According to domestic media reports, Hanteng Automobile's internal notice will complete bankruptcy and restructuring by April 25, and The first phase of Hanteng Automobile's factory will also be sold to Great Wall Motors at a low price.
As early as August 2020, it was revealed that Hanteng Automobile was in the predicament of suspension of work and production, and at the same time, the wages of employees were owed. Hanteng's official website has also stopped relevant updates, dealers have withdrawn from the network, and the "Hanteng" brand has survived in name only.
Speaking of Hanteng, some people may not be familiar with it, this brand is actually inseparable from Zotye Automobile, which is out of the circle with "imitation cottage" and has previously completed bankruptcy reorganization.
Source: Celestial Eye Checker
According to public information, Hanteng Automobile Co., Ltd. was established in 2013, located in Shangrao Economic and Technological Development Zone, Jiangxi, and then in 2015, Lantu Automobile wholly owned a stake in Hanteng Automobile. Although in terms of equity structure, Hanteng Automobile is not directly related to Iron Bull Group, it is not known that Lantu Automobile is an automobile project registered by Iron Bull Group, the parent company of Zotye Automobile.
As a "Zotye" brand, Hanteng Automobile has launched HANTENG X7, X5 and other SUVs, but most of the models do not have the technology to hand, and The Hanteng, which has insufficient investment in research and development, has also been labeled as "imitation" and "copycat". However, Hanteng still gained some market favor with a good cost performance in the early stage, and sold more than 10,000 vehicles per month at the peak of 2016-2017, gaining a place in the domestic automobile consumer market.
However, the good times are not long, entering 2018, the mainland automobile market has entered a cold winter period, and the brand of Hanteng Automobile that takes the opportunity route has gradually exposed the hard wounds of brand reputation and insufficient technical precipitation. With the implementation of the national "National VI" emissions, Hanteng Automobile has been unable to update its technology, its sales volume has declined and its technical investment has fallen into a dead cycle, and problems in product quality, after-sales and other links have also occurred frequently.
At the product level, most of Hanteng's new cars have not been updated since July 2019, and dealers have no cars to sell and have gradually retired. According to the data, from January to July 2020, the cumulative sales of Hanteng Automobile were only more than 7,000 vehicles, a decline of nearly 70% compared with the same period in 2019, and even less than the monthly sales of the brand at its peak. For consumers who hold coins to buy, Hanteng Automobile is no longer in the car purchase list.
The downfall of Hanteng Automobile is also related to its wrong decision to expand capacity. Hanteng Automobile has two major production bases in Shangrao, with a total investment of 13.7 billion yuan, and the total production capacity of the first and second phases of the factory has reached 350,000 vehicles, but in the face of huge production capacity, the output of Hanteng Automobile has taken a sharp turn, and these investments have finally lost the value of utilization.
In June 2021, Great Wall Motor announced that great wall motor vehicle and parts production base project was officially settled in Shangrao Economic and Technological Development Zone, Jiangxi Province, and completed the acquisition of the second phase of Hanteng Automobile's plant. The first phase of the factory will be taken over by Great Wall Motors again after the bankruptcy and reorganization of Hanteng Automobile is completed.
Due to the collapse of the "Zotye" brand and the bankruptcy of the Iron Bull Group behind it, the fall of Hanteng Automobile is only a matter of time, and now it has been exposed that after the formal bankruptcy and reorganization, it also means that this brand, which was once a popular brand in the domestic automobile market, will eventually withdraw from the stage of history.