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As soon as production resumed, a car company was frozen for another 5 billion.

2024-03-03 Update From: AutoBeta autobeta NAV: AutoBeta > News >

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AutoBeta(AutoBeta.net)06/03 Report--

The Tram report learned from the heavenly eye that Evergrande New Energy Automobile Investment holding Group Co., Ltd., an affiliated company of Hengchi, added an equity freeze information to Evergrande New Energy Automobile (Guangdong) Co., Ltd. the amount of equity is frozen for 5 billion yuan, and the freeze period is from May 30, 2023 to May 29, 2026, and the enforcement court is the Guangzhou Intermediate people's Court of Guangdong Province.

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Evergrande New Energy Automobile Investment holding Group Co., Ltd. was established in 2019, formerly known as Evergrande National Energy New Energy Automobile Investment holding Group Co., Ltd., the legal representative is Liu Jun, the company's registered capital and paid-in capital are 3.5 billion US dollars. Is an enterprise mainly engaged in the automobile manufacturing industry. The equity penetration chart shows that the company is jointly owned by Evergrande New Energy vehicle Holdings (Hong Kong) Co., Ltd. and Evergrande Hengchi New Energy vehicle (Guangdong) Co., Ltd., with shares of 99.4% and 0.6%, respectively. As for Evergrande New Energy vehicle (Guangdong) Co., Ltd. was also established in 2019, formerly known as Evergrande National Energy New Energy vehicle (Guangdong) Co., Ltd., the legal representative is Li Fukui, the company's registered capital and paid-in capital are 5 billion yuan. Is an enterprise mainly engaged in the automobile manufacturing industry. The equity penetration chart shows that the company is wholly owned by Evergrande New Energy Automobile Investment holding Group Co., Ltd.

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Prior to this, China Evergrande announced on May 12 that the Guangzhou Municipal Intermediate people's Court of Guangdong Province had included Guangzhou Kailong Real Estate Co., Ltd., the company's controlling shareholder and executive director Xu Jiayin on the list of executees, with a total execution amount of 6.061 billion yuan.

So far, Evergrande is still facing the dilemma of lack of funds, and its auto business has not yet improved.

Compared with traditional car companies, Evergrande has cut into the new energy car track through a series of overseas mergers and acquisitions, and is even known as "RMB player" and "not short of money" in the industry. Xu Jiayin has already boasted when there are no cars: "in the next three to five years, it will become the largest and most powerful new energy automobile group in the world." It also announced the target of producing and selling 1 million vehicles in 2025 and 5 million vehicles in 2035.

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However, the development of the car-building field of Evergrande is not smooth. At present, Evergrande Automobile Product Matrix has a total of 9 models from Hengchi 1 to Hengchi 9, including cars, SUV and MPV, covering all levels A to D. from the point of view of product layout, the layout of Evergrande automobile products is quite perfect, but so far, Evergrande has only "Hengchi 5" to achieve mass production.

On September 16, 2022, Hengchi 5, which has experienced many "dystocia", is officially in mass production. This is the first model of the Hengchi brand, positioning as a compact pure electric SUV, and only one model is launched, with a pre-price of 179000 yuan for the deluxe version. The first batch of mass production cars began to be delivered on October 29, 2022. After the delivery of Hengchi 5, officials said that within 15 days after the pre-sale of new cars, the order had exceeded 37000. Liu Yongzhao, president of Hengchi New Energy Automobile Group, also created momentum for new cars many times. "Hengchi 5 market response is very good, even better than expected, from the current point of view Hengchi big sale is a foregone conclusion." However, since the launch of the new car, Hengchi 5 faces factory shutdown after delivering only 900 vehicles.

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On the evening of April 24, Evergrande disclosed in an announcement that the Tianjin factory had suspended production of Hengchi 5 due to lack of funds. Before that, Evergrande also suspended other factories and concentrated resources on production at the Tianjin plant, which means a total suspension of production as the Tianjin plant stops production. Subsequently, both China Evergrande and Evergrande announced that they would get out of the predicament in another way-China Evergrande plans to buy Evergrande Automobile-related projects and acquire about $24.8 billion in debt to help Evergrande get out of trouble. and focus on new energy vehicles in this way.

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Evergrande Automobile Annual report data show that Evergrande Automobile lost 1.429 billion yuan, 4.426 billion yuan and 7.394 billion yuan respectively from 2018 to 2020, that is to say, Evergrande has accumulated 13.249 billion yuan over the past three years. According to the latest financial report, as of December 31, 2021, Evergrande had total assets of 59.521 billion yuan and total liabilities of 58.83 billion yuan, with an asset-liability ratio of 98.84%, which is almost insolvent.

Hengchi said on its official Weibo on May 30 that the Tianjin plant had resumed full production on May 23. According to the latest video released by Evergrande, the stamping, body, painting and final assembly workshop at Evergrande's Tianjin plant has begun to operate continuously. Liu Yongzhao, president of Hengchi, said: "We will make every effort to speed up the production and delivery of Hengchi 5, and continue to promote the R & D and production of follow-up models, so as to make the enterprise bigger and stronger."

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Although Evergrande Tianjin plant has fully resumed production, the financial problem troubling Evergrande is still an unavoidable problem in the process of Evergrande car building. Judging from the current situation of Evergrande, Evergrande wants to continue to operate normally and mass produce more new cars, which means that Evergrande still needs a lot of "blood transfusion". At present, Evergrande Automobile subsidiary has been listed as the executor of breaking promises. Evergrande wants to realize what Xu Jiayin called "the largest and most powerful new energy automobile group in the world in the next three to five years." It also announced that the goal of producing and selling 1 million vehicles in 2025 and 5 million in 2035 is "even more difficult.

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