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Burn up ten billion yuan! A car company is listed as the executor of bad faith.

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


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Smart car Youhang Technology (Shanghai) Co., Ltd. has been listed as a breach of trust for violating the property reporting system, according to the China Executive Information publicity Network. According to the effective legal documents, the execution involves a labor arbitration case, and the company should pay the applicant Li's salary difference of more than 79000 yuan. In addition, Shen Haiyin, the legal representative of the company, was issued a restraining order.

It is understood that Smart car Youhang Technology (Shanghai) Co., Ltd. is a Singularity Automobile affiliated company, established in October 2014, jointly owned by Shen Haiyin, Tianjin Zhihang World Technology Co., Ltd., Taoyun (Beijing) Network Technology Co., Ltd. Risk information shows that the total outstanding amount of the company is more than 130 million yuan, there are two pieces of information about the person subject to execution, in addition, there are a number of restrictions on consumption orders, final capital cases and equity freeze information.

Looking back on the road of car-building of Singularity Automobile, Singularity Automobile is a relatively early batch of new car-making enterprises in China, which is about the same time as Xiaopeng Automobile and Xilai Automobile. However, it is a pity that 10 billion yuan has been burned in ten years, but the first vehicle has been unable to be mass-produced for a long time. Shen Haiyin, founder of Singularity Automobile, has rich marketing experience and has served as 360 vice president and vice president of Kingsoft Group. Singularity Automobile, which he founded, put forward the direction of becoming an intelligent electric car a long time ago, and put forward the slogan of using Xiaomi model to build China's Tesla.

IS6, the first production model of Singularity Motors, was unveiled in 2017, and the official price range for new cars is 200000 to 300000. At that time, Singularity Automobile attracted the attention of the market and completed many rounds of financing, with a total financing amount of more than 17 billion yuan. It has also invested 28 billion yuan to build factories in Tongling, Anhui, Suzhou, Jiangsu and Zhuzhou, Hunan, and set up R & D centers in many places.

Played a good hand, but failed to achieve mass production of the model. Singularity had planned to launch its first "mass production" model, iS6, in 2017 and six all-electric models in 2018. In October 2018, Shen Haiyin said that the listing of Singularity iS6 would be postponed until around the 2019 Spring Festival. At the beginning of 2020, the domestic epidemic broke out, Singularity iS6 skipped tickets again, and today iS6 has failed to go public.

In fact, since 2018, there has been frequent negative news about Singularity, such as wage arrears, employee loans, broken capital chains, and so on. At that time, there was news that Singularity Automobile planned to seek funds through Science and Technology Innovation Board's listing financing, but the news came to nothing in the end. Starting from 2021, Shen Haiyin, founder of Singularity Motor, was reported to have many consumption restrictions, and the operation of Singularity Automobile was in trouble for a moment. In July last year, the Intermediate people's Court of Tongling City, Anhui Province, announced that Singularity had been filed for bankruptcy review. At the same time, a number of affiliated companies of Singularity Automobile have been listed as the person to be executed, the person to be executed in bad faith and have received restrictions on consumption many times. This series of news also means that Singularity Automobile has come to an end.

With the rise of new energy vehicles, more and more Internet companies devote themselves to building new energy vehicles. Although Singularity car was built relatively early, it has never improved. In fact, the arrival of Singularity is largely due to the difficulty of giving birth to the first model. After all, mass production of the first model has been delayed, which increases investors' concerns and is not conducive to financing. At present, the competition of new energy vehicles is becoming more and more fierce, and the time left for each new car-building power is limited.

Of course, as one of the first new car-building forces, Singularity Motor has reached the stage of bankruptcy review. Looking forward to the early singularity car has a good financing ability, can be regarded as the early launch of the first model, can be said to win on the starting line, but in just a few years, Singularity Automobile is faced with tight capital chain, the first product can not be mass-produced and other problems, and ultimately can not escape the fate of bankruptcy review. Since 2023, the competition pattern of the automobile industry is also different from the past, the original upsurge of car-building tide is gradually not as expected, many new second-line car-making companies have fallen into varying degrees of operational difficulties, and the automobile industry has entered the link of survival of the fittest. Singularity Automobile's follow-up road will also be more and more difficult.

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