Amidst escalating market competition and dwindling financing options, numerous domestic automotive newcomers have succumbed to bankruptcy and closure. Recently, the assets of the Shaoxing Branch of Fujian Tianji Automobile Manufacturing Co., Ltd.—encompassing machinery, equipment, accessories, and materials—were auctioned off on Alibaba Auction for approximately RMB 64.95 million, a figure significantly below their recorded book value. According to the 2021 audit report by PricewaterhouseCoopers Zhongtian LLP, as of December 31, 2020, the book value of the branch stood at nearly RMB 1 billion. The primary assets up for auction, namely machinery, equipment, and molds, boasted audit values of approximately RMB 419 million and RMB 540 million, respectively, collectively representing over 99% of the total book value. Nevertheless, the final selling price constituted less than 10% of these assets' true worth.

Tianji Auto was established in 2015 by Zhang Hailiang, the ex-CEO of LeTV Auto. The company underwent a rebranding to Tianji Auto in 2019 and launched its inaugural model, the ME7, in October 2020. However, the vehicle's sales performance was lackluster, with just over 1,000 units sold throughout 2021. Owing to a lackluster product lineup, sluggish sales, and financing hurdles, the factory halted production in 2022. Employee salaries were slashed to the bare minimum, and the company continued to exist merely in name. Furthermore, Tianji Auto's founder, Zhang Hailiang, has already relocated overseas.