AutoBeta(AutoBeta.net)02/22 Report--

According to Tianyan investigation, Weima New Energy vehicle Purchasing (Shanghai) Co., Ltd. was listed as a breach of trust by the Shanghai Qingpu District people's Court (that is, "Lao Lai") because it refused to fulfill its obligations under the effective legal documents because of its ability to perform. According to the obligations set out in the effective legal document, the defendant Weima New Energy Automobile Purchasing (Shanghai) Co., Ltd. should pay 6.3404 million yuan to the plaintiff Shanghai Xinrui Electric Control Technology Co., Ltd.

According to the data, Weima New Energy vehicle Purchasing (Shanghai) Co., Ltd. was established in July 2018, with a registered and paid-in capital of 100 million yuan, the legal representative is Chen Guohai, and the controlling shareholder is Weima Automotive Technology Group Co., Ltd. is Weima car building entity company.

As one of the four little dragons of car building, Weima is now plagued by negative news, including production stoppage, layoffs, wage cuts, store closures, factory shutdowns, rent arrears and even Mini Program access. Weima, it has reached the final stage of life and death.

In Shanghai, only a small number of employees clock in normally, but the company is almost paralyzed because there is no actual work to move forward. It is rumored that the Weima headquarters building has seriously defaulted on property fees and rent, or moved out recently, while the office in Beijing's Taiyanggong TPV Building has long been sealed for arrears of rent and property fees, and employees have been working from home since September last year.

Due to the failure to pay the supplier for a long time, the core supplier is cut off. At present, Weima's vehicle manufacturing plants in Wenzhou and Huanggang are also at a standstill. The security guard has already left and can only let the plant staff take up the post and work part-time as a security guard. Affected by the stagnant production, Weima stores across the country have also been shut down. There are no cars to sell and no one dares to buy them.

At present, what Weimar needs most is money, but it is particularly difficult to get financing. On January 12, Apollo Wisdom Travel Group Co., Ltd. (hereinafter referred to as "Apollo Travel") issued a notice announcing that it had reached a strategic merger and acquisition with Weimar. Weimar will receive three loans under the guarantee of Apollo, including HK $250 million from a Macau bank, Rmb500m from Zhengwei International and HK $1.5 billion from Agile Group, which can be used to supplement its working capital at any time, the notice said. However, Weimar has not received the three loans so far, and insiders speculate that Apollo Travel and Weima may have found some problems during the audit process, causing the guarantor to withdraw the guarantee, resulting in the non-payment of the loan.

As a new force in car building, Weimar has embarked on the road of development of traditional car companies, which makes Weimar stretched on R & D investment. According to the prospectus, by the end of 2021, Weima's R & D team was made up of 1141 R & D personnel, accounting for about 28.9% of the total number of employees. From 2019 to 2021, the company's R & D expenditure was 893 million yuan, 992 million yuan and 981 million yuan respectively, accounting for 50.7%, 37.1% and 20.7% of the income in the same period, respectively. In sharp contrast, in 2021, the investment in R & D of NIO Automobile was as high as 4.18 billion yuan, exceeding the total R & D investment of Weimar in three years alone.

The lack of R & D investment soon began to show up on the sales side. According to the prospectus, Weima sold 21937 and 44152 vehicles respectively from 2020 to 2021. The insurance figures show that Weimar sold 34637 vehicles in 2022. At present, although Weima has an annual production capacity of 250000 new energy vehicles in Zhejiang and Hubei, since its inception, Weima's total sales have been less than 100000, not even the annual production capacity of a factory.

At present, Weima can only rely on reverse takeover listing, which is the only chance for Weima to survive, but it is not easy. Weima still has many problems to solve before listing. And even Weima, which is successfully listed in Hong Kong, may not be successful. After all, it has become more and more cautious to invest in new power brands, not to mention an embattled, crisis-ridden marginal company.

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