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Arrears of wages are over 100 million! The headquarters of a car company was blocked.

2024-06-17 Update From: AutoBeta autobeta NAV: AutoBeta > News >


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Two months later, Baoneng was once again dragged back to public view because of the "wage claim incident".

What is the extent to which Baoneng is short of money? According to the report of the Daily Business News, as of early April this year, Baoneng Automobile involved 5659 people who owed wages, with a total arrears of wages of about 130 million yuan (including compensation of about 25 million yuan), social security arrears of about 91.8 million yuan and provident fund arrears of about 62.72 million yuan.


"every once in a while, some Baoneng dealers and former employees who ask for wages come here to ask for an explanation," said a former Baoneng person who spoke on condition of anonymity. " This year, many car dealers of Baoneng spontaneously went to the headquarters of Baoneng Group to ask for arrears, and many of them paid a deposit of about 100000 yuan. Recently, they also locked the door of the Baoneng Science and Technology Park Building in Longhua District, Shenzhen, mainly to ask for an explanation from Baoneng. "


In addition to arrears of wages to employees, Baoneng Motor is almost in a state of shutdown. The Daily Business News pointed out in the report that due to the periodic liquidity difficulties of Baoneng Group, Baoneng's national business has been in a bad state since June 2021, and the management team reviewed the 472 stores that had opened and closed the stores that did not meet the market demand and did not have actual performance. By April 2023, due to the continuous outbreak of problems such as rent arrears, loan arrears, deposit arrears, arrears of wages, social security, and housing provident fund, there were only seven directly operated stores in the country (all located in self-owned properties). In addition, due to the expiration of the announcement of the Ministry of Industry and Information Technology where Guanzhi 7 models are located, the vehicles were detained and unable to be licensed, resulting in the stagnation of Baoneng Automobile's overall business, and 126 people are still working. Mainly responsible for the maintenance and maintenance of existing customers throughout the country, 7 store operations, DS05 project research and follow-up, financial accounts carding, personal income tax declaration and labor arbitration cases, litigation and bankruptcy handling.


As of press time, Baoneng officials did not respond to the above news.

Baoneng Group was founded in 1992, headquartered in Shenzhen and chaired by Yao Zhenhua. In March 2017, Yao Zhenhua announced that he built cars across the border and established Baoneng Automobile Group. then he bought 51% of Guanzhi's shares at a purchase price of 6.63 billion yuan, became the controlling shareholder of Guanzhi Automobile, and has since entered the automobile industry. and the entry of Baoneng Group also brought good market feedback to Guanzhi Automobile, and the brand of Baoneng Automobile at that time was not bad. The deep-pocketed Yao Zhenhua even made a high-profile statement that he would invest more than 50 billion yuan in Qoros and that it would take 10 to 15 years to build Baoneng into a powerful group, with plans to launch 26 new models by 2022.

In the end, however, Yao Zhenhua not only failed to deliver on his promise to Qoros, but Baoneng also failed to protect itself. In 2021, Baoneng car factory shutdown, layoffs, severed employees' social security, shop closure and many other problems, Baoneng car arrears, severed employees' social security incident also began, and then fell into a liquidity crisis.


In April, several Baoneng employees belonging to different departments said that Baoneng had delayed its salary for about 12 months and owed social security for three months. In February 2022, Baoneng employees were still asking for salaries in the form of group letters.

Baoneng Automobile has three major passenger car brands: BAO, Qoros and au Poly. At present, the last development on Baoneng's official Wechat account still stays on February 8 this year. It was the 2023 kick-off meeting attended by Yao Zhenhua, Bao Neng CEO Xing Ze and other management personnel, as well as all employees of Baoneng Automobile headquarters. Lu Xingze said that this year is a critical year for Baoneng Automobile, fully ensuring the mass production of three key models of A3, GX16 and A6, and taking the first car of DS05 off the line this year. Yao Zhenhua said that the whole vehicle project should speed up the release of production capacity, and the A3 model of au Poly is the top priority in the business plan.


According to the plan, the BAO brand will launch at least 16 models within five years, including SUV, sedan, MPV, sports car and other models, gradually covering the high-end electric vehicle market segment. However, since the launch of the two models codenamed GX16 and GX18 in January last year, the BAO brand has made no new progress in new cars. Burberry focuses on small electric cars, with the first model being the A3, which was first unveiled in September 2022. In December, Baoneng revealed that the A3, which has received 10,000 orders, will be fully mass produced at Baoneng's Xi'an plant and is scheduled to be delivered to the market in the first quarter of 2023. So far, however, the A3 has not been delivered as scheduled. As for Qoros, it has been on the edge of a cliff since 2023, with negative news such as unpaid wages, suspension of production, auction of production equipment and near shutdown.


Since 2023, the competition in the automobile industry has become increasingly fierce, and the industry has entered the link of survival of the fittest. Even if Baoneng Automobile can quickly solve the financial dilemma, Baoneng Automobile, which can not rely on sales to seize the market, will also face tremendous pressure.

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