Employees collectively reported according to their fingerprints: management sales fraud, violent layoffs, and said that the company was insolvent
On the evening of April 9, a new car company called "XEV Youyao Auto" released a notice to shareholders on its official WeChat account, detailing several major crimes of the management.
The company's employees believe that the company is now facing a series of difficulties, and shareholders have a right to know the real situation.
According to the letter to shareholders, the company has never formulated clear goals and plans that conform to market rules and a clear budget system, resulting in unreasonable annual sales targets, chaotic financial management, and the company's cash flow is close to breaking by the end of 2023.
At present, XEV Group's overall external liabilities exceed 300 million, and the asset value is less than 100 million, making it seriously insolvent.
According to the letter to shareholders, in the formulation of annual goals, due to the lack of basic common-sense judgment of the market by the management, the annual goals are often reduced to empty talk in the first quarter, and the company's operating conditions can only be concealed from employees by stopping the management meeting and production and marketing meeting. As a result, the company's production and sales fluctuate greatly, resulting in a lot of waste of resources.
According to the letter to shareholders, the management fabricated 70 million sales expenses in the annual statement, of which more than 44 million was the backlog of after-sales claims for the old models that the chairman had been responsible for selling in the past. This portion of the claim has never been accrued in the past statements.
Even though the company's cash flow had deteriorated in December last year, the management still leased a sea-view office in Hong Kong and renovated it luxuriously, which did not help the company's core business.
According to the letter to shareholders, the financing team took over the inventory financing business, which is inseparable from the sales business, on the grounds of unified management, and operated with the thinking of equity financing, and in the middle to late 2023, in order to meet the needs of storage capacity and fictitious sales revenue, a large amount of inventory was forcibly scheduled, and then short-term inventory financing was forcibly made for all inventory, and confirmed as sales revenue, so as to quickly create the illusion of high sales and deceive investors. However, it is precisely because of this overly brutal and aggressive operation that the repurchase run occurs soon after the maturity of inventory financing, and the company's cash flow continues to deteriorate.
The letter to shareholders also stated that recently, the management did not achieve the company's sales target to eliminate the global sales team as a whole, but did not actually confirm with the sales team the so-called sales target of 9,335 units and the adjusted sales target of 6,009 units.
Since January 2024, the management has abruptly stopped factory production on the grounds of the company's cash flow crunch, and completely stopped supporting the development of overseas channels, resulting in the loss of a large number of potential customers and the forced suspension of orders.
In January and February this year, the company carried out two rounds of layoffs and salary cuts for middle management, and the payment of wages and compensation for laid off employees in February was stopped in March, and in March this year, the management suddenly and violently laid off the entire global sales/operation/marketing/finance team in Shanghai (including pregnant employees) without any prior communication and negotiation, and did not give any compensation plan.
At the end of the notice to shareholders, it was also stated that the company's chairman Lu Di and chief financial officer He Jianghao had committed major dereliction of duty and responsibility in the company's operation and management, and that they were suspected of falsifying sales, concealing the truth, making wrong decisions, and managing chaos in the company's operation and management. At the same time, in the face of the company's crisis, the handling of problems in violation of laws and immorality, one-size-fits-all violent handling and the attitude of ignoring the demands of employees and related partners led to the company's collapse instantly. In a very short period of time, they completely lost the trust of all employees, all suppliers, and all dealers.
The letter to shareholders is accompanied by the fingerprints and signatures of the employees, who believe that the shareholders have the right to know the truth.
The end of the letter to shareholders of "XEV Youyao Automobile" shows that this letter to shareholders is written by all employees of Hefei Youyao Technology Co., Ltd., Shanghai Youyao Technology Co., Ltd., Shanghai Yaoyou Technology Co., Ltd., and Shanghai Youyao Intelligent Manufacturing New Energy Vehicle Sales Co., Ltd.
The certification of the official account "XEV Youyao Automobile" is Shanghai Youyao Intelligent Manufacturing New Energy Automobile Sales Co., Ltd.
According to the enterprise investigation, Shanghai Youyao Intelligent Manufacturing New Energy Vehicle Sales Co., Ltd. was established in December 2022, and the legal representative is Lu Di, which is wholly owned by Shanghai Yaoyou Technology Co., Ltd.
According to the enterprise investigation, Hefei Youyao Technology Co., Ltd. was established in November 2020, the legal representative is Ludi, and its shareholders include Shanghai Youyao Technology Co., Ltd. and Hefei Xincheng Holding Group Co., Ltd.
Shanghai Youyao Technology Co., Ltd. (hereinafter referred to as "Youyao Technology") was established in July 2018, and the legal representative is Ludi.
According to the 21st Century Business Herald, Lu Di, the founder and chairman of Youyao Technology, has worked in the Italian Design Center of JAC Motors for 12 years, and the co-founder Lu Bin has rich experience in traditional car companies such as SAIC-GM, Geely, Chery, etc., and has also held important positions in WM Motor.
In the year of its establishment, Youyao Technology designed and developed the first pure electric car YOYO and debuted at the Turin Motor Show. With the support of Hefei State-owned Assets Supervision and Administration Commission, in 2020, XEV Youyao Technology and the Hefei government established a joint venture company to fully carry out R&D, production and vehicle export business.
The official has claimed that "XEV electric vehicles do not need the molds used in traditional automobile manufacturing, and truly achieve on-demand customized flexible production, reducing the time and cost of vehicle research and development by more than 80%, Hefei Youyao has realized the 3D printing of door panels, front faces and rear wings." ”
In May 2021, the XEV YOYO entered the European market with a retail price of 13,900~15,900 euros (about 109,000-125,000 yuan), with frameless doors, sunroofs and other configurations that are not available in models of the same price.
Editor|Sun Zhicheng Du Bo
Proofreading|Cheng Peng
The daily economic news is synthesized from public information and the 21st Century Business Herald
National Business Daily