AutoBeta(AutoBeta.net)08/25 Report--

Due to problems in capital and operation, the autonomous vehicle company Baiteng Automobile announced in June this year that all employees were waiting for work and stopped production. CCTV made such an evaluation at that time: "8.4 billion yuan cannot be burned out to make a mass production car." Now, there seems to be hope for mass production of Byton M-Byte.

A few days ago, some media reported that Baiteng Automobile has applied for registration to establish a new technology company, the new company name is "Shengteng", the fastest at the end of August to obtain a legal person business license. The new company plans to raise 2 billion yuan to accelerate mass production of M-Byte. At present, shareholders such as FAW Group are actively promoting this financing.

According to sources, Baiteng is advancing according to the reorganization plan given by FAW Group at the end of June this year. In addition to the mass production of M-Byte, Baiteng Nanjing factory will also produce pure electric vehicles with red flag code "EQ320". According to the agreement of FAW Group to invest in Baiteng B wheel, 50,000 vehicles will be used to produce Hongqi EQ320 out of 150,000 annual production capacity of Baiteng Nanjing Plant.

On the other hand, Baiteng Automobile and its shareholder FAW Group intend to strengthen cost control. Some projects originally undertaken by foreign suppliers of M-Byte models will be handed over to local suppliers in China.

Industry insiders said, Baiteng's products have not landed, let the capital market gradually lose confidence in it, so enterprise financing into a dilemma. At this time Baiteng set up a new company, it is likely to change identity back to the capital market "suck gold", return to the car track.

Baiteng Automobile, which has been established for less than three years, has won four rounds of financing totaling about 8.4 billion yuan. It is also a new force car-making enterprise favored by the outside world. Baiteng obtained production qualification through the acquisition of Tianjin FAW Huali, with a total acquisition amount of 854.62 million yuan. However, in June and March this year, FAW Xiali issued an announcement saying that Baiteng owed 470 million yuan, which must be paid before October 31 after negotiation. This also reflects the financial difficulties encountered by Baiteng.

The basic construction of Baiteng Nanjing Plant was completed in September last year, and the construction and installation of main equipment of five process workshops, namely stamping, welding, coating, assembly and battery, were completed, and the commissioning stage was entered. Byton expects the first model, the M-Byte, to go into production by mid-2020. With the shutdown of Baiteng, the production plan is also far away.

Baiteng has not realized mass production due to the exhaustion of funds, and has reached the point of shutdown and shutdown. The financing difficulties further aggravate the company's business crisis, which eventually leads to employee arrears and shutdown.

On June 30, Baiteng Automobile informed all employees in China by internal mail that the company had stopped production since July 1, all employees were waiting for their posts, and the company would no longer arrange work.

Baiteng said,"2020 is a difficult year, due to the impact of factors such as the global COVID-19 epidemic, the company's financing and production operations have encountered major challenges. After months of trying and hard work, we regret to announce that all companies in China (excluding Hong Kong) will be shut down from July 1, 2020."

Byton expects the shutdown to last six months, with subsequent arrangements subject to circumstances. During this period, all employees of the company in China are waiting for posts, the company will no longer arrange work, and some necessary jobs will be notified separately.

In response to the problem of unpaid wages, Baiteng also gave a plan. Baiteng said that for employees waiting for work, the company will pay "March" arrears before July 10, and the remaining arrears will also actively create conditions for installment payment. For employees who choose to resign voluntarily, the company will try its best to collect funds and settle all arrears in one lump sum.

Baiteng car, which has been delayed in mass production, now continues to push forward financing in a different identity. As the car-making industry enters the downturn and knockout competition, the new energy automobile market is cold, and Baiteng Automobile, which is not rich in capital, will face more problems.

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