A few days ago, the Ministry of Industry and Information Technology issued the fourth part of Road Motor vehicle production Enterprises and products (batch 371), including Beijing Baowo Automobile Co., Ltd. (hereinafter referred to as "Beijing Baowo") applied for cancellation of automobile production qualification on its own. among them, a number of Beijing Baowo products will stop production from the date of announcement and will stop selling on December 31, 2023.
Bowo declared bankruptcy as early as the last century. In order to enter the passenger car market, Foton spent 5 million euros to buy Bowo in 2014, and then established Beijing Bowo Automobile Co., Ltd. in January 2016. Foton declared it a "German" lineage, using the slogan of "German brothers" and known as "BBBA".
Due to poor management, Beijing Baowo suffered losses year after year. Futian Motor, which could not make ends meet, listed to transfer 76% of Beijing Baowo's shares, and Shenzhou Youche directly became the controlling shareholder of Beijing Baowo. However, Shenzhou excellent car also failed to save Beijing Baowo, Luckin Coffee financial fraud, coupled with the long-term poor performance of the "Shenzhou Department", the relevant companies fell into a financial crisis, and finally the operating condition of Beijing Baowo continued to deteriorate. unable to pay off maturing debts and assets less than liabilities, not enough to pay off all debts, no one applied for restructuring or settlement, and finally declared bankruptcy. On November 29th, 2022, the Beijing No. 1 Intermediate people's Court issued (2022) Beijing 01 Breaking No. 91 "Civil order" and ruled to declare Beijing Baowo bankrupt.
With the cancellation of production qualification, the reborn Baowo has once again come to an end in China.
In 2018, the Ministry of Industry and Information Technology issued the measures for the Management of Road Motor vehicle production Enterprises and Product access, which explicitly encourages road motor vehicle production enterprises to carry out research and development and production capacity cooperation. Road motor vehicle production enterprises that meet the prescribed conditions are allowed to entrust processing production. The promulgation of the "Management measures" formally defines the legal status of contract production. As a result, a large number of new forces, which have neither production qualification nor market base, began to cooperate with traditional car companies to produce, in which Wei chose Jianghuai OEM, Xiaopeng through Haima OEM, and Gaohe through Yueda Kia OEM, bypassing the hurdle of qualification to achieve the purpose of mass production and listing.
However, contract production is also a large expenditure, which requires a huge amount of money every year. For this reason, more and more new forces begin to abandon the contract manufacturing line and obtain production qualification indirectly through the acquisition of automobile manufacturing companies that are on the verge of bankruptcy or have gone bankrupt. In 2018, ideal Motor acquired a 100% stake in Lifan Motor, thus obtaining the production qualification. In 2019, Reading acquired Sichuan Automobile Mustang and obtained the production qualification. In the same year, Aichi Motor invested in Jiangling Holdings, became the largest shareholder and obtained production qualification. Xiaopeng first achieved mass production through Haima OEM, then gained manufacturing authority through the acquisition of Guangdong Fudi, and finally parted ways with Haima.
From a realistic point of view, the choice of OEM can bypass the difficult problem of "birth permit" in a short time, with the help of the accumulation of manufacturing technology of traditional automobile enterprises, it can also alleviate certain investment pressure, but from a long-term strategic point of view, obtaining qualifications and building self-built factories is the real solution.
At the beginning of the year, it was rumored in the market that the production qualification would be "closed." the domestic production qualification was no longer allowed to be sold and had to be cancelled on its own, while Xiaomi was granted special approval to forcibly cancel Beijing Baowo's production qualification and transfer it to Xiaomi Automobile, but Xiaomi did not admit this rumor. Up to now, Xiaomi has decided to build its own factory to produce the whole car, and the first mass production car will be released in 2024, but Xiaomi has not disclosed how to obtain a production license.
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