AutoBeta(AutoBeta.net)06/28 Report--

On June 27th, according to the Beijing Court trial Information Network, the case of technical service dispute between China Automotive Research Institute Co., Ltd. and Smart car Youhang Technology (Beijing) Co., Ltd., the civil judgment of the first instance, Smart car Youhang Technology (Beijing) Co., Ltd. paid more than 649000 yuan in service fee and related liquidated damages to China Automotive Research Institute Co., Ltd.

According to the civil judgment, the plaintiff, China Automobile Research Company, said that on April 12, 2018, it signed a contract with Smart car Youxing Technology Co., Ltd. the two sides agreed that China Automobile Research Company would provide the case-related test and submit the case-related report to Smart car from January 18 to December 30, 2018. The project service fee was 880960 yuan, and the two sides agreed to change the original contract amount from 880960 yuan to 787160 yuan. To provide NVH test, salt spray test, differential performance and durability test and test report for Zhiche Youhang Technology (Beijing) Co., Ltd., with a development cost of more than 787000 yuan, Sinochem Automotive Engineering Research Institute Co., Ltd. said it had completed the test at the appointed time and passed the acceptance test in April 2019. In May 2020, Zhi Che Youhang Technology Co., Ltd. sent a letter promising to pay 64.966 yuan in arrears in August 2020, but it has not paid so far, so it is requested to order Zhi Che Youhang Technology Co., Ltd. to pay more than 649000 yuan in test fee and corresponding interest and liquidated damages.

With regard to the case, the court said that the contract signed between China Automobile Research Institute Co., Ltd. and Smart car Youhang Technology (Beijing) Co., Ltd. was legal and valid, and the failure to pay by Smart car Youhang Technology (Beijing) Co., Ltd. constituted a breach of contract.

According to relevant data, Zhiche Youhang Technology Co., Ltd. is an innovative Internet company established by Shen Haiyin in 2014. its business scope covers new energy vehicles, smart car systems, vehicle networking services and solutions based on big data and cloud computing, investment in innovative technology products, and so on. In 2016, its first model, is6, was launched, and the company was named "Singularity car". It announced a high-profile move to build cars. Singularity raised $600m in 2016 and announced an investment of 8 billion yuan to build a thousand-acre new energy vehicle industrial park in Tongling, Anhui province, which said it expected to have an annual production capacity of 200000 vehicles by 2020. However, six years later, the launch of the first model has been repeatedly delayed, and mass delivery has not been achieved so far. This also makes the Singularity car drive to a "steep slope" that does not advance or fall behind.

The parent company of Singularity Automobile, Smart car Youhang Technology (Shanghai) Co., Ltd., and Anhui Singularity Intelligent New Energy vehicle Co., Ltd., are also in trouble and have been listed as executors many times. According to Tianyan check information, Anhui Singularity Intelligent New Energy vehicle Co., Ltd. recently added another piece of information about the person subject to execution, more than 1.23 million yuan for the execution target, the related case is a contract dispute, and the enforcement court is Tongguan District people's Court of Tongling City. At present, the company has been executed a total of more than 3.47 million yuan, in addition, there are a number of restrictions on consumption orders, final capital case information, the total amount of outstanding more than 29.83 million yuan.

It is not difficult to see that the problem of the capital chain of Singularity Automobile is becoming more and more serious. As early as the end of 2018, Singularity was exposed that there was something wrong with the capital chain. At that time, the media exposed that Singularity Automobile owed employees three months' wages, and also borrowed money from employees and paid wages by installments. A person who claimed to be an employee of Singularity Automobile reported to the media that he had received an email from HR announcing that the company's funds were in other accounts and that the salary had been delayed. Subsequently, the form of payment of three months' wages was exposed, among which, in September, the company borrowed money from employees, which was repaid at an annualized rate of about 10%, which was paid in January; 65% of October's salary was paid in December, and the remaining 35% was expected to be paid on the 14th; it was moved to the end of December. Although the arrears of wages were made up later because of the new financing, the news about the shortage of the singularity car capital chain has not been broken since then. Its founder, Shen Haiyin, has also been "restricted" many times.

In recent years, due to the rise of new energy vehicles, many Internet companies have also devoted themselves to new energy vehicles. Although Singularity entered the bureau to build cars relatively early, it has not been able to improve. In view of the current situation of Singularity Automobile, some industry insiders pointed out that the delay in mass production of the first model of Singularity Automobile can easily increase the worries of investors and is not conducive to financing. Moreover, the competition in the market is cruel, and the time left for startups is limited. Different from the traditional automobile manufacturing industry, the capital of Internet car-making is not based on self-accumulation, but on the basis of the successful experience of the Internet to create concepts and attract social capital. Although Internet car-making can quickly gather talent and technical resources, Internet companies are inexperienced in the huge integration capability of automobile parts. If integrated technologies and products that adapt to market positioning cannot be formed in a short period of time, they will face elimination.

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