The Salen car also fell.
A few days ago, a reporter from the “Daily Economic News” learned from the Ali auction platform that the Nantong Intermediate People’s Court updated an auction information about “Jiangsu S Automobile Company”, and the auction target used to be named Rugao High-tech Entrepreneurship Service Co., Ltd. Company, Jiangsu S Automobile Investment Co., Ltd.
Through a lot of basic information combined with the public pictures on the online shooting platform, the reporter found that Jiangsu S Automobile Company is Sailin Automobile.
Image source: Screenshot of Ali Auction Platform
In fact, after Bird’s Nest became famous overnight, Sailin Motors was shut down after a series of farces such as the real-name report of the former chairman Wang Xiaolin, the escalation of internal shareholder conflicts, and the rupture of the capital chain. Wang Xiaolin also “fleeed” overseas and no longer appeared.
The total amount executed was 2.739 billion yuan
According to Qixinbao, Sailin Automobile was listed as a dishonest person to be executed 58 times, and was listed as a person to be executed 9 times, and the total amount of execution was as high as 2.739 billion yuan.
The first phase of Sailin Automobile’s Rugao factory covers an area of 958 acres, with a construction area of 230,000 square meters and an annual production capacity of 150,000 vehicles in two shifts, including pure electric, hybrid and supercharged internal combustion engine passenger vehicles. The basic construction will be completed by the end of the year, mainly including stamping, welding, painting, final assembly, inspection workshop, joint station building, sewage treatment station and 110KV substation and other ancillary facilities.
This auction is about the land use rights of Sailin Automobile located in Groups 5, 6, 7, and 8 of Zhennan Community, Chengbei Street, Rugao City, and Groups 7, 12, and 18 of Shuanglong Community, as well as the above-ground buildings and related machinery and equipment, production lines, and assembly lines. and other assets, the starting price is nearly 2.38 billion yuan, and it will be auctioned on May 30, 2022.
According to public information, the SALEEN brand (SALEEN) was born in 1983 and was founded by American professional racing driver Steve Salen.
In July 2009, Rugao High-tech Entrepreneurship Service Co., Ltd., the predecessor of Jiangsu Sailin Automotive Technology Co., Ltd., was established in Rugao City, Jiangsu Province. In 2016, after the joint venture between this state-owned company and an American company, Wang Xiaolin was appointed chairman and CEO.
On July 20, 2019, Salen Motors held a grand “Sailin Night” new car launch conference in the Bird’s Nest, and invited Hollywood star Jason Statham to help out. The protagonist of the show that night was an A0-class pure electric minicar called “Salin Maimai”, with a cruising range of 305 kilometers and a subsidy price of 158,800 to 168,800 yuan.
Image source: Sailin Automobile official website
However, since the “Salin Night”, Sailin Automobile began to “low-key”, and in December 2019, the situation began to “turn sharply”. Sailin Auto’s only pure electric minicar, Maimai, is positioned as an “urban electric sports car”. It is also widely ridiculed by the industry as an “old-fashioned scooter” and is in an embarrassing situation on the sales side.
In November 2019, the Maimai customized version was officially launched on the Tmall platform. A total of two models were launched, the sports customized version and the cherry ball customized version. The subsidized prices were 158,800 yuan and 168,800 yuan respectively. From the official opening of the store on November 1, 2019 to the official application for closing the store on December 23, Maimai Tmall flagship store received a total of 31 orders.
Burning out 5.6 billion leaves “one place of chicken feathers”
As a major project of Jiangsu Province’s “Thirteenth Five-Year Plan” and the endorsement of the “world‘s top supercar” Salen brand, Salen Automobile has attracted a lot of attention, but the bleak sales have always made the industry worry about its future. Previously, Wang Xiaolin revealed in an interview with the media that by May 2020, the capital spent by Salen Automobile in car building would add up to about 5.611 billion yuan.
However, the outflow of a real-name report letter completely plunged Salen into chaos. On April 27, 2020, Qiao Yudong, the former senior legal manager of Sailin Automobile, reported the company’s chairman, CEO and legal representative Wang Xiaolin in real name for allegedly investing in false technology and misappropriating huge amounts of state-owned capital. The price of 5.5 billion yuan and 1.1 billion yuan for the shares violated the rights and interests of state-owned investors, resulting in the loss of billions of yuan of state-owned funds.
Image source: Sailin Automobile official website
According to the data, Nantong Jiahe is a company wholly-owned by the Management Committee of Rugao Economic and Technological Development Zone. It holds 33.4% of the shares of Sailin Auto and is its largest shareholder. According to reports, the remaining four foreign shareholder companies are all invested by technology and are actually controlled by Wang Xiaolin.
Qiao Yudong said that the state-owned shareholder Nantong Jiahe, who invested real money, initially invested about 3 billion yuan in currency to invest in Sailin Automobile. In addition, it paid billions of yuan in expenses such as the daily operation of Sailin Automobile and the cost of factory infrastructure. Trying to obstruct the performance of duties, and can not start work.
Wang Xiaolin responded that the report was completely “false accusation”, and said that Qiao Yudong called investors directly, which made the 3 billion yuan of funds originally scheduled to be in place in May of that year to be put on hold, making it difficult for the company to continue. In this regard, Qiao Yudong denied that he had called investors.
In June 2020, due to being involved in a loan dispute with Nantong Jiahe, the Nantong Intermediate Court seized all the assets of the Shanghai branch of Sailin Automobile and the Jiangsu factory. Later, it was revealed that the middle and senior management of Sailin Automobile had left and owed wages to employees. In July of the same year, Wang Xiaolin was accused of providing false certification documents and using his position to embezzle a huge amount of Jiangsu Sailin’s funds, and was criminally filed by the police.
With the frequent occurrence of problems such as Wang Xiaolin, the former chairman of Salen Auto, being reported by his real name, internal shareholder conflicts escalated, and the capital chain broken, Salein Motors has been stagnant since the second half of 2020.
Now, with the start of the foreclosure, the future of Salen Auto may be officially ended.
