In 2020, Jia Yueting will be everywhere


It is difficult to break the “back wave” in 2020. Recently, sailin, Bojun, beiteng and many other new forces of car making, which were warmly welcomed by the capital market, are experiencing the speed of life and death.
Financing is blocked, mass production becomes a mystery, debts are high, factories are shut down due to wages, and founders are too busy or even running away Since “return home next week” Jia Yueting, the big guys in the car circle have staged a series of magic dramas. Will those waiting for them be Jia Yueting’s “magic spell”?
01 “financing is here” Daley: burn out 8 billion yuan and make no cars
On the evening of June 28, according to CCTV finance and economics report, byton automobile was in arrears with employees’ salaries for four months. In addition, the rent of beiteng’s Shanghai office was removed in April, and Beijing’s office was removed on June 17. Recently, the Nanjing factory was shut down due to the lack of water and electricity.
Prior to that, according to people familiar with the matter, Dai Lei, CEO of byton automobile, said at an employee meeting held on June 1 that he currently owed about 90 million yuan (three months’ wages) of his employees.
There is still FAW Xiali in byton’s debt list. According to Tianyan data, Nanjing Zhixing New Energy Vehicle Technology Development Co., Ltd. (hereinafter referred to as “Nanjing Zhixing”) was established in June 2017, with a registered capital of about 5.646 billion yuan.
At the end of September 2018, FAW Xiali transferred 100% equity of FAW Huali to Baiteng. At the same time, byton agreed to assume the employee compensation payable by FAW Huali of 54.62 million yuan and pay off 800 million yuan of debt in installments before September 30, 2019. However, byton still has 470 million yuan outstanding by the deadline agreed by both parties.
On June 2, 2020, FAW Xiali announced that it had reached a new supplementary agreement with Nanjing Zhixing. Nanjing Zhixing needs to pay 235 million yuan before June 30 of this year and the remaining 235 million yuan before October 31 of this year.
According to public information, since its establishment in 2017, byton has conducted four rounds of financing, with a total amount of about 8.4 billion yuan. The last financing of byton was on June 11, 2018, and the subsequent round C financing experienced many times of ticket skipping.
In May 2019, byton announced that it would complete round C financing in the middle of the year, and has been supported by a number of powerful institutions. Subsequently, it was reported that byton financing will introduce about $500 million at the end of June. In January this year, the relevant person in charge of byton said that the round of financing has entered the final stage, but so far it has not been in place.
Bi Fukang, known as the father of BMW I8, was also the co-founder of Byron, so the market had high expectations for Byron. Or because of financial difficulties, byton’s first model, m-byte, which was originally scheduled to be put into mass production by the end of 2019, has been delayed until April this year before the mass production trial production vehicle is launched. At present, the official mass production of m-byte has not yet spread.
It is worth noting that the name of FAW Huali has been changed to Nanjing Zhixing in the announcement on road motor vehicle manufacturers and products (batch 333) issued by the Ministry of industry and information technology on May 22, 2020. This means that byton has been officially qualified for production.
Will this be Byron’s “last straw”? Or is it the c-round financing which is “about to be ready” in the rumor?
Wang Xiaolin: being reported to have embezzled 6.6 billion state assets
On July 20, 2019, Jiangsu sailin Automobile Technology Co., Ltd. (hereinafter referred to as “Jiangsu sailin”), which held a press conference in the bird’s nest with a large sum of money, exploded all the way after being reported by the former legal department.
According to Tianyan survey, Jiangsu sailin was jointly invested and established by American sailin International Automobile Co., Ltd. and a number of domestic enterprises and institutions, with a registered capital of 10 billion yuan, and its registered place is Rugao City, Jiangsu Province. Nantong Jiahe, the major shareholder of Jiangsu sailin, contributed 334187 million yuan in the form of currency subscription, holding 33.42% of the shares. Nantong Jiahe is a wholly-owned subsidiary of Jiangsu GaoKai Investment Development Group Co., Ltd., which is a wholly state-owned enterprise.
On April 27, 2020, a microblog user who claimed to be Qiao Yudong, a former legal officer of Jiangsu sailin, reported Wang Xiaolin to be suspected of false technology investment and embezzlement of a huge amount of state-owned assets of 6.6 billion yuan. Qiao Yudong once provided more than 40 documents to China New Zealand Jingwei reporters to support the contents of the report.
According to a number of media reports, Nantong local authorities intervened in the investigation after the letter was issued. On June 23, Jiangsu sailin Shanghai Co., Ltd. received the seal up notice from Nantong intermediate people’s court. Prior to this, Jiangsu sailin Rugao factory was also closed.
Now, there are thousands of suppliers and employees’ collective wage collection after the break of capital chain.
Wang Xiaolin, co-founder and chairman of Jiangsu sailin, said in an internal letter that after reporting the incident, Qiao Yudong directly called investors, resulting in the shelving of the 3 billion yuan fund originally scheduled for May.
In recent days, Wang Xiaolin and Qiao Yudong have their own opinions in media interviews. Wang Xiaolin, who said that he could not buy tickets, had been in the United States for a long time, but had not returned to China to face the crisis of sailin.
Backed by the world-famous supercar brand sailin, Wang Xiaolin has said that he will gradually establish a product matrix covering from “top super running” to “mass high-end”, that is, super running, super running SUVs and super running cars that everyone can own.
At the above-mentioned bird’s nest conference, Jiangsu sailin only released two new models of mini car Maimai and super run SUV Maike. Among them, only the mini car Maimai opened the pre-sale.
The flagship store of sailin Maimai auto tmall has been cancelled and closed a few days ago. The total sales volume of this car is only 9.
03 “running America” Huang Ximing: sending an open letter to give up car building
On June 24,, citing people familiar with the matter, reported that Huang Ximing, founder of Bojun automobile, had arrived in the United States and said he would not return to China.
Established in 2016, Bojun automobile, formerly known as American Advanced Vehicle Technology Co., Ltd. (AVT) and Shanghai Sizhi Automobile Engineering Technology Co., Ltd., is engaged in chassis design and vehicle performance development services.

In September 2019, Bojun automobile and FAW Xiali officially established Tianjin Bojun Automobile Co., Ltd. (hereinafter referred to as “Tianjin Bojun”), with a registered capital of 2.540 billion yuan. Bojun invested 2.034 billion yuan in cash, with a shareholding ratio of 80.1%. FAW Xiali invested RMB 505 million yuan with assets and liabilities related to vehicle related land and plant, with a shareholding ratio of 19.9%. Bo county is qualified to build cars.
According to the agreement, within 30 days after obtaining the business license, Bojun automobile will complete the down payment of 1 billion yuan, and the rest will be paid within 6 months.
However, according to the announcement issued by FAW Xiali on May 28, 2020, Bojun automobile only paid 14.1 million yuan to Tianjin Bojun. To this end, FAW Xiali has sent two official letters and three lawyer letters to Bojun automobile. Charley stressed that if boshire continues to default, it has the right to terminate the agreement.
Bojun automobile’s capital crisis broke out, and then the company’s business stopped, and employees’ compensation and rights protection incidents occurred frequently.
On June 13, Huang Ximing said in an open letter that Bojun Motor Co., Ltd. has encountered serious business difficulties, causing actual losses and adverse effects on the development of employees, shareholders, suppliers, local governments and partners, and expressed deep apology and self blame for this.
In addition to changes in the market environment, Huang Ximing attributed the company’s capital difficulties to “missed a lot of financing opportunities”, causing irreparable losses to the company’s cash flow management.
Huang Ximing said that in such a dilemma, Bojun automobile decided to reposition the company’s business model to form results and products. Such a statement is also seen by the outside world as a sign of “giving up making cars.”.
The iv6 and iv7, which are close to mass production in huangximingkou, were originally planned to be produced by Tianjin Bojun. According to media reports, the factory of xiazhongduo has not been put into operation since its establishment.
04 Godfather Jia Yueting’s “back wave”
The unicorn enterprises that are optimistic in the industry have won a lot of chicken feathers, and new auto companies such as Byron, sailin and Bojun are performing similar scripts. This also reflects the current survival situation of the new forces.
Netizens also launched a hot discussion on this.
@ Yang Dayun, Jun Zi’s words: playing with the concept, without core technology, is a common failing of these car companies. Just adding a new LOGO to the concept and assembly car is the future, which is a beautiful bubble. The bubble will burst. It’s only a matter of time!
@A long time ago, experts in the automobile industry said that this is a series of assembly line production projects. It does not mean that whoever has money can squeeze in. Without upstream and downstream industrial chain, it is just a water drift to throw in tens of billions of money.
@Yabihuo: how many companies can build cars in a down-to-earth manner? It’s just natural to be eliminated.
The new forces have been up and down in the Chinese market for five years. Jia Yueting is regarded as one of the representatives who formally moved the dream of new forces to the center of the stage.
From the end of 2015, LETV announced the “see plan” of car building, and in January 2016, the first product FF zero1 concept car appeared, which was cheered by the industry. As a result, nearly 50 players rush in.
“Ppt style” passionate speech has become the standard configuration of “Jia Yueting people”. At that time, capital was willing to pay for a good story.
In the end of 2016, the capital problem of LETV group broke out. Up to the time of bankruptcy, cars were the most laggard business sector in the eyes of the outside world.
Zhong Shi, an analyst in the automobile industry, believes that the so-called “new force” is only a concept, which is different from traditional automobile enterprises. One is that they prefer pure electric field, and the other is that the technology of intelligent network connection is more widely used. “In essence, car making is car making, and the production line is the same.”
And the whole industry chain of capital investment, to this day, still let new forces of car companies have fallen on the road of financing.
Zhang Xiang, an auto industry analyst, once told Zhongxin Jingwei reporter that the industry chain of car making is very long, and it is not enough to think only through Internet. It needs strong financial support to integrate the upstream and downstream supplier systems. In addition, the research and development of vehicle parts system also needs a lot of talent investment.
Li Bin, CEO of Weilai Automobile Co., Ltd., once gave a threshold of 20 billion yuan. As one of the leading new forces in China, Weilai, which was established in 2014, has yet to realize the normalization of gross profit rate.
According to the monthly data of the Travel Association, in May this year, only eight new forces, including Weilai, ideality, Weima, Xiaopeng, Hezhong, Xinte, guozhijun and Lingtu, sold new cars. Many industry insiders predict that only a few of the new force auto enterprises can survive in the future. The epidemic will accelerate the shuffle process.
Title Editor: Fu Yumei sun Qingyang Chang Tao
Cover photo source: screenshot of beiteng Auto’s official website