AutoBeta(AutoBeta.net)05/15 Report--

According to the information of "Automotive Industry concern" from the sky, Guangzhou Auto Fiat Chrysler Co., Ltd. (hereinafter referred to as "Guangzhou Auto Fick") added a piece of information about the person subject to execution on May 11, with more than 4.7 million yuan in the subject matter of execution. the enforcement court is the Changsha Intermediate people's Court.

Guangzhou Auto Fiat Chrysler Co., Ltd. is located in Changsha City, Hunan Province, established in March 2010, the registered capital and paid-in capital are 10 billion yuan, the legal representative is Zhang Zongsheng, is an enterprise mainly engaged in automobile manufacturing. In fact, this is not the first time that Guangzhou Auto Fick has been targeted this year. On March 28th, Guangzhou Auto Fiat Chrysler Automobile sales Co., Ltd. added a resumption message of more than 30.88 million yuan. The case was executed for the first time in November last year, and the enforcement court was the Shanghai No. 2 Intermediate people's Court.

Since Guangzhou Auto Fick filed for bankruptcy at the end of last year, the total amount of execution has exceeded 300 million yuan.

In October 2022, Guangzhou Auto Fick filed for bankruptcy and became one of the landmark events in the automobile industry in 2022. The court held that Guangzhou Auto Fick's actual assets had been unable to pay off all its debts, and now it had basically stopped operating, obviously lacking the ability to pay off. in line with the reasons for bankruptcy as stipulated in the Enterprise bankruptcy Law.

The development history of Guangzhou Auto Fick in China can be traced back to 2009, and it has been 13 years so far. At that time, GAC and Fiat had just formed a joint venture between GAC and Fiat, and Chrysler went bankrupt in the same year, followed by a FCA with Fiat. In March 2010, GAC Fiat Automobile Co., Ltd. was officially established, with a total investment of about 17 billion yuan. After that, 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. At that time, the influence of GAC Fiat in China was not high, and the 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.

When Guangzhou Auto Fick started out in 2015, it performed very well and the product was updated so fast that it laid out four SUV models in less than three years. 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, becoming the fastest joint venture SUV brand with cumulative sales of more than 400000 vehicles in 2017, with a year-on-year growth of 23.57% in 2017, creating an amazing sales peak. Unfortunately, Guangzhou Auto Fick's peak also came to an abrupt end after this year.

As a Sino-foreign joint venture car company, Guangzhou Auto Fick is jointly invested and built by GAC GROUP and Stellantis Group with a share ratio of 50:50. The first one is the Fiat brand, and the domestic models include Feixiang, Zhiyue, Feiyue and so on. In 2014, Fiat merged with Chrysler, and the Jeep brand began to be localized in 2015, with domestic models such as Free Light, Liberty Man, Compass and Big Commander, and became popular with the slogan "not all SUV is called Jepp". According to the data, Guangzhou Auto Fick sold 146400 vehicles in 2016, up 270.84% from the same period last year to 205200 in 2017, an increase of 40.11% over the same period last year, which is the peak sales since the establishment of Guangzhou Auto Fick.

However, the Fiat brand announced its withdrawal from China in 2018 because of poor sales, leaving only the Jeep brand to develop independently. In the same year, the Jeep brand was named by the "315th Party" because of the problem of "burning engine oil". Since then, Guangzhou Auto Fick began to decline, with sales falling for four consecutive years. From 2018 to 2021, Guangzhou Auto Fick sales were 125200 (- 38.99%), 73900 (- 40.96%), 40500 (- 45.18%) and 20100 (- 50.33%), respectively.

People in the industry believe that Guangzhou Auto Fick "fall" in addition to its own product factors, foreign shareholders have been merged and reorganized many times, frequent shareholder changes and repeated strategic changes are also one of the main factors of Guangzhou Auto Fick's "fall". In July 2020, Stellantis Group and GAC joined hands to inject 1 billion yuan into GAC Fick; in 2021, the two sides injected another 3 billion yuan, but GAC Fick lost 5 billion yuan in only three years, which defeated the new capital injection by shareholders. in addition, discord and differences between shareholders accelerated GAC Fick into bankruptcy.

And insolvent is the last straw that crushed Guangzhou Auto Fick. Financial report data show that as of September 30, 2022, Guangzhou Auto Fick's (unaudited) total assets were 7.322 billion yuan, the total liability was 8.113 billion yuan, and the asset-liability ratio reached 110.80%, meaning that Guangzhou Auto Fick was insolvent at that time. Assets are no longer sufficient to pay off all debts and obviously lack solvency.

New car traffic insurance data show that GAC Fick sold only 6030 vehicles in 2022, down 78.36 per cent from the same period last year. In five years, Guangzhou Auto Fick plummeted from annual sales of more than 220000 vehicles to 6030 vehicles, and finally went bankrupt, and the domestic JEEP also came to a complete end. Obviously, it is not easy to solve the long-term accumulation of Guangzhou Auto Fick.

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