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Many failed shots! Re-auction of the assets of a new power car company

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


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Recently, Ali auction Network showed that 664 Madi electric cars (including 11 engineering sample cars) were put up for auction by the people's Court of Rugao City, with a starting price of 13122560 yuan and a bid valuation of 20504000 yuan. According to simple calculation, the price of each Sailin Mai Mai is 19763 yuan. According to the official website, the people's Court of Rugao City has auctioned 664 Madi electric cars (including 11 engineering sample cars) for 20504000 yuan in November 2023, 16403200 yuan in December 2023 and April 2024, all of which ended in failed auctions.

It is understood that the 644 Sailin Miami to be auctioned will be produced from September to November 2019, covering low configuration (130) and high configuration (523), with both yellow and blue appearance. It is worth mentioning that these electric cars will only be used "privately" because they cannot be licensed without a certificate and cannot be driven on the road.

When it comes to Sailin Automobile, those who are familiar with the automobile industry should have heard of it. In July 2019, Sailin held a brand and new car conference at the Bird's Nest in Beijing and announced that it has a total of four products, including the fuel version of the supercar Sailin S7, the sedan Sailin S1, the SUV Sailin Maike and the pure electric subcompact Sailin Miami. At that time, Sailin invited Jason Statham and Wu Yifan to the platform, and the press conference alone cost 200 million, and Sailin immediately became the most concerned car company. In November of that year, Sailin Maimai customized version went on sale on Tmall platform, with two models, sports customized version and cherry meatball customized version, priced at 158800 yuan and 168800 yuan respectively after subsidy. Data show that from opening to closing, Mai Mai Tmall flagship store received a total of 31 orders.

In April 2020, Wang Xiaolin, chairman of Sailin Automobile, was reported by former employees that he had problems such as false technical contributions and suspected embezzlement of huge amount of state-owned assets, and took 6.6 billion of state-owned assets empty-handed. It is understood that although Jiangsu Sailin Automotive Technology Co., Ltd. has five shareholders, in fact there are only two major shareholders-- Nantong Jiahe and Wang Xiaolin. The former holds 33.42% of Jiangsu Sailin's shares and is the only shareholder with a state-owned capital background in Jiangsu Sailin; the four foreign-invested enterprises actually controlled by the latter contribute at the price of intellectual property rights, holding a total of about 66.58% of the shares, and are the actual controllers of the company.

Wang Xiaolin's explanation for the employee's report is that by May 2020, all the funds for building the car will add up to 5.611 billion yuan. As for the whereabouts of the funds, it said that it cost 3 billion yuan to build the factory, about 1.5 billion yuan for the company's operation, employee salaries and marketing, and the remaining 1.2 billion was spent on opening moulds. Wang Xiaolin's letter also mentioned that Qiao Yudong had suffered huge losses as a result of Qiao Yudong's "false accusation" of Sailin. The efforts of the past three years and the coming success have all come to an end because of Qiao Yudong's "false accusation".

In July 2020, the Management Committee of Jiangsu Rugao Economic and technological Development Zone issued a circular. According to the "situation Bulletin," after audit and verification by Nantong Jiahe Technology Investment and Development Co., Ltd. (hereinafter referred to as "Nantong Jiahe"), it was found that Jiangsu Sailin Chairman and CEO Wang Xiaolin and others were suspected of providing false certification documents, misappropriating huge funds of Jiangsu Sailin by taking advantage of his position, and other important clues. Nantong Jiahe promptly reported the case to the public security organs, which have accepted and are investigating the suspected crimes committed by relevant personnel in accordance with the law.

Later, Sailin Motor began to fall into a financial crisis, the car factory and office building were then completely shut down, accounts were frozen, and the relevant responsible persons were also put on file for investigation. By this time, Wang Xiaolin had long avoided the United States and completely denied the charges against him. According to the Tianyan investigation, Jiangsu Sailin Automotive Technology Co., Ltd. has been listed as the executor of bad faith 61 times so far, with a total of 81 times in history, with a total amount of 32.7288 million yuan, and 91 consumption restriction orders have been issued by the court, and the equity is frozen.

From then on, there will be no place for Sailin cars in the world. From another point of view, the end of the PPT car-building farce of Sailin Automobile is reasonable, and it is also an affirmation and encouragement to all serious car-building players. You know, in an industry that is so difficult to build cars, it is doomed to go far only by telling stories. Only by keeping our feet on the ground and ploughing deep into the links of product polishing, mass production and delivery, sales and after-sales, can we go faster, more stable and farther.

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