Skywell Auto's asset auction draws attention

Recently, the assets of the Shaoxing branch of Fujian Skywell Auto Manufacturing Co., Ltd. were auctioned for a mere 64.95 million yuan, far below its book value. Skywell Auto, once a member of LeEco's car-making venture, was founded by Zhang Hailiang, the former CEO of LeEco Auto. However, sales of its first model, the ME7, have been poor, with just over 1,000 units sold in 2021. Despite owning two factories in China, Skywell Auto's sales have been disappointing, with total sales of only 5,321 vehicles in 2022.