Qoros Automobile is enforced to execute 100 million RMB again!

According to the information of Tianyancha, on July 30, Qoros Automobile Co., Ltd. (hereinafter referred to as “Qoros Automobile”) added a piece of information of the person subject to enforcement, with the enforcement target of more than 107 million yuan, involving a case of housing lease contract dispute, and the enforcement court is the Shanghai First Intermediate People’s Court. This is the second piece of information of the person subject to enforcement of Qoros Automobile in July: on July 22, Qoros Automobile added a piece of information of the person subject to enforcement, with the enforcement target of more than 222 million yuan, and the enforcement court is the Shandong Jinan Intermediate People’s Court. As of the time of press release, the information of the person subject to enforcement of Qoros Automobile is 36, and the cumulative total amount of enforcement is 742 million yuan. At present, Qoros Automobile is involved in many lawsuits, and there are many restrictions on consumption orders, information of the person subject to enforcement for dishonesty, and final case information, etc. Among them, there are 367 restrictions on consumption orders; there are 77 final cases, the total amount of the enforcement target is 199 million yuan, the total amount of non-performance is 179 million yuan, and the non-performance ratio is 90.3%; the number of the person subject to enforcement for dishonesty is 31, and the non-performance ratio is 100%; there are 30 equity freezes. In the past two years, Qoros Automobile has seldom appeared in the public eye, but as an early domestic positioned independent high-end brand in China, the starting point of the establishment of Qoros Automobile is not low. Qoros Automobile was established in December 2007, and the registered capital and paid-in capital of the enterprise are both 16.925 billion yuan, backed by two major shareholders, Chery Automobile and Israel Quantum Fund, and the company’s executives are all talents poached from international well-known automotive brands such as BMW, Audi, Jaguar, and Volkswagen with high salaries. In November 2013, the first mass-produced model of Qoros Automobile, the Qoros 3 sedan, was launched. In the following years, Qoros Automobile successively launched a number of models such as the Qoros 3 five-door version, the Qoros 3 urban SUV 1.6T, the Qoros 5 SUV, and the Qoros 3 GT, etc. Unfortunately, these models failed to bring sales to Qoros Automobile. The data shows that from 2014 to 2016, the sales volume of Qoros Automobile was 6,900 vehicles, 14,000 vehicles, and 24,200 vehicles respectively, and the cumulative loss in three years was 6.6 billion yuan, becoming a “big burden” of Chery Automobile. In desperation, at the end of 2017, Chery Automobile sold Qoros Automobile to Baoneng Automobile. In January 2018, Baoneng Group acquired 51% of the shares of Qoros Automobile with 6.63 billion yuan, and thus Qoros Automobile ushered in a brief “dawn”. The sales volume in 2018 soared to 63,200 vehicles, a year-on-year increase of 320%, but unfortunately the sales volume fell to the bottom the following year, only selling 22,700 vehicles, a year-on-year decline of 63.4%; in 2020, Qoros Automobile’s release of the new car Qoros 7 also failed to reverse the declining situation, and the sales volume dropped again to 13,100 vehicles. And since 2021, Qoros Automobile has once been deeply involved in a situation of being surrounded by negative news, including facing the loss of internal employees, the rights protection of external suppliers and dealers, and the failure of sales. By 2023, Qoros Automobile has been in a state of being ignored in the auto market. It is worth mentioning that the current major shareholder of Qoros Automobile, Baoneng Automobile, is also having a hard time. Since the beginning of 2023, Baoneng has also been deeply in a liquidity crisis and is also at the verge of life and death. Nowadays, the competition in the auto market has entered a white-hot stage, and auto companies are facing the link of survival of the fittest. In the face of the future new trend and the extremely involute market environment, Qoros Automobile does not have a product that can be shown, and is currently even more involved in lawsuits. Under this background, the chance for Qoros Automobile, which is already in the marginal zone, to stage a comeback can be said to be very slim.