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Quan Zhi Motors is forced to execute 100 million!

2024-06-25 Update From: AutoBeta NAV: AutoBeta > News >

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AutoBeta(AutoBeta.net)05/23 Report--

According to Tianyan inspection information, on May 21, Guanzhi Automobile Co., Ltd. (hereinafter referred to as "Guanzhi Automobile") added a piece of information about the person subject to execution, the object of execution is more than 102 million yuan, involving financial leasing contract disputes, and the enforcement court is the Changshu Municipal people's Court.

This is the third piece of information about the person subject to execution of Qoros in May. It added one new piece of information about the person subject to execution on May 15 and May 20, respectively. The object of execution is 946000 yuan and 96000 yuan respectively. The execution court is the Changshu Municipal people's Court. As of press time, there were 39 pieces of information about the person subject to execution of Guanzhi Automobile, with a cumulative total amount of 685 million yuan.

In addition, Guanzhi Motor is currently involved in lawsuits, and there are a number of restrictions on consumption orders, persons subject to breach of faith, final case information, and so on, of which there are 10 court announcements from May 20 to June 14, most of which are "labor disputes" and "sales contract disputes"; the consumption restriction order is 356. In 68 final cases, the total amount of the subject matter of execution is 411 million yuan, the total amount of non-performance is 392 million yuan, the proportion of non-performance is 95.5%; there are 30 cases of breach of faith, the proportion of non-performance is 100%, and there are 29 cases of equity freeze.

Guanzhi Automobile Co., Ltd. was established in December 2007, formerly known as Chery Quantum Automobile Co., Ltd., with a registered capital and paid-in capital of 16.92548 billion yuan. The company is jointly owned by Hangzhou Chengmao Investment Co., Ltd., Wuhu Chery Automobile Investment Co., Ltd and QUANTUM (2007) LLC, of which Hangzhou Chengmao Investment Co., Ltd. holds 63%.

Today, no one is interested in Qoros in the auto market, but in the early days, Qoros can be called a domestic early positioning of high-end independent brands and the starting point is not low. Founded in 2007, Guanzhi Automobile is positioned as a Chinese high-end automobile brand with a registered capital of 16.925 billion yuan and backed by two major shareholders, Chery Automobile and Israel Quantum Foundation. and the company's executives are well-paid talents from international well-known automobile brands such as BMW, Audi, Jaguar and Volkswagen.

In 2013, Guanzhi 3, the first mass production model of Qoros, was first launched in China. Since then, it has launched a total of four models: Quan Chi 3 five door version, Guanzhi 3 Urban SUV, Quan Zhi 5 SUV and Quan Zhi 3 GT. According to the data, Qoros sold 15000 new cars in 2017, but it lost 6.6 billion yuan from 2014 to 2016, making it a "big burden" for Chery. In desperation, Chery eventually sold Qoros to Baoneng. After Baoneng Group acquired Qoros, Qoros ushered in a brief "dawn". Sales surged to 63200 in 2018, up 320% from the same period last year. Unfortunately, sales hit rock bottom the following year, with only 22700 sold, down 63.4% from the same period last year. Guanzhi's release of Qoros 7 new cars in 2020 also failed to reverse the decline, with sales falling again to 13100.

Since 2021, Qoros has been mired in a negative situation, including internal staff turnover, protection of the rights of external suppliers and dealers, and sales failure. By 2023, no one is interested in Quan Zhi Automobile in the auto market. Of course, there are traces of the decline of Qoros. Since 2023, Qoros Motors has frequently experienced increasing information about the person subject to execution and lawsuits. In addition, from a product point of view, Qoros does not have a product that can handle it. "the product promotion is not effective." the aging of products is out of touch with the times. Qoros is destined not to go too far. In this context, even if Qoros solves the judicial dispute, it will not be able to Phoenix Nirvana.

After entering 2024, with the intensification of competition in the automobile market, the industry has entered the link of survival of the fittest. Industry insiders predict that by 2025 or 2026, the competition pattern of enterprises in the automobile market will gradually become clear, and this year is defined as a critical period for car companies and a key year for new energy car companies to gain a firm foothold. In such a highly competitive market, the chance that Guanzhi, which is already on the edge, wants to "revive and restart" is extremely low. It is worth mentioning that life is also difficult for Baoneng Automobile, the major shareholder of Qoros Motor. Since the beginning of 2023, Baoneng is also mired in a liquidity crisis, facing financial products overdue, debt default and other difficulties, in other words, Baoneng Automobile is also on the brink of life and death.

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