New car shuffle has begun.
Editor’s note: This article comes from “ Future Car Daily ” (WeChat public account ID: auto-time), author: Zhang.
Author | Zhang Yi
Edit | Xu Yang
Bojun Automobile, a new car company that is struggling to move forward with employees’ wages and suppliers cutting off supplies, has suspended the entire vehicle project.
Recently, Big Dipper released a “Announcement on 2019 Annual Results Prediction and Goodwill and Asset Impairment Risk”.
Announcement display The depreciation of Bojun Automobile’s accounts receivable was approximately 6.17 million yuan. Bojun Automobile’s capital chain was tight. The entire vehicle project is currently in a state of shutdown. The receivables owed to Beidouxingtong began to expire in July 2019 and have repeatedly According to the agreed repayment, judging from the customer’s operating conditions, the possibility of repayment is very small.
Bojun Motor, a new car force founded in 2016, has been losing money for many years, and it has frequently exposed the lack of money.
Bojun Motor shareholders have disclosed in the bond issuance document that the company’s operating income in 2017 was 13.18 million yuan, and its net profit was 300 million yuan. Since May 2019, Bo County Motors has suffered employee rights protection due to arrears of year-end awards and overtime pay. Coupled with the news that the upstream supplier is out of stock, Bojun Automobile’s entire vehicle production is facing the practical problem of missing parts.
Now, no less than two new electric vehicles from Weilai, Weimar, Xiaopeng and other new-build vehicles are already on the road. The delivery of Bojun Automobile’s first mass-produced vehicle is still in doubt. During the Shanghai Auto Show last year, Bojun Automobile released two Bojun iV6 and Bojun iV7 electric SUVs, of which iV6 is the first production car of the Bojun brand. According to the plan, iV6 will be put into production in Tianjin base and delivered in the first quarter of 2020.
In November last year, in order to obtain production qualifications, this “second-tier” car-making new force established a joint venture with the declining auto giant FAW Xiali. Nanjing Bojun New Energy Automobile Co., Ltd. invested 2.034 billion yuan in cash and paid in installments according to prescribed conditions.
In terms of financing, Bojun Automobile has been more financed by industry for investment. The most recent financing took place in May 2019. Bojun Automobile received 2.5 billion yuan in strategic financing from Pukou Gaotou, Sumitomo Corporation Asia Capital, and China Science and Technology Industry Fund. As of now, Bojun AutomobileCar has completed six rounds of financing, and the other five rounds of financing have not disclosed the amount of financing. In July 2019, Huang Ximing said in an interview with the Daily Economic News that he is communicating with securities firms and investment banks and may be listed on the science and technology board.
Car manufacturing is a capital-intensive industry. For the assertion that 20 billion yuan is only the size of entry-level funds, Bo County Motors CEO Huang Ximing stated in 2019 Yue said in an interview that if the factory were not counted, a car would be worth about one billion yuan in research and development.
He analyzed that the general factory invested three to four billion yuan, and Bojun Automobile made three platforms (i-SP, i-MP, i-LP three electric vehicle platforms) with more than one billion yuan, the first car There are still several hundred million yuan to be put into production, and a total of one billion yuan has been spent.
At present, the issue of funding has become a difficult issue for Bojun Automobile to pass the birth and death barrier. Among the investors in the latest round of financing, except Sumitomo Corporation is a new investor, the rest are former shareholders of Bojun Automobile. Right now, Bo County, which has a huge funding gap and delivery of production vehicles indefinitely, has been difficult to meet its promises at that time.
