AutoBeta(AutoBeta.net)02/10 Report--

On February 7, Baoneng added a new piece of information about the person subject to execution. According to Sky Eye Information, Shenzhen Baoneng Investment Group Co., Ltd. and its subsidiaries Baoneng Automobile Group Co., Ltd., Shenzhen Qianhai Ruizhi Investment Co., Ltd. and Yao Zhenhua newly added information of the person subject to execution, with the execution target of more than 1.759 billion yuan. The execution court is Guangzhou City Intermediate People's Court of Guangdong Province.

It is understood that the cause of the incident is the plaintiff Guangdong Huaxing Bank Co., Ltd. sued Yao Zhenhua and the above-mentioned company related loan contract dispute case. According to the judgment, Baoneng Automobile shall repay the loan principal of 1.755 billion yuan, interest of 4617112.4 yuan, compound interest of 139323.73 yuan and penalty interest of 12556.25 yuan to Guangdong Huaxing Bank within 10 days from the date when the judgment takes effect. Shenzhen Baoneng Investment Group Co., Ltd., Yao Zhenhua and Shenzhen Jushenghua Co., Ltd. assume joint liability for settlement. That is to say, Yao Zhenhua and the above-mentioned companies were executed due to disputes over loan contracts in arrears of 1.7 billion yuan.

"Automobile Industry Attention" From the Sky Eye information, since 2023, Baoneng executor information has been increasing. From January 1,2023 to February 7,2023, Shenzhen Baoneng Investment Group Co., Ltd. has increased 22 pieces of information on the persons subject to execution. Up to now, there are 132 historical executed persons, with a total executed amount of RMB 31.655091355 billion yuan.

In fact, Baoneng has always been limited by financial problems. As early as 2021, Baoneng Group was deeply involved in many problems such as "layoffs","social security for employees cut off" and "store closure". Due to the shortage of funds, Baoneng Automobile's manufacturing bases in Kunshan, Jiangsu Province and Kunming, Yunnan Province were also forced to stop work. At that time, there was news in the market that Baoneng Automobile Plate was cut from about 23000 people to about 8400 people. The Group and direct-sale stores were all layoffs "hardest hit areas", with layoffs exceeding 65%. The remaining people also did not receive wages and social security arrears for several months. Many problems eventually led to the debt situation of Baoneng Group. Not optimistic.

Not long ago, Guanzhi Automobile Co., Ltd., a subsidiary of Baoneng, also added a number of information about the person subject to execution. The enforcement courts include Xianyang City Weicheng District People's Court, Xinchang County People's Court, Suzhou City Intermediate People's Court, etc., with a total of more than 250 million yuan of execution targets.

Surprisingly, although Baoneng Automobile and its Qizhi Automobile have been exposed to negative news such as factory stagnation, salary arrears and social security and accumulation fund disputes, shrinking service stores, production line auctions, etc., Baoneng Automobile still firmly releases luxury intelligent high-end brand models.

After Baoneng added 1.76 billion yuan of execution information, on February 8, Baoqi Group revealed the new car planning at the 2023 New Year Commencement Conference. Liu Xingze, executive president of Baoneng, said that 2023 is a key year for Baoneng Automobile, making every effort to ensure the mass production of A3, GX16 and A6 key models, and at the same time, the first vehicle of DS05 model will be rolled off this year. Yao Zhenhua, chairman of the board of directors, said that the whole vehicle project should speed up the release of production capacity, and the A3 model of Youbaoli should be regarded as the top priority in the business plan.

It is understood that at present, Baoneng Automobile Group has three passenger car brands: BAO, Youbaoli and Guanzhi. Among them, Youbaoli brand focuses on small electric vehicles. Youbaoli A3 is the first model of this brand. It was first unveiled in September 2022. The length, width and height of this car are 2981/1509/1616mm respectively, and the wheelbase is 1940 mm. The length, width and height are larger than Hongguang MINIEV. According to the previous plan, Youbaoli will launch a new model every year in the future. This year's model is the higher-positioned A00-class four-door pure electric vehicle, and the A0-class four-door pure electric vehicle will be launched in 2024.

BAO brand positioning is higher than Youbaoli, released in June 2021, positioning brand-new luxury intelligent new energy vehicle brand. In January 2022, Baoneng Automobile released two new cars, one of which was "BAO" GX5 (code GX16) and the other was Qoros 6 (code C21). In May of the same year, there was news that Baoneng planned to mass produce GX16 models within the year. According to the plan, BAO brand will launch at least 16 models within five years, including SUV, sedan, MPV, sports car and other models, gradually covering the high-end electric vehicle segment market, but so far, there has been little progress on BAO brand models in the market.

As for the development of Qoros Automobile, it is also besieged on all sides. In December last year, the People's Court of Wuhu Economic and Technological Development Zone in Anhui Province issued an auction announcement, the subject of which was the automobile production line equipment of Qizhi Automobile Co., Ltd., with a starting price of about 123 million yuan. The industry believed that the automobile production lines of Qizhi were auctioned by the court and were not far from complete bankruptcy. Since then, a large number of new cars appeared on the judicial auction platform waiting for auction, including seized cars from Shandong, Zhejiang, Hubei, Henan, Chongqing and other regions.

Data show that Baoneng Group was founded in 1992, headquartered in Shenzhen, Chairman Yao Zhenhua. In March 2017, Baoneng Group officially entered the automobile circle. In December of the same year, Baoneng Group strategically invested in Qizhi Automobile to become a major shareholder, forming a three-party shareholder holding of Baoneng, Chery Automobile and Quantum Company. At the beginning of 2018, Baoneng Group acquired 51% shares of Qoros with RMB 6.63 billion yuan, officially becoming the controlling shareholder of Qoros Automobile. However, the entry of Baoneng Automobile did not make Qoros Automobile live a glorious life, but fell into a situation of being besieged on all sides. Data show that in 2022, the cumulative sales volume of Qoros cars was only 720 vehicles, down 84.76% year-on-year.

Under the negative news such as the increasing information of the executee and the auction of the production line, it is doubtful how long Baoneng Automobile can go, and whether the above-mentioned four models can be mass-produced as scheduled. What can be confirmed is that under the background of increasingly fierce competition in the automobile market, there is not much time left for Baoneng Automobile.

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