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one disaster after another! Baoneng Group was forced to execute another 1.5 billion yuan.

2024-04-17 Update From: AutoBeta NAV: AutoBeta > News >

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

Recently, according to the APP information of Tianyan check, Baoneng Group has added three new pieces of information about the person subject to execution, with an execution target of more than 1.5 billion yuan. In addition to Baoneng Automobile Group Co., Ltd., Baoneng Holdings (China) Co., Ltd., Baoneng Real Estate Co., Ltd., Tianjin Baoneng Hexing Real Estate Co., Ltd., and Baoneng Group CEO Yao Zhenhua, etc.

Looking at the risk information from the heavenly eye shows that at present, there are 74 pieces of executed information in the name of Shenzhen Baoneng Investment Group Co., Ltd., with a total amount of more than 35.1 billion yuan. At the same time, the company also has a number of restrictions on consumption orders, breach of faith to be executed (Lao Lai) and final case information.

In fact, it is not uncommon for Baoneng Group to add new information about the person subject to execution. In early November, Shenzhen Baoneng Investment Group Co., Ltd. and its subsidiary Shenzhen Jusheng Hua Co., Ltd. added a piece of information about the person subject to execution, with more than 26.61 million yuan in execution, and the enforcement court was the people's Court of Xiangzhou District of Zhuhai City. Since last year, Baoneng Group has been frequently reported to add information about the person subject to execution. In addition, news on the market about Baoneng Group's layoffs, arrears of wages, arrears of social security, provident fund, arrears of suppliers' payments, and a large number of store closures are also constantly coming out, and even recently there is news that Yao Zhenhua, a legal person of Baoneng Group, has applied to restrict consumption by China Minsheng Trust Co., Ltd. because he failed to fulfill the payment obligations stipulated in the effective legal documents within the period specified in the enforcement notice.

It is worth noting that although Baoneng Group is rumored to be in financial difficulties, it still has not given up its determination to build cars. In September, media reported that Baoneng paid tens of millions of dollars to suppliers to build cars and planned to produce 20,000 new cars by the end of the year. At the same time, the recruitment of Baoneng Automobile has also started. Looking back on the car-building road of Baoneng Group, it is not smooth. Both Baoneng and its Qoros have been marginalized in the market.

Relevant data show that Baoneng Group began to enter the automobile industry in March 2017 and set up a Baoneng Automobile with a registered capital of 1 billion yuan. In December 2017, Baoneng Group announced that it would buy a 25% stake in Guanzhi Automobile for 1.6 billion yuan. A month later, Kenon Holdings, the parent company of Qoros, announced that Baoneng Group had invested 6.63 billion yuan to buy a 51 per cent stake in Qoros, becoming the controlling shareholder of Qoros. However, after Baoneng Group acquired Qoros, although Quan's sales increased from 15000 in 2017 to 63000 in 2018, an increase of 320% over the same period last year, much of the sales came from Baoneng's affiliated companies. The actual sales volume is not much.

Quan Chi sold 21900 vehicles in 2019 and fell 33.26% to 14600 in 2020. In September 2020, Qoros launched the Quan Zhi 7 model, and the new car has been improved in appearance, interior and power to varying degrees, and is regarded as the key model of the "back battle" of Quan Zhi. However, the Guanzhi 7 has also failed to become popular, with sales of 7641 vehicles in 2020, with an average monthly sales of 2500. In addition to the acquisition of Guanzhi Automobile, Baoneng Motor has acquired the shares held by Changan Automobile and PSA Group, bringing Changan PSA under its control. In May 2020, Changan PSA was officially changed into Shenzhen Baoneng Automobile Co., Ltd.

The road of buying and buying has not brought an increase in sales to Baoneng. To this end, Baoneng launched the high-end brand BAO. Officials have said that the BAO brand will launch at least 16 models within five years, including SUV, sedan, MPV, sports car and other models, gradually covering the high-end electric vehicle market segment. However, times have changed, and Baoneng's overall business has now reached a stalemate, and its manufacturing base has been exposed to be shut down due to financial problems. In February this year, Xing Ze, CEO of Baoneng Automobile, said that this year is a key year for Baoneng Automobile, making every effort to ensure the mass production of A3, GX16 and A6 key models, and to take off the first car of the DS05 model this year. Yao Zhenhua, chairman of Baoneng Automobile, also said at that time that the vehicle project should speed up the release of production capacity, and the A3 model was the top priority of the business plan.

At present, Baoneng Automobile has three major brands: Quan Zhi, BAO and Yau Poly, but in addition to Qoros, the other two brands have not achieved mass production and listing. It is understood that au Poly focuses on small electric cars, and its first model, the A3, was unveiled in September last year. In December, officials disclosed that the A3 had received 10,000 orders for full production at production bases such as Baoneng's Xi'an plant and was scheduled to be delivered to the market in the first quarter of 2023.

But even if an au Poly A3 sells well, it's hard to get Baoneng out of trouble. Relevant data show that from July 2021 to April 2022, the total arrears of wages in Baoneng Automobile sector exceeded 700 million yuan. As of early April this year, Baoneng Automobile has involved 5659 people with arrears of wages, with a total arrears of wages of about 130 million yuan. In addition, at present, car companies have set off a price and value war, and the knockout stage of the automobile industry has also been opened. in this case, it is even more difficult for Baoneng Group to realize its dream of building a car.

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