AutoBeta(AutoBeta.net)08/19 Report--

On August 19, Gaohe officially issued an after-sales service announcement. According to the notice, from now on to the completion of the pre-restructuring and restructuring, Shanghai Yueda Zhihang Automobile Service Co., Ltd., a wholly owned subsidiary of Jiangsu Yueda Automobile Group, is authorized to purchase high-tech auto parts to support after-sales service. At present, Gaohe's after-sales service center and related cooperation outlets are gradually resuming the supply of spare parts. Shanghai Yueda Zhihang Automobile Service Co., Ltd. is also preparing to increase the service response in more than 20 cities.

According to Tianyan check information, Shanghai Yueda Zhihang Automobile Service Co., Ltd. was established in November 2018, the legal representative is Liu Zhongmin, the enterprise registered capital and paid-in capital are 200 million yuan, is an enterprise mainly engaged in the wholesale industry. The company is wholly owned by Jiangsu Yueda Investment Co., Ltd., which is 34% owned by Jiangsu Yueda Group Co., Ltd.

Chinese Express is the parent company of Gaohe, the former founded by Ding Lei in 2017, while the latter, which focuses on the luxury smart pure electricity brand, was founded in July 2019. In September 2017, Chinese American Express and Yueda Group launched cooperation in areas such as the production and manufacture of new energy vehicles through equity cooperation. At the end of 2018, Yueda Group increased its investment in Chinese American Express (Jiangsu) Technology Co., Ltd. since then, Dongfeng Yueda Kia and Chinese American Express have set up a joint working team to lease a factory to Chinese American Express to produce the first electric car, that is, Gaohe's first model, the HiPhi X, is produced at Dongfeng Yueda Kia. At that time, Jiangsu Yueda Group was one of the investors in Chinese Express, with a stake of 20%.

On August 8, the people's Court of Yancheng Economic and technological Development Zone made a decision and decided to accept the application for pre-restructuring of Chinese Express (Jiangsu) Technology Co., Ltd. Tianyan check shows that Chinese American Express (Jiangsu) Technology Co., Ltd. is jointly owned by Chinese American Express Shanghai Co., Ltd. and Jiangsu Yueda Automobile Group, with the former holding 80%. In other words, the company applying for pre-restructuring is not Chinese Express Holdings, the parent company of Gaohe Automobile, but related enterprises. Earlier, Gaohe officials also responded to the judgment that Gaohe did not go bankrupt and is now officially entering judicial pre-reorganization, and stressed that "judicial pre-reorganization" is not "bankruptcy reorganization", let alone "bankruptcy liquidation".

Since the suspension of production in February this year, Gaohe has been actively saving itself. In order to strive for more living space, Gaohe even adopted the way of live broadcast with goods to save itself, and Ding Lei also made it clear: "Gaohe has only three months to turn over the window." unfortunately, Gaohe does not have much weight and influence in the car market, and the self-rescue force is relatively weak, so it has not been effective.

In May this year, Chinese Express formally signed a comprehensive strategic cooperation agreement with iAuto Group. IAuto plans to invest more than US $1 billion to support the resumption of high-tech business operations and vehicle production. The next day, Chinese Express issued a notice on the working group during the company's restructuring and decided to set up a restructuring working group and a joint operation working group. However, so far, there is still no definite information on the whereabouts of the $1 billion life-saving money.

With the entry of Gaohe Automobile affiliated Company into the pre-restructuring stage, the direction of self-rescue of Gaohe Automobile is gradually clear. Gaohe said: "Judicial pre-restructuring is an important turning point for gradually solving the current plight of Gaohe, and it is also a key step for the government, courts, shareholders, and intended investors to recognize the value of Haohe." and under the intervention of judicial effect, it is a key step to promote the Chinese American Express to solve the creditor problem and form a restructuring and regeneration plan in line with the common interests of all parties as soon as possible. After the judicial pre-restructuring reached an agreement, Gaohe Automobile will carry out judicial restructuring, and then it will formally get back on track. "

In addition, in response to the question of "whether high-tech cars should wait until the end of the restructuring process before starting", Gaohe also said in a statement: "after the start of the restructuring process, the first thing to achieve is the normalization of after-sales service for users. the second is the parallel promotion of" restructuring non-stop production ". In the latest announcement, Gaohe said that the authorization of Yueda Automobile's wholly-owned subsidiary to support the company's after-sales service measures will help to gradually restore the coverage of after-sales service response and improve the service guarantee for Gaohe owners.

Industry insiders believe that Gaohe's current situation has something to do with its poor market sales performance. Although Gaohe has three models, including the HIPHI X, HiPhi Z and HiPhi Y, it sold only 4829 vehicles at retail in 2023 and 272 in January-February this year, and has since been mired in production stoppage. As for when Gaohe will resume production, it is still unknown, what is certain is that today, the new energy vehicle market has become a competitive red sea, and with the continuous improvement of electric vehicle penetration, the knockout stage of the new energy vehicle market will undoubtedly be more cruel. in the future, more car companies will be eliminated, in this context, high-tech cars do not seize time to turn around, it may be more difficult in the future.

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