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Debt is over 20 billion! It is said that a number of senior executives of a new force in car building have been arrested.

2024-04-13 Update From: AutoBeta NAV: AutoBeta > News >


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On March 29, the first creditors' meeting of Weimar was held in the Shanghai No. 3 Intermediate people's Court. According to media reports, according to the materials of the reorganization case, as of March 18, the administrator had received a total of 1456 bonds declared by 1412 creditors, with a total amount of 44.202 billion yuan. After examination, the manager confirmed the creditors of 564 Weimar Technology Group, with a total amount of 3.376 billion yuan. Among them, creditors with security rights include Pudong Development Bank and Xinxin Financial Leasing Co., Ltd., with a total amount of 1.585 billion yuan. After audit, Weima Technology Group has total book assets of 3.988 billion yuan and total liabilities of 20.367 billion yuan. From the data, it is not difficult to know that Weimar has fallen into a serious insolvent situation.

It is worth noting that the report pointed out that the creditors' meeting is not only for Weimar to restructure its debt, but also to investigate the internal violations of Weimar. A number of senior executives in Weima have been investigated by relevant departments for their involvement in contract fraud, loss of state-owned assets, and job embezzlement, including Hou Haijing, the core management of Weima Automobile.

Data show: Hou Haijing is one of the co-founders of Weima Automobile, with rich product production and technical experience. He has served as the production manager of Shanghai General Assembly Workshop, Vice President of Foton Automobile, General Manager of Huatai Automobile, Vice President of Geely Group, etc., and his main work scope is the production of vehicle models. Hou Haijing joined Weima Motor as co-founder in 2018. In the early days of Weima, it was mainly composed of six co-founders, Shen Hui, Lu Bin, du Ligang, Zhang ran, Hou Haijing and Xu Huanxin. Hou Haijing's main work scope is Weima Automobile Chengdu Research Institute, which is responsible for production line and technology research and development. Shen Hui is responsible for the overall strategic planning, Lu Bin is responsible for the sales system and customer management specific strategic planning implementation, du Ligang is the chief financial officer is mainly responsible for supervising and managing finance, Xu Huanxin is the chief operating officer, mainly responsible for the day-to-day operation of the company.

It is understood that at the beginning of its establishment, the important events of Weimar were decided by the small board of directors composed of these six people. However, in 2020, there was news that Lu Bin, co-founder of Weimar Motor, had resigned. Then the official responded: Lu Bin left for personal reasons, Weimar is very grateful for his contribution to the company. Following the departure of Lu Bin, du Ligang, Zhang ran and Xu Huanxin, co-founders of Weimar Motor, were also reported to have left the company one after another.

The frequent turnover of senior key figures has something to do with Weimar's sales performance in recent years. Weimar was founded in 2015 by Shen Hui, former vice president of Geely Holdings Group, and is headquartered in Shanghai. The following year, Weima New Energy Automobile Intelligent Industrial Park laid the foundation in Wenzhou Oujiang Estuary, realizing mass production and trial loading. 2018 Weimar acquired the qualification of car manufacturing through the acquisition of Zhongshun Automobile Holdings Co., Ltd. In March of the same year, the Weimar Wenzhou factory was successfully completed. In September of the same year, the first production car EX5 officially appeared on the market, the new car compact pure electric SUV, the price is 14.68-198800 yuan.

In 2019, Weima Motor sold a total of 16876 vehicles, ranking second on the list of new car-building forces. In terms of financing, Weimar Motor has carried out many rounds of financing since its establishment, with a financing scale of up to 41 billion. It was once considered by both inside and outside the industry as the most potential new force in the market.

However, in recent years, other new car-building forces have seen rapid growth in sales, while Weimar's sales have grown slowly. The data show that the sales of Weima from 2020 to 2021 are 21937 and 44152 respectively. By 2022, sales of Weimar fell to 34637. As a comparison, the sales of ideal cars, Ulay cars and Xiaopeng cars in the same period have all exceeded 100,000. In addition to the sluggish sales, Weimar has fallen into a financial crisis, with endless negative news such as production stoppage, layoffs, wage cuts, store closures, factory shutdowns, rent arrears from headquarters and equity freezes.

The data show that by the end of March 2022, there are 6.67 billion yuan in long-term loans and 2.28 billion yuan in short-term loans, totaling 9 billion yuan in foreign debt. In addition, according to the prospectus submitted last year, Weimar made a net loss of 4.145 billion yuan, 5.084 billion yuan and 8.206 billion yuan respectively from 2019 to 2021, with a total net loss of 13.632 billion yuan over three years. By the end of June 2022, Weimar had only 4.156 billion yuan in cash flow on its books.

However, even though Weimar is in a bad situation, officials have been releasing good news for the past two years. Shen Hui, chairman of Weimar, once said in an interview: "Weima can continue to fight as long as it still has a breath. The biggest challenge now is how to get through the darkness before dawn." Until last October, Weimar finally couldn't handle it and filed for bankruptcy restructuring.

From the most promising new car-building power to the current bankruptcy restructuring, Weimar's outcome may not be surprising. In recent years, with the rapid development of new energy vehicles, the competition is becoming more and more fierce, and many new car-building forces have been eliminated one by one in the competition.

In this context, Weimar Motor is in a shortage of funds and is mired in negative news such as layoffs, wage cuts, suspension of production, rent arrears and other negative news, so it is not easy to climb out of the quagmire. Although Weimar is adamant that it will not lie flat, let alone fall down, the high debt and illegal problems of senior insiders are very damaging to the moribund Weimar. Even if the subsequent successful completion of the reorganization will face a series of challenges.

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