AutoBeta(AutoBeta.net)08/29 Report--

According to Qixinbao, shareholders of Hechuang Automotive Technology Co., Ltd. (hereinafter referred to as "Hechuang Automobile") have changed. Shanghai Ulai Automobile Co., Ltd. withdrew from the list of shareholders of the company, with 4.5% of its shares before withdrawal. At this point, the cooperation between NIO Motor and GAC GROUP ends here.

According to the data, the predecessor of Hechuang Automobile is GAC NIO, which was founded in April 2018 and is jointly owned by GAC GROUP, GAC Ean, Lvlai Fund, Lailai Automobile and the founding team, and its new energy vehicle brand is HEC HYCAN. According to equity penetration, Hechuang Automobile is currently jointly owned by five companies, of which Guangdong Zhutou Intelligent Technology Investment Co., Ltd. is the largest shareholder holding 68.5%, GAC Ean New Energy Automobile Co., Ltd. holds 20.5%. Guangzhou Automobile Group Co., Ltd. holds 4.5%, Guangzhou Chuangjin Investment Partnership (limited partnership) holds 2.0%. At the same time as Lai Motors withdrew, the new shareholder Yaoyu Investment Holdings Co., Ltd. took over the 4.5% stake held by NIO.

GAC GROUP is a well-known automobile group in China, with joint venture brands Guangzhou Auto Toyota, Guangzhou Automobile Honda, independent brands GAC MOTOR, Guangzhou Automobile Eian and so on, while Lulai Automobile is the head of the new power of domestic car building, and its sense of existence in the market is even higher than that of some mainstream automobile brands. However, although it relies on Guangzhou Automobile and NIO, its sense of existence in the market is very low after its establishment.

In GAC's model, GAC is mainly responsible for vehicle R & D and production, NIO is responsible for providing intelligent network technology and battery energy support system, and the sales channel needs to be expanded by GAC. On April 10, 2020, GAC NIO's first model, Hechuang 007, was officially put on the market, with a subsidized price of 26.26-303000 yuan. However, the ideal of the combination of strong and powerful is plump, but the reality is very bony. The sales performance of Hechuang 007 is not considerable after its launch and delivery. From January to June of 2021, it sold a total of 186 007 vehicles.

From a time point of view, before the establishment of Guangqi NIO, the first production car ES8 was officially launched in December 2017. after the establishment of Guangzhou Automotive NIO, it was listed on the New York Stock Exchange in September 2018 and the second production car, ES6, in December 2018. In 2019, NIO is facing a moment of life and death. due to huge losses, coupled with the influence of urgent funds, spontaneous combustion of products, layoffs and slimming, and the departure of senior executives, the share price of Lulai has plummeted to as low as $1.19 per share, close to the Nasdaq delisting red line of $1. In order to survive, NIO discussed financing with Beijing Yizhuang Guotou and the government of Wuxing District, Huzhou, Zhejiang, but all ended in failure.

Under the background that NIO is facing life and death, and the market was not optimistic about NIO for a time, Hefei threw an olive branch to NIO. On February 25, 2020, NIO announced that it signed a framework agreement with the Hefei municipal government for the establishment of its China headquarters in Hefei, and launched the EC6 mass production project, and the Hefei municipal government also invested 10 billion yuan in it. Catch up with the tuyere of new energy vehicles, coupled with the financial support of the Hefei municipal government, the financial problem has been alleviated, and rely on more eye-catching achievements to get market attention.

To put it simply, before NIO has received investment in Hefei, it still hopes to expand its product line through joint venture brands. Its products focus on the high-end new energy market, while the brand with Guangqi NIO as an example focuses on the layout of Volkswagen brands. However, after investing in Hefei and successfully rescuing NIO, NIO's product layout is gradually on the right track, making it difficult for NIO to take into account the development of its other brands. Previously, NIO had established a joint venture with Changan Qilai Company. it ends the same way.

As for GAC GROUP, since new energy vehicles have become the future development direction, while watching the share prices of former partners soar, GAC GROUP's development focus began to shift to GAC Eian, and announced its independent operation in November 2020. after independence, GAC GROUP will have two independent brands, GAC MOTOR and GAC Ean, which is committed to the development of new energy vehicles, which makes GAC GROUP have no time to consider the joint venture. The new R & D technology will also be given priority to be applied to the GAC Ean brand.

In February 2021, Liao Bing, who had been planning for GAC for three years, resigned as CEO, while Li Bin, chairman of NIO, Gu Huinan, general manager of GAC Ean, and Wu Jian, president of GAC R&D CENTER, all resigned from GAC. Since then, the outside world has known that GAC is going to change the weather.

Shortly after Liao Bing resigned, Guangqi Wei came to complete 2.405 billion yuan of strategic financing. Pearl River Investment Management Group, as a strategic investor, increased its capital by about 1.923 billion to Guangzhou Automobile NIO, and became GAC's largest stock. In May 2021, Guang Qi Wei Lai officially changed its name to Hechuang Automobile, and released the second mass production model Hechuang Z03.

In November 2021, GAC GROUP announced that GAC MOTOR Co., Ltd., a wholly-owned subsidiary, will transfer its 49% stake in GAC MOTOR (Hangzhou) Co., Ltd., a wholly-owned subsidiary, through the Guangzhou property Exchange. And transfer 246.0322 million yuan of related vehicle-related special assets held by GAC MOTOR (Hangzhou) Co., Ltd. It is agreed that Hechuang Motor should participate in the auction of the 49% stake in GAC MOTOR (Hangzhou) Co., Ltd., which is publicly listed by GAC MOTOR, and participate in the auction at a price not lower than the reserve price of the public listing transaction. The source of funding is the enterprise itself. In January 2022, Hechuang Motor took over 49 per cent of GAC MOTOR (Hangzhou) Co., Ltd.

At present, the sense of existence of Co-Chuang Automobile in the market is still not strong. The Hechuang Z03 sold 5773 vehicles in the first half of the year, while the Hechuang 007 sold 77 in the first half, according to the Federation. Whether it is market reputation or brand influence, the sense of existence of co-creation is extremely weak. on the one hand, although GAC participates in co-creation, GAC Ean is also a competitor of co-creation, and GAC will certainly focus on its own brand. on the other hand, Co-Chuang Automobile lacks funds and is able to achieve self-production after taking over GAC MOTOR (Hangzhou) Co., Ltd. However, terminal channel development, product development and brand marketing still need a lot of money. To some extent, co-creation of automobiles is no different from the new forces of building cars, and it needs to go through the pain of long-term development.

Welcome to subscribe to the WeChat public account "Automotive Industry Focus" to get the first-hand insider information on the automotive industry and talk about things in the automotive circle. Welcome to break the news! WeChat ID autoWechat