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

CTOnews.com May 30 news, according to the court ruling information, Reading Automobile Group Co., Ltd. added an equity freeze information, equity enforcement enterprise is Sichuan Mustang Motor Co., Ltd., the frozen equity amount is 120 million yuan, the freeze period is from May 29, 2023 to May 28, 2026, the enforcement court is the people's Court of Kuiwen District, Weifang City, Shandong Province. The matter of execution is to publicly freeze equity and other investment rights and interests.

CTOnews.com previously reported that Reading, founded in 2008, focused on low-speed electric vehicles (commonly known as "old man music" in the industry) and topped sales of low-speed electric vehicles from 2016 to 2018, with a market share of more than 30 per cent at one point.

In 2018, six ministries and commissions issued a notice on strengthening the management of low-speed electric vehicles, requiring all localities to carry out rectification and reform of low-speed electric vehicles and prohibit increasing the production capacity of low-speed electric vehicles. Since then, Reading Motor has acquired Shaanxi Qinxing Automobile and Sichuan Automobile Mustang Automobile, and obtained the production qualification of new energy vehicles and fuel passenger cars respectively, with the intention of transformation.

Since 2021, Redding has been exposed to problems in capital chain and production capacity. since 2023, Redding has been involved in nearly 100 civil cases, involving a total amount of 40.938397 million yuan. On January 14, 2023, Li Guoxin, founder of Reading Motor, reported "real name" that he was forced to misstate industrial output and sales value of 4.683 billion yuan.

In February 2023, Reading was jointly reported by dealers. The "Open letter from Jiangsu Dealers to the Joint investigation team of Reading Province and City" signed and sealed by dealers believes that Reading is a fraudulent company. The dealers cited several major reasons, including: the Reading Company owed production and stopped production as soon as it went public; when the supply of products fell short of demand, it invested high fees in Hunan Satellite TV to carry out publicity; in the case of production without going out of service, it continued to deceive investment; founder Li Guoxin registered an overseas company and was suspected of running away with money. Dealers believe that these are all signs of car-building scams.

After the transformation, Reading has launched the I series and the mini electric car Reading Mango, but the sales are not satisfactory. CTOnews.com found that its official account was last updated on March 8, and its official website can no longer be opened.

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