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The subsidies are gone, and the new energy vehicle industry has entered the life-and-death knockout round. An auction announcement for Lanzhou Zhidou Electric vehicle Co., Ltd. has appeared on Ali's judicial auction platform. Lanzhou Zhidou will be auctioned by the Intermediate people's Court of Ningbo City, Zhejiang Province, with a starting price of 138 million yuan. The company is currently valued at 197 million yuan and will begin an one-day auction on November 24.

Zhidou mini electric cars used to be very popular. Before 2018, during the period of high subsidies for new energy, Zhidou had sold a total of 100000 electric vehicles, but now it has gone up to the stage of selling land and factories. According to the official website, Zhidou Electric vehicle Co., Ltd., founded in 2006, is one of the earliest enterprises in China to enter the field of new energy vehicles. At present, it has nine shareholders, namely Xinyang Group, Geely Technology Group, Jinshajiang United Capital and so on. Zhidou focuses on R & D, production, sales and operation with mini electric vehicles as the core.

Lanzhou Zhidou, founded in July 2006, is a wholly owned subsidiary of Zhidou Electric vehicle Co., Ltd. According to the auction announcement, the 100% stake in Lanzhou Zhidou to be auctioned includes construction plant, vehicle production line equipment, land use rights and other assets. But compared with these assets, its pure electric passenger car production qualification is more valuable, and it is a "pass" for many new car-building powers to build their own factories.

However, Lanzhou Zhidou's financial situation is also very worrying. By the end of June 2019, Lanzhou Zhidou had total assets of 1.902 billion yuan, total liabilities of 1.838 billion yuan and net assets of 64.823 million yuan. Lanzhou Zhidou lost 111 million yuan in the first half of this year.

The fall of Zhidou follows the trend of the increase of new energy subsidy standards and the sharp decline in the amount of subsidies. In 2015, the subsidy standard for new energy vehicles is "double 80", that is, the mileage is 80 kilometers per hour and the top speed is more than 80 kilometers per hour. In 2015, the top speed of Zhidou D1 and D2 was also raised to more than 80 kilometers per hour. In 2016, the subsidy standard for new energy vehicles was "double 100". The top speed of Zhidou D1 and D2 was immediately raised to 100km/h, and then the models upgraded close to the red line of the subsidy standard. By the end of 2017, the cumulative sales of Zhidou electric cars had reached 100000. In addition to individual users, Zhidou is also active in the travel rental market.

With the preemption of competitors such as BAIC, Chery and BYD, Zhidou has been gradually replaced in the travel rental market, coupled with small purchases by individual users, resulting in a sharp decline in sales. In 2018, cumulative sales of Zhidou were only 15000, down 63.90 per cent from a year earlier, while sales of Zhidou in the first half of 2019 were only 2005, down 84 per cent from the same period last year.

National new energy subsidies need to go through two to three years of transition and examination, from the latest issue of the Ministry of Industry and Information Technology "on the 2017 new energy vehicle promotion and application of subsidy funds liquidation review of the final review", we did not find Zhidou electric cars on the subsidy list.

Industry insiders believe that belated subsidies, new energy vehicle subsidy policy decline, coupled with market competition led to a decline in sales, let Zhidou capital chain under pressure.

In addition, Zhidou is constantly involved in debt disputes under the business crisis, and the news that production is in arrears and suppliers are in arrears began to break out, and suppliers had to sue. So far, Zhidou Motor has been listed as the executor of bad faith 49 times, and founder Bao Wenguang has also been restricted from high consumption.

With the decline of state subsidies, the new energy vehicle industry has also entered the cold winter, the policy can not be pushed, the market driving force has not been formed, in the early years, a large number of new forces of electric vehicles, or facing crisis, the industry reshuffle is just beginning. Industry insiders said that the prelude to the reshuffle has been fully opened, and the closure and merger of car companies in the past two years will become the new normal.

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