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one disaster after another! Reading cars are carried out continuously.

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

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

Recently, according to Tianyan inspection information, on January 5, Redding Automobile Group Co., Ltd. added two more pieces of information about the person subject to execution, which totaled more than 2976 million yuan, involving disputes over the sale and purchase contract. the persons to be executed are Reading (Shandong) supply chain Management Co., Ltd., Bidwen Holdings Group Co., Ltd., Shandong Guandu New Energy Technology Co., Ltd., and the executive court is the people's Court of Changxing County.

At present, Redding Automobile Group Co., Ltd. has 12 pieces of information about the person subject to execution and a number of restrictions on consumption orders and final capital cases, with a total amount of more than 123.0648 million yuan.

It is worth noting that a few days ago, Reading also added 4 pieces of information about the person subject to execution, totaling more than 360 million yuan. In fact, information about the listing of Redding Automotive Group Co., Ltd. as an executor has been frequent since last year.

As a Reading car, he was the first brother of the "Old Man Le" in China earlier. In the early stage, it mainly focused on the production of low-speed electric vehicles. In 2018, the state strengthened the clean-up and rectification of low-speed electric vehicles, and Reading had to speed up the transformation from low-speed electric vehicles to new energy vehicles. Since 2018, Reading has acquired Shaanxi Qinxing Automobile and Sichuan Automobile Mustang successively, and obtained the production qualification of new energy passenger cars, fuel passenger cars and passenger cars. Subsequently, small pure electric vehicles such as i3, i5 and i9 were launched one after another. However, due to the lack of product competitiveness and other reasons, the sales of these models on the market are not remarkable, and they were forced to stop selling completely after one year on the market.

In 2021, Reading turned its attention to the mini-car market, and in May 2021, it launched the first all-electric mini car, the Reading Mango, with a price range of 2.98-54900 yuan. The second model, Mango Pro, was launched in March of the following year. The price range of the new car is 3.98-56900 yuan, providing a total of 130km and 200km mileage. The low price has made the series of models popular in the market, and the sales of Reading cars have also increased. The data show that the cumulative sales of mango models in 2021 are 30400.

However, the good times did not last long. In December 2021, Reading was exposed to be mired in a deep business crisis, with negative news such as production suspension, debt collection and large-scale withdrawal of dealers. Or affected by these negative news, Reading's sales performance in 2022 is also increasingly weak. Data show that the cumulative sales of reading cars in 2022 was 7042, down 47.29% from the same period last year, when the market share was only 0.13%. In May 2023, Reading finally couldn't handle it and filed for bankruptcy review with the court. At the same time, Li Guoxin, the founder of Reading, is also rumored to be living overseas.

Of course, the situation of reading cars covered with chicken feathers may have been doomed. After all, under the premise of insufficient product power and technology, it is only a matter of time before it is eliminated by the market. With the rapid development of new energy vehicles, the knockout stage of the automobile industry has begun. Since 2023, not only Reading cars can not bear it, but also a number of new second-line car-building forces have fallen into bankruptcy or business crisis.

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