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A domestic car company was executed by more than 1.6 billion.

2024-05-27 Update From: AutoBeta NAV: AutoBeta > News >

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AutoBeta(AutoBeta.net)03/03 Report--

"Automotive Industry concern" checked the information from the sky. On November 16th, Huatai Automobile Group Co., Ltd. (hereinafter referred to as "Huatai Automobile") added a piece of information about the person subject to execution, with more than 1.61 billion yuan as the subject matter of execution, and the enforcement court is the Jinzhou Intermediate people's Court.

At present, Huatai Motor has a number of risk information, including the information of the person subject to execution, the order of restriction on consumption, the person subject to dishonesty and the final case, among which, the total amount of execution has exceeded 5 billion yuan, and the total amount of restriction on consumption is 153. there are 17 final cases, the total amount of execution is 4.288911918 billion yuan, the total amount of non-performance is 4.229725524 billion yuan, and the proportion of non-performance is 98.6%. The number of persons who broke their promises was 26, and the proportion of non-performance was 100%.

Huatai Motors, if not people in the auto industry, may feel strange to it, because now the name Huatai Automobile has almost disappeared from the auto circle. According to public information, Huatai Automobile Group Co., Ltd. was established in May 2008, with registered capital and paid-in capital of 300 million yuan. Miao Xiaolong, the legal representative, was formerly known as Huatai Automobile Co., Ltd. Equity information shows that the company is jointly owned by Zhang Xiugen and Miao Xiaolong, with Zhang Xiugen holding 99% and Miao Xiaolong holding only 1%.

Of course, as an independent brand car company with new energy vehicles, traditional cars and auto parts as its main business, Huatai Motors also had boundless scenery.

In 2000, Huatai Automobile founder Zhang Xiugen bought Shandong Rongcheng Automobile Factory from FAW Group and later changed its name to Rongcheng Huatai Automobile Co., Ltd., and then entered the automobile industry on a large scale and opened the road of making its own cars. Huatai Motors was officially established in May 2008. since then, Huatai Motors cooperated with Korean Hyundai Motor and introduced a number of SUV models. Under the brand endorsement of Hyundai Motor, Huatai Motors quickly became popular in the car circle and entered the peak. Data show that Huatai sold only a few tens of thousands of vehicles from 2012 to 2016, including 71200 in 2015 and 73000 in 2016.

In January 2017, Huatai Automobile acquired dawning shares with up to 2.271 billion of "large-scale" M & A funds, with the intention of building "the most brand-new energy product line in the industry from A00 class to 10-meter-long buses". This year, Huatai car sales also soared 81.64% to 132600 vehicles, the surge in sales made Huatai full of confidence. At that year's auto show, Huatai set an ambitious goal of selling 200000 vehicles in 2018 and more than 500000 in 2020, and announced the launch of nearly 30 new cars in the next three years.

But the good times did not last long. From 2019, Huatai Motor began to fall into a deep business crisis, with a series of negative information such as total suspension of production at the production base, arrears of employees' wages, arrears of payments to suppliers, default of debt, freezing of equity and so on. Since then, due to a financial emergency, Huatai Automobile and many of its companies have been sued by debtors, and related shares have also frequently landed in judicial auctions.

By 2021, Huatai Motor was filed for bankruptcy reorganization twice because it was unable to repay its debts. Although the applicants finally withdrew, Huatai Motor, which has a very high debt ratio, already exists in name only in the domestic auto market. Today, Huatai Automobile has been reduced to a marginal car company, the factory has stopped production, 4S stores have also closed down, and even the car market has disappeared.

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