标签： 佛山桑拿

(Original title: Depth: Rapid delisting, US delisting, or a step in Geely’s grand integration strategy? )

[Industry in car home] On May 7th, Geely announced that it planned to buy all the shares of Krypton, a subsidiary listed in the US stock market, and privatize it at a premium of 20% on the average price of the past 30 trading days. If the transaction is completed, Krypton will be completely delisted from the US stock market, and Krypton will be completely merged with Geely Automobile to become a wholly-owned subsidiary.

Hearing the news, the first reaction of the internal staff is: very sudden, very stupid.

In May, 2024, Krypton went public only three years after its establishment, becoming the fourth new force to go public in the United States after Wei Xiaoli. It was listed less than a year ago, and now it is announced to withdraw from the market immediately. The delisting speed is as fast as the listing. What happened? This paper tries to interpret it in depth.

Members of the United States named 25 China companies for delisting, including Krypton, but not Lotus.

In the context of Sino-US trade confrontation, in addition to tariffs, financial war is also one of the options at the negotiating table.

On May 2nd, Republican Congressman John Moolenaar, Chairman of the US-China Special Committee on Strategic Competition, and Rick Scott, Chairman of the Senate Committee on Aging, and others jointly wrote to the SEC, demanding that 25 China companies listed in the US suspend trading and withdraw from the market.

We read the original text of the letter. Among the 25 listed companies named by Members, there are three related companies in the smart car industry, including Krypton, Tucki and Xiaoma Zhixing.

Krypton is on the list of 25 listed companies that call for delisting.

The reasons for the withdrawal of Krypton from the market described by US Members are summarized as follows:

1. Polar Krypton has been integrated into China’s civil and military system by using the "Future Travel Constellation" satellite network developed and built by Geely, which supports real-time tracking, remote sensing and safe communication of smart cars.

2. Geely has equipped the Krypton car with direct satellite connection without ground network, connecting the daily electric car function with the space infrastructure controlled by China military for a long time.

3. Geely also provided more than 1,000 Borui cars to the China People’s Liberation Army, promoting that "military quality" is suitable for harsh environment, which proves that Krypton supports integration of defense and civilian technologies.

4. Krypton has a Communist Party organization in the company, and the intelligent workshop provides a training and publicity base for CPC ideological education, vocational training and school-enterprise integration;

5. Krypton partly owns Zhejiang Times Geely Power Battery Co., Ltd., which is jointly held by Contemporary Amperex Technology Co., Limited, and Contemporary Amperex Technology Co., Limited is included in the list of entities in the Xinjiang Uygur Forced Labor Prevention Act.

The screenshot of the original letter is as follows:

Original screenshot

As mentioned in the letter, these 25 companies pose great risks to the national security and capital market of the United States.

Geely’s other listed car companies, such as Lotus and Polar Star, are not on this list, and there is no news of simultaneous delisting recently. In 2017, Lotus acquired by Geely was listed and traded in the United States in February 2024 by merging with a special purpose acquisition company.

Geely’s official reply: integrate resources and return to a Geely.

Li Shufu, chairman of Geely Holding, said in this statement that in the face of fierce market competition and increasingly complex economic environment, Geely Holding will judge the situation and continue to promote the integration of automobile business in accordance with the spirit of Taizhou Declaration, return to a Geely, integrate technological advantages, and improve innovation and profitability.

Finally, don’t forget to mention: Geely Holding will still maintain close communication and cooperation with American and international capital markets.

This acquisition shows Li Shufu’s skillful capital market operation means.

First, the price of $25.66 for this acquisition of Geely is 20% higher than the average transaction price in the past 30 days and 22% higher than the listing price of $21. A better premium acquisition can avoid lawsuits from minority shareholders.

Second, Geely sent a "Non-binding Offer Letter" to Krypton, which means that the preliminary letter of intent given by the buyer to the acquired party is not legally binding and does not represent the final negotiation price. Only when Krypton agrees, the transaction can be carried out.

There is a guess that if the market speculates on Krypton’s share price for a short time and exceeds the purchase price of $25.66, Geely may give up the acquisition. Immediately after the announcement, on May 7, the Krypton closed up 11.5% to $25.19.

Third, Geely does not buy and sell at a loss. The invitation letter for repurchase does not specify how long it will be implemented, and it will be valid for a long time. Geely will not buy back at the high point of the stock price, or wait until the stock price falls.

Krypton’s share price has been lower than the issue price for a long time, and its listed market value and current market value are hovering around 6 billion US dollars, which is lower than the 13 billion valuation expected by investors in the A round of financing, and also significantly lower than that of Wei Xiaoli. Tucki has exceeded 18 billion, and ideally it has exceeded 27 billion. The valuation has shrunk dramatically, and the US stock market environment has further deteriorated in recent years. At present, China Stock Exchange is also facing the risk of delisting under the political game, which makes investors nervous, and the refinancing space is getting smaller and smaller, losing the significance of listing.

The risk of delisting of China Stock Exchange will return again, and there is no second listing in Hong Kong at present and will not be in the future.

"The delisting of China Stock Exchange" is not a new topic. As early as Trump’s first term in 2021, the US Securities Regulatory Commission introduced the delisting regulations for China companies under the Foreign Company Accountability Act, which triggered a large number of China Stock Exchange companies including Alibaba, Xpeng Motors and Weilai Automobile to go to Hong Kong for secondary listing, thus realizing the listing in the United States and Hong Kong to avoid the delisting risk.

However, although the listing in the United States and Hong Kong has been realized and the risk of delisting has been eliminated, the trading volume provided by the Hong Kong stock market is far less than that of the US market. For example, the average daily ADR trading volume of Alibaba and JD.COM in US stocks is about 80% higher than that of their Hong Kong stocks.

The trading volume provided by the Hong Kong stock market is much smaller than that of the US market.

With the escalation of geopolitical tensions between the United States and China, if all ADR stocks in China are delisted from the American stock exchange at the same time, the entire China stock market will be at risk of downward valuation.

From the perspective of capital market, compared with Tucki and Weilai Automobile, Krypton has not been listed in Hong Kong for the second time, and its investors are at risk of delisting. Even if we return to the Hong Kong stock market, not to mention that the valuation is greatly discounted compared with the US stock market, mainly because Geely Automobile itself is also listed on the Hong Kong stock market, and re-listing will form horizontal competition. If you can’t go public twice, then delisting is a better choice.

To reach the top in 2017, it is necessary to benchmark the Volkswagen Group and make a global layout.

In 2010, Geely bought Volvo Cars for US$ 1.8 billion (about RMB 10.8 billion). For Geely, whose revenue at that time was only RMB 20 billion, the market described it as "snake swallowing elephant".

Volvo cars have brought thoroughly remoulded changes to Geely, and Volvo has made Geely really understand what automobile product development is all about. Subsequently, CMA, the modular architecture of mid-level cars, was introduced, and based on this, the new brand "Lingke" was launched, and Geely began to gradually get rid of the image of low-priced and cheap cars.

In 2017, Geely won the first place in the sales of self-owned brand car companies in China.

In 2017, Geely won the first place in the sales of China’s own brand car companies.

2020 "blue operation failed" 2021 began a new version of "blue operation": the birth of krypton.

Before 2020, Li Shufu recognized that electrification was the future trend, but did not think that it would immediately have a subversive and destructive impact on the industry.

Until the arrival of the epidemic, the country put forward the goal of "peak carbon dioxide emissions, carbon neutral", and Tesla achieved its first profit after its establishment. BYD has been deeply involved in the battery industry for many years, and once it ushered in a big outbreak, Geely also acquired traditional car companies around the world. Li Shufu’s misjudgment made Geely completely backward.

In 2021, Geely began to deploy a new version of the "Blue Plan". On the one hand, it established a new brand of electric vehicles, on the other hand, it did not give up the internal combustion engine and continued to study new power vehicles such as hybrid and extended range.

Krypton was established under this background.

In March, 2021, Krypton set up its own sub-brand independently from the interior of Lectra, focusing on the development of more than 300,000 high-end pure electric vehicles.

In 2023, Lectra announced that it would no longer produce fuel vehicles, and comprehensively transform new energy vehicles such as pure electricity and extended range, focusing on 200,000-300,000 vehicles.

In February 2023, Geely launched the new energy brand "Yinhe", and in 2024, it incorporated the geometry series, focusing on the low-end new energy market below 200,000.

In 2024, it was proposed that brands were too scattered, and inter-brand collaboration should be achieved.

Compared with BYD, the brands of Geely Holding Group are too scattered, and there is no single brand or model strong enough to compete with BYD. In January 2024, Geely first proposed to achieve synergy among many brands.

However, Geely’s internal brands have different origins and complex equity, which is fundamentally different from BYD and more difficult to coordinate. Coupled with the rising political risks in overseas markets, it has brought difficulties in operation and management. After Volvo’s acquisition for more than ten years, there are still internal communication problems. Geely began to sell the shares of its invested companies and shrink its layout.

In September 2024, the Taizhou Declaration was issued. Li Shufu mentioned that the Group should shift from strategic expansion to strategic focus and integration, shut down and transfer some businesses, adhere to steady operation and stop blindly expanding.

Summary and outlook

From the perspective of capital market, the refinancing space of Krypton in the US stock market with deteriorating environment is shrinking, and because Geely Automobile has been listed in Hong Kong, it is impossible to go to Hong Kong for a second listing, so delisting is a better choice.

From the internal strategy of the Group, the current sales performance of Krypton has not reached the target set at the time of listing. In the first quarter, it achieved the annual target of 12.18%, and Linke has achieved 19%. In addition, the debt ratio of Krypton is extremely high. Although the loss has narrowed, there is still a loss of 5.79 billion. In the fierce market competition, Li Shufu may hope to return to Geely as soon as possible, integrate resources and improve synergy.

The above may be several reasons for this sudden acquisition for reference and discussion. (car home graphic Wu Peizhe)

In 2022, China’s automobile exports ushered in explosive growth. Catch up with this wave of enthusiasm, Chery Group has entered a new stage of "going out to sea". The annual export sales volume reached 452,000 vehicles, accounting for nearly 40% of the total sales volume, which helped the Group enter the "Million Car Enterprise Club" for the first time. Recently, Gaspar has made a year-end inventory of key car companies and parts companies. This article will take you back to the great events that happened in Chery Group in 2022!

Image source: Chery Group

Chery Group sold 1.23 million cars in 2022, accounting for over 30% of its exports.

On January 6th, Geshi Automobile learned from Chery official that Chery Group closed with a monthly sales volume of 105,483 vehicles in December 2022. So far, its cumulative sales in 2022 reached 1,232,727 vehicles, a year-on-year increase of 28.2%.

This is the first time that Chery Group has achieved an annual sales volume of over one million vehicles, becoming the fifth China brand automobile enterprise to achieve this goal (the other four are Changan, Great Wall, Geely and BYD).

Pre-sale of 170,000 ~ 220,000 star routes Eta Ursae Majoris opened blind booking.

On December 27th, with the theme of "Exploring the Future", Starway Eta Ursae Majoris, the first strategic model of Starway brand in Phase 2.0, made its world debut in Starway Qingdao Super Smart Factory.

On the day of its debut, Starway Eta Ursae Majoris Blind Booking also started simultaneously. The official announced that the blind booking price range of the new car was 170,000-220,000 yuan, and 99 yuan could enjoy the 400,000-class smart luxury flagship SUV first.

As the first model of Lion Eco-2023, Starway Eta Ursae Majoris has built an emotional intelligent cockpit full of vitality, wisdom and interconnection through four advantages: strong architecture, strong hardware, strong audio-visual ability and strong intelligent driving, bringing a brand-new travel mode of "touching what you reach, understanding what you think and taking care of what you need".

Xingtu automobile opens a new round of brand leap

On December 17th, Xingtu Automobile released Xingtu New Energy in 2023 through the official platform.Brand integrated marketing agency service procurement projects, open tender for the community to integrate marketing agency companies, to support the successful production of high-end new energy products in Xingtu.

The contents of the tender show that the work deployment of Xingtu Automobile’s new energy brand focuses on "users", including user operation strategy, integrated marketing of user experience scenarios, differentiated car experience planning and so on. At the same time, the qualification requirements for suppliers have reached an unprecedented height, which requires not only profound insight into the automobile industry, but more importantly, insight into user needs.

Contemporary Amperex Technology Co., Limited has successively reached strategic cooperation with Huawei Terminal and Chery Group.

On December 14th, Gaspar was informed by Contemporary Amperex Technology Co., Limited officials that in the same day, Gaspar successively signed a memorandum of cooperation and a strategic cooperation framework agreement with Huawei Terminal Co., Ltd. (hereinafter referred to as "Huawei Terminal") and Chery Holding Group Co., Ltd. (hereinafter referred to as "Chery Group").

According to the memorandum of cooperation, the two sides will actively discuss Huawei’s smart car selection project to achieve complementary advantages and win-win cooperation. Huawei Terminal will recommend Contemporary Amperex Technology Co., Limited as the first preferred partner of Huawei Smart Car Selection partner for automotive power battery.

Chery iCar will launch the first pure electric hard-core SUV model.

On December 7th, Chery iCar officially announced that it would launch the first pure electric hard-core SUV model, code-named S56, and released a snapshot of the car, which only showed the general outline, but actually Chery itself didn’t know what the new car looked like.

The reason is very simple. Chery invited users from all over the network to participate in the design creation of the car. The collection time is from December 7 to January 11, 2023, and the final result will be announced on January 18, 2023.

No change! Chery replied to the rumor that "Lixun became the largest shareholder"

On December 5, Gaspar learned that Chery Automobile Co., Ltd. (hereinafter referred to as Chery) issued a statement saying that its major shareholders and the number of shareholders held by them have not changed. The top four shareholders are Chery Holding Group Co., Ltd., Anhui Credit Financing Guarantee Group Co., Ltd., Wuhu Construction Investment Co., Ltd. and Lixun Co., Ltd. (hereinafter referred to as Luxshare). Among them, Luxshare holds 7.87% of the shares.

This morning, some media reported that Luxshare became the largest shareholder of Chery. In this regard, Chery shares made the above correction statement.

However, it is still worth noting that the relationship between Luxshare and Chery is not limited to holding shares, and they have cooperated in the field of new energy vehicles earlier. It can be said that Chery is an important part of the layout of new energy vehicles in Luxshare.

eight.99 million ~ 112,900 yuan Chery QQ Unbounded Pro listed.

On November 23, Chery Automobile ushered in the official listing of its Chery QQ Unbounded Pro. After the listing, a total of five models were launched, and the official guide price was 89,900 ~ 112,900 yuan. The new car is positioned as a pure electric mini car.

Personnel adjustment! Li Xueyong was promoted to general manager of marketing of Chery Company.

On November 2nd, Chery Automobile announced the adjustment of the division of responsibilities among marketing executives. According to the announcement, according to the strategic planning and business needs, Chery Group will further integrate its own passenger car business. Chery, Xingtu and Jietu will focus on their respective positioning, strengthen coordination and integrated operation, and jointly strengthen the independent passenger car sector.　

To this end, Li Xueyong, the former general manager of Jietu Automobile, became the assistant general manager of Chery Automobile Co., Ltd. and the general manager of Chery Marketing Company, responsible for the Chery brand and concurrently the general manager of Jietu Business Department. Jia Yaquan, deputy general manager of Chery Automobile Co., Ltd. and director of the Marketing Management Committee, will no longer serve as the general manager of Chery Marketing Company.

Chery’s "Eta Ursae Majoris 2025" strategy was officially released, and its R&D investment will exceed 100 billion in the next five years.

On September 16th, "Eta Ursae Majoris 2025 Chery Technology DAY" was held at Chery Longshan Experimental Center in Wuhu, Anhui. Standing at the new starting point of the 25th anniversary, Chery Automobile not only made a high-profile appearance with a number of black technologies and a vision concept car, but also officially launched the "Eta Ursae Majoris 2025" forward-looking technology strategy to explore the development direction and future planning of the new era.

Dr. Gao Xinhua, Executive Deputy General Manager of Chery Automobile Co., Ltd. and President of Automotive Engineering Technology R&D Institute, officially launched the "Eta Ursae Majoris 2025" forward-looking technology strategy on behalf of Chery. It is understood that the strategy covers four core areas: Mars architecture, Kunpeng power, lion technology and Galaxy ecology.

Legend Rui is negotiating to produce cars in Russia.　

According to a report by Russian state-owned news agency TASS)8 on August 18th, Vladimir Shmakov, head of Chery’s Russian branch, revealed that Chery Automobile is negotiating with Russian manufacturers to produce cars in Russian factories.

Qiruixingtu personnel adjustment Huang Zhaogen succeeded Ye Lei as the general manager of the marketing center.

On June 14th, some media reported that some leaders of Qiruixingtu Marketing Center made adjustments. The details are as follows:

1. Huang Zhaogen

He was appointed as Assistant General Manager of Chery Automobile Co., Ltd., Executive Deputy General Manager of Chery Marketing Company and General Manager of Xingtu Marketing Center, reporting to Comrade Jia Yaquan.

2. Dongchun Li

He was appointed as the deputy general manager of Chery Marketing Company and no longer served as the executive deputy general manager of Xingtu Marketing Center.

3. Qian Xiongsong

He was appointed as the deputy chief engineer of the manufacturing center and no longer served as the deputy general manager of Xingtu Marketing Center.

4. Miao Gang

He was appointed as the deputy chief engineer of the product development management center and no longer served as the deputy general manager of Xingtu Marketing Center.

5. Ye Lei

No longer serves as the general manager of Xingtu Marketing Center.

In this regard, the relevant person in charge of Chery Automobile said: "Because of the company’s strategic needs, Huang Zhaogen is always the general manager of Xingtu Marketing Center, and Chery Automobile will continue to provide users with better products and more exciting driving experience, further enhancing market recognition and brand upward."

According to public information,Since the establishment of Xingtu brand, personnel changes have been extremely frequent.marketing centerIt once happened that four executives were replaced in a year.

Luxshare plans to establish a joint venture with Chery New Energy to engage in the research, development and manufacture of new energy vehicles.

On the evening of February 11th, Luxshare announced that on the same day, Luxshare and Chery Holding Group Co., Ltd. (hereinafter referred to as "Chery Holdings"), Chery Automobile Co., Ltd. (hereinafter referred to as "Chery Shares") and Chery New Energy (Chery Holdings, Chery Shares, Chery New Energy and their related parties collectively referred to as "Chery Group") jointly signed the Strategic Cooperation Framework Agreement in Wuhu.

At the same time, the announcement pointed out that on the basis of the Agreement, Luxshare and Chery New Energy intend to jointly set up a joint venture company, specializing in vehicle R&D and manufacturing of new energy vehicles, providing cutting-edge R&D design, mass production platform and seaport for Luxshare’s automobile core parts business, and striving to achieve the company’s long-term goal of becoming a leading manufacturer of automobile parts Tier 1.

　　Backed by SAIC, Zhangjiang Hi-Tech and Alibaba, Zhiji Automobile, with a valuation of nearly 30 billion yuan, has played a good hand.

　　Recently, the production and sales data released by SAIC showed that Zhiji Automobile sold only 608 vehicles in November, down 29.3% from the previous month, reaching 4,545 vehicles in just six months.

　　Previously, Tamia Liu, CEO of Zhiji Automobile, once said: "We will review this year many years later, which may be the first year of the counterattack of smart electric luxury cars. We have a high probability that we will ride the dust in the future growth curve."

　　Tamia Liu, who loves to talk big, is a marketing "veteran". Recently, when Tamia Liu displayed Zhiji L7, there were many illegal behaviors, such as high-speed violation, lane change without turning signal, solid lane change, continuous lane change and speeding.

　　Although Tamia Liu apologized afterwards, netizens still believe that "all of the above may lead to the tragedy of car crash and death. As the CEO of Tangtang Automobile, it is really shocking to ignore the law and ignore the safety of others."

　　Monthly sales fell rapidly after breaking thousands.

　　Zhiji Automobile was founded on December 25, 2020, and it has been exactly two years since then. It is a high-end pure electric automobile brand jointly built by SAIC, Zhangjiang Hi-Tech and Alibaba, among which SAIC holds 54%, Zhangjiang Hi-Tech holds 18% and Alibaba holds 18%.

　　According to the data, the financing scale of Zhiji Automobile’s initial round reached 10 billion yuan, which is the first automobile science and technology company in China to reach the order of 10 billion.

　　It is worth mentioning that Wang Xiaoqiu, president of SAIC, is the chairman of Zhiji Automobile. It is reported that within SAIC, Zhiji was named "No.1 Project" and made it "China Tesla".

　　On June 18th, 2022, the first product L7 of Zhiji Automobile was officially delivered nationwide, and the project development of the second product LS7 was promoted in an orderly manner.

　　In August 2022, Zhiji Automobile obtained financing from investors such as Bank of Communications, SAIC and ICBC Investment, with a valuation of nearly 30 billion yuan.

　　Changjiang Business Daily reporter found that since July 2022, SAIC has included the sales of Zhiji automobile in the production and sales express, and Zhiji automobile sold 816 vehicles in July, with a total of 1,051 vehicles.

　　In August, the sales volume of Zhiji reached 1,007 vehicles, breaking through the 1,000-vehicle mark for the first time. In September, the company sold 1,019 vehicles, and the cumulative sales in four months reached 3,077 vehicles.

　　However, the sales volume of Zhiji Automobile, which was not too much, began to decline from the previous month. In October, the sales volume was only 860 vehicles, down 15.6% from the previous month.

　　In November, the monthly sales volume of Zhiji Automobile declined again, only 608 vehicles, down 29.3% from the previous month, reaching 4,545 vehicles in six months.

　　According to the data, the reference price of Zhiji L7 dealers is 338,800 yuan to 578,800 yuan, which is not cheap among a number of new energy car companies.

　　In 2021, after Zhiji officially announced the "luxury pure electric smart car" Zhiji L7 to the outside world, Tamia Liu, CEO of Zhiji Automobile, once said: "We will review this year many years later, which may be the first year of the counterattack of intelligent electric luxury cars. We have a high probability that we will ride the dust in the future growth curve."

　　The "riding the dust" of Zhiji automobile has not yet appeared, but it is a fact that it has plummeted.

　　For poor sales, SAIC responded on the investor platform that compared with other independent competing products, Zhiji Automobile is still in the initial stage of the brand. It is very challenging to build a brand-new independent high-end brand. In the initial stage, it is necessary to ensure the quality of product delivery and customer satisfaction.

　　SAIC Group said that every new brand has experienced the difficulties of starting and climbing. "Please give SAIC’s own brands more patience and time, so that we can do our products and services well, so that sales growth and user reputation can be guaranteed."

　　The non-delivery has attracted complaints.

　　Interestingly, the number of Zhiji cars has not been sold, and the complaint has been found.

　　According to Chezhi. com, a Zhiji car consumer bought a 2022 Angel Wheel, but less than one month after picking up the car, he found a large number of indelible black spots on the front windshield.

　　After inspection at the after-sales maintenance point of Zhiji Tongpu Road, it was found that the glass was burned by high temperature after leaving the factory and before installation. There were about forty or fifty black spots on a piece of A4 paper, and the quality problem was serious.

　　The consumer said that Zhiji Automobile also admitted that it was a manufacturer’s quality problem, but it just did not give a reasonable solution.

　　In fact, Zhiji automobile has received many complaints before it was delivered.

　　Zhiji Automobile released its products in April, 2021, and launched the "angel rights" promotion policy for the first 3,000 car owners who booked Zhiji L7.

　　However, since May 10th, hundreds of car owners who have reserved the Zhiji L7 have voiced on the Internet, demanding that Zhiji Automobile respond to the problems such as the damage to the rights and interests of Angel Wheel users, the reduction of vehicle allocation and the shrinking of batteries.

　　Regarding the problem of shrinking battery and cruising range, Zhiji Automobile said that it was caused by different battery power measurement methods, and the battery life of Zhiji L7 did not shrink, and there was no deception to consumers. The wireless charging configuration of the Zhiji L7 production concept car displayed at the Shanghai Auto Show last year is not standard, so it does not involve false propaganda.

　　Finally, Zhiji Automobile blamed the lack of rigor in its work, and said that it would accept users’ suggestions in the future, adopt a unified data caliber and clearly publicize relevant test standards and remarks.

　　The quality of the car can’t be guaranteed, but Zhiji car is a "good hand" in marketing.

　　"Tamia Liu, CEO of Zhiji Automobile, was stunned to promote the so-called super-running mode of his own car. On the highway, he completely ignored the safety of himself and others, and all kinds of dangerous illegal driving were illegal." Recently, a car blogger exposed a news that Tamia Liu, co-CEO of Zhiji Automobile, was driving illegally on the highway, which was vomited by many netizens.

　　As seen in the video, Tamia Liu claimed to accelerate the floor oil of Zhiji L7 in a static state, and take everyone to experience the immersive feeling of Zhiji L7 super-running.

　　A car blogger wrote that the driving involved high-speed violation, lane change without turning signal, solid lane change, continuous lane change and speeding. "All of the above may lead to the tragedy of car crash and death. As the CEO of Tangtang Automobile, it is really shocking to ignore the law and ignore the safety of others."

　　According to the above-mentioned violations, some netizens calculated that Tamia Liu would face 16 points and a fine of 1000 yuan.

　　After the incident, Tamia Liu publicly apologized for its illegal test drive. Tamia Liu wrote in Weibo that he had paid close attention to the criticism of netizens recently, made profound introspection and actively cooperated with the investigation, and was punished on December 5.

　　At the same time, Tamia Liu said that as a practitioner in the smart electric vehicle industry, it is more important to put compliance with traffic regulations in the first place, leaving passionate driving control to the track, and safe driving needs to be consistently adhered to. (Reporter Jin Du)