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Two experience stores under the Tianjin Hengchi line are closed!

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

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AutoBeta(AutoBeta.net)08/29 Report--

All of Hengchi's offline display and experience center in Tianjin has been closed, including Hengchi Exhibition and experience Center (Tianjin Heping Store) and Hengchi Exhibition Center (Tianjin Nankai Store), according to Video after all.

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According to the Tram report, Hengchi has two stores in Tianjin, one is located in Zone 12 C, Dasi High-tech Industrial Park, Xiqing District, Tianjin, for the delivery center, and the other is located at F1035, first floor, Aegean Shopping Park, 160 Jinbin Avenue, Hedong District, Tianjin, as an experience center.

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Subsequently, the "Tramway report" inquired about Hengchi's official customer service and confirmed that Hengchi Exhibition experience Center (Tianjin Heping Store) and Hengchi Exhibition Center (Tianjin Nankai Store) had indeed moved out, but not all display experience centers have been closed. Official customer service tips can go to Hengchi Exhibition Center (Tianjin Hedong Store). According to the inquiry, Hengchi has a total of 60 stores in China, including delivery centers and experience centers.

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Life is really not so easy for Evergrande. On the evening of August 25, Evergrande released its interim results for 2023. According to the financial report, Evergrande made a net loss of 6.873 billion yuan in the first half of 2023, with a net loss of 6.873 billion yuan, including an operating loss of 2.096 billion yuan. According to previous data, Evergrande has lost 105.78 billion yuan since it announced its construction in 2018, including a loss of 56.34 billion yuan in 2021, a net loss of 27.66 billion yuan in 2022, and a two-year loss of 84.01 billion yuan.

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Evergrande laid off a large number of staff! According to the financial report, as of June 30, 2023, Evergrande employed a total of 1597 employees, while as of December 31, 2022, Evergrande employed 4506 employees, and as of March 31, 2023, Evergrande employed a total of 2795 employees. Based on this calculation, Evergrande laid off 2909 employees in the first half of 2023, accounting for 64 per cent of layoffs.

Is Hengchi a big seller? The financial report shows that Hengchi delivered more than 760 Hengchi 5 in the first half of the year, and the company will continue to focus on the high-quality production and delivery of Hengchi 5, improve and streamline the production management system, and lay a solid foundation for future mass production. Earlier, officials had said that Hengchi 5 had ordered more than 37000 vehicles 15 days after the pre-sale opened, and that the first batch of 10, 000 vehicles would be delivered by the first quarter of 2023, but in fact it had delivered no more than 1,000 vehicles, which is very different from the pre-sale order data released by Hengchi 5.

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Mysterious funds from the Middle East enter the market, Savior! On August 14, China Evergrande announced that Evergrande received the first strategic investment of US $500 million from Newton Group, which is held by the United Arab Emirates National Sovereign Fund. Newton Group will subscribe for about 27.5% of Evergrande Motor. China's Evergrande holding proportion will be diluted to about 46.86%, Evergrande will no longer be a non-wholly-owned subsidiary of Evergrande, and its financial performance will no longer be included in the performance of Evergrande Group.

The latest news shows that 600 million yuan of transition funds have begun to arrive one after another, which will be used to support the normal production of the Tianjin factory. According to the practice of media reporters, Hengchi Tianjin factory does have employees to work, but there are fewer vehicles in and out.

Since the announcement of car construction, Evergrande has planned a total of nine models, including Hengchi 1 and Hengchi 2, etc., but in fact, only Hengchi 5 has really achieved mass production and listing, and so far the cumulative delivery has only exceeded 1000, which is equivalent to a loss of almost 100 million on the sale of a car, and Evergrande's car-building path is also a record in the industry.

It is worth mentioning that Evergrande property, Evergrande Automobile and China Evergrande all plummeted after the resumption of trading. China Evergrande, for example, resumed trading on Aug. 28 and its share price plunged 78.79 per cent to HK $1.65 before the suspension. The latest share price is only HK $0.35, with a total market capitalization of HK $4.027 billion.

With huge losses and debts, how long can Evergrande survive even if it is rescued by mysterious funds from the Middle East?

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