Yema

In 2019, revenue rebounded to 6.26 billion RMB, but subsequently, owing to debt issues and the rapid deterioration of the market environment, operations stagnated, and it is currently in a production-suspension phase awaiting restructuring.

Development History

Yema Automobile's history can be traced back to the 1980s. In 1988, its predecessor, Sichuan Automobile Industry Group Corporation, was born. After being integrated with municipal-level automobile enterprises such as Chengdu Light Automobile General Factory, it produced "Golden Roof"-brand buses and "Yema"- and "White Deer"-brand light off-road vehicles, which were widely welcomed by the market. Between 1991 and 1995, it entered its first golden period, and sales of its off-road vehicle models ranked second in the country. With the large-scale entry of joint-venture brands into China in the 1990s, Yema Automobile's annual sales plummeted rapidly from tens of thousands of units at their peak to fewer than 3,000 units, and it once faded from public view.

In 2002, Sichuan Fulim Industrial Group Co., Ltd., one of the top 500 private enterprises in China, completely merged and restructured the company, injecting new capital and management resources into Yema. In August 2006, it was renamed Sichuan Automobile Industry Group Co., Ltd. In May 2009, Fulim Group helped introduce Rover production lines and moulds from the UK, and the Yema F99 rolled off the line in Chengdu, marking the official revival of the brand. Following a share restructuring in December 2011, the company was officially renamed Sichuan (Yema) Automobile Industry Co., Ltd.

Starting from 2011, it began building a new energy vehicle production base. The following year, it obtained qualification for new energy passenger vehicle production, becoming the only production enterprise in Sichuan Province to possess both traditional fuel and new energy passenger vehicle "full licence plates." In January 2019, low-speed electric vehicle enterprise Leiding Group acquired Yema Automobile with 100% capital for 1.45 billion RMB, which was regarded by the industry as an "indirect transformation" case in which a low-speed vehicle company acquired sedan production qualifications through acquisition. From 2023 onwards, operations continued to deteriorate: a new bankruptcy review case was added on 21 July, and it was applied for bankruptcy reorganisation again on 28 October. Subsequently, it was listed as a dishonest judgment debtor owing to disputes over technical entrusted development contracts; equity was frozen comprehensively; and in 2024 it was subjected to enforcement actions exceeding 440 million RMB in cases such as construction engineering contract disputes. Entering 2026, the brand was substantially in a production-suspension state awaiting restructuring.

Product Lineup

Yema's product system is centred on SUVs, MPVs, and new energy vehicle models, with the product line generally concentrated in the 80,000 to 170,000 RMB mid-to-low-end entry-level market.

The core product of the SUV series is the Bojun (also known as the T60 Bojun), positioned as a panoramic smart SUV and equipped with GE15 series engines. The EC60 is positioned as a professional-level pure electric SUV, with a price range complementing the fuel version of the Bojun. In addition, the F-series city economy-type SUVs were recognised in the early market; in 2016, the Yema T70 passed European E-MARK certification and was exported overseas.

The MPV series is mainly based on the Spica family, positioned as an all-around MPV model, offering a dual-line layout of fuel versions and pure electric versions, with guide prices covering the range of 49,900 to 169,900 RMB.

New energy vehicles cover the Spica EV (pure electric seven-seater energy-saving MPV), the EC60 pure electric SUV, and the Xingge (small pure electric sedan) which was planned for launch, as well as A00-class hatchback pure electric vehicles, forming a relatively complete new energy product matrix. Passenger cars once planned multiple R&D models, including the S-series fashion SUV, X-series high-end SUV, and MPVs, but most of these plans failed to achieve mass production.

Market Performance

Yema Automobile's market performance followed a typical trajectory of thriving and declining, with a cliff-like drop. Early on, it occupied a leading position in the public security, procuratorial, judicial, and special vehicle markets, ranking second in national off-road vehicle sales in the early 1990s. Before being acquired by Leiding Group in 2019, the company had a considerable operating scale, with operating revenue reaching 6.26 billion RMB.

Sales data after the acquisition showed rapid contraction. Around 2020, annual sales across all brands dropped to the level of thousands of vehicles. In 2023, it slid to an ice point: sales of its main model, the T60 Bojun, plummeted to zero in December; the Spica series also fell into a situation of no sales. Entering 2024, the decline continued to worsen, and sales in the passenger car sector approached zero in most months.

Starting from 2023, the company fell into a negative cycle of bankruptcy review and reorganisation. By the beginning of 2026, looking at Ministry of Industry and Information Technology announcements, dealer networks, and mainstream sales statistics channels, the brand is completely trapped in a state of production paralysis with no actual new cars on sale.

Core Technologies

During the Fulim Group era, billions of RMB were invested to build the national-level Yema Technology Centre, assembling a professional R&D team of over 500 people and establishing six product R&D platforms, accumulating independent technologies and standards in engines, transmissions, styling design, CAE simulation analysis, and other areas. In terms of engines, two model series—the GE15TA and GE15A—were independently developed. In the 2010s, there was a high-profile plan to invest 520 million RMB to build a new energy vehicle research institute, which included seven research institutes covering vehicle control, batteries, electric drive, lightweighting, and other areas; however, owing to insufficient funds and worsening company operations, these institutes failed to complete overall construction.

The brand adheres to the principle of "walking on two legs of independent innovation and absorption/introduction" in its innovation strategy. However, the core technology bottleneck is quite prominent: the BYD permanent magnet synchronous motor (peak power 70kW) and 48kWh ternary lithium battery pack, as well as other core three-electric components equipped on the Spica EV, rely heavily on external suppliers for supply; the chassis platform of the Spica fuel model also originates from a previous-generation Japanese prototype car. Beyond the introduction route, the accumulation of independently mastered core technologies is generally very limited.

Global Footprint

Overseas export business is an important strategic pillar in Yema's history. Starting from 2012, the company began to establish foreign trade operations, successively building dealer networks in regions such as South America, the Middle East, and Africa, and establishing long-term co-operative relationships with countries including Russia, Peru, Angola, and Colombia. In December 2016, the first batch of Yema T70s was officially packed and shipped to Iran, and the dealer signed a 6,000-vehicle order agreement at one time. By the beginning of 2026, the brand's cars had been successfully exported to 27 countries, including Japan, the United States, and Romania, initially establishing a global presence.

After the acquisition by Leiding Group, a more ambitious "World Yema" blueprint was proposed, planning to upgrade from complete vehicle export and CKD export to overseas warehousing and overseas factory construction, aiming to achieve 300,000 units of new energy vehicle overseas sales by 2025. However, these plans were suspended with the company's bankruptcy stagnation, and overseas export business has currently essentially stalled.

Future Outlook

Yema Automobile is currently facing the severest test of its brand lifecycle. The company's overall operations are in a state of work stoppage and production suspension; its scale of liabilities continues to expand; and the large number of dishonesty records and equity freezes mean that there is almost no possibility of introducing external capital and revitalising brand assets in the short term. Between 2023 and 2026, the company was frequently subject to bankruptcy review and reorganisation applications by creditors, with cumulative enforcement amounts exceeding 440 million RMB. Under the pattern of the new energy vehicle industry entering a phase of monopoly by leading enterprises and an accelerating "elimination race," Yema, as a car company with a smaller volume, a broken capital chain, and long-term accumulation of weak brand reputation, would need an incredibly powerful turning-point opportunity and an extremely long period of rebirth to emerge from its current bankruptcy predicament and return to market competition.

Yema Automobile is a classic microcosm of China's automobile industry—thriving and declining, becoming active and then quiet since the reform and opening-up. It has had the peak moment of ranking second in national sales in the off-road vehicle market, but fell into a desperate situation owing to failing to grasp the dual challenges of joint-venture impact and technological upgrades. As one of the earliest independent car companies to go global in China, its internationalisation steps into 27 countries reflected its ambition to expand the market, but ultimately it could not escape the double squeeze of debt and market structure. Its historical significance lies in vividly illustrating the fateful ups and downs experienced by China's independent-brand car companies in industrial transformation, and in leaving profound reflections and lessons for local car companies on how to truly establish themselves in the new energy vehicle elimination race.