Renault Brilliance filed for bankruptcy, and Jinbei Automobile is expected to lose 48 million yuan

On January 4, Jinbei Automobile issued an announcement that the company supplied some auto parts products to Renault Brilliance, and due to the supply chain relationship, the company had related receivables, inventory, molds and fixed assets. In addition to the impairment factors of fixed assets, renault Brilliance bankruptcy reorganization is expected to affect the company's attributable profit in 2021 by 48 million yuan.

Brilliance Renault Jinbei formerly known as Shenyang Brilliance Jinbei Automobile Co., Ltd., in 1997 Jinbei Automobile ranked first in the field of commercial vehicle sales; in 2010, its ownership exceeded 1 million, the market share was as high as 75%, ranking the champion position in the commercial vehicle market for 19 consecutive years.

Jinbei Automobile went down in 2015, on the one hand, SAIC Maxus and Jiangling Motors began to enter the market, breaking the situation that Jinbei Automobile was dominant; on the other hand, Jinbei Automobile accumulated debt of more than 1 billion yuan in 2017, in order to reverse the loss, Brilliance Group sold 49% of the equity of Shenyang Brilliance Jinbei Automobile Co., Ltd. to Renault at a cash price of 1 yuan, and the two sides plan to invest 1.5 billion yuan in the future to achieve common development. Subsequently, relying on the product line of the Gold Cup, the sales volume of the Renault Brilliance Gold Cup began to decline sharply, with sales of 43,000 vehicles in 2018, down nearly 30% year-on-year; sales in 2019 were 40,200 units, down 6.5% year-on-year. It was not until November 2020 that the first model of the joint venture between the two sides, the Jinbei Haishi King, was officially launched, but at this time, the Renault Brilliance Jinbei only sold about 23,000 vehicles in the whole year, down 42.8% year-on-year.

According to Tianyan, there are currently 5 items of judgment debtor information to be executed in The Renault Brilliance Golden Cup, with a total amount of 9.03 million yuan, 92 items of judgment debtor information in history, and 75 items of cumulative information on execution since 2020. On the eve of the bankruptcy of The Renault Brilliance Golden Cup, many supply chain companies were affected, and many suppliers took them to court as plaintiffs, and the main reason for the litigation was arrears.