On June+10, 5438, Gezhi Automobile Technology Co., Ltd. applied to Shenyang Intermediate People's Court of Liaoning Province for restructuring Brilliance Automobile Group Holding Co., Ltd., with the case number (2020) Liao 0 1 Poshen No.27. This bankruptcy application caused by debt default may become the "last straw" to overwhelm Brilliance Automobile.
At this point, Brilliance Auto has lost its former glory, and independent brands such as Jinbei and Zhonghua are no longer beautiful, but the accumulated debt has exceeded 654.38+03 billion yuan, showing a trend of accumulation.
Brilliance Auto, formerly known as Shenyang Automobile Industry Company, started from manufacturing ten Jinbei vans and laid a good foundation.
1988 In May, Shenyang Automobile Industry Company was restructured into Jinbei Automobile Co., Ltd. and began to explore the shareholding system. However, the reform of state-owned enterprises in 1990s, with the intervention of Yang Rong, hit the high-spirited Jinbei automobile hard. After some capital operation, Jinbei Automobile went public in the United States, becoming the first overseas listed company in China.
After the drastic reform, Jinbei bus sales soared and performed strongly in the light bus market. Zhonghua car is also famous for its own brand of middle and high-grade car products.
Brilliance Auto won the recognition of BMW with its advanced manufacturing strength. In 2003, Brilliance Auto and BMW Group jointly established BMW Brilliance, each holding 50% of the shares.
The cooperation with BMW has made Brilliance Auto profitable and developed rapidly. As a key state-owned enterprise in Liaoning, Brilliance Automobile Group owns four listed companies, namely Brilliance China (0 1 1 14. HK), Jinbei Automobile Co., Ltd. (600609. SH), Shanghai Shenhua Holdings Co., Ltd. (600653. SH) and Chen Xin China Electric Power Holding Co., Ltd. (0650.
BMW's technology has rapidly promoted the development of Brilliance Auto. However, due to over-reliance on the profits of the joint venture company, Brilliance Auto's own brand has insufficient hematopoietic capacity, which has laid the foundation for its decline.
By 20 19, brilliance auto made a profit of 6.762 billion yuan. Among them, BMW Brilliance contributed 7.626 billion yuan, and other businesses of Brilliance lost 864 million yuan, which is a real "strong outside and hollow inside".
It is a foregone conclusion that BMW Group will increase its shareholding in BMW Brilliance, and Brilliance Auto will not be able to incorporate the income of BMW Brilliance into its financial statements in the future. Without the profit support of BMW Brilliance, Brilliance Auto will have to face huge losses.
Faced with the huge pressure of hundreds of billions of yuan in debt, it is extremely difficult for Brilliance Auto to bottom out.
As a traditional car-making enterprise and a "star" state-owned enterprise, how should Brilliance Auto save itself? It's really hard to understand!
In the domestic automobile market, foreign brands have always been strong and independent brands are weak. In the development of automobile consumption market, independent brands have won the market with high quality and low price.
With the continuous upgrading of domestic automobile consumption and the continuous exploration of foreign brands, the market space of independent brands has been squeezed. Li Xia, Haima, Fukang, Zhonghua and Lifan have gradually faded out of people's sight. Only Geely, Haval, Changan, Chery and Wuling are still strong, but they are also struggling.
In the automobile brand sales ranking from 1 to 10 in 2020, Geely ranks fifth among its own brands and Haval ranks seventh, which seems ok, but there is still a big gap between the cumulative sales and the joint venture brands.
Before this year 10 month, Volkswagen, Honda and Toyota ranked in the top three, with the cumulative sales of Volkswagen of 2 million+,and the cumulative sales of Honda and Toyota of 1 10,000+,which not only showed their strong dominance over the market, but also put great pressure on their own brands.
Take Li Xia as an example, it once swept the streets and was firmly engraved in the memory of a generation. However, due to the lack of hematopoietic capacity and the poor effect of the new model, we have to embark on the road of reorganization. However, after a round of "selling and selling", the quality assets of FAW Li Xia changed hands one after another, but the situation never improved.
20 19, FAW Li Xia and Bojun Automobile reached a cooperation, with one party providing qualifications and the other providing funds, with the intention of building new energy vehicles. This seemingly good way out, with the fall of Bojun car, was blocked.
From domestic cars to gas cars, FAW Li Xia has experienced a roller coaster-like development process, and now only an empty shell remains.
Lack of core technology, lack of R&D funds, declining competitiveness and eventually losing the market have become the routine for many traditional automobile enterprises to be eliminated.
What is even more tragic is that even if there is a lesson from the past, the latecomers are still not mobile enough and can only be dragged forward until they can't keep up with the pace of the times and suddenly fall down.
With the acceleration of the new four modernizations of automobiles, the automobile industry is facing a once-in-a-century great change, with new forces and cross-border people coming one after another. Only car companies with brand-new car-making platforms and strong resource integration capabilities have a chance to win in the end.
For traditional car-making enterprises, many cases with similar paths are connected in series, and an obvious conclusion is drawn-no innovation, no development, and doomed to be abandoned.
The dilemma of Brilliance Auto lies in being prepared for danger in times of peace, taking precautions, and just wanting to muddle along with BMW Brilliance. However, BMW's increase in holdings has broken Brilliance's "golden rice bowl" for nearly 20 years.
Brilliance Auto's debt exceeds 654.38+03 billion yuan, and whether it can be broken or not, it is destined to become a "new sample" of China auto market.
This article comes from car home, the author of the car manufacturer, and does not represent car home's position.