Shulou(Shulou.com)11/24 Report--

CTOnews.com August 21 news, ST Zhongtai announced that Jiangnan Automobile Manufacturing Co., Ltd., a wholly-owned subsidiary of Zhongtai Automobile Co., Ltd., will cooperate with the people's Government of Bishan District of Chongqing to create an intelligent network joint new energy vehicle R & D and production base project.

The project will lease the original production line of Chongqing Zhongtai Automobile Industry Co., Ltd., and carry out technical transformation to build an annual production base of 100000 new energy vehicles. The government of Bishan District of Chongqing fully cooperates with the company in resuming work and production and the introduction of new models, and gives corresponding support in accordance with the law within the scope of rights and responsibilities. at the same time, the Bishan government subsidizes the rent actually generated by the company two years before renting the original Chongqing Zhongtai related assets, and the follow-up local government will give the company a certain subsidy according to the sales volume of the company's models and newly imported models.

In 2021, Zhongtai's vehicle production almost stopped due to lack of liquidity, and its business income mainly came from auto parts sales, but Zhongtai also completed the restructuring work that year. Previously, the T300 model that Zhongtai had sold appeared in the declaration chart of the Ministry of Industry and Information Technology in July, and its appearance and power basically continued the design of the previous model.

ST Zhongtai disclosed in June that the total amount of funds to be raised will not exceed 6 billion yuan, which will be invested in new energy intelligent network couplet automobile development and R & D capability enhancement, channel construction projects and supplementary liquidity. Of this amount, 4.732 billion yuan is used for new energy intelligent network automobile development and R & D capacity enhancement projects, 468 million yuan for channel construction projects, and 800 million yuan for supplementary liquidity.

CTOnews.com learned that public data show that Zhongtai Automobile, founded in 2003, is an automobile manufacturing enterprise with vehicle R & D, manufacturing and sales as its core business, and is also one of the largest vehicle instrument manufacturers in China. It has Zhongtai, Jiangnan and other brands, covering four market segments: SUV, cars, MPV and new energy vehicles.

Zhongtai Motors expanded rapidly in the early days, mainly by imitating luxury cars, and in 2016 the company launched Zhongtai SR9, which looks like the Porsche Macan, hence the name "Porsche." Since the second half of 2019, the news that Zhongtai Motor has encountered operational difficulties has been coming out continuously. Due to financial problems, the sixth national model can not adapt, etc., resulting in the production of Zhongtai almost stagnant, the terminal has no cars to sell. Zhongtai Automobile lost about 22.2 billion yuan in the three years from 2019 to 2021.

On October 18, 2021, Zhongtai issued a notice confirming that Jiangsu Shenshang holding Group Co., Ltd. (hereinafter referred to as Jiangsu Shenshang) was the restructuring investor, confirming 2 billion yuan of restructuring investment. Zhongtai said that the funds will be used to pay restructuring costs, pay off debts, and take advantage of industrial synergy to help Zhongtai restore the national sales network as soon as possible.

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