HYCAR Employees Pull Banners to Demand Return of Follow-Up Investment Funds
TapTechNews June 25, a video of employees of HYCAR pulling banners to safeguard their rights and demanding the return of their follow-up investment funds has attracted attention online.
In the video, three people suspected to be HYCAR employees are holding banners at the entrance of GAC Center to safeguard their rights. The banners read, HYCAR does not refund the follow-up investment funds of resigned employees, Ask GAC to protect employees, and HYCAR return my hard-earned money, and Ask Zhujiang Investment Management to protect employees and return my hard-earned money.
According to the system requirements of the Employee Mandatory Follow-up Investment Management Measures formulated by HYCAR Company previously, the employee shareholding plan of HYCAR was implemented in batches from 2018 to 2021, and the subscribed capital contributions were completed. It is reported that the company has cumulatively forced more than 50 people to follow up the investment, involving an amount of more than 100 million yuan. The company once promised that employees could get their investment funds back when they resigned, but due to financial problems, HYCAR failed to fulfill this promise.
In addition to being unable to refund the employees' follow-up investment funds, HYCAR is also unable to pay the employees' salaries on time due to a shortage of funds. In fact, the plight of HYCAR employees has begun months ago. In March this year, HYCAR announced that all employees should sell cars, and the sales volume would be linked to the KPI of the post. In April, an employee said on a social media platform that HYCAR only paid the basic salary in March, and the performance salary was not paid, resulting in a reduction of one-third of the received salary. An already resigned HYCAR employee told the Interface News that HYCAR employees did not have compensation when they were laid off and could only resign actively.
Despite facing difficulties, HYCAR's business is still operating, and the sales stores are still open. The third-party platform shows that HYCAR has applied for a number of automotive patents this month.
As of TapTechNews' press release, HYCAR has not responded to the employees' safeguarding rights and the above situations.
According to public information, the predecessor of HYCAR is the joint venture company - GAC Weilai jointly established by GAC Group and NIO in 2018. Later, due to its own development reasons, NIO gradually reduced its shares in the joint venture company and completely withdrew in 2022. At the beginning of 2021, the joint venture company completed the share expansion and introduced the partner Zhujiang Investment Management Group; in the same year in April, the company was renamed HYCAR.