Dongfeng Motor Corporation's 502 million yuan loan dispute enters the retrial stage at the Supreme Court

Dongfeng Motor Co., Ltd. (Securities code: 600006; Securities ticker: Dongfeng Shares) released an announcement on March 28 regarding developments in a lawsuit. The announcement discloses that the contract dispute case involving the company and five parties, including Hangzhou Barton Time and Space New Energy Vehicle Sales Co., Ltd., has entered the retrial stage before the Supreme People’s Court. The amount involved is CNY 502 million in outstanding payment and losses from overdue payments.

The announcement shows that the lawsuit stems from a contract dispute in October 2021. Dongfeng Shares, as the plaintiff in the court of first instance, filed a lawsuit with the Xiangyang Intermediate People’s Court. The defendants include Hangzhou Barton Time and Space New Energy Vehicle Sales Co., Ltd., Time and Space Electric Vehicles Co., Ltd., Xiangyang Letu Electric Vehicles Co., Ltd., Chen Feng, and Dalian Dishi New Energy Vehicle Service Co., Ltd. After proceedings through the court of first instance and the appeal stage, Dongfeng Shares won in both instances. Since the judgment creditor’s obligor failed to perform the effective judgment, the company applied for compulsory enforcement with the Xiangyang Intermediate People’s Court in November 2024, with case number (2024) E 06 Zhi 162.

This retrial was initiated by Chen Feng, one of the defendants in the original proceedings. Chen Feng disagreed with the second-instance judgment issued by the Hubei Provincial High People’s Court and applied to the Supreme People’s Court for a retrial. Chen Feng’s main retrial requests are: to revoke the part of the second-instance judgment in which he was held jointly liable within the scope of the debt owed by Time and Space Electric Vehicles Co., Ltd. amounting to CNY 146 million in contract payment and CNY 14.5960 million in capital-occupancy fees, to instead have him assume joint liability within the scope of contract payment of CNY 114 million and capital-occupancy fees of CNY 11.4478 million, and to require the applied-for party to bear the litigation costs. As of now, the Supreme People’s Court has ruled to conduct the retrial and has opened a hearing for this case.

Dongfeng Shares stated that this case is still in the retrial stage before the Supreme People’s Court, and the impact on the company’s profit for the current period and future periods will depend on the final judgment result and the enforcement situation. The company will make corresponding accounting treatment in accordance with the requirements of relevant accounting standards and the judgment’s enforcement status. The final impact will be based on the annual audit results.

Click to view the full text of the announcement >>

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