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Another new car-building power has been filed for bankruptcy.

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


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On July 4th, a "bankruptcy review" message brought the long-silent Singularity back into the public eye.

"attention to the Automobile Industry" learned from the heavenly eyes that Anhui Singularity Intelligent New Energy Automobile Co., Ltd., the company behind the new power of car building, Anhui Singularity Intelligent New Energy Automobile Co., Ltd. added a piece of "bankruptcy review" information, the case number is (2023) Anhui 07 Breakthrough No. 3, the type of case is "bankruptcy review case", the applicant is Zhong Ming and other 10 people, and the applicant is Anhui Singularity Intelligent New Energy Automobile Co., Ltd. The handling court is the Intermediate people's Court of Tongling City, Anhui Province.


According to the announcement of the Intermediate people's Court of Tongling City, Anhui Province, on June 26, 2023, according to the creditors Zhong Ming, Huang Wenshan, Lin Yingchun, Yang Ziqiang, Li Xin, Cui Zhonghua, Zhang Chao, Wang Weigang, du Liang and Gao Jingyi, the court applied to accept the bankruptcy liquidation case of Anhui Singularity Intelligent New Energy Automobile Co., Ltd. And on June 30, 2023, Tongling Jinjian Accounting firm was appointed as the manager of Anhui Singularity Intelligent New Energy vehicle Co., Ltd.

The creditors of Anhui Singularity Intelligent New Energy vehicle Co., Ltd. should declare their claims to Tongling Jinjian Accounting firm, manager of Anhui Singularity Intelligent New Energy vehicle Co., Ltd., before September 30, 2023. If the claim is not declared within the above-mentioned time limit, a supplementary declaration may be made before the bankruptcy property distribution plan is submitted to the creditors' meeting for discussion, but the previous distribution has no right to require supplementary distribution, at the same time, it shall bear the costs incurred in examining and confirming the supplementary declaration of claims. If the creditor's rights are not declared, the rights shall not be exercised in accordance with the procedures stipulated in the Enterprise bankruptcy Law of the people's Republic of China. The debtor or property holder of Anhui Singularity Intelligent New Energy vehicle Co., Ltd. shall pay off debts or deliver property to Tongling Jinjian Accounting firm, manager of Anhui Singularity Intelligent New Energy vehicle Co., Ltd.

According to the above announcement, the court is scheduled to hold its first creditors' meeting at 9: 00 a.m. on October 10, 2023 in the Grand Court on the second floor of the Intermediate people's Court of Tongling City, Anhui Province.

Anhui Singularity Intelligent New Energy vehicle Co., Ltd. was established in October 2016. its legal representative is Xu Jun, with a registered capital of 1.35 billion yuan, according to Tianyan check information. The company is jointly owned by Singularity Automobile affiliated companies Zhi che Youhang Technology (Shanghai) Co., Ltd., and Carpenter Automotive Technology (Beijing) Co., Ltd., with a shareholding ratio of 99% and 1% respectively.


As of press time, the above companies were faced with a number of information about the person subject to execution, with a total amount of more than 3.71 million yuan. At the same time, there were also a number of restrictions on consumption orders, breach of faith and final case information. Among them, 11 persons were executed in breach of trust, with a failure rate of 100%; the total amount of the subject matter of execution was 7.324382 million yuan, and the proportion of non-performance was 100%.

Singularity is a new intelligent electric vehicle built by Smart car Youhang Technology Co., Ltd., founded and CEO by Shen Haiyin, a former vice president of 360and vice president of Kingsoft Group. The first large-scale pure electric SUV iS6 for the positioning of the first production model of Singularity was officially unveiled in April 2017 with a price of about 20-300000 yuan. According to "Automotive Industry concern", Smart car Youxing Technology (Shanghai) Co., Ltd. was established in October 2014. from the time of its establishment and the release time of the first mass production model, the development of Singularity Automobile is earlier than that of "Wei Xiaoli", which is the mainstream of the auto market. It can be said that it is the first batch of new forces to build cars in China, but in fact, the development of Singularity Automobile is not smooth, and it is not as good as "Wei Xiaoli".

In March 2016, at the China Home Appliances and Consumer Electronics Expo in Beijing and Shanghai, Smart car Youhang announced that it would launch China's first Internet car-making product, the Smart Electric SUV Singularity car. In October of the same year, Premier Li Keqiang stopped at the Singularity car booth to like it when he came to the Exhibition Hall of Shenzhen Bay Entrepreneurship Plaza to visit the theme display of the 2016 National Volkswagen Entrepreneurship and Innovation week. This news still remains in a prominent position on the official website of Singularity Automobile, which has become a highlight moment for the company. In August 2020, Singularity Automobile also ranked 108th on the 2020 Hurun Global Unicorn list of Suzhou High-tech Zone with a market capitalization of 20 billion yuan, but the highlight moment of Singularity Automobile also came to an abrupt end here.


Although Singularity entered the auto circle very early, its first model, the iS6, is the industry's famous "ticket-jumping king". Singularity iS6 was first released in April 2017, and there has been a series of ticket jumps since then. Shen Haiyin said bluntly that he would achieve small batch production by the end of the year and delivery by 2018, but not only failed to achieve small batch production, but also delayed mass production delivery of the car until the fourth quarter of 2019.


In addition to the first production car in a row, the iM8 and iC3 launched by Singularity were also unable to deliver to the market on time and were once caught in a storm of unpaid wages. At the end of 2018, it was revealed that there was something wrong with the capital chain, when the media reported that Singularity owed employees three months' wages, and even borrowed money from employees and paid wages by installments. Although later, due to the availability of new financing, arrears of wages were soon made up. But since then, the market has not broken the news about the shortage of the singularity car capital chain. In July 2022, the media reported that Singularity had been in arrears for as long as a year and a half. From the beginning of 2021 to July 2022, some employees were owed wages of about 150000 yuan, and the cumulative number of employees in arrears reached 300. Nearly 150 of them initiated a labor arbitration against Singularity Motor to claim unpaid wages.


Different from the current hot new energy vehicle market, after entering 2023, the rear "new forces" have entered a fierce knockout stage, including Skyline cars, Aichi cars and Baiteng cars are facing varying degrees of crisis. As one of the earliest new car-building forces, Singularity Automobile is only in the twinkling of an eye from the highlight moment to the verge of bankruptcy. With the rapid transfer of the new energy car market to the "Red Sea", the survival of the fittest among car companies will also become the norm.

In fact, it is to be expected that Singularity was filed for bankruptcy. So far, the last update on Singularity's official website stays in August 2020 and has not been updated for nearly 3 years, while its Weibo was last updated in March 2021.

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