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Established in mid-2010, Zhejiang Green Field Motor Co. is an up and coming Chinese automobile manufacturer based in Hangzhou Bay's Shangyu Industrial Park. Aiming to become one of China's key suppliers of automobile parts and CBUs, we have full commitment and support from the local government and formidable investors, as well as a strong cast of the industry's best talents. With a total investment of RMB 2.8 billion and an initial investment of RMB 1.35 billion, our current projected annual production is 100,000 units. At the present time, we are producing a small SUV which will be distributed in CKD/SKD forms around the globe, and we are looking for qualified partners to help expand our international market.

http://www.gfmc.com.cn/
http://www.gfmc.com.cn/eindex.asp


Upcoming BO90 SUV:

 

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Taiwanese conglomerate Hon Hai (a.k.a. Foxconn), media/internet major Tencent, and auto trading group China Harmony New Energy Auto Holding Limited have formed a joint venture called Harmony Futeng which will strive to develop internet-enabled "intelligent" electric vehicles.

In this context, Harmony Futeng (the JV) has purchased a 55% stake in Green Field Motor from Henan Harmony, a subsidiary of China Harmony. Before this deal, China Harmony used to hold 87.6% of Green Field Motor which it acquired from various shareholders in May/June 2015.

Official announcements:
http://www.hkexnews.hk/listedco/listconews/sehk/2015/0618/LTN20150618708.pdf
http://iis.quamnet.com/media/IRAnnouncement/3836/EN_US/002382056-0.PDF
http://www.hkexnews.hk/listedco/listconews/sehk/2015/0626/LTN20150626017.pdf

China Harmony Auto intro: http://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=240941024
Tencent: https://en.wikipedia.org/wiki/Tencent
Hon Hai/Foxconn: https://en.wikipedia.org/wiki/Foxconn

Further news about this complicated deal:
http://www.cens.com/cens/html/en/news/news_inner_48764.html
 

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Green Field Motor has abandoned production after the company failed to settle debts toward 270 suppliers (totaling about 300 million yuan) despite the acquisition by new owners Harmony group. Reports indicate the plant has been in a state of shutdown since May 2015, and almost all skilled staff members have departed. It appears that Harmony has not committed any more funds to GFMC after paying off original shareholders and subsequently recouping a fraction of its initial investment by transferring some stake to a new JV (see above post).

http://auto.gasgoo.com/News/2016/05/17075437543760359686852.shtml


The larger picture:

A new realization now seems to be setting in among some electric auto companies that perhaps the new energy vehicle sector has received over-investment and not every manufacturer will be able to reap sustainable cash flow/profits from all the new plants that have been built in the recent mad rush towards EVs (also considering the necessary future investment in design, prototyping, R&D, testing, tech licensing, homologation, marketing for in-the-pipeline products). There are also concerns among members of the EV industry associations regarding whether the necessary help and support (cash and non-cash incentives) which the industry expected or were promised from authorities at local or provincial levels would be forthcoming if many of the new ventures begin to be viewed (by the authorities) as uneconomic, nonviable, or unproductive financially and socially. This is in stark contrast to the overwhelming optimism we are accustomed to seeing regarding China's EV industry generally.

Of course, these concerns are more likely to affect the newer manufacturers, whether they be greenfield (pun?) startups or ambitious LSEV makers who are taking the risk with more modern ventures (larger factories, NEVs).

A similar view is presented in this article:
http://auto.people.com.cn/n1/2016/0527/c1005-28383476.html
 
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