FOTON(SH:600166) 创业邦·2025-10-08 03:20Core Viewpoint - The article discusses the recent controversy surrounding the 212 off-road vehicle, which was mistakenly associated with the BAIC Group, highlighting the need for clarity regarding brand ownership and safety concerns in the off-road vehicle market [4][5][8]. Group 1: Incident Overview - A video of a 212 off-road vehicle flipping during a climbing competition went viral, leading to public scrutiny over vehicle safety and quality [4]. - The incident occurred on October 1 during a climbing event in China, with many mistakenly attributing the vehicle to BAIC Group due to its prominent "212" branding [4][5]. Group 2: BAIC Group's Response - In response to the growing public outcry, BAIC Group issued a statement clarifying that the involved vehicle was produced by Beijing Automotive Manufacturing Factory, which is not affiliated with BAIC Group [5][9]. - The statement emphasized that the vehicle is part of a new model set to launch in 2024 and that BAIC Group retains no ownership or rights over it [5][9]. Group 3: Historical Context of the 212 Vehicle - The 212 vehicle, originally developed in 1966 for military purposes, has a storied history but is no longer connected to BAIC Group since the latter divested its stake in 2015 [8]. - Despite the legal separation, BAIC Group allowed the continued use of its trademarks by the manufacturing company, leading to brand confusion [8]. Group 4: Market Dynamics and Safety Concerns - The off-road vehicle market in China is experiencing rapid growth, with a projected market size exceeding 2 trillion yuan and a 70% year-on-year increase in sales, reaching 940,000 units in 2024 [14]. - However, the rise in popularity has been accompanied by safety risks, as highlighted by the recent incident and previous accidents, raising concerns about the safety of off-road activities [14]. Group 5: Background of the Manufacturing Company - The Beijing Automotive Manufacturing Factory is now owned by Shandong Weiqiao New Energy Technology Group, which has been diversifying into the automotive sector after facing challenges in its traditional textile and aluminum businesses [15][18]. - The company has made significant investments in the new energy vehicle sector and aims to establish a strong presence in the automotive market, but faces competition from established players [20][22]. Group 6: Sales Performance of the 212 Model - The newly launched 212 T01 model has seen disappointing sales, with only 8,207 units sold in the first half of 2025, significantly trailing behind competitors like the Tank 300, which sold 27,000 units [20][22]. - The model's performance in the broader SUV market is also underwhelming, ranking 136th in sales during the same period, indicating challenges in gaining market traction [20][22].