AutoBeta(AutoBeta.net)04/02 Report--

According to media reports, Tianji Automobile (Changsha) Group Co., Ltd. issued a notice saying that due to the influence of the company's capital situation and production and sales plan, since April 1,2023, some posts of the company have implemented the policy of stopping production and shutdown. During the shutdown period, employee social security is still declared according to the original base. However, after the first payment cycle, the relevant employees will be paid living expenses according to the local minimum wage until the company resumes production. During this period, employees can seek new employment opportunities on their own and leave voluntarily.

Skyeye inspection shows that Skyline Automobile (Changsha) Group Co., Ltd. was established in September 2018, formerly known as "Changsha Electric Coffee Auto Parts Manufacturing Co., Ltd." with a registered capital of 620 million yuan. Equity structure shows that Changsha Tianji New Energy Industry Investment Fund Partnership (limited partnership) is the largest shareholder, holding 66.23%. According to a person close to Skycar, the jobs notified to stop production are mainly in the factory and sales department, and other departments have not received notice at present. In addition, there has been no salary for more than 2 months since the New Year, and the follow-up situation is unknown. When it comes to skyline cars, I have to mention Jia Yueting. In those years, Jia Yueting decided to devote himself to the field of car-building, and set up three automobile companies respectively, namely LeEco Automobile, Faraday Future and Electric Coffee Automobile, while Electric Coffee Automobile is the predecessor of Skycar, but compared with LeEco Automobile and Faraday Future, Electric Coffee Automobile appears to be low-key. After two years of polishing, the electric coffee car launched the electric coffee EV10 in November 2017. After subsidy, it was about 598 - 67,800 yuan. NEDC range was 155km, which was manufactured by Southeast Automobile.

Looking at the new power car-making brands of the same period, electric coffee cars are definitely one of the earliest enterprises to start delivery. However, with the break of the capital chain of LeTV system and Jia Yueting's departure from the United States, leaving a sentence of "returning to China next week," Zhang Hailiang, then the head of the company, was forced to lead a group of executives to leave LeTV and incubate Skycar with electric coffee car as the carrier.

In July 2018, electric coffee car released its high-end brand-ENOVATE. In March 2019,"Zhejiang Electric Coffee Automobile Technology Co., Ltd." was officially changed to "Tianji Automobile Technology Group Co., Ltd.". After the establishment of the new company, Zhang Hailiang knew that relying on low-end products could not lead Skyline Auto to success, so he brought the first mass production model-Skyline ME7 at the Guangzhou Auto Show in 2018, and then opened the pre-sale at the Shanghai Auto Show in 2019. The pre-subsidy price was 366,800 - 381,800 yuan. It was originally planned to be listed and delivered in the first quarter of 2020, and finally delayed several times until September 2020. After comprehensive subsidies, the selling price is 21.88- 289,800 yuan. In July 2021, the second production car_ME5 of Skyline Automobile was launched, with a price range of 149,900 - 159,900 yuan.

The ME7 is a pure electric car, while the ME5 is an extended range hybrid car. Looking at the posters released by Skyline Auto on various platforms, ME5 focuses on "endurance 0 anxiety", but this is also the content that almost all new energy brands will emphasize, making Skyline ME5 products lack highlights. As a result, Skyline rarely actively publishes delivery data, but relevant data show that the total sales volume of Skyline cars in 2022 is 5321, which is less than the monthly sales volume of the new head-building forces.

Although the sales situation is not good, but Skyline car layout in the domestic layout of two complete vehicle factories. The first factory is located in Shaoxing, Zhejiang Province. The project covers an area of 1000 mu, with a total investment of 5.5 billion yuan and a designed annual production capacity of 180,000 vehicles. The second plant, located in Changsha, Hubei Province, was put into operation in June 2021, mainly producing ME5 models with a designed annual production capacity of 60,000 vehicles. Skyline's factories have serious overcapacity problems based on sales estimates, but even under such circumstances, Skyline is pushing for overseas factories. In December 2022, Skyline Automobile announced the establishment of a joint venture company with Sumou Holding in Saudi Arabia to jointly invest about US $500 million in two phases in Saudi Arabia to set up a production, manufacturing and R & D base for new energy vehicles with an annual output of about 100,000 new energy vehicles.

Saudi Arabia is one of the important destinations for Chinese car brands to go to sea. Relevant data show that in the first half of this year, China exported 91,000 cars to Saudi Arabia, ranking third among China's automobile export destinations. In terms of brand, since the beginning of this year, Chang 'an automobile sales ranked among the top three in the local automobile market, and SAIC Mingjue and Geely automobile sales also entered the top ten. As the famous "oil kingdom", Saudi Arabia is also promoting the diversification of its business. The country's Vision 2030 goal is to increase the share of non-oil exports to 50% of GDP. Saudi media reported that the country has placed the electric vehicle industry at an important position in its economic diversification plan of Vision 2030.

In addition, according to 36 Krypton's "Future Auto Daily" report, Skyline Auto will complete a new round of financing of more than 750 million yuan to promote the resumption of production, the above funds will arrive at the latest on March 24, financing parties temporarily inconvenient to disclose. However, until today, Skyline has not released the above financing information, but was once again shut down. "Trolley Report" believes that in the current market environment, it is not easy for Skyline Automobile to obtain financing, especially under the background of quarterly volume of new energy automobile market, investment in new energy automobile brands is particularly cautious, and compared with other new power brands, Skyline Automobile lacks market scale, plus frequent news such as shutdown and shutdown, etc., the days ahead may become more and more difficult.

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