AutoBeta(AutoBeta.net)08/17 Report--

Heavenly Eye check information shows that on August 15, seven new equity freeze messages were added to Hechuang Automotive Technology Co., Ltd. (hereinafter referred to as "Hechuang Automobile"). All the enterprises whose shares were executed were GAC MOTOR (Hangzhou) Co., Ltd., with a total amount of 41.16 million yuan. The freeze period is from August 15, 2024 to August 14, 2027.

According to public data, Hechuang Automotive Technology Co., Ltd. was established in April 2018, with Li Zhihong as its legal representative, with registered capital and paid-in capital of 5.523044649 billion yuan, while GAC MOTOR (Hangzhou) Co., Ltd. was established in December 2010. the legal representative is Zeng Hebin, and the enterprise's registered capital and paid-in capital are both 4.23128 billion yuan. Equity information shows that GAC MOTOR Automobile Co., Ltd. and Hechuang Automotive Technology Co., Ltd. jointly own 51% and 49%, respectively.

Hechuang Motor, formerly known as GAC Weilai, was established in April 2018 as a joint venture between GAC GROUP and Weilai, which were 45 per cent owned by GAC and Weilai respectively, and the other 10 per cent by the executive team.

Equity penetration shows that the company is currently owned by five companies, of which the largest shareholder is Guangdong Zhutou Intelligent Technology Investment Co., Ltd., with a shareholding ratio of 68.5%, followed by Guangzhou Automobile Ean New Energy Automobile Co., Ltd. Guangzhou Automobile Group Co., Ltd. holds 4.4%, and Guangzhou Chuangjin Investment Partnership (Limited Partnership) holds 1.9%. In August 2022, Weilai withdrew from the ranks of shareholders and added a new shareholder, Yaoyu Investment Holdings Co., Ltd., to take over 4.4% of Weilai's stake. As a result, after Weilai withdrew from the company, Guang Qi Wei officially changed its name to Co-Chuang Automobile.

In December 2019, Guangqi Weiwei launched the new new energy vehicle brand "Joint Venture HYCAN". In May of the following year, Hechuang launched its first production model, Hechuang 007, with a subsidized price of 26.26-303000 yuan. The car was positioned as a medium-sized pure electric SUV, but its performance fell short of expectations. It sold less than 1000 vehicles in 2020, far from the expected annual sales target of 15000.

In August 2021, Hechuang launched its second production model, Hechuang Z03, with a price of 1.38-168800 yuan. With the help of this car, the sales volume of Hechuang has increased significantly, from less than 3000 in 2021 to more than 20, 000. After 2022, Hechuang launched its A06 and V09 models one after another. So far, Hechuang Automobile models on sale include 007, Z03, A06, V09, covering SUV, cars, MPV three mainstream markets, but sales are hardly ideal.

Retail data show that Hechuang's cumulative sales in the past 2023 were 18559, down 2.02% from a year earlier, with an average monthly sales of about 1500. After entering 2024, Hechuang is still not very loud in the market. From January to July this year, Hechuang sold a cumulative total of 4048 vehicles, of which the highest-selling model was the Hechuang Z03 (2139), the Z06 (1290), the V09 (608) and the Hechuang (11).

In fact, Co-Chuang Motor was founded not too late, while relying on GAC GROUP and Xilai two car companies, can be said to be born with a "golden spoon", the qualification is not poor, but it is a pity that Co-Chuang Motor has not been recognized by consumers. People in the industry believe that the reason why Hechuang does not have a high sense of presence in the auto market is related to its unclear brand market positioning, lack of product power, low brand influence and frequent changes in senior management.

At present, the new energy vehicle industry is becoming more divided and the competition is more intense, while the uncompetitive car companies are bound to be eliminated in this round of reshuffle. After all, the car companies that lack their own hematopoietic ability are destined to be very difficult to go for a long time. Now, the days of lying down and making money are gone forever. As a new car-building force that once relied on GAC GROUP and Xilai, Co-Chuang urgently needs to launch popular models to support sales. As for the future development prospects of Co-Chuang, there may be an answer soon.

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