business is carried out through the other two joint ventures, easy Jet New Energy vehicle Co., Ltd. And Jiangling Group New Energy vehicle Co., Ltd. On August 9 this year, Renault and Geely signed a memorandum of cooperation. According to a statement issued by Zhejiang Geely Holdings Group, the two sides will establish a long-term partnership. In China, the two sides will jointly develop Renault-branded hybrid models based on Geely Holdings platform technology; in South Korea, the two sides will cooperate based on Lecker's energy-saving platform to jointly develop models suitable for the Korean market.

For now, however, Renault is not doing well in both areas, whether it is electric vehicles or light commercial vehicles. As far as the electric car market is concerned, the first model "Yi" after Renault invested in Jiangling Group New Energy Automobile Co., Ltd. was officially launched on September 26 this year. The new car is located as a compact pure electric car with a price range of 13.98-195800 yuan, but the data is lacklustre. This year, the sales volume was only 39 in October and 88 in November. It is difficult to "return to the Chinese market" in the future.

As for whether the brilliance Renault Gold Cup can return to its former glory after filing for bankruptcy reorganization, it is still a question mark.

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