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Weimar has no pay again!

2024-02-23 Update From: AutoBeta autobeta NAV: AutoBeta > News >

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AutoBeta(AutoBeta.net)06/30 Report--

According to the latest report of the Securities Daily, Weimar suspended its salary again after narrowing the salary range. At present, only the director and above of the middle and high level of the company are paid, while others are suspended. As of press time, Weimar did not respond to the news.

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The whole Weimar is in chaos. How much time is left for Weimar?

At present, Weimar is facing a huge crisis in the three main operational links of production, sales and after-sales service. In terms of production, the Weima factory is in a state of suspension, and the on-the-job employees can only get a basic salary of 1700 yuan a month to survive because of no performance. In terms of sales, Beijing, Shanghai, Chengdu and other places closed stores in large areas, because no consumers are willing to buy Weima models, resulting in dealers facing double difficulties, more and more dealers choose to withdraw from the network and turn to other car brands. In terms of after-sales, the closure of a large area of stores makes it difficult for car owners to maintain, coupled with the suspension of production at the Weima factory and the failure to pay the suppliers in time, the car owners are unable to enjoy after-sales service, and an accessory has to wait for months.

On March 7, Weimar responded to the question of resuming production and work in the exhibition hall, which was highly concerned by the outside world, saying that in the near future, more than 100 dealer showrooms across the country will gradually return to normal services to solve the problem of car purchase and use for consumers. In view of the after-sales maintenance difficulties of some car owners caused by tight supply chain, Weima has contacted the company's after-sales department and spare parts outsourcing storage and distribution company to urgently allocate relevant accessories to meet the needs of users as soon as possible. After the announcement, Weima's after-sales service has indeed improved, but vehicle maintenance is still facing difficulties.

According to Weimar Financial report data, Weima lost 4.145 billion yuan, 5.084 billion yuan and 8.206 billion yuan respectively from 2019 to 2021, with a total loss of 17.435 billion yuan. In the past three years, Weima sold 16900 vehicles, 22500 vehicles and 44200 vehicles respectively. In 2021, for example, Weimar will lose an average of 185000 yuan per car sold.

At present, what Weimar needs most is still money. By the end of 2021, Weimar's asset-liability ratio was as high as 202.36%, seriously insolvent, far higher than those of car companies that have filed for bankruptcy liquidation. As of March 31, 2022, Weimar's remaining cash and cash equivalents were 3.678 billion yuan, while wage cuts and layoffs, factory shutdowns, and rent arrears in headquarters buildings all revealed that Weimar's finances were stretched.

Weimar hopes to go public through backdoor listing and gain access to secondary market financing through Apollo travel. Apollo has announced that it intends to issue additional shares to no less than six clients, raising a net amount of about HK $3.526 billion, of which about HK $700m will be used to repay Weimar's debts. Prior to this, some media optimistically estimated that Weimar will most likely be fully listed in the second quarter, but as of June 30, Weimar Motor and Apollo travel have not disclosed the relevant progress. From this point of view, the operating condition of Weimar is obviously not considerable. Of course, the new energy vehicle industry has been overheated, coupled with the fact that Weima has become a "dangerous" horse, even if Weima Automobile reverse acquisition is successful, whether it can raise funds in the secondary market is also unknown. After all, the risk of investing in Weima is far greater than the opportunity.

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The problem Weimar faces is not only money, but also a collection of complex issues such as product power, channel capability, organizational structure and so on. If Li Bin was successfully rescued by Hefei investment, Shen Hui needs radical changes, including products and services, organization and management, and so on.

At present, "life is worse than death" is not only Weima, but also its employees. The official Weibo of Weima Automobile and the comment area of Weima CEO Shen Hui's personal Weibo have also been occupied by netizens who "collect debts". Among them, some netizens are urging for repayment of wages and payment of provident fund, while others are urging Weima AAP to repair and vehicle after-sales problems; currently, Weima Automobile and Shen Hui's Weibo have closed Weibo comments.

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