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Recently, a new piece of news about bankruptcy reorganization has been added to the Beijing branch of Smart car. According to the information, Diwei Automotive Engineering Technology (Shanghai) Co., Ltd. applied to the Beijing No. 1 Intermediate people's Court for compulsory bankruptcy reorganization of the Beijing branch of Smart car. It is worth noting that at the end of last month, Smart car Youhang Technology (Beijing) Co., Ltd. was also exposed that it was in arrears of 649000 of the CAR service fee. The application for compulsory bankruptcy reorganization, Singularity Automobile has once again been pushed to the forefront of the storm.

According to relevant data, Smart car Youhang Technology Co., Ltd. was founded in 2014 and is an innovative Internet company. 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. According to incomplete statistics, from 2015 to the end of 2019, Singularity raised a total of 17 billion yuan. According to public data, Shen Haiyin probably invested the money raised. By 2021, about 8 billion yuan will be invested in Singularity Tongling Industrial Base to test and put into production, and 5 billion yuan will be invested in Singularity Automobile Zhuzhou Base for manufacturers to use cars. There is also a department invested in Singularity Suzhou Xiangcheng industrial base, put into production of small cars. However, without these funds, they have not been put to good use.

As early as 2016, Singularity released its first model, is6, and named the company "Singularity Automobile" and 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. Shen Haiyin, founder of Singularity, has publicly said that the is6 will be produced in small quantities in 2017 and will be mass produced and delivered within 2018. However, the first car production has been skipping tickets, six years later, the launch time has been repeatedly delayed, so far failed to achieve mass production delivery.

In addition, Singularity has been exposed as a problem with the capital chain since 2018. The news about the arrears of wages of Singularity Automobile kept coming out. At that time, the media exposed that Singularity Automobile owed employees three months' wages, and borrowed money from employees and paid wages by installments. Recently, it has been exposed by the media that Singularity Automobile has been in arrears with its employees for a long time, with the longest arrears of wages exceeding one and a half years. Since the beginning of last year, many Singularity employees said they had not received their wages, and some even reported that they were owed wages of about 150000 yuan. It is understood that since the beginning of 2021, the number of employees of Singularity Motor in arrears of wages has reached 300. Among them, nearly 150 people have initiated a labor arbitration against Singularity Motor to claim unpaid wages.

Employees also revealed that they had recently received a picture of a text message from Singularity Motors, saying that they would repay unpaid wages after a new round of financing. The content reads: "50% of the unpaid salary should have been paid by the end of June this year, but for now, various factors have made the company's financial situation not as optimistic as previously estimated. 10000 yuan will be paid in advance in the coming week, and other arrears are promised to be paid as soon as the new round of financing is completed.

It is worth noting that on June 22nd, electric car developer Quantum Solutions (Quantum) announced that it had signed a letter of intent with China Smart car Youxing Technology (Shanghai) Co., Ltd. (smart car Youhang) to jointly develop and produce electric vehicles in line with Quantum's goal of shifting its business focus to providing cost-effective mobile solutions, thus contributing to the global transition to a net zero-carbon society.

For a company that has been on the verge of bankruptcy for a long time, partnering with electric car developer Quantum Solutions may be a turnaround for Singularity. However, Singularity has not yet mass-produced its first model, and has been stuck in arrears of wages and supplier payments for a long time, so it is extremely difficult to survive, even if it gets financing, it is also difficult to resolve the crisis.

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