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

In September last year, Baiteng Automobile plans to buy FAW Wali's passenger car production qualification for 1 yuan, and will be saddled with FAW Wali's high debt of not less than 800 million yuan. A few days ago, some shareholders asked on the relevant platform whether the FAW Xiali Baiteng car funds were paid as scheduled, but FAW Xiali Dong Mi revealed in response to the questions raised by the shareholders that part of the money returned by Nanjing Zhixing (that is, Baiteng parent company) on behalf of Huali had not yet been received. It means that Baiteng has not yet been qualified to build a car.

Subsequently, the media revealed that Baiteng made a reply to this matter: "on matters related to payment, Baiteng has always maintained active communication with FAW Xiali, and made proper arrangements for this." The construction project of the Baitang Nanjing plant is being carried out in an orderly manner. When the construction of the factory is finally completed, production access will be completed in accordance with the relevant regulations. "

In September 2018, FAW Xia Li announced that it would transfer 100% of its subsidiary FAW Huali to Nanjing Zhihang, which is the car brand of Baiteng, at a price of 1 yuan. Although the equity transfer fee is only 1 yuan, Nanjing Zhixing still has to pay 54.62 million yuan in salary for Huali's employees and 800 million yuan in debt owed by Huali Motor. Of this, 800 million yuan of debt will be repaid in installments by September 30, 2019.

In fact, this is not the first time that Baiteng Motor has failed to pay all its debts on time. On June 24 this year, FAW Xiali disclosed in the "reply notice on the 2018 Annual report" that the repayment amount of Baiteng parent Nanjing Zhihang's purchase of 100% equity interest in FAW Huali, its subsidiary, did not reach the agreed amount. As of April 30, Nanjing Zhixing still had 310 million yuan overdue payment, resulting in its car-building qualification "miscarriage". This time, Baiteng Motor once again "overdue payment" related payments, which also means that the car-building qualification has been postponed again. As of the first half of this year, Baiteng had repaid only 40% of FAW Wali's total debt.

The debt is overdue again, which also reflects the tight financial situation of Baiteng. In May, Baiteng announced that the company was in the latest round of financing of about $500 million, and further information will be revealed around June. But with the passage of time, Baiteng did not announce the financing progress as promised. Until September this year, at the Frankfurt Motor Show, Biden CEO Dai Lei said that Baiteng's C-round financing was coming to an end and was expected to be worth $500 million.

However, the further delay in payment also shows that the funding problem that has plagued Baitang recently has not been resolved. For all the new power car-building, capital is still the "lifeline", and head enterprises such as NIO are also rapidly cutting back and slimming down in order to face the dilemma of insufficient funds.

According to Baiteng's latest plan, its M-Byte will begin mass production in mid-2020, first delivered in the Chinese market, and is expected to accept bookings from Europe and North America in 2020, and officially enter the European and American markets in 2021. While Baiteng's factory in Nanjing has been basically completed, stamping, welding, painting, final assembly and battery equipment in the five major workshops have been installed, and entered trial production in October this year.

But now for Baiteng, only to get financing to the account as soon as possible, and make the qualification to the ground, if you can not get the qualification to build a car, everything is empty talk.

Welcome to subscribe to the WeChat public account "Automotive Industry Focus" to get the first-hand insider information on the automotive industry and talk about things in the automotive circle. Welcome to break the news! WeChat ID autoWechat