AutoBeta(AutoBeta.net)07/09 Report--

BAIC Magic Speed, which had previously been protected by a number of dealers for defaulting 200 million yuan in car purchase payments, has now ushered in a new round of dealers "blocking the door." Less than three months after the last rights incident, today (July 9) more than 30 BAIC Magic Speed dealers from all over the country gathered in front of BAIC Group's R & D headquarters. because the arrears that BAIC Group promised to call dealers after the last rights protection still did not arrive on schedule, dealers had no choice but to organize northward to safeguard their rights.

One of the dealers of BAIC Magic Speed said that in the framework agreement signed in April to safeguard its rights, BAIC promised to repay 200 million yuan in arrears in four installments, and the exact date of the repayment was also clear: 20% on May 25; 30% on June 25; 30% on July 25; and 20% on August 25.

However, so far, only some dealers have received the first repayment, and the second payment should have been repaid on June 25, and then there has been no sign of the payment for more than 10 days. Now the relevant person in charge is not answering the phone, Wechat or text message. According to dealers, 12% of the first repayment received by some dealers on May 25 was offset by BAIC's magic speed inventory, while the remaining 8% was repaid in cash.

BAIC asked dealers to select representatives to go to the office to negotiate, but this proposal was rejected by dealers. After multi-party negotiations, the dealers who protected their rights at the scene then selected several representatives to enter BAIC's headquarters for negotiations.

It dates back to April 22, when representatives of nearly 100 BAIC Magic Speed dealers across the country gathered in front of BAIC Group in Shunyi District of Beijing to safeguard their rights in order to ask for more than 200 million yuan.

Dealers said at the time that they paid BAIC Magic Speed manufacturers for cars in 18 years, but the manufacturers did not issue vehicles to the store for storage on the grounds of limited production capacity, some giving millions of yuan, some as high as tens of millions of yuan, and dealers paid a total of nearly 200 million yuan. However, BAIC Yinxiang has stopped production since July 18, but it still requires dealers across the country to continue to make payments and order cars from manufacturers. Dealers also mentioned that BAIC Yinxiang has not provided vehicle spare parts to dealers since 2018, making it impossible for car buyers to repair and maintain their vehicles. At present, more than 400 4S sales and after-sales across the country are in a state of complete paralysis.

Some dealers said that the factory was shut down for a long time, but could not pick up the car, which led to difficulties in the operation, and even the car could not be sold, even if the car was sold at a discount, consumers may not buy it. On the same day (April 22), BAIC Yinxiang National Dealers Alliance submitted a "letter" to BAIC Group, which listed the rights protection issues and the relevant demands of dealers, and with the intervention of the police, BAIC Group Operations Director, BAIC Yinxiang Chairman and legal Representative Li Lingri communicated and negotiated with five dealer representatives, but eventually broke up in discord. The two sides held several rounds of negotiations in the following days, and the negotiations finally made progress on April 29, when BAIC promised to repay dealers nearly 200 million yuan for the car.

In response to the collective rights protection incident of dealers on April 22, BAIC Magic Speed official also issued a relevant statement saying that due to capital chain problems in 18 years, some related enterprises' accounts payable were overdue. At the same time, it said that BAIC Yinxiang's restructuring work has made great progress, and a clear message will be announced in the near future that all main model production will be resumed in May, the problem of spare parts is being solved with all efforts, and the problems left over by history will be solved gradually with the process of reorganization.

But the fact is that now it is July, BAIC Magic Speed has not fulfilled its promise to resume production in May, more than 400 dealers across the country still have no cars to sell, and dealers continue to lose money. Some marketers said to this, "I now have a net loss of more than 100000 yuan a month, and many of our enterprises are going to lose everything. At present, we still have not got 3.4 million car purchase money, and we have lost nearly 3 million yuan since last year." According to him, the amount of some dealers is even higher, such as Yunnan Qujing dealers lost more than 18 million, Shandong Weifang dealers lost 16 million.

And BAIC Yinxiang, which claims to be able to solve existing problems after restructuring, does not look optimistic about its restructuring. According to media reports, BAIC Yinxiang is about to complete its restructuring. After BAIC Yinxiang's restructuring, BAIC Group accounts for 37.5%, Chongqing Municipal Government accounts for 37.5%, and Chongqing Hechuan District Government accounts for 14%. Chongqing Yinxiang trade accounts for 11%. After the reorganization of BAIC Yinxiang will give up magic speed and speed brands, such as business improvement, stock Oriental plans to package BAIC Yinxiang to new investors. In this regard, BAIC Yinxiang said on June 6 that the content of the report was a little biased and that the company's restructuring was progressing smoothly, but the core key information could not be disclosed because the content of the restructuring had not yet been finalized.

In this regard, another dealer revealed, "because of the overall sales downturn in the automobile market this year, BAIC has been dragging its feet and is simply unwilling to allow BAIC Yinxiang to resume production. Now our dealers do not care about the restructuring. I just hope BAIC can pay off our car purchase." BAIC Yinxiang, once the dark horse of the car market, is now on the brink of collapse. With the intensification of contradictions with dealers, the problems facing BAIC Yinxiang will increase day by day. In today's increasingly competitive domestic auto market, BAIC Yinxiang, even if it succeeds in self-rescue after restructuring, may not be able to return to its former glory.

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