Another "Zhongtye" car company is facing bankruptcy and has suspended production! At its peak, bicycles sold tens of thousands of units a month

A few days ago, Hexun Automobile learned from relevant media that the domestic automobile company Hanteng Automobile is currently facing the dilemma of suspending production and production. Previously, the media exposed the news of Hanteng Motors' consecutive holidays and wage arrears. Later, Hanteng Motors responded, promising that the wages owed to employees will be paid in the near future.

During the peak car sales season of the Golden, Nine and Silver Tens, Hanteng Automobile chose to suspend production and production. The reasons are self-evident.

Hanteng Automobile is actually a "Zotyy" brand

In fact, Hanteng Automobile is closely related to Zotye Automobile, which has been revealed to be on the verge of bankruptcy. Although Hanteng Automobile has tried hard to distance itself from Zotye, the relationship between the two can be described as "continuous cutting and chaos."

Public information shows that Hanteng Automobile Co., Ltd. was established in November 2013 and is located in Shangrao Economic and Technological Development Zone, Jiangxi Province. It is a brand-new research and development company focusing on traditional power vehicles, new energy vehicles, and key auto parts. It is a private vehicle manufacturing enterprise with production and sales as its core business. As a private automobile company, it has complete vehicle series products with completely independent intellectual property rights. Its main products include A0-class SUV, A-class SUV and B-class SUV.

Shortly afterwards, Blueprint Automobile fully invested in Hanteng Automobile. The investor behind Blueprint Motors was Tieniu Group, which later became the actual controlling shareholder of Zotye Motors. Therefore, whether it is holding or investing, Tieniu Group actually owns two automobile manufacturers. However, at that time, Zotye already had a relatively complete production line of cars, SUVs and new energy models, while Hanteng Automobile was relatively single.

In addition, Zotye and its parent company Tieniu Group have been constantly "cultivating" new brands, spawning brands including Junma and Hanlong, and winning the market through "rebranding" , but the market sales are not ideal. This Hanlong Queshi SUV, which imitates the Land Rover Range Rover, is actually a famous work of the "Zotyy series", but it has almost never been seen on the road since its launch.

The cold winter in the car market caused a crisis

As a "Zotyy" brand, most of Hanteng Motors' models have also been labeled as "plagiarism" and "copycat". In exchange for a certain sales volume due to its good cost performance and model highlights, the first X7 model launched by Hanteng Motors in 2016 was relatively successful, with monthly sales approaching 10,000 units in good times.

However, with the in-depth adjustment of the domestic auto market in 2018, these opportunistic brands have experienced operating crises, and with the implementation of the "National VI" emission standards in most parts of the country, the crisis has further increased. Aggravated. Hanteng Automobile itself entered the market late and neglected to invest in technology research and development and product quality. When sales declined and technology investment fell into an endless loop, problems occurred frequently in product quality, after-sales and other aspects. At the same time, the influence of the "Hanteng" brand has not yet taken shape. For consumers who are on the fence about buying cars, Hanteng cars that are unsuitable are no longer on their car purchase lists.

At the product level, in some cities that had already restricted the "National VI" regions in the early days, dealers cut off supply because they did not mention "National VI" models. At present, most of Hanteng's new cars have not been updated since July 2019. Even if they follow the "imitation route", their product competitiveness is not as good as before. Public data shows that Hanteng Motors sold a total of 7,683 vehicles from January to July this year, down nearly 70% from 24,979 vehicles in the same period last year.

As early as a year ago, Hanteng Motors experienced delays in salary payment, and no more sales outlets were added. At its peak, Hanteng Automobile established more than 200 dealer 4S stores in nearly 150 prefecture-level cities in 31 provinces and cities across the country, achieving full coverage of provincial capitals and key cities. However, now that some dealers have withdrawn from the network, Hanteng Automobile has The downward trend of automobiles is self-evident.

Capacity expansion and high debt levels

The difficulties faced by Hanteng today seem to have a lot to do with its own expansion.

According to the plan, Hanteng Auto will build two major production bases in Shangrao, with an investment of 3.7 billion yuan in the first phase and an annual production capacity of 150,000 vehicles; a total investment of 10 billion yuan in the second phase and an annual production capacity of 200,000 vehicles. After completion, the total annual production capacity will reach 350,000 vehicles. However, in the face of huge production capacity, Hanteng Automobile's sales have declined rapidly year by year, and production capacity has been difficult to be fully utilized.

The consequence of this is that it cannot bring about a balance of high revenue and capital flow corresponding to the production capacity, and a large number of the company's fixed assets have to be mortgaged. From January 13 to July 29 this year, Hanteng Automobile *** had 10 chattel mortgage registration information, involving an amount of approximately 1.498 billion yuan in guaranteed claims. The types of guaranteed claims were financial lease contracts and loan contracts. . The collateral is mainly automobile production line equipment used by Hanteng Motors.

In addition to employee wages, suppliers’ payments are also in arrears. Since 2020, Hanteng Automobile has been listed as a person subject to execution by the Shangrao Intermediate People's Court and Shangrao County Court three times. The execution targets are 2.6712 million yuan, 1.7 million yuan and 2 million yuan respectively. Its name is worth 20 million yuan. The property has also been sealed by the Shangrao City Intermediate Court.

Public information shows that in addition to the major shareholder Landu Motors mentioned at the beginning of the article, state-owned enterprises in Shangrao City, Jiangxi Province also indirectly hold about 30% of the shares in Hanteng Automobile. They have previously provided Hanteng Automobile with Nearly 1.5 billion yuan in loans were obtained, but this was still not enough to get Hanteng Motors, which was currently facing a huge crisis, out of trouble.

This article comes from the author of Autohome Chejiahao and does not represent the views and positions of Autohome.