AutoBeta(AutoBeta.net)08/10 Report--

Recently, according to enterprise investigation information, Weima Automotive Technology Group Co., Ltd. added three pieces of information about the person subject to execution on August 7, with a total amount of more than 76.6 million yuan. The enforcement courts are Huanggang Huangzhou District people's Court and Shanghai Qingpu District people's Court respectively. The automobile industry pays attention to looking up Weima Automotive Technology Group Co., Ltd. on the check page and found that the company has nine pieces of information about the person subject to execution, with a total amount of more than 88.03 million yuan.

Relevant information shows that Weima Automotive Technology Group Co., Ltd. was established on May 22nd, with a registered capital of 6 billion yuan and the legal representative is Shen Hui. its business scope includes technical design and research and development, sales and after-sales service of new energy smart vehicles, related auto parts and after-sales service, technical consultation and technical service, technology transfer, engaged in automotive technology, network technology and so on.

It is worth noting that Weimar has been in financial crisis since last year, and many of its affiliated companies have frozen the information and funds of the person subject to execution. In addition, Weimar Motor was also reported to be suspended from pay, factory shutdown, store closure, headquarters building arrears of rent and property fees, after-sales stagnation and other news. Under the comments on Shen Hui, the chief executive of Weimar Automobile and Weima Automobile CEO, you can still see many employees asking for wages online.

Weima Automobile is an early member of the new forces of car-building in China, and now the situation is sighing. Earlier, it not only had the qualification of vehicle production, but also built its own factory. In 2019, Weimar delivered 16900 cars, ranking second in the new force of car building, second only to the 20600 cars of Lulai Motors. It was once in the first echelon of the new force of car building and was favored by people in the industry. However, the good times did not last long. After entering 2020, with the fierce competition in the market, Weima Motor also began to decline, and its position was replaced by other new car-building forces. "Wei Xiaoli" gradually became the mainstream of the market, and Weima has since been marginalized. According to the data, the three car companies of Wei Xiaoli all sold more than 90, 000 vehicles in 2021, while Weimar sold only 44000 in 2021. In 2022, Weima's annual sales fell again to 34600 vehicles, down 2.83% from a year earlier. In 2022, the sales of the three Wei Xiaoli car companies all exceeded 100000.

From the data point of view, Weima car sales are obviously lagging behind, while the financial situation is also deteriorating. According to the relevant data, the revenue of Weima Motor from 2019 to 2021 is 1.7621 billion yuan, 2.6717 billion yuan and 4.7425 billion yuan respectively, and the net loss is 4.145 billion yuan, 5.084 billion yuan and 8.206 billion yuan respectively. By the end of 2021, Weimar's asset-liability ratio was as high as 202.36%. Sales are poor and losses are getting worse. In order to survive, Weimar issued an internal communication called "working together to tide over the difficulties" last year, which said: "in response to financial pressure, operating costs will be reduced through a series of financial measures. including pay cuts for executives and employees, late pay and so on.

Sales are poor, and even if you tighten your belt, you will not be able to ease the financial shortage. In January this year, Apollo Motor, which is in financial crisis, ushered in a new turnaround. Hong Kong listed company Wisdom Travel announced that it had completed a strategic merger with Weima Motor and that the company would acquire the entire issued share capital of Weimar holding subsidiary WM Motor Global Investment Limited for US $2.02 billion and would settle the matter by allocating 28.8 billion shares at HK $0.55 per share. For strategic mergers and acquisitions, Wei Ma founder Shen Hui shared a classic clip from "Furong Town" on his personal platform: living like an animal.

However, the strategic merger and acquisition may not be very successful. Weimar was named by the Consumer Protection Commission of Qingpu District of Shanghai on Feb. 28, saying that Weima has problems such as store closure, vehicle failure can not be repaired in time, unable to provide auto parts and official customer service can not be connected, and remind consumers to be cautious in buying. In the following days, Weimar followed that its companies were listed as executees one after another, and many company assets were frozen. In addition, Shen Hui, the founder of Weimar, is also restricted from high consumption. However, for Shen Hui's high consumption limit, Weimar official said: the high limit has been lifted. At present, governments at all levels continue to pay close attention to the relief and development of Weima Motor. Under the leadership of Mr. Shen Hui, Weima Automobile is doing its utmost to carry out customer service, pay off debts in an orderly manner in accordance with the law, and actively promote the plan for new energy vehicles to go to sea. It is expected to resume production and normal operation in the near future.

Although Weimar has repeatedly released the news that it is speeding up the resumption of work and production, there is no news about the resumption of work and production in Guanxuan at present. But last month, Weimar posted a picture of vehicles exported overseas on its official Weibo, which may be hoping to use vehicle exports as a breakthrough to get out of trouble. However, the overseas market has become an important venue for many car companies to compete for sales, and for Weima Automobile, the road to overseas market is still fraught with difficulties.

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