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Weimar car clarifies!

2024-05-30 Update From: AutoBeta autobeta NAV: AutoBeta > News >


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On October 18, Weimar issued an official statement saying that in response to some of the recent false statements, the company made the following clarification:


1. Weimar did not file for bankruptcy! At present, the pre-restructuring stage is being accepted by the Shanghai No. 3 Intermediate people's Court. Different from bankruptcy reorganization, pre-reorganization is a self-rescue behavior in the early stage when enterprises are facing difficulties, which aims to introduce strategic investors through debt restructuring, avoid bankruptcy and achieve rebirth and transformation.

2. At present, the core position of the company is operating normally. After the National Day, some of the App in the car did appear abnormal use, and the company set up an emergency team to solve the relevant problems within 48 hours after the discovery of the situation and returned to normal use. If there is a similar situation in the future, please contact us as soon as possible.

3. At present, the company's focus includes after-sales service, resumption of work and production, export business, overseas cooperation, international financing and the introduction of strategic investors. Some progress has been made, and we will find the right time to announce to the public. Shen Hui, the founder of the company, went to study in the United States in 1991, worked and lived in Europe and the United States for many years, and recently focused on overseas issues, so there is no case that the founder of the company has fled abroad.

4. At present, the rumored information such as Weimar financing 40 billion on the Internet is false, and most reports confuse the amount of financing with the amount of creditor's rights and debts. The relevant financing and operation of the company has been publicly disclosed in the prospectus.

Weimar said that Weimar is currently in a critical stage of pre-restructuring, and the company will do its best to protect the rights and interests of users, employees, suppliers, dealers and investors. Thank the media and the public for their attention. For false information and rumors, we will reserve the right to pursue the legal liability of publishers, republishers, spreaders and related subjects who fail to delete relevant rumors in time, and safeguard the company's reputation and image through legal compliance.


A few days ago, Shen Hui, founder and chairman of Weimar Automobile, took advantage of attending the Munich Auto Show in Germany, and then made a direct flight to New York in the United States, leaving behind nearly 40 billion yuan in investment and debt, as well as unpaid Weima employees, according to the Shanghai Securities News. According to people close to Shen Hui, Shen Hui is no longer in China and has not been seen in public at the company since the Spring Festival in 2023, and his family has moved to the United States before.

Some employees said that the most important thing now is to make up the salary, and it doesn't matter where Shen Hui is. According to Tencent News High Light, Weima currently has only more than 800 employees and has stopped paying wages for more than four months. Weima paid employees a minimum living allowance from January to May 2023, but since June, Weima has stopped paying salaries and social security, according to current employees of Weimar. The employee said that at present, most of the employees are at home, leaving the company needs to submit a paper version of the application, and then go through the relevant procedures.

In addition, Weimar's headquarters in Qingpu District of Shanghai was also revealed to have been empty, leaving only office rubbish all over the floor, as a result of an attempt at discipline inspection to default on rent. The relocation notice posted at the door shows that Weima Automobile's office address has been moved to Weima Automobile Design Center at 1366 Huqingping Road, Qingpu District from September 1.



Behind all this, it is because the capital chain is broken. In order to solve the funding problem, Weimar has twice sought an IPO listing, through Science and Technology Innovation Board and the Hong Kong Stock Exchange, but failed. In early 2023, Weimar planned to go public by backdoor APOLLO, but the acquisition also ended in failure.

Despite repeated defeats, Weimar has not given up the idea of landing in the capital market. On September 11, Kaixin announced that it had signed a non-binding letter of intent with Weimar, planning to issue a certain number of new shares to acquire 100% of its shareholders. However, Kaixin Motor did not disclose further substantive actions on the acquisition, and Weimar did not disclose the merger and acquisition.

On October 10, according to the National Enterprise bankruptcy reorganization Information Network, Weima Automotive Technology Group Co., Ltd. applied for bankruptcy review, and the handling court was the Shanghai No. 3 Intermediate people's Court.


Heavenly eye survey shows that Weimar has raised 12 times, with a total financing amount of more than 41 billion yuan. According to the prospectus of the Hong Kong Stock Exchange, Weimar lost 17.4 billion yuan in the three years from 2019 to 2021. As of March 31, 2022, the remaining cash and cash equivalents on the books of Weima Motor is 3.678 billion yuan.

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