AutoBeta(AutoBeta.net)08/23 Report--

According to the National Enterprise bankruptcy reorganization case Information Network, on August 22nd, Hubei Xinghui New Energy Intelligent Automobile Co., Ltd. added a piece of "bankruptcy reorganization" information, the case number is (2023) E 11 Buoshen 12, and the type of case is "bankruptcy examination case." the applicant is Shanghai Xin Yanlong Automobile equipment Manufacturing Co., Ltd., and the handling court is the Intermediate people's Court of Huanggang City, Hubei Province.

Data show that Hubei Xinghui New Energy Intelligent Automobile Co., Ltd. was established in April 2017. the legal representative is Shen Hui, chairman of Weima Automobile, with a registered capital of 6 billion yuan. The company is wholly owned by Weima Automobile Technology Group Co., Ltd. Weima Automotive Technology Group Co., Ltd. is Weima Automobile entity Co., Ltd., headquartered in Qingpu District, Shanghai, established in May 2012 with a registered capital of 6 billion yuan.

Tianyan check risk information shows that 6 billion of Weimar's stake in the company was frozen on August 14, from August 11, 2023 to August 10, 2026. Before that, the amount of equity was also frozen at the end of July. The freeze period is from July 28, 2023 to July 27, 2026. In addition, Hubei Xinghui New Energy Intelligent Automobile Co., Ltd. also has a number of information about the person subject to execution, with a total amount of 78.391299 million yuan, all of which are new cases since the second half of this year.

Going back to three years ago, if we mention Weimar, we may think of the "four Little Dragons of carmaking", that is, NIO, Xiaopeng, ideal and Weima. As one of the first brands of "New Power of car Building" in China, Weimar Motors at that time had unlimited scenery. For example, in terms of financing, it can be called the one with the most money among the new forces of car building, and it has the qualification for vehicle production and self-built factories, which can be regarded as strong teachers compared with "Wei Xiaoli," but no one expected that Weimar just got up early in the morning to catch up with the evening collection.

At the end of 2022, there was negative news about the pay cut. The industry believes that the reason for the pay cut is the tight capital chain of Weimar. In early 2023, Apollo, a listed Hong Kong-listed company, issued an announcement and reached an agreement with Weima Motor to buy Weima Motor's subsidiary for US $2.023 billion, which will be settled by allocating and issuing consideration shares. at that time, the market thought that Weima might start the mode of "no shortage of money", but it was not.

After entering 2023, the snowball of Weimar's negative news is getting bigger and bigger. First, all employees are suspended from work, factories are closed, stores are closed, the headquarters building is in arrears with rents and property fees, after-sales stagnation, and finally even car purchases are not accessible, which is also regarded by the outside world as "Mini Program is in a quagmire."

But despite the negative news, Weimar and Weimar CEO Shen Hui continue to release "good news". "everything is for the better!" Shen Hui said on his personal Weibo on May 4. Since then, it has also said many times that it is stepping up efforts to resume work and production. At present, Weima Motor was last updated on Weibo on July 25, and Weima released a message of "ready to go", along with a number of photos of the new car in front of the freighter. Although the official destination of the vehicle was not announced, the picture message showed the word "NYK LINE" (Japan Shipping Co., Ltd.). On the same day, Shen Hui also retweeted the official Weibo of Weimar with the caption "Let's go and see the sea!" Joy is revealed in the words, which seems to send a message to people that there are signs of improvement in Weima.

But the seemingly favorable Weimar still faces a lot of chicken feathers. Tianyan check information shows that at present, Weima Automotive Technology Group Co., Ltd. has a number of information about the person subject to execution, with a total amount of 598.382315 million yuan, and is also facing lawsuits. At present, the company has 13 court announcements from August 28 to October 12, 2023.

We don't know where Weimar will go in the future, but for Weima, which is "living like an animal", there is not much chance for it to make a big reversal. Weimar Motor in addition to financial constraints, its products in the car market competitiveness is not strong and facing a number of lawsuits are also urgent problems to be solved. In addition, due to the environmental impact of the fierce competition in the car market, this year is destined to be a year for car companies to speed up the reshuffle. If Weima does not have the products in hand, it may only be a matter of time before they are eliminated.

Of course, Weimar is not the only new power car company that suffered an operational crisis this year. Weima's dilemma also reflects the cruel situation that the new second-tier car-making companies are on the verge of bankruptcy and elimination. With the reform of the automobile industry and the intensification of market competition, since 2023, new second-line car-making companies have been exposed to face varying degrees of operational difficulties. Among them, Skyline stop production, employees will pay living expenses according to the minimum wage; Aichi delayed the payment of wages, headquarters returned the lease; Reading filed for bankruptcy; Singularity was filed for bankruptcy review; Baiteng Motor also entered the bankruptcy liquidation process.

With the wholly-owned subsidiary being filed for bankruptcy, Weimar's situation is undoubtedly becoming more and more difficult. Weima, which is short of both money and products, has less and less chance of getting back on its feet.

Welcome to subscribe to the WeChat public account "Automotive Industry Focus" to get the first-hand insider information on the automotive industry and talk about things in the automotive circle. Welcome to break the news! WeChat ID autoWechat