IM Motors dealers fail across three cities — buyers cannot recover payments, automaker steps in for Kunming
TL;DR
IM Motors dealers in three cities hit funding failures; the automaker will redeem documents for Kunming buyers.
Several authorized dealers for SAIC's AI smart-car brand IM Motors in Kunming, Zhuhai, and Shanghai faced closures, broken funding chains, or missing managers in July, leaving some fully paid buyers unable to collect cars or obtain refunds. Employees at affected stores also reported months of unpaid wages. The businesses are authorized dealers, not companies directly operated by IM Motors.
The Guandu user center operated by Kunming Zhihe Yuexing was emptied on July 7. The company ran three IM Motors stores in Kunming. Gasgoo cited its legal representative saying annual rent across the three exceeded ¥3.6 million, monthly payroll was about ¥500,000, and revenue plus manufacturer rebates failed to cover costs. New customer payments were eventually used to fund the release of documents for earlier cars.
IM Motors sent a task force to Kunming. For buyers who paid in full but did not receive vehicle certificates, the automaker promised to advance all funds needed to redeem the documents from financial institutions. Buyers with unfulfilled orders keep their original prices and benefits and will be redirected to nearby stores. This plan addresses the announced Kunming cases; it does not mean every dispute in Zhuhai and Shanghai has been paid.
IM Motors told Guancha that the total funds involved are large and each buyer's case requires verification. Suspected legal violations were transferred to regulators and judicial authorities. The Kunming and Zhuhai dealer companies previously had an ownership link. In Shanghai, a store manager was accused of taking funds; police are investigating while the store remains open.
China Automobile Dealers Association data put the June inventory coefficient at 1.58, above the 1.5 warning line, while the dealer inventory alert index reached 57.2%. IM Motors can redeem vehicle certificates; dealer debts still proceed through regulatory and judicial channels.
via Gasgoo / Guancha / IT Home / Sina Technology
The Guandu user center operated by Kunming Zhihe Yuexing was emptied on July 7. The company ran three IM Motors stores in Kunming. Gasgoo cited its legal representative saying annual rent across the three exceeded ¥3.6 million, monthly payroll was about ¥500,000, and revenue plus manufacturer rebates failed to cover costs. New customer payments were eventually used to fund the release of documents for earlier cars.
IM Motors sent a task force to Kunming. For buyers who paid in full but did not receive vehicle certificates, the automaker promised to advance all funds needed to redeem the documents from financial institutions. Buyers with unfulfilled orders keep their original prices and benefits and will be redirected to nearby stores. This plan addresses the announced Kunming cases; it does not mean every dispute in Zhuhai and Shanghai has been paid.
IM Motors told Guancha that the total funds involved are large and each buyer's case requires verification. Suspected legal violations were transferred to regulators and judicial authorities. The Kunming and Zhuhai dealer companies previously had an ownership link. In Shanghai, a store manager was accused of taking funds; police are investigating while the store remains open.
China Automobile Dealers Association data put the June inventory coefficient at 1.58, above the 1.5 warning line, while the dealer inventory alert index reached 57.2%. IM Motors can redeem vehicle certificates; dealer debts still proceed through regulatory and judicial channels.
via Gasgoo / Guancha / IT Home / Sina Technology
