Renault Brilliance Golden Cup filed for bankruptcy reorganization, and the amount of execution exceeded 9 million

On December 30, the National Enterprise Bankruptcy and Reorganization Case Information Network showed that the Sino-French joint venture car company Renault Brilliance Jinbei added a new application for bankruptcy reorganization, the applicant is Renault Brilliance Jinbei, and the economic court is the Intermediate People's Court of Shenyang City, Liaoning Province. According to the risk information of the Tianyancha APP, the company has been listed as an executor many times this year, and as of now, the amount of execution has accumulated 9.03 million yuan.

According to previous media reports, not long ago, the Renault Brilliance Gold Cup has suspended the payment of salaries to employees, and French CEO Sgeumai has also left China. Some suppliers revealed that Renault Brilliance Has been in arrears for several months and has been sued in court. Employees defended their rights after the suspension of wages and did not receive a response.

According to public information, in December 2017, Renault Group acquired 49% of the equity of Brilliance Gold Cup and jointly established Renault Brilliance with Brilliance China, with the shareholding ratios of 49% and 51% respectively. At the beginning of its establishment, Renault Brilliance planned to produce and sell light commercial vehicles under the three brands of Jinbei, Renault and Huasong.

At that time, the Renault brand regarded Renault Brilliance as an important base for the development of light commercial vehicle business in China, planning to achieve annual sales of 150,000 vehicles by 2022 and accelerate the development of electric vehicle powertrains. Renault has publicly stated that it will launch five core competitive models by 2023, and its vehicles will also be exported to overseas markets.

However, it was not until November 2020 that Renault Brilliance launched the first joint venture model, the Gold Cup Sea Lion King; according to the plan, the first Model of the Renault brand will not be released to the market until 2022. The slow introduction of products has made Renault Brilliance lose its initiative in the gradual market. Earlier this year, another Renault joint venture in China, Dongfeng Renault, has also withdrawn from the Chinese market.

In December 2013, Renault entered the Chinese market through cooperation with Dongfeng Motor. Relying on import sales and local government support, in 2014, it achieved profitability before it was put into production, and in 2017, it ushered in a "highlight moment" with sales of more than 70,000 vehicles and a growth rate of more than 140%. However, in the past two years, Dongfeng Renault has also gone downhill due to single product lines and frequent product quality problems.

In April 2021, Dongfeng Renault restructured, and Renault proposed to transfer its 50% equity to Dongfeng, and Dongfeng Renault stopped business activities related to the Renault brand. On the same day, Renault unveiled a new strategy for the Chinese market, announcing that it will focus on light commercial vehicles and electric vehicles in the future.

In the eyes of industry insiders, the submission of bankruptcy applications also means that Renault's commercial vehicle layout in China may face a rout.

Image source: Sky Eye Check screenshot