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Baoneng, which specializes in insurance, real estate and finance, won a 51 per cent stake in Qoros through 6.63 billion yuan in 2017. In 2018, Yao Zhenhua, chairman of Baoneng Automobile, announced his brand plan, saying that in the next five years, Guanzhi Automobile would invest 10 billion yuan in new car research and development and comprehensively develop new energy and intelligent Internet connection. However, according to relevant data, since Baoneng took over Guanzhi, no new product has been released so far, including models that meet the sixth national emission.

In the last year or so, Guanzhi Motor has undergone a number of personnel changes and dealers to protect their rights. Some people in the industry said that Qoros seems to be at odds with Baoneng. The Quan Zhi Changshu factory originally scheduled to resume work in May this year has not yet resumed work, and Baoneng obviously can't help it. Li Feng, the former president of BAIC, who was hired in a high profile, has been replaced, and Cai Jianying, Chen Siying and others of the Beijing Automobile Department have also left their jobs one after another.

According to Baoneng insiders, Yao Zhenhua does not trust the newly poached BAIC executives, which limits Li Feng's work. Li Feng is replaced by Japanese management of Yashima and Nissan, who is mainly in charge of Nissan's new energy projects. Baoneng hopes to use Japanese production methods to develop Guanzhi's new energy vehicles.

So starting from 2017, Baoneng will continue to invest in new energy projects in Guangzhou, Hangzhou, Kunming, Guiyang and other places through Quan Zhi Motors. Coupled with the production capacity of 300000 vehicles at Quan's Changshu plant, its future planned production capacity will exceed 3 million vehicles. According to statistics, the total investment of these projects is more than 200 billion yuan, and the industrial land obtained will be nearly 10,000 mu.

However, Qoros sold only 62000 vehicles for the whole of 2018, and most of the sales were purchased cheaply within Linkage Cloud, a unit of Baoneng. The latest figure is that Qoros sold only 4312 vehicles in the first five months of 2019, down 81.8 per cent from a year earlier. There is a huge difference between the total planned production capacity of Qoros and its actual sales, which will inevitably make outsiders wonder whether it is a cover for car-building "enclosure".

Not only that, Quan Zhi Automobile sells vehicles directly to Linkage Cloud at low prices, leading to market price confusion. At the same time, not giving rebates, setting various boundaries not to give promised promotion fees, etc., increased the losses of dealers. The 2019 Shanghai Auto Show triggered the collective rights protection of more than 40 dealers. In addition, due to the interruption in the supply of spare parts caused by the Qoros loan, dealers have to face the situation that there are no spare parts available for maintenance in after-sales service.

It has gone through a course of more than ten years since Guanzhi Automobile was born. But if you take a closer look at Qoros, it seems that it has become precarious. Since the birth of Guanzhi, its sales data have been relatively cold, and after Baoneng started Guanzhi, it has not been able to save the view from water and fire, and even the recent frequent personnel upheaval of Guanzhi and Baoneng, we have to think deeply, how long can Guanzhi go?

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