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Geely Emma is in! The bankruptcy, reorganization and resurrection of an electric company

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


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Zhidou has completed bankruptcy reorganization and plans to launch its first new car in the second quarter, or borrow sales channels for Emma electric cars, according to the Financial Union. People familiar with the matter said that Li Shufu, chairman of Geely, and Zhang Jian, chairman of Emma Technology, played a key role in the bankruptcy reorganization process of Zhidou Automobile. After reorganization, Zhidou Automobile also integrated Geely and Emma resources in R & D, supply chain and sales channels.

Who knows who the car is? Why can it be related to Geely Automobile?

Lanzhou Zhidou Electric Vehicle Co., Ltd. was founded in 2006. The brand created by New Dayang Electromechanical Group founded by Bao Wenguang entered the field of electric vehicle production, which is one of the earliest enterprises to enter the field of new energy vehicles. In 2012, Lanzhou Zhidou's first electric vehicle was officially launched, but it could not be sold in China due to lack of production qualification. Later Zhidou Automobile cooperated with Zhongtai Automobile and borrowed production qualification to produce the first passenger car, but it finally fell apart due to various reasons.

In January 2015, Ninghai Zhidou Electric Vehicle Co., Ltd.(later renamed as "Zhidou Electric Vehicle Co., Ltd.") was established, which was jointly invested by New Dayang Electromechanical Group, Geely Holding Group, Ninghai Yinshi Investment Fund, Jinshajiang Venture Capital Fund, etc., among which Geely Holding of Li Shufu held 45% as the largest controlling shareholder, and Bao Wenguang's New Dayang Electromechanical Group held 30% as the second largest shareholder. In cooperation with Geely Holdings, Zhidou Automobile has also obtained production qualification. From 2015 to 2017, the sales volume of Zhidou Automobile is 25,000, 24,000 and 43,000 respectively.

In March 2017, the official of the National Development and Reform Commission announced that Lanzhou Zhidou Electric Vehicle Co., Ltd. had approved the investment in the construction project of 40,000 pure electric passenger vehicles per year, becoming the 11th enterprise to obtain the qualification of new energy vehicle building after Beiqi New Energy, Changjiang Automobile, Great Wall Huaguan, Chery New Energy, Min 'an Automobile, Wanxiang Group, Jiangling New Energy, Chongqing Jinkang, Guoneng New Energy and Yundu Automobile. At this point, Zhidou Automobile has also become the only 8 enterprises in China that have obtained independent and complete new energy production qualifications approved by the National Development and Reform Commission and the Ministry of Industry and Information Technology.

However, the brilliance of Zhidou Automobile did not last for too long. In 2018, the state subsidies for new energy vehicles declined, and the sales volume of Zhidou Automobile declined sharply. The annual sales volume was only 15,300 vehicles, down 63.9% year-on-year. In 2019, a car could not be sold. The decline in sales volume finally caused business crisis. Zhidou Automobile successively fell into layoffs, salary arrears and other storms. Many enterprises upstream and downstream of the industry were widely affected, and finally embarked on the road of bankruptcy reorganization in 2019.

At the beginning of 2019, Lanzhou Zhidou was listed for auction by the judicial department, with an evaluation price of 197 million yuan and a starting price of 138 million yuan. However, the asset disposal project related to Zhidou was finally sold due to objections raised by relevant courts. In October 2019, Ninghai Court carried out bankruptcy pre-registration for Zhidou Automobile, and Zhidou Automobile entered into reorganization procedure.

In December 2023, Zhidou Automobile underwent industrial and commercial changes. New Dayang Electromechanical Group Co., Ltd. and Geely Technology Group Co., Ltd. withdrew from the shareholder industry. Ninghai Zhidou Enterprise Management Partnership (limited partnership), Ninghai Zhidou Business Service Partnership (limited partnership), Three Gorges Ruiyuan Innovation Venture Equity Investment Fund (Tianjin) Partnership (limited partnership), etc. were newly added. Ninghai Zhidou Enterprise Management Partnership (limited partnership) is the largest controlling shareholder. 16.2% owned. At present, Zhidou Automobile has been listed as the executee of breach of trust, and its core assets Lanzhou Zhidou and its subsidiaries Zhidou Automobile Sales Co., Ltd. and Zhidou Electric Vehicle Technology Integration Co., Ltd. have been pledged to Nanjing Zhidou.

According to people familiar with the matter, the new car is produced and sold by Lanzhou Zhidou, while Nanjing Zhidou is the investment subject of the restructured Zhidou. It is understood that Nanjing Zhidou, fully known as "Nanjing Zhidou New Energy Automobile Co., Ltd.," was established in January 2015. It is a member of Zhejiang Geely Holding Group and holds 84.2% of shares in Hangzhou Jicheng Enterprise Management Consulting Partnership (limited partnership), which was funded and established by Zhejiang Geely Qizheng, Zhang Jian, Chairman of Emma Technology, Bao Wenguang, founder of Zhidou and Hangzhou Jizhi Enterprise Management Co., Ltd. in May 2023. Among the board of directors of Nanjing Zhidou, Gan Jiabuan, CEO of Geely Automobile Group, serves as chairman, Bao Wenguang serves as general manager, and the remaining five directors are Zhang Jian, chairman of Emma Technology, Dai Qing, Pan Xiaofeng of Jinsha River Capital and Qi Weihua of Geely Department.

As the controlling shareholder of Zhidou, Geely's strategic support value and significance to Zhidou are all-round, and Zhidou's strategic planning deployment, R & D, manufacturing, supply chain coordination and risk management and control will benefit. Emma is a leading enterprise of electric two-wheeled vehicles, which is also of great significance to the development of Zhidou. The market scale of annual sales of ten million vehicles enables Emma to help Zhidou reduce procurement costs, and the 30,000 stores will also bring positive effects on the follow-up channel layout of Zhidou.

It is understood that after bankruptcy reorganization Zhidou still focus on the mini-car market, the first new car Zhidou Rainbow will be listed in the second quarter, this model has been completed in the Ministry of Industry and Information Technology declaration, the production enterprise is Lanzhou Zhidou Electric Vehicle Co., Ltd. According to the application information, Zhidou Rainbow adopts two-door four-seat design, positioned in pure electric mini-car, length, width and height are 3224/1515/1630mm respectively, wheelbase is 2100 mm. In terms of power, Zhidou Rainbow will provide maximum power of 20 kW and 30 kW motor options, matching lithium iron phosphate batteries from Guoxuan High-tech. In terms of competing products, Zhidou Rainbow's competitors include Wuling Hongguang MINIEV, Chang 'an Lumin, Geely Panda, Chery QQ ice cream, etc., which are expected to start at about 30,000 yuan.

But the new energy market in 2024 is no longer so simple. Driven by the consumption trend, the mini-electric vehicle market does usher in long-lost sunshine. The brand-new wave led by Wuling, Chang 'an, Geely and Chery makes imitators appear one after another. However, after 2024, the purchase tax reduction policy for new energy vehicles will be greatly adjusted, so that most mini-cars do not meet the requirements of the new announcement. These models may rise in price in 2024, or directly cut off the low-endurance version. Even these models may be unique. At the same time, the market competition in 2024 intensified, BYD took the lead in opening price reduction sales after the Spring Festival of the Year of the Dragon, and the life of mini-cars was no longer as good as before. In addition, return to the mini-car market, but the popularity of Zhidou automobile and Wuling, Chang 'an, Chery and other enterprises are incomparable, which also increases the pressure of subsequent production competition. In general, Zhidou cars are backed by Geely and Emma, but it is not easy to survive in the market.

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