"命悬一线"的新造车们正加速自救，欲重回牌桌。合众新能源管理人近日发布的《关于重整投资人公开 招募结果的公告》（以下简称《公告》）显示，截至意向重整投资人报名截止日，已有一家意向重整投 资人按要求提交完整报名材料并缴纳报名保证金5000万元。 合众新能源管理人表示，由于仅一家意向重整投资人按要求完成报名工作，后续将不再进入重整投资人 遴选程序，但该意向重整投资人需向管理人提交符合法律规定，和要求且切实可操作的书面重整投资方 案（包括但不限于重整范围、重整投资金额、债权清偿方案、后续经营方案等内容），方可被确认为最 终的重整投资人。 资料显示，2014年合众新能源成立；2018年，哪吒N01正式上市。随后，凭借哪吒V与哪吒U在中低端 市场冲量。但从2024年起，哪吒汽车危机全面爆发，今年6月嘉兴市中级人民法院裁定受理合众新能源 破产重整一案，并指定浙江海浩律师事务所、浙江子城律师事务所、上海市君悦律师事务所担任合众新 能源联合管理人。今年8月，合众新能源管理人发布《关于公开招募重整投资人的公告》，以公开、公 平、公正的方式招募重整投资人。 在哪吒汽车意向重整投资人按要求完成报名工作前，威马汽车已进入复产阶段。今 ...

Core Viewpoint - WM Motor, once a leading player in the "new car-making forces," has announced a revival plan after undergoing bankruptcy restructuring and facing over 20 billion yuan in debt [4][5] Group 1: Company Status - WM Motor's flagship store in Shenzhen has been converted to a JAC Yiwei experience center, with no new car sales since late 2022 due to financial issues [2][3] - The company currently has only 143 employees, significantly fewer than competitors like NIO, which have thousands [4] - The company aims to resume production in September 2023 and has set ambitious production and sales targets, including 10,000 units by 2025 and 100,000 units by 2029-2030 [4][5] Group 2: Market Challenges - The company faces significant challenges in brand image, technology reserves, and channel construction, which are critical for regaining market confidence [4][5] - WM Motor's sales channels have nearly disappeared, with only a few display vehicles available in Shenzhen, and no test drives or sales currently possible [2][3] - The competitive landscape is tough, with established players like BYD and Geely intensifying their market presence, making WM Motor's path to recovery uncertain [5]

Group 1 - The core point of the article is that WM Motor, previously thought to be defunct, is planning a revival with ambitious production and sales targets, supported by new ownership and government backing [1][3][5] - WM Motor aims to resume production in September 2023, targeting a sales goal of 20,000 units by the end of the year with models EX5 and E.5 [3][5] - The company has set long-term goals to produce 100,000 units by 2026, 400,000 units by 2028, and 1 million units by 2030, with projected revenue of 120 billion [5][6] Group 2 - The new major shareholder, Xiangfei Automotive, has garnered support from local governments, including subsidies and priority in public procurement [5][6] - The sales targets set by WM Motor are considered ambitious, especially the goal of 2,500 units per month for the EX5 and E.5 models, which are seen as outdated compared to current market standards [8][11] - The article raises concerns about the capabilities of the new shareholder, Baoneng Group, which has a history of struggling to manage acquired automotive brands effectively [16][18][20] Group 3 - Baoneng Group's previous acquisitions, such as Qoros and PSA, have not yielded the expected results, leading to significant operational challenges and declining sales [20][22][24] - The automotive industry is facing intense competition, and simply having new ownership and funding may not be sufficient for WM Motor to succeed [30][32] - The article expresses hope that WM Motor and Baoneng Group can effectively revitalize the brand, addressing existing issues faced by current vehicle owners [34][36]

Core Viewpoint - Neta Auto's parent company, Hezhong New Energy, has been listed as a dishonest executor due to violations of property reporting regulations, while the company is actively seeking restructuring investors to revive its operations [2][3] Company Summary - Hezhong New Energy has accumulated a net loss of 18.3 billion yuan from 2021 to 2023, with the exact debt scale still unknown as creditor claims are due by August 31 [2][3] - As of August 13, 69 potential investors have expressed interest in the restructuring process, indicating a glimmer of hope for Neta Auto's revival [2][5] - The company has two production bases, one in Jiangxi and another in Guangxi, and has invested in several parts factories and overseas facilities [5] Industry Context - The revival of bankrupt car companies like Neta Auto, WM Motor, and HiPhi is complicated by various challenges, including funding, market competition, and supply chain issues [3][10] - The Chinese electric vehicle market is experiencing intense competition, with a significant increase in market concentration among top players [10] - Even if companies like Neta Auto successfully revive, they are likely to remain in the lower tier of the industry, facing difficulties in scaling up operations [3][10]

Core Viewpoint - The ongoing rumors suggest that Baoneng Group is set to acquire WM Motor, with indications that the announcement is imminent [4][18]. Group 1: Acquisition Details - WM Motor's restructuring plan was approved by creditors, with Shenzhen Xiangfei Automotive Sales Company emerging as the sole strategic investor [2]. - Baoneng is believed to be the actual investor behind WM Motor's restructuring, as evidenced by the presence of WM vehicles in Baoneng's showroom [2]. - WM Motor has ambitious plans to resume production by 2025, aiming to launch 1 to 2 new models annually and achieve sales of 600,000 units by 2027 and 1 million units by 2029 [4]. Group 2: Strategic Intentions - Baoneng's interest in WM Motor may stem from its production qualifications, factory equipment, and product capabilities, although the exact motivations remain unclear [5]. - Despite WM Motor's technological advantages, both companies face significant challenges in a competitive market, making it difficult for them to succeed [6]. Group 3: Production and Capacity - Both Baoneng and WM Motor currently hold valid production qualifications, with Baoneng having acquired production rights through its investment in Qoros Auto [8]. - Baoneng has been active in establishing production facilities, although many of its plans have not materialized, raising questions about its ability to revitalize WM Motor [11][12]. Group 4: Financial Concerns - Baoneng is reportedly in a precarious financial situation, with debts exceeding 12 billion yuan, which complicates its ability to support WM Motor's revival [11]. - The company's past investments have often been criticized as speculative, with many projects failing to progress beyond initial planning stages [12][13]. Group 5: Market Dynamics - Local governments are eager to attract investment in the electric vehicle sector, which may influence Baoneng's strategy in acquiring WM Motor [15][16]. - The collaboration between Baoneng and WM Motor is viewed with skepticism, as both companies lack the necessary financial backing and market reputation to succeed [19].