AutoBeta(AutoBeta.net)03/31 Report--

Guangqi Fick, which has faded out of everyone's sight, has once again become the focus of attention because of the executive message.

On March 28th, "Automotive Industry concern" learned from the sky that Guangzhou Auto Fiat Chrysler Automobile sales Co., Ltd. (hereinafter referred to as "Guangzhou Auto Fick") added a resumption of execution information, the implementation of more than 30.88 million yuan, the case was first executed in November last year, the enforcement court is the Shanghai second Intermediate people's Court.

GAC Fiat Chrysler Automobile sales Co., Ltd. is located in Changsha City, Hunan Province, established in August 2015, with a registered capital of 200 million yuan and legal representative Zhang Zongsheng. The scope of business includes auto parts, auto supplies, auto interior products, cars under nine seats, brand cars, new energy vehicle sales and so on.

Joint venture brands are generally having a hard time in 2022, with the bankruptcy of Guangzhou Auto Fick, a 12-year-old joint venture in China, a landmark event. On October 31, 2022, Stellantis Group and GAC GROUP applied to the court for bankruptcy of Guangzhou Auto Fick. On November 3, Tianyan investigation information showed that Guangzhou Auto Fick had added a bankruptcy review case, the applicant was the above-mentioned company, and the handling court was the Intermediate people's Court of Changsha City, Hunan Province, which meant that Guangzhou Auto Fick had formally applied for bankruptcy reorganization. On November 31st, GAC GROUP announced that GAC Fick's bankruptcy liquidation application had been accepted by the court. Changsha Intermediate people's Court held that GAC Fick's actual assets had been unable to pay off all its debts, and now it had basically stopped operation. obviously lack of solvency, in line with the bankruptcy reasons stipulated in the Enterprise bankruptcy Law, Guangzhou Auto Fick has sufficient basis to apply for bankruptcy liquidation.

Reviewing the 13-year development of Guangzhou Auto Fick in China, the early Guangzhou Auto Fick gained a lot of fans in the automobile industry by virtue of Jeep, but now it is doomed to the failure of "bankruptcy liquidation".

The history of Guangzhou Auto Fick's development in China can be traced back to 2009, when GAC GROUP and Fiat Group signed a basic agreement to establish a 50:50 joint venture in Rome, Italy. In March 2010, GAC Fiat Automobile Co., Ltd. was officially established, with a total investment of about 17 billion yuan, and then the Fiat brand was introduced into China, and Fiat brand models such as Feixiang and Zhiyue were made one after another, but it was a pity that GAC Fiat did not have a high influence in China at that time, and its market sales were not good.

In January 2014, Fiat Group acquired Chrysler Group and changed its name to Fiat Chrysler Group. In January 2015, in order to introduce the Jeep brand into China, GAC Fiat changed its name to GAC Fiat Chrysler, which we are familiar with. Since then, the Jeep brand has been introduced into China. In October 2015, Guangzhou Auto Fick introduced the overseas market compact SUV "Cherokee" into China, and listed in China under the Chinese name "Free Light". The price range was 22.98-315800 yuan. It sold more than 5000 vehicles in the second month on the market, and sold more than 10,000 vehicles a month in less than a year. Since then, the Jeep brand has also accelerated the progress of domestic new cars. Within two years, it has made domestic models such as the Liberty Man, the Compass, the Chief Commander and so on. The localization of the Jeep brand made Guangzhou Auto Fick usher in a brief highlight moment. Guangzhou Auto Fick sold 179900 and 222300 vehicles respectively from 2016 to 2017, with a year-on-year increase of 23.57% in 2017, creating an amazing sales peak. Unfortunately, Guangzhou Auto Fick's highlight moment also came to an abrupt end after this year.

In 2018, GAC Fick's Fiat brand finally announced its withdrawal from the Chinese market due to poor sales. Since then, GAC Fick's only Jeep brand has been left, but it is a pity that the Jeep brand has quickly followed in Fiat's footsteps. In the same year, the Jeep brand was named by the 315th Evening because of the problem of "burning engine oil". As a result, Guangzhou Auto Fick's sales fell to 124512 vehicles in 2018, down 38.8% from the same period last year.

Sales also plummeted in the following years, with GAC Fick sales falling 41.4 per cent year-on-year to 73900 in 2019 and 44.3 per cent to 40500 in 2020. In 2021, FCA (Fiat Chrysler) and PSA (Peugeot Citroen) merged to form Stellantis Group, thus GAC Fick became a joint venture between Guangzhou Automobile and Stellantis Group. In the context of declining sales, GAC Fick also tried to "save itself" through capital increase, coach change and new strategy, but failed to bring substantial growth to GAC Fick in the end. According to the data, Guangzhou Auto Fick's sales fell 50.33% to 20100 vehicles in 2021 compared with the same period last year, with monthly sales of less than 2000 vehicles, making GAC GROUP's sales decline the fastest.

Guangzhou Auto Fick fell into a state of shutdown directly in 2022, and stopped production in April in the first half of the year, including 1 car in March and May in 2022 and 0 in April and June. According to new car traffic insurance data, GAC Fick's cumulative sales in 2022 were only 6030, down 78.36% from the same period last year, with a market share of only 0.03%.

The sharp decline in sales directly led to GAC Fick's financial results become "ugly." According to GAC GROUP's financial report, the net worth of Guangzhou Auto Fick reached a peak of 4.422 billion yuan in 2017, but after continuing losses, it became-331 million yuan in 2020, with a cumulative loss of nearly 5 billion yuan in three years, which once became GAC GROUP's largest "negative equity." In addition, according to GAC GROUP's semi-annual report in 2021, the net asset loss of GAC Fick continued to expand to 1.438 billion yuan, with a cumulative loss of nearly 6 billion yuan in three and a half years. As of June 30, 2022, Guangzhou Auto Fick has total assets of 7.657 billion yuan, total liabilities of 8.186 billion yuan, and an asset-liability ratio of 107%. In short, Guangzhou Auto Fick is seriously insolvent. Now Guangzhou Auto Fick resumes the implementation information, and then it is executed more than 30.88 million yuan, which is undoubtedly even worse for Guangzhou Auto Fick.

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