On May 31, brilliance China announced that the company had been informed by brilliance Manager that Shenyang Automobile Co., Ltd. had been selected by the brilliance Group restructuring Investor selection and Review Committee as a potential investor in brilliance restructuring, and that brilliance restructuring plan was still being worked out, pending approval from brilliance creditors' meeting and Shenyang Intermediate people's Court.
Data show that Shenyang Automobile Co., Ltd. was established in February 2023, the legal representative Liu Yanhui, the company's registered capital of 500 million yuan, is a wholly-owned subsidiary of Shenyang Cairui Investment Co., Ltd. the latter is finally controlled by the State-owned assets Supervision and Administration Commission of the Shenyang Municipal people's Government.
Earlier, it was rumored that the Shenyang municipal government was discussing the possible acquisition of a 30 per cent stake in brilliance china, which is in the process of bankruptcy restructuring, in order to indirectly own BMW brilliance, a joint venture owned by brilliance china. The Shenyang municipal government is also considering eventual control of brilliance China, but the acquisition of 30 per cent or more of the shares in Hong Kong-listed companies would trigger a mandatory and unconditional offer to buy the remaining shares, and buyers can apply for exemption from market regulators, according to people familiar with the matter.
In response to the news, brilliance China issued an announcement in response: recently, there have been a number of media reports that the Shenyang municipal government may acquire shares in the company from brilliance Automobile Group holding Co., Ltd. (the controlling shareholder of the company, through its wholly-owned subsidiary Liaoning Xinrui Automotive Industry Development Co., Ltd., which actually holds about 30.43% of the issued share capital of the company and is now undergoing restructuring). The Board would like to clarify that to the best of the Company's knowledge, knowledge and belief after making all reasonable enquiries, the Company is not aware of the matters reported in the media and the source of the information contained therein.
From the point of view of the time of establishment, Shenyang Automobile may be set up for the local government to restructure brilliance Motor, and the possibility of subsequent relevant arrangements by the local government can not be ruled out.
Brilliance Automobile Group holding Co., Ltd. is a large vehicle manufacturing enterprise controlled by Liaoning SASAC, which directly or indirectly controls and participates in four listed companies. and through its listed company brilliance China Automobile Holdings Co., Ltd. and BMW Group Joint Venture established brilliance BMW Co., Ltd.
In November 2020, the Shenyang Intermediate people's Court ruled to accept the creditor's application for the reorganization of brilliance Automobile Group holding Co., Ltd., marking that the car company has officially entered the bankruptcy reorganization process. In March 2021, the Shenyang Intermediate people's Court ruled that 12 enterprises including brilliance Group should be tried by substantive merger and reorganization, and appointed the manager of brilliance Group as the substantive merger and reorganization manager of 12 enterprises, including brilliance Group.
At present, brilliance Group's largest joint venture in China is brilliance BMW, which is also the main source of group income, in addition to brilliance China, brilliance Renault and other brands, but from the company structure, the current brilliance vehicle business except brilliance BMW, the rest has basically disappeared.
In May 2003, brilliance China Automobile Holdings Co., Ltd. and BMW Group jointly established brilliance BMW Motor Co., Ltd., each holding 50%. The decline of brilliance Group has also given BMW an opportunity to take advantage of its new license. BMW Group's shareholding in brilliance BMW has increased from 50% to 75%. This also marks that BMW will have more decision-making power in the operation of the joint venture. Brilliance's influence will be further weakened, and its profits from the joint venture will be greatly reduced, which will undoubtedly aggravate the group's financial crisis. The net profit contributed by brilliance BMW fell by 83.6 per cent to 2.38 billion yuan in 2022 from 14.515 billion yuan in 2021, mainly due to the reclassification of BMW brilliance from a joint venture into an associate after the sale of 25 per cent equity interest in BMW to BMW took effect in February 2022.
At present, brilliance is still in a state of restructuring, and it is still unknown who will become brilliance's white guard, but as a large vehicle manufacturer and as a partner of BMW Group, brilliance will not "die". However, after losing control of brilliance BMW, it has been difficult to return to China's mainstream auto market. In such a cruel market, it will never be kind to any company because of its aura, and even with the BMW brand for a hundred years, brilliance seems to have entered its twilight years.
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
Global auto giant Stellantis Group has been exploring the possibility of working with Chinese electric carmakers, including zero cars, according to people familiar with the matter. In October of the same year, Stellantis Group spent 1.5 billion euros (about 11.5 billion yuan)
According to the National Enterprise bankruptcy reorganization case Information Network, upon the application of Weima Automotive Technology Group Co., Ltd. (hereinafter referred to as "Weima Technology Group"), the Shanghai No. 3 Intermediate people's Court issued (2023) Shanghai 03 Breaking No. 1041 Civil order on December 29th, 2023, and ruled to accept Weimake.
A few days ago, a number of auto bloggers revealed pictures that a domestic car factory is full of Civic Type R inventory cars, the appearance of the basic color matching is supersonic gray and champion white, in addition mixed with one or two rally red. It is rumored that due to the poor sales of Civic TYPE R, the car has been in the end market.
A few days ago, a letter from SAIC GM Wuling Motor Co., Ltd. on the adjustment of general manager and executive committee members showed that after discussion by the party committee of Shanghai Automobile Group Co., Ltd., the president agreed: Shenyang will no longer hold the post of general manager of SAIC GM Wuling Automobile Co., Ltd., recommending Lu Jun to become SAIC GM Wuling Motor.
Porsche doesn't smell good in China? 2023 ends with negative growth again! A few days ago, Porsche released the latest sales figures, showing that Porsche sold 320221 vehicles worldwide in 2023, an increase of 3% over the same period last year, of which the total delivery volume in China was 79283, although it is still the largest in the world.
ARCFOX, the high-end electric car brand of BAIC New Energy, will be officially unveiled at the Geneva Motor Show, which opens in March, and will also unveil two new models, the second-generation ARCFOX-7 sports car, the Standard Tesla and the new all-electric SUV. ARCFOX sounds like a foreign brand, but it is actually a middle-and high-end brand of BAIC New Energy that focuses on the production of pure electric vehicles. It was launched in August 2016, the first electric supercar concept model is the ARCFOX-7. In June 2018, BAIC New Energy and Magna International AG officially signed in Nanjing, Jiangsu Province.
The car owner bought a new Volvo and stalled two kilometers out of the door, but also stalled twice, the second flameout vehicle could not start, looking for a 4S replacement car but said it was just that the vehicle ran out of fuel, what was the specific situation? In July this year, a Mr. Sang in Chengdu spent more than 300,000 yuan on a Volvo S90 at a Volvo 4s store in long March. As a result, the car only drove about one kilometer and the car stalled. Then Mr. Sang immediately contacted the staff of the 4S store, and the staff of the 4S store said that the vehicle was out of gas, brought a bucket of oil into the vehicle, and told Mr. Sang to go to the attached gas station to fill up the vehicle. According to Sang first.
As a luxury MPV model under GM Buick, GL8 is like the existence of benchmarking. With its large space and business atmosphere, it is favored by many consumers in the domestic MPV market. Some media recently exposed the new Buick GL8 model declaration information, this time Buick is still using new and old models to sell in the same house, both cars have been adjusted. As the new GL8 is still known as ES, the old model is called GL8, which is actually the same model as the current model, but in the case of the coexistence of new and old models, the Buick GL8 ES was launched in 2016, three years later.
In February, Volkswagen made it clear that Porsche would go public independently, and now Porsche is finally going public. The German Volkswagen Group announced that its Porsche will be listed on the Frankfurt Stock Exchange on September 29th, with a maximum valuation of 75 billion euros (524.1 billion yuan).
According to Jiangxi Minsheng Radio FM1019, a SAIC-Volkswagen 4S store in Nanchang suddenly ran away, resulting in a large number of customers unable to take over after-sales service in the store, triggering persistent complaints from car owners. The main problems are that the "gift or purchase maintenance" can not be solved. It is understood that from October 27 to November,