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Chery was forced to execute 955 million RMB? Official response

2024-03-04 Update From: AutoBeta autobeta NAV: AutoBeta > News >

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AutoBeta(AutoBeta.net)06/15 Report--

Chery issued two "instructions" on its official Weibo on June 14. According to the "description," the current case of "the contract dispute involving Chery holding Group Co., Ltd., Chery Automobile Co., Ltd., reported by the relevant media," has been completed; another "statement" shows that Chery Holdings Group Co., Ltd. and Chery Automobile Co., Ltd. have taken the initiative to pay all the money in the contract dispute execution case, and the case has now been completed.

Tianyan check information shows that on June 12, Chery holding Group Co., Ltd. and Chery Automobile Co., Ltd. added an executed message, case number (2023) Wan02 holding No. 229, execution subject matter exceeding 955 million yuan, involving contract disputes. The enforcement court is the Wuhu City Intermediate people's Court of Anhui Province.

It is understood that the above contract dispute case hearing announcement is May 18, 2022, the plaintiff is Haining Jianshan New area Development Co., Ltd., the company is an enterprise under the Haining City Finance Bureau; the defendants are Chery Automobile Co., Ltd., Chery holding Group Co., Ltd.

So far, neither side has disclosed the details of the above-mentioned contract dispute. However, some domestic media reported that the contract dispute may be related to "Haining State Capital participated in Chery's capital increase and share increase" many years ago. In September 2019, Chery signed a contract with Stuttgart, a subsidiary of Deutsche Post, to set up an electric light commercial vehicle joint venture. The two sides plan to invest 500 million euros to develop and produce electric logistics vehicles in China. It is planned to build a factory with an annual production capacity of 100000 vehicles and set up an electric vehicle research and development center. At that time, insiders of the Haining Finance Bureau revealed that Haining had local plans to develop new energy vehicles, and was optimistic about the capabilities and prospects of Chery new energy vehicles. As for the "Chery Automobile Capital increase and share expansion Project", Chery insiders have also responded that Tengxing is more likely to be delisted from the Yangtze River Delta, and as one of the conditions of the deal, the joint venture between Chery and Deutsche Post is likely to settle in Haining.

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However, as of press time, this report has not been officially confirmed. Chery Automobile said in the release of the "description": "Chery Automobile has taken the initiative to pay all the money, and now this case has been completed."

Chery Automobile was registered in January 1997, headquartered in Wuhu City, Anhui Province, the current chairman and general manager is Yin Tongyue, is a state-owned holding enterprise engaged in automobile production. Chery sold 328581 vehicles in 2022 and 112967 from January to May in 2023, including 28516 in May, according to the Federation of passengers.

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