China.com.cn, December 23. The reporter was informed that Tianjin Automobile Mould Co., Ltd. ("Tianqi Mo") has officially issued an announcement a few days ago that its wholly-owned subsidiary Tianjin Motor Dies Europe GmbH (Tianjin Motor Dies Europe GmbH) , Referred to as "TQM-EU") formally filed for bankruptcy.

    According to the official announcement issued by Tianqi Mould, TQM-EU has continued to lose money since 2018, especially due to the impact of the new crown epidemic, which has seen insufficient liquidity. In accordance with the relevant provisions of the German Bankruptcy Law, Helmut Reiber, the general manager of German nationality of TQM-EU, filed a bankruptcy application with the local court on December 21, 2020 local time.

    The original announcement reads: "According to the German Bankruptcy Law, in the event of insufficient liquidity, inability to pay, or insolvency, the management of a limited liability company has the statutory obligation to file a bankruptcy application within the specified time, otherwise it will bear Corresponding civil and criminal liabilities. When the aforementioned situation occurs in a limited liability company, the management of the limited liability company must initiate an application for bankruptcy in accordance with German law."

    In addition, the announcement also shows: “Due to the decline in demand in the mold market due to reduced vehicle development in Europe, the gradual transfer of mold manufacturing capacity to low-cost Asian countries such as China and South Korea, and the persistently high labor costs in Germany, TQM-EU In the past few years, the business has fallen sharply and sustained losses. The company has adopted a series of measures to reduce its production costs and improve operational efficiency by jointly undertaking projects between China and Germany, completing the main manufacturing work domestically, adjusting its organizational structure and personnel working hours. Although the aforementioned measures have achieved certain results, since 2020, due to the impact of the new crown epidemic, automakers and parts companies have experienced large-scale shutdowns, TQM-EU orders have fallen sharply, losses have further expanded, operating capital turnover is difficult, and payment failure Situation."

    According to public information, TQM-EU is a wholly-owned subsidiary established by Tianqi Mould in Germany in 2013. The company holds 100% of its shares, with a registered capital of 1 million euros and 152 employees. The main business includes: Marketing, R&D and design, manufacturing and processing of automobile molds, after-sales service and technical consulting services. In addition, the parent company Tianjin Automotive Mould Co., Ltd. is also a supplier of Tesla, and has provided mold development and manufacturing services for Tesla since 2014.