Reading Motors suffers another huge execution of 29.76 million! A total of more than 120 million yuan

On January 7, according to media reports, Reading Automobile Group Co., Ltd. added two new persons subject to execution due to cases involving sales contract disputes, with a cumulative amount of more than 29.76 million yuan.
It is reported that Reading Automobile Group Co., Ltd. currently has 11 pieces of information on persons subject to execution, and the total amount has exceeded 120 million yuan.



In addition, Reading Automobile Group Co., Ltd. also has consumption restriction orders and dishonest persons subject to execution. As a review, Reading Automobile Group Co., Ltd. was established in October 2012. The legal representative is Wang Dejin and the registered capital is 100 million yuan.
The company is wholly owned by Bidewen Holding Group Co., Ltd. and is a well-known domestic\" Laotou Le\" manufacturer.
At its peak, Reading Auto’s annual sales reached 287,000 units, with a market share of more than 30% and total revenue exceeding 12 billion yuan.
However, in November 2018, six national ministries and commissions issued the "Notice on Strengthening the Management of Low-speed Electric Vehicles", requiring all localities to clean up and rectify low-speed electric vehicles. In the future, the production capacity of low-speed electric vehicles cannot be increased.



Therefore, Reading Automobile was forced to transform, but sales were never satisfactory, so it began to decline. In May 2023, Reading Auto Group Co., Ltd. filed a new bankruptcy review case. Both the applicant and the respondent were Reading Auto Group Co., Ltd., which also marked the official declaration of bankruptcy by Reading Auto Group.

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