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one disaster after another! Huatai Automobile was forced to hold 770 million RMB.

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


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Recently, according to the eye check, Huatai Automobile Group Co., Ltd. added two pieces of information about the person subject to execution on August 15, with the target for execution of about 770 million yuan. One of the executed targets is about 440 million yuan, the executed are Huatai Automobile Group Co., Ltd. And Inner Mongolia Ouyide engine Co., Ltd., and the other is about 330 million yuan. The executor is Huatai Automobile Group Co., Ltd. and its holding company, Erdos Huatai Automobile body Co., Ltd., and the execution courts are all Ordos Intermediate people's Court.



When consulting Huatai Automobile Group Co., Ltd., the automobile industry found that the company had a number of information about the person subject to execution. Since April this year alone, the number of persons subject to execution has reached 18, of which the total amount of execution has exceeded 6.18 billion yuan. In addition, the company also has hundreds of restrictions on high consumption orders, hundreds of final capital cases and more than 20 pieces of information about people who break their promises.


Relevant data show that Huatai Automobile Group Co., Ltd. was established in May 2008, and the legal representative of the company is Miao Xiaolong. The scope of business includes commissioned production and sales of auto parts, accessories, import and export of goods, sales of cars, business management consulting, engineering and technical research and test development, technology promotion and so on.

In recent years, the existence of Huatai Automobile in the market is getting lower and lower, and Huatai Automobile-related models are seldom seen in the market. It is worth noting that Huatai Automobile also had a period of highlight at the beginning of its establishment. In 2000, its founder Zhang Xiuxian bought Shandong Rongcheng Automobile Factory from FAW Group, which entered the field of car manufacturing and changed its name to Rongcheng Huatai Automobile Co., Ltd. In 2003, in cooperation with Hyundai Motor, the SUV model Traka was launched, which hit the market as soon as it was launched, selling 15000 cars that year. In 2005, Huatai reached an agreement with South Korea's Hyundai Motor to launch a new SUV model, Santa Fe. With the help of Hyundai's technology, Santa Fe quickly became popular in the market, with annual sales of 50, 000 vehicles.


It is not difficult to see that the early sales of Huatai are quite good. From 2015 to 2017, Huatai sold 71200, 73000 and 132600 respectively, but due to Huatai's own lack of core technology, Hyundai's resources are gradually tilted to the joint venture Beijing Hyundai, and Huatai is also gradually marginalized. The next Huatai car life is not easy, they have no hematopoietic ability, with Santa Fe's old capital has been sold so far, the product is still the same set of technology, the appearance has only made a small adjustment, how can the vehicle sell well.

In order to get more funding through the new energy policy, Huatai Motor acquired dawning shares at a price of 2.271 billion in January 2017. however, Huatai Motor did not complete the acquisition of dawning shares until September 27, 2018. however, the acquisition did not make a good development for the development of Huatai Automobile, and Huatai Motor not only failed to achieve the sales target previously proposed. On the contrary, it was revealed that it was facing negative news such as bankruptcy, arrears of wages, departure of R & D personnel, suspension of production base, and so on. Huatai's sales in 2018 were 120700, down 9.0% from a year earlier and nearly 80, 000 short of the earlier target of 200000, according to the data. In 2019, Huatai's annual sales fell to about 30,000 vehicles.


Behind the poor sales is a huge debt, Huatai Motor was exposed to debt as high as 29.4 billion in 2019. At that time, many people in the industry said bluntly about Huatai's situation that Huatai was on the verge of bankruptcy. At the same time, Huatai Motor founder Zhang Xiujian also had a big problem. In September last year, Zhang Xiugen was arrested on suspicion of "illegally transferring and reselling land use rights." Once upon a time, when sales soared earlier, Huatai confidently put forward the ambitious goal of selling 200000 vehicles in 2018 and exceeding 500000 in 2020, and said it would launch nearly 30 new cars in the next three years. Looking back now, it's just a whimsical imagination.

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