TU-TESL

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As sales continue to decline, the once popular car situation is deteriorating. On August 15, the reporter of the Economic Observer learned that the president of Zhidou automobile was restricted from high consumption due to the company's contract dispute and other issues. This means that he will not be able to travel by air for a period of time, not to buy a house for decoration, not to mention high consumption. According to the announcement, the applicant for enforcement is Xinyi auto parts (Wuhu) Co., Ltd. and the cause of the case is the dispute over the sales contract. According to the restriction order issued by Ninghai County Court, the main reason for the restriction is that Zhidou failed to perform the payment obligations determined by the effective legal documents within the period specified in the enforcement notice. Bao Wenguang's limited consumption this time shows that Zhidou automobile is still in a dilemma of development, which is not the first time that Zhidou automobile has been punished for "dishonesty". According to qixinbao statistics, Zhidou has been listed as the dishonest executor three times since the second half of 2018, while in 2019, it has been listed as the dishonest executor 35 times so far. According to the latest data, in August this year alone (as of August 20), the subject matter of execution has exceeded 11.7 million yuan. Zhidou automobile was founded in 2006. At first, it was a brand created by Bao Wenguang's New Ocean Electromechanical group, which tried to enter the field of electric vehicle production. In 2012, Zhidou's first product was officially launched. At that time, the car was produced as a low-speed electric vehicle, so there was no production qualification, so Bao Wenguang focused on the overseas market. In 2013, Zhidou began to export to Europe, but the sales volume in the overseas market was not large. Zhidou, which has been selling low-speed electric vehicles in the domestic market, developed rapidly in the early days when the regulation was not strict. But the development goal of Zhidou automobile is not low-speed electric vehicle. Zhidou defines the product as micro electric vehicle by modifying its position. At the same time, with the consolidation of low-speed electric vehicles intensified by relevant departments, Zhidou seeks for standardized production in various ways and intends to enter a broader market. In 2013, Zhidou automobile joined hands with the "Hometown" automobile at that time, and through cooperation with it, the first electric vehicle of Zhidou gene in the real sense was produced with its qualification. However, the good times did not last long. After nearly a year of "love" with Zhongtai, Douzhi and Zhongtai parted ways for various reasons. In 2015, Zhidou, together with holding group and Jinshajiang venture capital fund, established Zhidou Electric Vehicle Co., Ltd. to climb the tree of Geely. At that time, Geely held 45% of the shares as the first largest shareholder, and Bao Wenguang's new ocean held about 30% of the shares, which was the second largest shareholder. By borrowing Geely's production qualification, Zhidou was rapidly legalized, and thus opened up the road of rapid development. The joint venture with Geely made it known that Dou automobile took off the hat of low-speed electric vehicle and became a small electric vehicle that could be obtained by the state. With the subsidy, the price of Zhidou automobile products is as low as 450000 yuan, and it has become a "number occupying artifact" in the licensing restricted area. In 2015, Zhidou automobile sales reached 25300, and in 2016, the sales data was 24000. At that time, the domestic new energy vehicle market was just in its infancy, and Zhidou's sales performance far exceeded that of other enterprises. With the increase of sales, Zhidou began to plan a bigger move. In June 2016, Geely suddenly announced that it would sell its shares in the joint venture with Zhidou. According to the industry at that time, Geely reduced its holdings of Zhidou in order to help Zhidou electric vehicle get independent production qualification. On June 22 of that year, Geely Automobile issued a notice seeking to sell part of Zhidou's equity to a third-party company, but the transaction failed to be implemented because the relevant parties failed to reach an agreement on specific terms. On July 25 thereafter, Geely Automobile and Geely Holding entered into an overall sale agreement to transfer the shares of its two joint ventures, Zhidou, with a total price of RMB 1.346 billion, and divested them to Geely Holding, the parent company of Geely Automobile. However, Geely's real idea may be that it doesn't recognize Zhidou's product line. At that time, Geely president an Conghui made it clear to the media in an interview that "we will spin off the brands of Zhidou and Kangdi and try our best to be Geely." In July 2016, Geely began to reduce its holding of Zhidou automobile, from the first shareholder to the second shareholder, and Bao Wenguang returned to the first shareholder. In 2017, Zhidou not only obtained its own new energy vehicle production qualification, but also achieved the peak sales volume of 42000 vehicles in the whole year. However, after 2017, with the adjustment of the state and the retrial of industry wide subsidies brought about by the "fraud compensation" incident, Zhidou began to enter a downward period. According to the new energy subsidy policy in 2018, no subsidy will be given to the products with a endurance of less than 200 km, and the policy guidance will be changed to guide the high endurance products. Under the influence of this policy, consumers began to change their choice to high endurance electric vehicles, and the sales of A00 products like Zhidou fell sharply. For example, at that time, the sales champion of the A00 electric vehicle segment was series. In May 2018, the sales volume of BAIC EC series was 12000 units, and in June, the sales volume fell to only 3 units. In 2018, the cumulative sales volume of Zhidou was only 15000, down 63.90% year on year. Entering 2019, Zhidou's situation is not only not getting better, but worse. From January to June this year, the sales volume of Zhidou was 2005, down 84.31% year on year. In addition to the sharp decline in sales, Zhidou has also been involved in layoffs, arrears, lawsuits and other storms. On August 2, 2018, Zhidou Zhixin, a subsidiary of Zhidou automobile, which focuses on the Internet of vehicles business, was cancelled due to the expiration of the rent. At that time, more than 80 employees suffered from unpaid wages, some of whom did not receive wages for three months. The company requires that employees in Beijing either go to the headquarters of Ninghai, Zhejiang Province to report, or take the initiative to leave, and only those who leave can get three months' back pay. In addition, Ningbo, Lanzhou and other Zhidou production bases also have employees asking for wages. In the first half of last year, Bao Wenguang also said optimistically in an interview with the media: "Zhidou's profit and loss balance will be 50000-60000 vehicles, and the profit moment will occur in 2019." However, it has been proved that there is still a long way to go between knowing beans and making profits. According to the latest data in July this year, Zhidou's sales increased sharply from 105 in June to 2095, ranking in the top 10 again. It is speculated that this may be driven by the b-end time-sharing rental market. However, it remains to be further observed by the market to know whether Dou can survive in the next period of time.