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The Reading car was executed for more than 270 million yuan!

2024-07-14 Update From: AutoBeta NAV: AutoBeta > News >


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According to Tianyan inspection information, on January 2, Redding Automobile Group Co., Ltd. added three pieces of information about the person subject to execution, with execution targets of 159 million yuan, 76 million yuan and 39.37 million yuan respectively, totaling more than 270 million yuan. The enforcement courts are all Weifang Intermediate people's Court.

According to the data, Reading Automobile Group Co., Ltd. was established in October 2012, with a registered capital of 100 million yuan and the legal representative of Wang Dejin, which is mainly engaged in the automobile manufacturing industry and is wholly owned by Bidwen Holdings Group Co., Ltd. Tianyan check risk information shows that there are 9 pieces of information about the person subject to execution in Redding Automobile Group Co., Ltd. as of December 13, 2023, the total amount of execution exceeded 91.2027 million yuan. In addition, the company also has a number of restrictions on consumption orders, breach of faith to be executed (Lao Lai) and final case information.

As Redding, which was founded in 2008, Reading, which transformed from a low-speed electric car to a new energy car track, is still out, and it is hard to help but feel sorry for today.

Early Reading cars also had highlights. In early 2019, Reading acquired a 100% stake in Sichuan Mustang for 1.46 billion yuan, thus obtaining production qualifications such as new energy vehicles, and then launched three small pure electric vehicles, including i3, i5 and i9, but due to lack of competitiveness and other reasons, I series pure electric vehicles were completely suspended after only one year on the market. In 2021, Reading quickly entered the mini-car market and launched the "Reading Mango Series" model. After its launch, the new car was recognized by a large number of consumers, with a record monthly sales of 6056 vehicles, with a cumulative sales of 30400 vehicles in 2021. Unfortunately, the good times did not last long. The number of new cars in the following year was only 7042, down 47.29% from the same period last year, and the market share was 0.13%.

Since December 2021, there have been negative news about Redding Motors, such as middle and senior executives within the company applied for voluntary wage cuts to survive the crisis, suspected production suspension, upstream and downstream launching "debt collection" against Reading cars and delaying dealer payments. It will be a chicken feather after entering 2023. Since it was revealed at the beginning of the year that the capital chain was broken, bankruptcy filed, founder Li Guoxin settled overseas, and now there has been a spate of negative news such as being listed as a dishonest executor and freezing equity, Redding's current situation is in jeopardy.

Of course, at the end of the day, the gloomy exit of Reading is not surprising, and the fate of Reading may have been doomed under the premise that the product is cost-effective and the leading technology is not available. Cui Dongshu, secretary-general of the National passenger car Market Information Association, said this time that the situation that Reading will see today has a lot to do with its incomplete transformation to new energy vehicles. In addition, because Reading started as a low-speed electric vehicle, the technical capacity and supply chain construction capacity of new energy passenger vehicles are relatively weak.

In fact, not only Reading, but also with the rapid development of the new energy vehicle market, the automobile industry has entered the knockout mode of survival of the fittest. Since 2023, a number of new second-line car-building forces have fallen into bankruptcy or business crisis, such as unmanned production bases, bankruptcy and so on. As for how Reading will develop in the future, perhaps only time will tell.

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