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It's hard! A car company was executed one after another.

2024-06-19 Update From: AutoBeta autobeta NAV: AutoBeta > News >


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"Automotive Industry concern" understands from the heavenly eye that Guanzhi Automobile Co., Ltd. has newly increased the information of the person subject to execution, totaling more than 17.86 million yuan. The related case is a sale contract dispute, and the enforcement court is the Changshu Municipal people's Court. Among them, two new cases of information about the person subject to execution were added on May 15, with the subject matter of execution being 11748766.0 yuan and 5092215 yuan respectively, and one new case of information about the person subject to execution was added on May 16, with the object of execution being 1023016 yuan.

Since 2023, the information of the person subject to execution of Qoros has been increasing. From January 1, 2023 to May 16, 2023, the number of persons subject to execution of Guanzhi Motor has increased by 79 items. As of today, there are 83 cases of persons subject to execution of Guanzhi Motor, with a total amount of 1.052553876 billion yuan, and 283 cases in history.


In addition, the company also has a number of lawsuits, breach of faith executor (lai), consumption restriction order and final case information, the total amount of non-performance is more than 200 million, including 92 court announcements, most of the cases are financial lease contract disputes, sale contract disputes; 17 articles of judicial assistance; 13 breach of faith executees, 13 cases involving a total of 13 cases, 13 cases of total outstanding quantity, 100% of which are not performed. The total amount of the case is 529.8841478 million yuan, the identity of the plaintiff / appellant is 12.255064 million yuan, the identity of the defendant / appellee is 517.6290838 million yuan, the consumption restriction order is 240. the total amount of the subject matter of execution is 32665395.7 million yuan, the total amount of outstanding performance is 3.2665660.1 billion yuan, and the proportion of non-performance is 100%.


When it comes to Qoros, no one is interested in it now, but it also gained a good reputation in China many years ago. Different from most domestic car brands, Qoros has a high starting point. Founded in 2007, Guanzhi Automobile is positioned as a high-end brand with a registered capital of about 16.925 billion yuan. It has two major shareholders, Chery Automobile and Israel Quantum Fund. In 2013, the first model of Quan Zhi Automobile went on sale, focusing on the compact car market, mainly competing with Volkswagen Suiteng and other models. During the period from 2014 to 2016, Qoros successively launched four models: Quan Zhi 35, Guanzhi 3 Metropolis SUV, Guanzhi 5 SUV and Guanzhi 3 GT. Although Qoros has a good reputation in the car market, its sales volume is not particularly good and continues to lose money (the net loss from 2014 to 2016 is 2.2 billion yuan, 2.5 billion yuan and 1.9 billion yuan respectively, and the cumulative loss over three years is more than 6 billion yuan), gradually becoming an encumbrance. As a result, it became the abandoned son of Chery and was eventually acquired by Baoneng Group.


Yao Zhenhua, chairman of Baoneng Group, took a fancy to Qoros in December 2017 and later bought a 51 per cent stake in Qoros for 6.63 billion yuan, becoming the controlling shareholder of Qoros. In January 2019, Baoneng again bought a 12 per cent stake in Quantum for 1.56 billion yuan, increasing Baoneng's stake in Quan to 63 per cent. After Baoneng took over, Qoros ushered in a brief glory. Data show that Qoros sold 63200 vehicles in 2018, an increase of 320% over the same period last year, with the highest monthly increase of 400%. The reason is that this year's sales mainly come from Baoneng through the associated car rental company to win 95000 orders for Qoros, but this left-hand game failed to change the fate of Qoros. Qoros sales soon plummeted, falling to 22700, 13100 and 5200 between 2019 and 2021, and failed to reverse the decline despite the introduction of new cars during that period.


The serious decline in sales has also led to a deep financial crisis for Qoros. As early as November 2022, the court issued an inquiry notice. After analyzing the property inquiry, it was found that the deposit in the name of Qoros was only 2651.30 yuan. At the same time, the real estate and vehicles of Qoros have been seized dozens of times.


The plight of Guanzhi Automobile is only a microcosm of Baoneng Group's capital flow problems. Baoneng Automobile has also been exposed one after another, such as unpaid wages, social security for severed employees, and other negative news. At the end of last month, it was revealed that Baoneng was in arrears with employees' wages and received payment from dealers. Several Baoneng employees belonging to different departments said that since the second half of 2021, Baoneng has delayed its salary by about 12 months, has not paid its provident fund since May 21, and owed three months in social security. Prior to this, in order to alleviate the financial problem, Baoneng Group also sold assets to "replenish blood", but it was only a drop in the bucket for Baoneng Automobile, which was in financial crisis.


At present, both Qoros and Baoneng are already in the same situation. In the context of the debt crisis, we do not know whether we will be able to turn around in the future. What we can predict is that in the highly competitive auto industry, if Qoros and Baoneng do not make fundamental changes, they may soon be completely out of public view.

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