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There are many difficulties! A new force in car building was executed for nearly 3 million RMB.

2024-02-24 Update From: AutoBeta autobeta NAV: AutoBeta > News >

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AutoBeta(AutoBeta.net)06/14 Report--

Recently, Weima New Energy vehicle sales (Shanghai) Co., Ltd. added a piece of information about the person subject to execution, according to the China Executive Information publicity Network. The content of the information shows that the related case involves service contract disputes, and the enforcement court is the Shanghai Qingpu District people's Court, and the subject matter to be executed is more than 2.8876 million yuan.

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Relevant data show that Weima New Energy vehicle sales (Shanghai) Co., Ltd. was established in March 2018 and is wholly owned by Weima Automotive Technology Group Co., Ltd. The legal representative is Zhou Chen with a registered capital of 500 million yuan. the company's business scope includes: automobile sales, technical services in the automotive field, motor vehicle maintenance, second-hand car services, second-hand car brokers, part-time insurance agents, car rental services, motor vehicle driving services, technology development, technical services, technology transfer, technical consultation in the field of automobile intelligence, artificial intelligence industry application system. Construction and operation of recharging facilities for new energy vehicles.

It is worth noting that the auto industry focused on the implementation of the Information Disclosure Network in China to search Weima Motors and found that a number of Weimar's companies were listed as executees by Luo.

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Weima Automobile, as an early new energy vehicle company in China, its starting point is not low. However, after entering 2020, with the intensification of market competition. Weima began to decline, its status was replaced by other new car-building forces, "Wei Xiaoli" gradually become the mainstream of the market, Weima has since been marginalized. According to the data, the three car companies of Wei Xiaoli all sold more than 90, 000 vehicles in 2021, while Weimar sold only 44000 in 2021. According to the data, Weimar has lagged behind in its sales since 2020, and its operating condition is also deteriorating.

After entering 2022, the situation of Weima Motor is becoming less and less optimistic, and there are reports of layoffs, non-payment of rent in the headquarters building, wage arrears, social security arrears, employees asking for wages online, safeguarding their factory rights, and so on. In October last year, it was reported that most of Weimar's stores in Shanghai, Beijing, Chengdu and other cities were closed and empty. At the same time, vehicle production at the Weimar Wenzhou plant has also stalled. At its peak, Weimar has 621 stores across the country.

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Fortunately, at the beginning of this year, Weimar announced a conditional sale and purchase agreement with Apollo. Apollo, a Hong Kong-listed company, plans to buy Weima Motor's subsidiary for US $2.023 billion, which will be settled by allocating and issuing consideration shares. According to the earlier news, the follow-up Apollo will plan to issue additional shares to no less than six targets, raising a net fund of about HK $3.526 billion. It is optimistically estimated that Weimar may complete the listing of Hong Kong stocks in the second quarter of this year.

However, at present, it seems that Weima's hope of completing the listing of Hong Kong stocks by backdoor listing in the second quarter has been dashed. Even if the Apollo trip can help Ma successfully complete the financing of HK $3.526 billion, it is far from enough to offset Weimar's debt. Relevant data show that by the end of March 2022, Weima had 6.67 billion yuan in long-term loans and 2.28 billion yuan in short-term loans, with a total foreign debt of 9 billion yuan. In addition, according to the prospectus submitted last year, Weimar made a net loss of 4.145 billion yuan, 5.084 billion yuan and 8.206 billion yuan respectively from 2019 to 2021, with a total net loss of 13.632 billion yuan over three years. By the end of June 2022, Weimar had only 4.156 billion yuan in cash flow on its books.

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Although the outside world feels that the situation of Weima is in crisis, Shen Hui, chairman of Weima Automobile, has constantly released good news to the outside world this year. "Weima did encounter some difficulties in the past year because of the objective impact of the epidemic and the market environment," he said of Weima's current situation. We are adjusting through a series of measures to reduce costs and increase efficiency, to ensure the resumption of work and production, and to ensure the experience of end users. Learn from the bitter experience before you can pack up and start again! Thank you for your concern. Please do not believe the rumors and wait for our good news. In addition, Shen Hui also said: "Weima can continue to fight as long as he still has a breath." At present, the biggest challenge is how to get through the darkness before dawn. " "everything is for the better!" Shen Hui wrote again on Weibo on May 4.

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In the end, whether Weimar can be like Shen Hui said that "everything is getting better", from the various signs at this stage, there are still some difficulties. After all, the entire Weimar system is now at a standstill. In terms of production, Weimar's Wenzhou plant is said to have stopped production because there are no orders. Most of the stores responsible for sales are also closed. After-sale is not on the link, resulting in more and more dealers choose to withdraw from the net, and turn to other car brands. At present, the biggest problem Weimar has to face is the problem of funds. after all, there must be enough funds to support its "survival". However, with the intensification of market competition, Weimar's product competitiveness is also greatly weakened. What advantages will Weimar use to get enough funds?

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