Source: 21st century economic report
Original title: the window period is about to close: what does the new force of car building live on?
China’s car market has recovered for two consecutive months, but the new energy vehicle market is still at a low ebb. According to the data of China Automobile Industry Association, in May this year, the sales volume of new energy vehicles was only 82000, down 23.5% year on year; in the first five months, the cumulative sales volume of new energy vehicles was 289000, down 38.7%.
Behind the gloom, Tesla is alone. In May, the monthly sales volume of model 3 broke through million again, ranking the first in the sales volume of new energy vehicles in China, and leaving the competitors far behind. The sales volume of Tesla Model 3 in May was 11100 vehicles, nearly three times that of GAC new energy aion s, the second-largest model, according to the China Federation of automobile manufacturers.
Novel coronavirus pneumonia affected China’s new energy vehicle market to re shuffle. Tesla’s great progress is also speeding up the closing of the time window for new forces of Chinese car building.
In 2020, the new force of car building has entered the crossroads of life and death. Bo County, sailin and many other new forces of car building are on the verge of dying; Baiteng, singularity, Tianji and so on, the product launch time has been delayed again and again; Weilai, Xiaopeng, ideal, Weima and other leading enterprises that have not yet formed hematopoietic capacity are also struggling to move forward under the poor financing environment.
On June 13, Huang Ximing, founder and general manager of Bojun automobile, issued an open letter, saying that Bojun automobile has encountered serious business difficulties at present, causing actual losses and adverse effects on the development of employees, shareholders, suppliers, local governments and partners.
He said the company had now decided to reorient its business model. In the current stage, with the company’s achievements and products, actively cooperate with foreign countries, strive to create positive cash flow, and strive to lead bosun automobile out of the dilemma.
Since its establishment in 2016, boshire’s first product is still at the stage of “close to mass production”. Before that, Bojun decided to establish a joint venture company with FAW Xiali, Tianjin Bojun, to solve the problem of vehicle manufacturing qualification. However, due to the late arrival of boshire’s funds, FAW Xiali’s cooperation with boshire has reached a deadlock. In his open letter, Huang did not mention the future of Bojun in Tianjin.
It’s not just boshire that’s having trouble. According to the monthly data of the Federation, in May this year, only 8 new car making forces, including Weilai, ideal, Weima, Xiaopeng, Hezhong, Xinte, Guoji Zhijun and Lingtu, sold new cars. After sorting out the 21st century economic report, it is found that among more than 50 new forces of Chinese car building, only 10 of them have products on the market.
Before that, new cars in the industry, such as byton, singularity and Tianji, which are highly focused, were delayed to go on the market, which also made the industry worried about their future. For the new forces that have not yet launched models, there is not much time left for them.
“At last, only 3-5 companies can run out in the field of new forces of car building. Therefore, they need to seize the beach, push the products to the market as soon as possible, and form their own differences at the same time.” On June 15, Zheng Yun, global senior partner and vice president of Greater China of Roland Berger, said in an interview with 21st century economic reporter.
He believes that the new forces of car building in several heads have gradually entered a stable period. Wei Lai, ideal, Xiao Peng and so on have all produced good products and formed their own characteristics. “Our products, brands and services are all well done. Xiaopeng’s modelling, intellectualization, and the large SUV market that ideal one cuts in all have their own characteristics. ” Zheng Yun said.
It is worth noting that both Wellcome ES6 and ideal one have been in the top ten of electric vehicle sales list for several months in a row. Several companies have also received good news in the near future. Weilai’s headquarters in China has settled in Hefei and won new financing from local government. Xiaopeng automobile has just obtained production qualification. Xiaopeng P7 will be produced in Zhaoqing factory soon.
From another point of view, Tesla’s high sales volume also plays a leading role in demonstration of electric vehicles, promoting the popularity of electric vehicles among consumers, which also gives the positioning of high-end and middle end Weilai and Xiaopeng, enhancing the confidence of market potential.
How to survive under the lack of money
“Lack of money” will be the straw to crush the new forces of car building. Whether it’s bor County, sarin, or Byron, singularity and other companies, the biggest problem constraining them is the lack of funds. In 2020, the novel coronavirus pneumonia affected the new power of the car manufacturing industry into a worse financing environment.
At the same time, after market judgment this year, capital’s enthusiasm for new car building has been closely concentrated in a few leading enterprises. For a capital intensive industry like car building, the new forces of second and third tier car building are not as convincing as they were in those days.
Zheng Yun said that the interest of pure market-oriented capital in the new forces of car building is declining. If you want to finance, you can only see whether there are traditional main engine factories interested in them or local governments’ investment in industrial planning.
Of course, even the head of the new force of car building, because it has not yet formed hematopoietic capacity, money is not abundant. Even Wei Lai, who just got the new financing, can’t burn as much money as before.
In 2019, ideal automobile and Xiaopeng automobile have clearly revealed the signal of seeking overseas IPO by carrying vie structure.
On May 14, BAIC Hejia Information Technology Co., Ltd., the main body of ideal automobile operation, experienced a number of industrial and commercial changes, 18 investors and 3 directors withdrew, and the registered capital decreased from about 730 million yuan to about 430 million yuan. Since December last year, 47 shareholders of Guangzhou orange line Intelligent Automobile Technology Co., Ltd., the main operating body of Xiaopeng automobile, have pledged all their shares. The pledgee is Guangdong Xiaopeng Automobile Technology Co., Ltd. In May this year, more than half of the shareholders of orange bank intelligent mobile changed again, and a total of 27 shareholders withdrew.
Both of them are preparing for the establishment of vie architecture.
Previously, it was reported that Xiaopeng automobile planned to go to the United States for IPO in the third quarter of this year. However, Xiaopeng auto said it would not comment on market rumors. “According to the current economic situation and the situation of Zhongwei, it’s not realistic to go to the U.S. for listing in the third quarter of this year,” an insider from Xiaopeng automobile told reporters.
Some people in the auto industry said that at this stage, the environment for the listing of all shares in the United States is poor, and NASDAQ is no longer the best choice for Chinese innovation companies. In contrast, the risk of going public in Hong Kong is lower.
Of course, going public is a double-edged sword. After the listing of Weilai, it has been difficult to make a breakthrough in the stock price, which is worthy of reference for ideal and Xiaopeng.
It is worth noting that at a spring communication meeting of ideal car on April 30 this year, Li Xiang, founder of ideal car, said that ideal car has achieved positive cash flow last month and will continue to maintain positive cash flow. “At present, the fund is in good condition and does not need to rely on external blood transfusion.” Li wants to say.
Of course, car building is an investment of heavy capital. New forces of car building need more capital for sustainable development to maintain the development, launch and market expansion of subsequent models.
“The new force of car building needs to make good products and make quantity, so that it can survive better, not just rely on the innovation of business model.” On June 15, Cui Dongshu, Secretary General of the all China Federation of riders, told reporters.
Although China’s new energy vehicle market is still at a low point, it has huge market potential in the long run. For all the new forces of car building, the most urgent task is to survive.
“This year’s challenge is really great. The test is the ability of resource scheduling behind enterprises to help them survive for a while. At the same time, new forces of car building need to optimize business models to improve their efficiency. ” Zheng Yun said.
(author: Zuo Maoxuan editor: Zhang ruosi)