AutoBeta(AutoBeta.net)06/19 Report--

Recently, according to the App, Tianji Automotive Technology Group Co., Ltd. and its electric coffee auto parts manufacturing (Cixi) Co., Ltd. have one more piece of information about the person subject to execution, which shows that the execution mark is more than 50.36 million yuan, and the enforcement court is the Cixi City people's Court. It is understood that Electric Cafe Auto parts Manufacturing (Cixi) Co., Ltd. was established in June 2018, the legal representative is Zhang Hailiang, the scope of business includes auto parts, auto parts manufacturing, processing, wholly owned by Tianji Automobile (Changsha) Group Co., Ltd.

Last month, Tianji Automobile (Changsha) Group Co., Ltd. also added two pieces of equity freeze information, both of which were executed by Shanghai Electric Group Battery Technology Co., Ltd. the total amount of frozen equity was about 26.636 million yuan. the freeze period is from May 16, 2023 to May 15, 2026, and the enforcement courts are the Shanghai Jiading District people's Court.

In early April, a notice about the suspension of production of Skyline Motor with the official seal of Skyline Motor (Changsha) Group Co., Ltd. was circulated on the Internet. According to the contents of the notice: in view of the company's current financial situation and production and sales plans, starting from April 1, 2023, some positions in the company have implemented the policy of suspending work and production. During the period of suspension of work and production, the social security of employees shall still be declared in accordance with the original base. After the first payment cycle, the relevant employees will pay living expenses in accordance with the local minimum wage until the company resumes production. During this period, employees can find new employment opportunities on their own and leave voluntarily.

Judging from the recent news, the situation of Skyline Motor is not optimistic.

In fact, the development of Skyline Motor has not been very smooth in recent years. As early as 2019, Skyline Motor has been reported to be in arrears of employees' wages and layoffs, arrears of partner fees and other news. In addition, senior executives within Skyline have also left frequently in recent years. Data show that Tianji Automobile was founded in 2015, its earlier is the electric car brand of Letv Automobile, the main business is the research and development and sales of new energy vehicles, repair and maintenance of new energy vehicles and other services.

In 2017, when Letv suffered a broken capital chain, Jia Yueting emptied Letv's 35 per cent stake in electric coffee cars, which was then offered by Zhang Hailiang, then Letv's CEO, as chairman. In 2017, the electric coffee car launched its first EV10 model, which is positioned as a small pure electric car, with a subsidised price of 59800 to 67800 yuan. Or the timing is not right, the new car just on the market suffered a large-scale subsidy slope, due to the lack of subsidy policy support, resulting in EV10 in the market is not as expected, sales are not good.

For this reason, the electric coffee car has to change to the high-end market. In November 2018, Electric Cafe launched the high-end brand Skyline. In 2019, "Zhejiang Electric Automobile Technology Co., Ltd." was changed to "Tianji Automotive Technology Group Co., Ltd.". On December 28, 2019, ME7, Skyline's first production car, was launched in Shaoxing. Skyline announced at that time that it had received 8000 orders, which are expected to be delivered in the first quarter of 2020, but it was not available until September 19, 2020 due to the delayed delivery of the epidemic. The price of ME7 is 218800-289800 yuan after comprehensive subsidy. In July, 2021, Skyline Motors launched the added compact SUV Skyline ME5. The new car launched a total of two equipped models with a price range of 14.99-159900 yuan. However, the sales figures for the two models are not satisfactory.

According to relevant data, total sales in 2022 were 5321. Skyline has also made a lot of efforts to increase sales. For example, speed up the development of offline store channels and layout of overseas markets, but the effect is not obvious. Subsequently, due to the shortage of Skyline automobile capital chain and other reasons, many offline store channels also ushered in the withdrawal tide.

In order to survive, financing has also become Skyline's hope. It was reported in March that Skyline will complete a new round of financing of more than 750 million yuan to promote the resumption of work and production. However, according to the current shutdown notice and the information of the person subject to execution, the funds may not be in place yet. As we all know, car building is a "money-burning" industry, and even if Skyline Motors is allowed to complete this financing, it will be a drop in the bucket, far from enough. In 2023, the car market is becoming more and more popular, and a new wave of elimination of car companies has also been opened, leaving Skyline cars with little time.

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