This is the Mustang being filed for bankruptcy review again. On October 27, Sichuan Mustang Motor Co., Ltd. (hereinafter referred to as "Mustang Motor") added a bankruptcy review case. The applicant was Chengdu Jingu Wheel Co., Ltd., and the handling court was Chengdu Longquanyi District people's Court. Prior to this, on July 21, Mustang Motor added a bankruptcy review case. The applicant was Chongqing Senmai Auto parts Co., Ltd., and the handling court was Chengdu Longquanyi District people's Court.
Data show that Chengdu Jingu Wheel Co., Ltd., Chongqing Senmai Auto parts Co., Ltd. are auto parts companies. Chengdu Jingu Wheel Co., Ltd. was established in June 2007, located in Chengdu, Sichuan Province. is an enterprise mainly engaged in automobile manufacturing.
At the end of 1980s, Mustang was born in the spring tide of reform and opening up. "Jinding" series of passenger cars, "Mustang", "Bailu" light off-road vehicles and passenger and cargo vehicles are popular all over the country. In 2002, Fulin Group merged and reorganized the Sichuan Automobile Group (the predecessor of Mustang), which was in trouble in production and operation, and then changed its name to Mustang. It is understood that Mustang is the only local vehicle manufacturing enterprise in Sichuan Province that has complete production qualifications for both new and traditional energy passenger cars and passenger cars.
It is worth noting that Mustang is also one of the first companies to join the manufacturing of new energy vehicles. In 2012, Mustang officially completed and put into production the new energy production base in Mianyang, striving to be in the forefront of its own brands. In November of the same year, the pure electric model of Mustang codenamed SQJ6452BEV won the national production qualification of new energy passenger vehicles. However, in the independent new energy vehicle market, Mustang never came to the fore.
At a time when traditional car companies are speeding up their elimination, Mustang is also in sales difficulties. In December 2018, Mustang sold 82.5 per cent of its shares at a price of 1.2 billion yuan. According to public data, the revenue of Mustang in 2017 was 2.056 billion yuan, with a net loss of 385 million yuan. From January to October 2018, the total revenue of Mustang was only 662 million yuan, the net loss was 363 million yuan, the total debt of the company was 3.834 billion yuan, and the debt ratio was 84.36%.
Despite huge losses, Mustang has the production qualification of traditional passenger vehicles, commercial vehicles and new energy vehicles, and has built a production base of 200000 fuel vehicles and new energy vehicles in Chengdu and Mianyang. In the eyes of many companies, it is still a rare "resource".
In the end, Reading Automobile Group Co., Ltd. became the controlling shareholder of Mustang. Reading Motors, formerly known as Shandong Maillard Energy Power Technology Co., Ltd., was established in October 2012, mainly in the low-speed electric vehicle market. In January 2019, Reading acquired Mustang for 1.45 billion yuan. After the acquisition, Reading has the qualification of making passenger cars. In September 2021, Shandong Maillard Energy Power Technology Co., Ltd. officially changed its name to Reading Automobile Group Co., Ltd.
Since 2022, Reading began to highlight the survival crisis, and negative news such as broken capital chain, limited production capacity and large-scale withdrawal of dealers have been exposed one after another. In May this year, Reading filed for bankruptcy review, and the handling court was the people's Court of Changle County, Weifang City, Shandong Province, but at present, information on the bankruptcy review case of Reading Motor could not be found.
On May 16, when Redding refused to perform its obligations under the effective legal documents because of its ability to perform, the people's Court of Jinyun County was listed as the executor (Lao Lai) for breach of trust. On May 23, Reading added more than 6.53 million yuan of information about the person subject to execution, and the enforcement court was the Changle County people's Court. On July 17, Reading added an equity freeze information to Sichuan Mustang Motor Co., Ltd., freezing the equity amount of 2.574 billion yuan for a period from July 17, 2023 to July 16, 2026. The enforcement court is the people's Court of Changle County, Shandong Province. On October 7, Redding added four pieces of information about the person subject to execution, with more than 28.92 million yuan in the subject matter of execution, and the enforcement courts are all Changle County people's Court.
As the controlling shareholder Reading Motor is in a deep business crisis, Mustang can not be left alone. At present, it has as many as 30 enforcement cases and 46 consumption restriction orders, involving a total amount of 102 million yuan.
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