Chinese car company Gonow (a sub-brand of Guangzhou Automobile Group) is in rough shape at the moment. How rough? They’ve stopped delivering cars to their dealerships, and the dealers themselves have marched on the company headquarters.
Today, no fewer than 50 Gonow dealers demonstrated in front of their company’s headquarters in Hangzhou (which is actually about half a day north of Guangzhou). The dealers’ complaint is that Gonow hasn’t delivered them any new cars since March of last year. They want Gonow to compensate them for their losses accrued while running dealerships with nothing to deal, English China News Service reports.
Things look bad for the dealers; the last response Gonow made to its dealers is that its sales were so bad and its debt so high that the company mortgaged off all of its production equipment, production facilities, and even real estate.