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Another new energy car company is about to go bankrupt. It is reported that Reading Motors, the top seller of “Old Tou Le”, has filed for bankruptcy. Mass production high demand CNC production service
A few days ago, Reading Automobile Group Co., Ltd. added a bankruptcy review case. The bankruptcy application and the respondent are both Leiding Automobile, and the court of approval is the People’s Court of Changle County, Weifang City, Shandong Province.
According to public information, Reading Motors has been involved in about 100 civil cases this year, most of which were the defendants, involving contract disputes such as sales, loans, etc., involving a total amount of RMB 40,938,397.
Reading Motors was established in 2008. Its main business is the R&D and manufacturing of electric vehicles and key components. Its products are mainly low-speed three-wheel/four-wheel electric vehicles, namely “Old Tou Le”. From 2016 to 2018, he won the sales champion of “Old Man Music” for three consecutive years. In 2018, Reading Motors began to transform into car production, but the sales of the first i-series models were not satisfactory. Since 2021, Reading Motors has been exposed to a large number of problems. Mass production high demand CNC production service
According to public data, from 2016 to 2018, Reading’s sales of electric vehicles were 150,000, 210,000, and 287,000, respectively, with annual sales exceeding 12 billion yuan. It has been the sales champion of low-speed electric vehicles for three consecutive years.
Subsequently, in 2018, the six national ministries and commissions issued the “Notice on Strengthening the Management of Low-speed Electric Vehicles”, requiring all localities to carry out rectification of low-speed electric vehicles and prohibiting the increase of low-speed electric vehicle production capacity. Reading chose to upgrade and transform.
In April 2018, Reading Automobile acquired Shaanxi Qinxing Automobile, obtained the production qualification of new energy commercial vehicles and special vehicles, and established the Reading Qinxing New Energy Vehicle Production Base in Xianyang. In January 2019, Reading Motors spent another 1.45 billion yuan to acquire Sichuan Automobile Yema Motors, and obtained the production qualifications for new energy vehicles, fuel passenger cars and buses. Mass production high demand CNC production service
At present, Reading has three products: Reading Mango, Reading Mango Pro, and Reading Mango Max, which mainly focus on the A00 pure electric mini-car market, with prices ranging from 30,000 yuan to 50,000 yuan.
What attracts more attention from Reading Motors is a “real-name report” letter from the founder Li Guoxin on January 14, 2023. In the letter, Li Guoxin pointed out that Reading Motors was forced to falsely report the industrial output value and sales output value of 4.683 billion yuan.
Li Guoxin stated in the report letter that Wang Xiao, the current secretary of the county party committee of Changle County, in order to highlight his personal political achievements and make the report card of economic operation better, in order to be promoted and reused, since March 2022, he has forced Reading and other large local enterprises to make false reports. The industrial output value and sales output value of the enterprise are tens of billions. In 2022, Reading Automobile Group reported a total of 6.728 billion yuan of industrial and sales output value in the local area, but the financial data showed that the actual data of the company was 2.045 billion yuan, and our company accumulatively overreported 4.683 billion yuan in accordance with Wang Xiao’s requirements. Mass production high demand CNC production service
In response to this matter, at that time, Shandong Province had established a joint investigation team composed of relevant provincial and municipal departments, stationed in Changle County to investigate and verify the relevant situation, and dealt with it in accordance with laws and regulations. However, no new progress has been made so far.
It is worth noting that in February 2023, Reading Motors was jointly reported by the dealer. The “Open Letter from Jiangsu Distributors to the Joint Investigation Team of Reading Province and Municipality” signed and stamped by dealers collectively believes that Reading Automobile is a fraudulent company. The dealer cited several reasons, including: Reading Company was short of production and discontinued production immediately after its listing; when the supply of products was in short supply, it invested a lot of money in publicity on Hunan Satellite TV; when it produced no cars, it continued to deceive investment. ; Founder Li Guoxin registered a company overseas and was suspected of misappropriating money. Dealers believe these are signs of a car-building scam. Mass production high demand CNC production service