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Gaohe will resume production!

2024-05-30 Update From: AutoBeta NAV: AutoBeta > News >


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According to domestic media reports, Gaohe Automobile has received a strategic investment from an investment institution in Hong Kong and may resume work and production at the end of April or early May. It is also reported that the first vehicle project to be carried out after the resumption of production is to build a new model based on HiPhi Y, which will increase the configuration and reduce the price at the same time. In addition, according to a person familiar with the matter, FAW started due diligence on Gaohe in early April, aiming to fully understand the financial situation, legal relationship and risk factors of Gaohe before the acquisition.

In response to the above news, Gaohe responded, "We have been working hard, there is no information that can be made public for the time being, all information should be subject to the announcement of the company officials."

It is understood that investment in Hong Kong has helped high-tech sales to resume work. Ningbo's high-tech stores have taken the lead in launching a test drive invitation among car users, and the planned transfer of high-tech stores in the core of Shanghai has begun to clean. At the same time, the department director of Gaohe has combed out the manpower needed to resume work and production, and is now waiting for the leader to report and sign, and then he can start talking to former employees.

In addition, with regard to an investment agreement worth 40.1 billion yuan signed between Saudi Arabia and Gaohe's parent company, Chinese Express, in June last year, in fact, the agreement did not end with the negative spread of Haohe. The accession of FAW can precisely become a key factor in invigorating the overall situation. According to people familiar with the matter, the request of Saudi Arabia is actually very simple, and their money can be given, but there must be a state-owned enterprise or central enterprise in the automobile industry as a guarantee, while Saudi Arabia has signed the agreement but has been slow to honour it. It is still worried about the future performance of Gaohe Automobile. It thinks that the market volume of Gaohe Automobile is too small, on the other hand, after the financial crisis of Gaohe Automobile, it needs a state-owned enterprise or central enterprise in the automobile industry as an endorsement. They are willing to continue to "play" only if they can integrate resources.

On the first day of the Spring Festival resumption of work in the year of the Dragon, Gaohe Automobile held an internal meeting to suspend production for six months, requiring the company to maintain low-power operation and continue to look for financing to tide over the difficulties and attract outside attention. Mr Ding admitted that the Yancheng plant had been shut down since November and that cash flow in the company's accounts had dried up, adding that "Haohe still has a window of three months", possibly as little as one month. From then on, Gaohe began to save itself.

Since then, information such as the freezing of Gaohe's equity and being listed as the person subject to execution has come one after another. Gaohe (Qingdao) Automobile sales and Service Co., Ltd. is currently being executed with a total amount of more than 20 million yuan. Chinese Express (Jiangsu) Technology Co., Ltd. recently added 45 million yuan of equity freeze. In addition, on March 5, Faraday issued a future announcement to sue Gaohe Motor and its founder Ding Lei for infringing trade secrets and unfair competition.

In order to strive for more living space, Gaohe Automobile adopts the way of live broadcast with goods to save itself. Gaohe executives said that all the revenue from live streaming will be used for first-line after-sales service to protect the rights and interests of car owners, but for Gaohe, it is difficult to obtain enough funds to save themselves in the short term through live broadcasting alone. It is generally believed that the possibility of the rebirth of high-tech cars is extremely slim. Like the new power brands that went bankrupt and restructured in the past, high-tech cars need the same money most at the moment, and the status quo in front of high-tech cars is that even if Ding Lei gets the bailout funds, it is a drop in the bucket for high-tech cars. In addition, at present, the competition in the new energy vehicle market is becoming more and more fierce, how to compete with other automobile manufacturers is also a huge problem.

Of course, if the state-owned enterprises or central enterprises enter the bureau and receive financial assistance from Saudi Arabia, it is good to return them back. Gaohe Automobile may be able to avoid bankruptcy, which affects not only Gaohe Automobile alone, but also thousands of car owners behind it. And suppliers and employees related to Gaohe. However, there is not much time window left for Gaohe, and it will take time to verify whether Gaohe can be reborn.

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