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It's in danger! 6 billion of the assets of a new force have been frozen

2024-02-24 Update From: AutoBeta autobeta NAV: AutoBeta > News >


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Although it has been acquired by Happy Motors, Weimar is still on the brink of a cliff.

According to the information of "Automotive Industry concern", Weima Automotive Technology Group Co., Ltd. added a piece of equity freeze information to Suzhou Weima Wisdom Travel Technology Co., Ltd., with a frozen equity amount of 6 billion RMB. The freeze period is from September 27, 2023 to September 26, 2026. The enforcement court is the Shanghai Pudong New area people's Court.


Data show that Weima Automotive Technology Group Co., Ltd. was established in May 2012, is mainly engaged in the automobile manufacturing enterprise, the legal representative is Weima founder SHEN HUI (Shen Hui), registered capital of 6 billion yuan, wholly owned by Suzhou Weimar Wisdom Travel Technology Co., Ltd. Suzhou Weima Wisdom Travel Technology Co., Ltd. was established in August 2019 with a registered capital of 175.080009 million yuan. It is an enterprise mainly engaged in research and experimental development.


It is understood that recently Weimar frequently appeared the information of equity freeze. On September 20, Weima Automotive Technology Group Co., Ltd. added the information of equity freeze, and the equity was executed by Weima Automobile Manufacturing Wenzhou Co., Ltd., the amount of frozen equity was as high as 4.04 billion yuan. The freeze period is from September 20, 2023 to September 19, 2026. The executive court is the Shanghai Pudong New area people's Court.


In addition, Weima Zhejiang Wenzhou and Hubei Huanggang two major production bases, the main body of the company Weima Automobile Manufacturing Wenzhou Co., Ltd. and Hubei Xinghui New Energy Intelligent Automobile Co., Ltd. are also faced with a number of judicial disputes, and their equity has been frozen many times. Among them, Weimar Wenzhou Manufacturing's stake was frozen in March, while Hubei Xinghui was frozen twice this year. In addition, on August 22, the company was filed for bankruptcy restructuring by a manufacturing supplier in Shanghai, and the company's Weima Motor Company, which mainly produces Weimar W6 models.

As one of the first brands of "new power of car building" in China, Weima Automobile in the early stage can be called a top student of the new power of car building. In 2020, Meituan and Wang Xing predicted that only three "Wei Xiaoli" would be left behind by the new forces of car building in the future, but Shen Hui, founder of Weima Automobile, expressed disapproval and spoke out in a high profile: "Weimar must be one of the new forces TOP3 in the future." At that time, Weima Automobile ranked second in the sales list of the new power of car building, second only to Xilai Automobile, and the financing amount of large and small exceeded 35 billion yuan, making it the car company that received the most financing among many new power brands.


But the good times didn't last long, and since then, Weimar has been losing ground, and bad news has followed. Since last year, news such as pay cuts and layoffs, store closures, factory shutdowns, wage arrears, rent arrears, APP shutdown, unanswered customer service calls, founder Cheng Laolai and other news have become after-dinner conversations, and these negative news are also regarded as Weimar's unprecedented development crisis.

As for the fall of Weimar, the industry believes that it is related to the lack of product power, and the most fundamental reason for the lack of product power or insufficient investment in research and development. Compared with Wei Xiaoli, Weima Automobile R & D investment has also increased, but the increase is very limited. Data show that from 2019 to 2021, Weima invested 893 million yuan, 992 million yuan and 981 million yuan respectively, far less than Wei Xiaoli. As a reference, the investment of 4.18 billion yuan in R & D in 2021 exceeds the total R & D investment of Weima Motor in the past three years.


2023 can be said to be a year of reflection and change for Weimar. During the year, Weima also made a lot of efforts, including holding hands with the Fortune 500 Zhengwei Group to build cars, and frequently making efforts in overseas markets such as the Middle East, Europe, Southeast Asia, and so on. But now Weima has indeed reached the brink of a cliff. Even if it is acquired by Happy Motors, Weimar is still in an unpredictable situation.

As for the current situation of Weima Automobile, people in the industry said bluntly: "Weima is very difficult, and we are also thinking of ways for Shen Hui." If Weima can take orders and have cash flow, it will still be a good asset, but now the problem is that the cash flow is cut off. " Obviously, there are many problems in front of Weimar, but "the financial situation is tight and the capital hole is difficult to fill" is a problem that Weimar urgently needs to solve.


So far, Weimar's models on sale include the EX5, W6, E.5 and M7 models, but they have almost stopped production and sales, which makes the future of Weima, which "lives like animals" even more uncertain. In this context, it is even more difficult for Weima, which has been seriously "lagged", to regain the recognition of domestic consumers, so it is not easy for Weima to "live".

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