The author | Li Dapeng
| Electric Guild
Zhidou, who had disappeared for four years, finally returned.
On the evening of March 2, Yinyi Shares issued an announcement that it intends to invest no more than 400 million yuan to participate in the restructuring of Zhidou Automobile and the change process of the reorganization plan.
Yinyi shares have signed a Memorandum of Understanding with the manager of Zhidou Automobile on the same day, indicating their intention to become the new reorganization investor of Zhidou Automobile and obtain the actual control and independent operation right of Zhidou Automobile, so that Zhidou Automobile can be regenerated.
What is the origin of Yinyi shares?
As a domestic iconic real estate enterprise, Yinyi Began to implement the two-wheel drive development strategy of "real estate industry and high-end manufacturing" in 2016, and successively acquired the American ARC Group and the Belgian Bunch Group to enter the automotive industry in a big way.
Among them, ARC Group is mainly engaged in the development, production and sales of automotive airbag gas generators; The main product of the Belgian Bunch Group is the continuously variable transmission (CVT), and is also committed to the development of dual-clutch transmission (DCT), hybrid powertrain system and pure electric powertrain system.
At present, Bonchi automatic transmission products have been widely used in Geely, Jiangling Ford, JAC, Dongfeng and other independent brands, as well as Proton Automobile and other foreign customers related models.
For Yinyi Shares, the proposed participation in the restructuring of Zhidou Automobile is an important strategic deployment based on its advantages in the field of new energy vehicles. Yinyi shares also said in the announcement that it is the new energy vehicle production qualification of Zhidou Automobile.
As a former national god car, Zhidou Automobile also had a rather beautiful period of time.
Founded in 2006, Zhidou is one of the earliest enterprises in China to enter the field of new energy vehicles, with cumulative sales of more than 100,000 vehicles so far, and Zhidou in its heyday accounted for 6% of the market share of domestic new energy vehicles and 20% of the market share of small electric vehicles.
In the early stage of China's automobile transformation to electrification, due to the relatively loose requirements of the subsidy policy for mileage and battery energy density, as well as special reasons such as restricting the number plate of urban new energy, the production of small electric vehicles has become the main way to obtain subsidies, and some car companies have grown barbarically on the electrified runway.
We checked that the market share of small electric vehicles has exceeded 60% all year round, and it reached a peak of 87% in 2015. This year, the Zhidou with a mileage of 100 kilometers is priced at 150,000 yuan, the state subsidy is 100,000 yuan, and consumers can drive the car away with only 50,000 yuan. Zhidou sold 25,300 vehicles that year, and then sold 65,000 vehicles in the following two years, and the 110-year-old Rolls-Royce only sold more than 3,000 vehicles a year, only one-tenth of Zhidou.
However, although sales have increased year by year, the quality has not received enough attention, and small electric vehicles have once been labeled as "low-end".
In 2018, the subsidy policy for new energy vehicles has changed, and models with a range of less than 150 kilometers no longer enjoy subsidies (the previous subsidy amount reached 20,000 yuan), and the subsidy policy eliminated all small electric vehicles.
Without subsidies, the small electric vehicle market instantly fell to the bottom, and the explosive models at that time, such as Zhidou D2, BAIC EC series, Chery eQ1, and Zotye E200, were greatly impacted. According to data from June 2018, the proportion of small electric vehicle sales fell from 62% in May of that year to 33%.
Entering 2019, in addition to the guidance of the national subsidy policy, it is also affected by the impact of high-quality, high-value-added electrified models, and the share of small electric vehicles has directly dropped from 49% to 26%, and even been treated at the same price as "old scooters" and "low-speed electric vehicles" by the market.
Zhidou also began to fall off the altar as a result, with sales in 2018 less than a quarter of its heyday, and not a single one sold in 2019. Subsequently, the operation situation of Zhidou Automobile further deteriorated, and it was successively caught in the turmoil of factory suspension, layoffs, wage arrears, arrears, lawsuits, etc., and many upstream and downstream enterprises in the industry were widely affected.
At the beginning of 2019, the Ali auction platform showed that 100% of the equity of Lanzhou Zhidou was auctioned, with a starting price of 138 million yuan, and the platform showed that there had been 17,206 onlookers, but none of them signed up.
From the once valued at 8 billion to 138 million "sold" but no one cared, from the annual sales of 43,000 vehicles to the monthly sales of zero, Zhidou from the extreme to the fall, before and after less than three years.
On October 28, 2019, the Ninghai court pre-registered The bankruptcy of Zhidou Automobile, and Zhidou Automobile entered the reorganization procedure.
Up to now, Zhidou Automobile has been listed as a dishonest executor, and its core assets Lanzhou Zhidou and its subsidiaries Zhidou Automobile Sales Co., Ltd. and Zhidou Electric Vehicle Technology Integration Co., Ltd. have been pledged to Nanjing Zhidou.
It should be known that Lanzhou Zhidou has a complete complete new energy vehicle production line and professional equipment, and has normal vehicle production and operation conditions. It is precisely because Yinyi shares have taken a fancy to this part of the available assets, which can form a clear synergy effect with its existing auto parts manufacturing business, and bet on Zhidou.
However, as the "white knight" of Zhidou Automobile, Yinyi shares are still in the implementation period of the reorganization plan, and the company has had a negative net profit for many years. Previously, *ST Yinyi disclosed that it expects losses to reach 1.9 billion yuan to 2.3 billion yuan in 2021, and the losses will expand by 74.71% -111.5% year-on-year.
One performance loss, still struggling on the edge of the shell; another business shutdown, restructuring plan can not be executed, Yinyi shares and Zhidou Automobile, this pair of "difficult brothers and brothers", can really rub out the spark of "rebirth"? We'll see.
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