Baiteng Automobile affiliated Company has been filed for bankruptcy reorganization: the first models of FAW and Foxconn have not been mass-produced so far.

On July 13, Tianyan check information showed that Nanjing Zhixing New Energy Automobile Technology Development Co., Ltd., an affiliated company of Baiteng Automobile, added bankruptcy reorganization information. The case number is (2021) Su 0113 Breaking Shen No. 26, and the applicant is Shanghai Huaxun Network system Co., Ltd.

In response to the above situation, a reporter from Science and Technology Innovation Board Daily sought confirmation from Baiteng Automobile, but as of the release of the article, there has been no response. In addition, some media quoted Baiteng Motor as saying, "at present, some creditors have filed a lawsuit with the court and filed for bankruptcy against Baiteng. The court has not formally accepted the bankruptcy application, and Baiteng is actively responding to it and seeking a settlement."

Nanjing Zhixing New Energy Automobile Technology Development Co., Ltd. was established on June 13, 2017 with a registered capital of about 5.646 billion yuan, according to Tianyan check information. Baiteng Automobile is a brand of new energy vehicles under Nanjing Zhixing New Energy Technology Development Co., Ltd.

From the perspective of the financing process, Baiteng Automobile was once called a "star enterprise" in the industry.

Tianyan check information shows that so far, Baiteng Motor has experienced a total of 6 rounds of financing. Its investor list includes Tencent Investment, FAW Group, Ningde Times and so on. In January, Baiteng received strategic financing from Foxconn.

On the executive team, Biden founder Bi Fukang worked at BMW for more than 20 years and built BMW's famous i8 plug-in electric model. In 2019, after it was revealed that Biden was caught in a financial fracture, Bi Fukang chose to leave and take the position of global CEO in another new car-building force, FF (Faraday Future).

In April this year, Dai Lei, the former CEO and co-founder of Baiteng, was revealed to have officially joined Evergrande as executive vice president. In the same month, Dai Lei made his debut as "Evergrande Executive Vice President" at the 19th Shanghai International Auto Show.

While the senior management team left one after another, a reporter from Science and Technology Innovation Board Daily noticed that Tianyan check information showed that there were as many as 13 cases in which Baiteng Motor was involved in the case of breach of trust, and the amount of appeal was nearly 30 million yuan due to a number of disputes.

In terms of products, as early as 2019, the first mass-produced model of Baiteng was unveiled at the American Consumer Electronics Show.

However, because of the capital chain crisis, on the last day of 2020, Biden sent an internal email saying that it would extend the shutdown period for six months from January 1, 2021 to June 30, 2021.

In January this year, Baiteng signed a strategic cooperation framework agreement with Foxconn Technology Group and Nanjing Economic and technological Development Zone to accelerate the manufacture of Baiteng's first model. So far, however, Baiteng's first model has not yet been delivered in mass production.

Recently, some media reported that Zhang Ying, former party committee secretary of FAW Capital Holdings Co., Ltd. and director of Nanjing Shengteng, served as chairman of Baiteng Motor, leading the restructuring of Baiteng Motor. But so far, FAW has not responded to the matter.

"building a car requires both skill and money, and timing and luck also account for three points. This is a road full of thorns, and almost no one can walk smoothly. " Some people in the industry said to the reporter of Science and Technology Innovation Board Daily.

At present, under the crisis such as the continued turmoil of the senior management team and the frequent breaking of the capital chain, Baiteng wants to get out of the predicament or face a lot of challenges.