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Three security guards and one cleaning lady are all the employees you can see at the Qiantu Automobile Factory at No. 368 Songhuajiang Road, Huqiu District, Suzhou. ?

"It fell down." The security guard said that the factory has been "quiet" for more than half a year. Except for the driving school students learning to drive on the roadside, there are basically no people around. ?

From the administrative reception desk of the main building to the production workshop in the factory and the R&D center next to it, there is no one there. There are only three Qiantu K50s in the parking lot, which are covered with dust. The three photo frames of Qiantu K50s at the front desk of the lobby are still colorful, and they can vaguely see the glory of the past. ▼

“Empty City” Qiantu?

The 230,000-square-meter Qiantu Factory is so empty that even the security guards don’t want to patrol it. ?

The three security guards basically only stay in the security room at the entrance of the factory. Whether it is the vehicle pre-assembly workshop or the production line, there are no security guards or employees guarding it. ?

On the production line, there are five Qiantu K50s suspended in mid-air. The entire workshop is empty and the door is not locked. In the small lounge at the entrance of the pre-assembly workshop, four round tables and seats were covered with dust. The slogan "Quality products are the golden key to the world of 'Future'" was hung high in the workshop. ?

The employee canteen is also covered in dust. Whether it is the tables and chairs in the canteen or the kitchen in the canteen, it can be seen that no one has been there for a long time. ?

It’s not just the Qiantu Factory that is empty. The country’s first experience store “Qiantu Yi” located in Sanlitun, Beijing, has been withdrawn in November, and the fine decoration two and a half years ago has been bulldozed. Exposed cement wall. The Qiantu experience store and delivery center located in Jingang Auto Park have also been evacuated, and the floor-to-ceiling windows are covered with slogans. The withdrawal of two experience stores indicates that Qiantu Motor has withdrawn from the Beijing market. ?

The Qiantu Experience Store in Shanghai is still holding on. There is only one show car K50 left in the "Qiantu·Yi" on Madang Road in Huangpu District. However, the embarrassing thing is that the store clerk said that there is no car left for sale. A "Qiantu Yi" located in Minhang has also been closed. ?

The direct reason for "closing the store" is that Qiantu Auto cannot pay the rent, and financial problems have plagued Qiantu for a long time. ?

In February last year, rumors of wage arrears were exposed one after another in Qiantu. Many suppliers also said that Qiantu was in arrears with payment for goods. According to Jiemian’s report, Qiantu Motor’s employees at positions A, B, and C have stopped paying their salaries in July 2019, while the wages of employees at positions D, E, F, and G have also been owed in arrears since August and September. Fresh graduates have not received any salary since receiving their salary in August. In addition, Qiantu Motor also forced some employees to use personal information to apply for credit loans. ?

In order to recover back wages, some Qiantu employees even had to sleep in the administration hall of Qiantu Factory. In this regard, Lu Qun, chairman of Qiantu Motor, said, "The company's operating difficulties have brought difficulties to the lives of my colleagues. I am very sorry." However, if extreme measures are taken to disrupt the company's normal working order, he will not accept it. ?

After many adjustments to the employee salary payment time, Qiantu Motor has not yet paid the wages owed to its employees. In March this year, Great Wall Huaguan, the parent company of Qiantu Motor, launched a resignation settlement agreement for employees, providing three options for employees to choose from. One is to voluntarily resign within a week, and the company will settle wages before the end of April without compensation; the other is to The company signs a compensation agreement and resigns, providing compensation according to the N 1 standard stipulated by the state, and settling the salary before August 31, 2020; third, continuing to stay in the company, the company strives to solve the salary problem as soon as possible, and cannot give time for payment in a short period of time promise. ?

Posts from Tieba friends show that Qiantu employees who agreed to settle their wages before the end of April have not received their wages.

Due to labor disputes, Lu Qun has been listed as a restricted high-spending worker by the People's Court of Huqiu District, Suzhou City many times. The latest filing date was November 24. ?

"Unpaid wages" have a serious impact on Qianfu's image and will inevitably affect the company's next financing plan. Previously, Lu Qun emphasized many times, “You have your own way of building a car with 20 billion, and you have your own way of building a car with 2 billion. Don’t compare, money is not that important.

"?

Currently, "Going to a domestic science and technology IPO" is what Lu Qun wants to do most.? ▼

"Money is not that important"?

“Money is not that important. "When Lu Qun said this, Qiantu K50 had just been launched.

On the one hand, Lu Qun and the Qiantu team consider themselves to be "car-savvy." Great Wall Huaguan, the parent company of Qiantu Motor, is well-known in the industry. A vehicle design company with nearly 14 years of experience in vehicle design and R&D. In 2010, Great Wall Huaguan established its electric vehicle division, the predecessor of Qiantu Motor; in 2015, Great Wall Huaguan was officially established. Listed on the New Third Board; in 2016, Qiantu Motor obtained the qualification to produce new energy passenger vehicles and entered the product catalog of the Ministry of Industry and Information Technology two years later, becoming one of the first new car-making forces to obtain "dual qualifications" from the National Development and Reform Commission and the Ministry of Industry and Information Technology. ?

Qiantu Motor's capital mainly comes from its parent company. Great Wall Huaguan's revenue in 2014 exceeded 40 million yuan. It can use its own revenue to replenish the early expenses of Qiantu Motor when it turns to vehicle R&D and manufacturing. Funding or technology, does Qiantu have an advantage over other new car-making forces?

On the other hand, Lu Qun hopes that the Qiantu K50 can bring revenue to the company. Great Wall Huaguan will use the revenue generated from vehicle design to cover the early capital consumption of Qiantu Motor. Once the K50 is delivered, it will be able to achieve a "blood transfusion" and solve the financial problem?

Unfortunately, Qiantu K50 has not been launched since 2018. The total sales volume since its launch in 2017 is only 156 units, which cannot alleviate the financial difficulties of Qiantu Motors and Great Wall Huaguan. ?

The K50 is the only model of Qiantu Motors on sale. It is positioned as a pure electric sports car and is available on the market. The price is 754,300 yuan, and the price after subsidies is as high as 686,800 yuan. ?

The cumulative sales of the Qiantu K50 are less than 200, which has oversaturated the production capacity of the Qiantu factory, which was built less than three years ago. The Suzhou production base is the first phase of Qiantu Motor's planned production capacity. It was completed and started trial production in December 2017 with an investment of more than 2 billion yuan. The planned annual production capacity is 50,000 vehicles. In fact, from trial production to the launch of Qiantu K50, The factory's output is far less than Qiantu Motor's annual planned production capacity. Qiantu Motor produced 5,000 units last year. Employees at the factory said that the production workshop was not busy. Since June last year, the production line has been "working four days a week and three days off." Even so, the production of 5,000 vehicles compared to the sales volume of 156 vehicles is too saturated?

For Qiantu, the K50 is obviously not a mass-market model, and Lu Qun also admitted that it is "for practical purposes." "To set the brand positioning and product tone for Qiantu Motors," he put the burden of volume and the expectation of self-transfusion on the K20.?

The second product, Qiantu K20, has not yet been launched. According to According to the plan, Qiantu K20 will be completed at the end of 2019 and will be launched in the first quarter of 2020. It has been postponed to 2021. Now there is no sound?

It is still a funding issue?

Since the launch of Qiantu Automobile business in 2015, Great Wall Huaguan has invested nearly 3 billion yuan in various preparations, product research and development, and the launch of Qiantu K50?

The parent company’s revenue. It can no longer keep up with Qiantu Motor's cash burn rate, and the financing path for Qiantu Motor is not going smoothly either. Data shows that Great Wall Huaguan has raised 2.12 billion yuan before and after the New Third Board. At the same time, Great Wall Huaguan's executives are constantly pledging shares in exchange for development funds. Lu Qun's share pledge ratio exceeds 95, and major shareholder Wang Kejian also pledged 77.06 shares. . ?

In the four years since it was listed on the New Third Board, Great Wall Huaguan's losses have expanded year by year. In 2015, its net profit was approximately -21.75 million yuan, in 2016, its net profit was approximately -98.44 million yuan, and in 2017, its loss reached 2.16 million yuan. billion, and by 2018 the loss expanded to 610 million yuan. In February 2019, Great Wall Huaguan was withdrawn from the New Third Board. ?

Regarding the delisting, the Office of the Secretary of the Board of Directors of Great Wall Huaguan stated that the withdrawal from the New OTC Market was based on overall strategic planning considerations, including a series of operations in the capital market.

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Great Wall Huaguan has been unable to obtain capital support on the New Third Board, and then moved to the Science and Technology Innovation Board, hoping to become the first domestic new energy vehicle company to hit the Science and Technology Innovation Board. ?

"Going to a domestic science and technology innovation version IPO" is what Lu Qun wants to do most. He believes that K20 is the key to landing on the science and technology innovation board. By K20, positive cash flow will be created, and profits will finally turn positive. At that time, we can go for a domestic science and technology IPO."

How long will it take for "that time"? Lu Qun said it would only take 6 months. Nearly four months have passed since he was interviewed in August. ?

Without money, K20 will be difficult to implement. ▼

Maybe it was wrong from the beginning?

Understanding cars and building cars are different.

Qiantu Motor is Lu Qun’s second venture. Lu Qun can be said to have a technical background. He graduated from Tsinghua University in automotive engineering in 1990 and joined Beijing Jeep. In 13 years, he rose from engineer to product engineering manager. In 2003, he started his first business and established Great Wall Huaguan.

As an independent automobile design company and vehicle development solution provider, Great Wall Huaguan has a good reputation and status in the domestic automobile design field, and it also has certain advantages in technology research and development and industrial chain layout. This is why before building a car, the outside world, including Lu Qun, believed that Qiantu "understands cars." ?

But building a car is far more than just “understanding cars”. ?

In terms of brand positioning, if you want to be a high-end brand in the future, it is no problem to first make a sports car, and then use the approach of "raise it high and hit it high" to improve your market positioning, establish your brand, and win reputation. Qiantu is not the first company to use supercars to establish its brand image. There was Tesla before it and then Weilai. The EP9 worth tens of millions built by Weilai won the title of "the world's fastest electric sports car" by accelerating from 0 to 100 kilometers in 2.7 seconds. title. However, the difference between Qiantu and the latter is that the K50 has a high positioning and is promoted to the market. The purpose of the EP9 is to build a brand, and it is not introduced to the market to increase sales, but from the level of product innovation, momentum building, publicity, and direct sales. Judging from the size of the store, the Qiantu K50, which sells for more than 700,000 yuan, does not have enough brand support. ?

“Are the red dragonflies who make shoes now making supercars?” a taxi driver in Suzhou asked me on the way to the Qiantu factory. I wonder how many people saw the Qiantu logo. Sometimes I think of red dragonfly leather shoes, which also reflects from the side that Qianfu’s brand building was not successful.

From the perspective of product positioning, whether it is K50 or K20, Lu Qun emphasized that "there is no such product in this market segment, and the future is the only one." ?

There are electric cars, coupes, and SUVs priced under 1 million, but there are no pure electric sports cars. The K50 is positioned as a pure electric two-door two-seat sports car. It is equipped with front and rear dual motors and a four-wheel drive system. It has a maximum power of 320kW, a peak torque of 680N·m, and can accelerate from 0 to 100 mph in 4.6 seconds. For a supercar, especially an electric supercar, These values ??are average at best, and the K50's sales also indicate that the positioning of this product is a failure.

As for the K20, which Lu Qun is optimistic about, it is a two-door, two-seater Coupe model aimed at young people aged 18-28 in first-tier cities. Why is Lu Qun optimistic about K20? The appearance is cool, the performance is great, the quality is very good, and the purchase and use costs are not high. Is there such a product now? not yet.

However, the two-door and two-seater Coupe model is obviously aimed at a niche group, not a mainstream consumer group. How can it afford the heavy responsibility of volume? ?

In terms of product rhythm, Qiantu has planned three platforms: high-performance sports cars/sedans, medium and large passenger cars, and small passenger cars for the entry-level market. It will first launch the first product K50. Brand positioning, and then launch mid-range and low-end products. However, in the two years since the launch of the K50, Qiantu has not launched a more pragmatic model. Even if it puts the emphasis on volume sales on the lower-priced K20, there is no news about the K20 and it has not been launched yet.

Even if the second model K20 can be successfully launched, how will it be promoted after the channel shrinks? ?

In terms of the development progress of mainstream SUV and MPV models, Lu Qun admitted that it should be faster. “Many technical disputes have also delayed it for a long time.”

Lu Qun often To the people below, if someone is willing to invest, then our pace may be faster. The actual situation is that the development path of the launched models was wrong, causing Qiantu to miss its early advantages. The wrong market forecast resulted in the product being unable to achieve profitability. It also lacked a relatively long-term financial plan and failed to help investors find a better profit and return mechanism. See Without profitability, the capital market will naturally not recognize Qiantu Motor.

“I think we should still have enough confidence and patience in us.” Lu Qun said in a recent interview with the media.

On the one hand, China's new car-making forces are detonating the global new energy vehicle market. On the other hand, no one cares about the future of "empty cities". Behind the noise, it is too difficult to be patient.

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This article comes from the author of Autohome Chejiahao and does not represent the views and positions of Autohome.