A few days ago, some media reported that Co-Chuang had been “pulled banners” with the contents of “non-refundable employees and investments” and “begging the Pearl River to protect employees, and Co-Chuang Motor returned my hard-earned money”.
It is reported that the people who “pull the banner” are the co-car employees who have invested in joint venture shares before.
The reason why Hechuang encountered the protection of its rights lies in the previous “measures for the Management of compulsory follow-up Investment”, which implemented the employee stock ownership plan in batches from 2018 to 2021 and completed the subscription.
It is reported that the company has a total of more than 50 compulsory investment staff, involving more than 100 million yuan.
According to related reports, Co-Chuang Motor has promised to refund the investment money when the employee leaves, but now it refuses the employee’s request for refund and investment due to financial problems.
Today, the situation of Hechuang is deteriorating, sales have always been difficult to boost, and there are problems with the capital chain, which has led to employee advocacy behavior.
In just a few years, nearly a hundred new power car companies have left the scene sadly in the big waves.
Entering 2024, the “knockout stage” of new power car companies is still going on, and Co-Chuang Automobile will also enter the countdown to life? The performance of Co-Chuang Automobile is mediocre.
Among many new-power car companies, Co-Chuang Automobile can be regarded as a “veteran”.
In 2018, GAC NE and Xilai Motor jointly formed a joint venture company.
At that time, the company was also called Guang Qi Wei Lai, which was jointly owned by GAC GROUP, Weilai and its management.
For the rapid development of the new company, GAC NE hired Liao Bing, a veteran of the automobile industry and with more than 25 years of experience, to serve as CEO.
From the point of view of the product speed, Hechuang is still in the forefront of the position.
More than two years after its establishment, Hechuang launched its first car, Hechuang 007, which is very efficient and gratifying.
However, as an alternative for GAC and Weilai to develop new energy, Co-Chuang Automotive products have shown technological advantages and brand advantages, which have been established for more than two years, but have sold less than 1,000 vehicles.
In addition, the subsequent release of co-chuang Z03 and co-chuang A06, only co-chuang Z03 set off a little spray in the market.
On the whole, because the development idea is too traditional, Hechuang’s sales have not improved.
According to the National Federation of passengers, Hechuang 007 sold 659 vehicles in 2020, and sales declined further by 2021, with a cumulative sales of only 306 vehicles for the whole year.
In August 2022, Xilai Motor chose to withdraw from the joint venture.
Before Weilai withdrew, Guangqi Weilai introduced Pearl River Investment Management Group as a strategic partner in 2021 and renamed it Hechuang Automotive Technology Co., Ltd. At present, the Zhujiang Investment Management Group holds more than 68% of the shares, that is to say, behind Co-Chuang Automobile is the real estate tycoon Hesheng Innovation and Development Group.
With the entry of Pearl River Investment, the senior management of Hechuang Automobile has also undergone great changes.
Before withdrawing from the joint venture, the share of shares in Weilai was first reduced to 4.
46%, and then to the complete withdrawal, Li Bin also stepped down as a legal person of the company.
In addition, Li Zhihong, who was invested in the Pearl River, became the legal person and president of the company, while the former CEO of the company, Liao Bing, announced his resignation.
, photo source: Hechuang Automobile, under the management of Pearl Investment Group, Hechuang Automobile has released a total of 4 products.
They are medium-sized pure electric SUV Hechuang 007, compact pure electric SUV Z03, medium-sized pure electric car A06, pure electric MPV model V09.
However, from the product point of view, Hechuang’s main models Z03,007 are highly similar to GAC’s AION Y and AION LX respectively, and are even accused of plagiarism.
Coupled with the fact that the sales channel of Hechuang is not as good as that of Guangzhou Automobile, the sales of the two SUV models are depressed.
According to statistics, Hechuang sold less than 20,000 vehicles in 2022 and 2023.
In order to boost sales, in 2023, there were also media reports that Cochuang announced that employees in the system were required to sell a joint venture within the year.
Actively seek breakthroughs, the results are not optimistic, in order to reverse the unfavorable situation, Co-Chuang Automobile has made many adjustments to the senior management team.
In the early days of Guang Qi Wei Lai, Liao Bing led a team to launch the slogan “if the 811 battery caught fire in the Ningde era, the whole vehicle will be compensated”.
At the same time, its proposal is that all automakers in the industry who use Ningde era batteries make a joint commitment to protect the rights and interests of users.
In less than two days, GAC Wei came to apologize to the outside world.
At the same time, GAC Weilai also boldly launched a “bitcoin car purchase” strategy, which also sparked heated discussion.
Soon after, Liao Bing left GAC Wei to come.
After Pearl Investment Investment Management accepted Hechuang Automobile, the enterprise also gained a certain market and reputation by virtue of Z03 compact pure electric SUV, which seems to have improved to a certain extent.
At the marketing level, Hechuang Automobile also uses the radiation of the e-sports industry in the hands of investors to enhance its brand awareness.
In particular, the use of the well-known EDG e-sports Club as a bargaining chip to associate Hechuang Automobile with Generation Z to create younger brand features.
In the first half of 2023, Hechuang once again ushered in personnel changes.
Duran, a senior executive with a criminal record, joined Co-Chuang Automobile as co-president of Co-Chuang Automobile.
After drastic changes, Duran also left Co-Chuang Motor.
On November 2, 2023, Hechuang announced that Zhang Yuesai had become the new president (legal representative) of the company, with overall responsibility for the production, operation and management of the company, and Lou Qiaoping as financial director After Zhang Yuesai joined, the management change of Hechuang Automobile continued.
According to Aiqi information, on March 1, 2024, Yang Ying also stepped down as the head of the Guangzhou and Shenzhen branches of Co-Venture Automobile.
At present, Yang Ying is still a director of Co-Venture Automobile.
The situation that Co-Venture is facing is becoming more and more serious because of its persistently depressed sales, frequently changing management and the operating pressure of its own shareholders.
Different from the initial stage when the new forces of car building rise together, the acceleration of the car market is better than that of traditional car companies under pressure.
If co-creation continues to remain lukewarm, or sinks deeper and deeper in the mud.
Hechuang currently focuses on the domestic market and the official vehicle market, while looking for opportunities to break the situation overseas.
In December 2023, Hechuang entered the Burmese market.
According to the development plan, the first phase of Hechuang’s overseas business strategy will focus on the European Union, the Middle East, Southeast Asia and other markets.
In the future, Co-Chuang Automobile will explore the possibility of overseas assembly through KD.
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