Burn away 5.1 billion yuan, Yangtze Motor goes bankrupt and settles

A few days ago, according to the bankruptcy documents of the People's Court of Yuhang District, Hangzhou City, Hangzhou Changjiang Automobile Co., Ltd. was ruled by the court to enter bankruptcy liquidation procedures.

The Hangzhou Bus Factory, founded in 1954, is the predecessor of Yangtze Motor. Hong Kong Wulong Electric Vehicle Group invested 5.1 billion yuan in it and established Yangtze Motor in 2015. It released the electric vehicle brand "Changjiang EV" ”, its main business is the research and development, manufacturing, sales and after-sales maintenance services of new energy electric vehicles.

In 2016, Yangtze Motor became the first batch of new energy vehicle companies to obtain approval from the National Development and Reform Commission. In December 2017, Yangtze Motor obtained "dual qualifications" for new energy vehicles. As state subsidies continue to decline and market demand declines, Yangtze Motor has experienced tight liquidity problems since the second half of 2018, and there have been rumors of wage arrears. Some media reported that Yangtze Motor has been in arrears with employee wages for 12 months. The company regularly issues a "Stay Home Waiting Notice" every week, but there has never been any information on wage payment.

Tianyancha shows that at present, Yangtze Motor has dozens of information on persons subject to execution, more than 100 consumption restriction orders on legal representatives, and many legal proceedings, including sales contract disputes.

In just four years, Changjiang Motors burned through 5.1 billion yuan and entered bankruptcy liquidation procedures. Wulong Electric Vehicles was also suspended from the Hong Kong Stock Exchange on July 2 this year, with its market value remaining at only 476 million yuan. Hong Kong dollar. It is worth noting that one of the shareholders behind Wulong Electric Vehicle is Li Ka-shing, who once owned 8% of the shares of Wulong Electric Vehicle. After Yangtze Motor invested in Wulong Electric Vehicles, it became the second new energy vehicle company in China to hold "dual qualifications" after BAIC New Energy, and it enjoyed great success for a while.

Since last year, not only Yangtze Motor, but also many new car-making forces have reported wage arrears and bankruptcy, including Bordrin Automobile, Byton Motors, Sailin Automobile, etc. New car-making forces have entered the washout. card stage. "With the vision of creating a world-class electric vehicle brand" is Yangtze Motor's slogan, but it seems that it cannot be realized at present.

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