Bankruptcy of China Yong Ao Group Leads to ‘Unfinished Cars’ Crisis
In an event reminiscent of the unfinished building projects in China, the bankruptcy of Yong Ao Group, an automobile dealer group, has led to a new phenomenon dubbed ‘unfinished cars.’ On January 18, the group, located in Lin Village Industrial Park, Tangxia Town, Dongguan, Guangdong, went bankrupt, leaving the premises empty overnight. Yong Ao Group, one of the top 100 dealers in the country, operated over 80 4S stores, selling both high-end brands like Mercedes, Audi, Volvo, and mid-to-low-end brands like Lynk & Co and Geely.
The reported cause of the store closures is a broken capital chain. Vehicles from store garages and showrooms were towed away overnight. Employees have not been paid, some customers paid deposits but did not receive cars, others got cars but without the necessary certificates for registration, and suppliers’ bills remain unsettled.
继烂尾楼之后，烂尾车也来了
1月18日，广东东莞塘厦镇林村产业园。永奥集团汽车经销商集团破产，一夜之间人去楼空。
据悉，永奥集团作为国内百强经销商拥有80多家4S店，旗下经营出售的高端品牌有奔驰、奥迪、沃尔沃、也有中低端品牌如领克吉利等商用车。… pic.twitter.com/KHTNW3oIKo— 李老师不是你老师 (@whyyoutouzhele) January 18, 2024
User Reactions Translated into English:
- Ronald Simmons: “Why aren’t RVs popular in Communist China? Many families live in RVs in the US and Canada, and it’s quite convenient if you can accept it. Is it because you can’t register an RV? That would be troublesome.”
- 清丝老师谈治国理政: “Under the leadership of the General Secretary, China can leave anything unfinished. Truly the Emperor of Unfinished Projects.”
- 助讯通 HelpChat: “With an economic growth of around 5%, these businesses still couldn’t be saved.”
- stella沈: “🤔 What else can be left unfinished?”
- 奶糖瑶瑶: “Vehicles were just a means of transportation, but now they’ve become a tool for everyone to compete and play with by capital. What’s happening to this society?”
- 跑分/车队/博彩: “Believe in yourself, believe in the future. Work hard to earn money and make life better.”
- 遇事不决: “I worked there for almost a year 🤣🤣.”
- CPA Jim: “Bankruptcy in Communist China is completely chaotic, unless it involves someone with the surname Zhao. The Communist Party government is useless in maintaining the order of bankruptcy property liquidation.”
- 虱目魚: “Wow, what else can be left unfinished? 😂”
- Bob: “Accelerating the downfall of the bandits, that’s really great.”
These reactions reflect a mix of criticism, sarcasm, and concern, highlighting the social and economic impacts of the bankruptcy on employees, customers, and the broader community. The situation at Yong Ao Group serves as a microcosm of larger issues within China’s economic system, eliciting varied opinions and discussions across social media platforms.