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

"Automobile Industry Concern" learned from Tianyan information, October 7, Redding Automobile Group Co., Ltd.(hereinafter referred to as "Redding Automobile") added 4 pieces of information of the person subject to execution, the execution target of more than 28.92 million yuan, the execution court is Changle County People's Court.

According to the data, Redding Automobile Group Co., Ltd. was established in October 2012 with registered capital of RMB 100 million and legal representative Wang Dejin. It is an enterprise mainly engaged in automobile manufacturing industry and wholly owned by Bidwen Holding Group Co., Ltd. According to the risk information checked by Sky Eye, there are more than 20 pieces of information about the executed person in Reading Automobile Group Co., Ltd., and the total executed amount exceeds 140 million yuan. In addition, the company also has a number of consumption restriction orders, dishonest executees (laolai) and final case information.

Redding Automobile was founded in 2008, formerly Weifang Bidwen Electric Vehicle Co., Ltd., founder Li Guoxin started by relying on low-speed three-wheel and four-wheel electric vehicles, which is often referred to as "old man music", and once achieved good sales performance in this market. In 2018, the state strengthened the clean-up and rectification of low-speed electric vehicles. Under this background, Redding Automobile realized "shell replacement" and shifted from low-speed electric vehicle business to new energy vehicles.

At the beginning of 2019, Redding Automobile acquired 100% equity of Sichuan Mustang with RMB 1.46 billion yuan, thus obtaining production qualification of new energy vehicles. Since then, it has successively launched three small pure electric vehicles including i3, i5 and i9. Unfortunately, due to lack of competitiveness and other reasons, the market response of i series pure electric vehicles is not good. It will be completely stopped after only one year on the market, which also means that Redding Automobile, which enters the track of new energy vehicles with i series models, has lost its first transformation.

In 2021, Redding Automobile once again looks for new exports, refocuses on the mini-car market, and successively launches the "Redding Mango Series" models. Compared with the i series pure electric vehicles, the "Reading Mango Series" models have won the recognition of a large number of consumers. After the launch of the new cars, they even achieved a monthly sales volume of 6056 vehicles. In 2021, the accumulated sales volume was 30,400 vehicles. However, soon, the sales volume of Reading cars appeared "Waterloo". In the next year, only 7042 new cars were in danger, down 47.29% year-on-year, with a market share of 0.13%.

Since December 2021, there have been negative news such as active salary reduction and suspected shutdown of middle and senior management within the company. Both upstream and downstream are launching "debt recovery" and delaying dealer payment for Reading Automobile. Among them, in view of delaying dealer payment, relevant personage of Reading Automobile said at that time: "Both capital and production capacity are tight, so the delivered vehicles can only guarantee key markets and key areas, which really affects some dealer partners."

Five years later, Redding, which has transformed from a low-speed electric vehicle into a new energy vehicle track, is still out. Since entering 2023, Reading cars have been almost chicken feathers. From the beginning of the year self-exposure of the capital chain break, bankruptcy application, founder Li Guoxin overseas settlement to now has been listed as a discredited executee and frozen equity and other negative news, Reading car's current situation is at stake.

Earlier, the person in charge of Reading Automobile said in an interview with the media that the company had filed for bankruptcy, and low-speed vehicles and new energy passenger cars were not done. "Whether it's Redding's company or Redding's team, they're still very valuable. If there is capital interested in Reading, there is still hope for the company to be reborn." However, Cui Dongshu, secretary-general of the National Passenger Car Market Information Joint Conference, pointed out that the bankruptcy of Reading Automobile has a lot to do with its incomplete transformation to new energy vehicles, and its technical capability and supply chain construction capability of new energy passenger vehicles are relatively weak. Therefore, it is unlikely that the subsequent Reading Automobile will be accepted.

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