"The price / performance ratio" is king, Nezha may have to "make the sea"

Author | Salad sauce

Edit | Tang Fei

According to statistics from the retail sales data of the China Automobile Circulation Association's Automobile Market Research Branch (by the Federation) in July, the sales volume of Nezha Automobile in July had reached 12,655 units, exceeding the sales of Wei Xiaoli in the month.

Earlier, Nezha Motors also completed the financing of the D3 round. After the financing was completed, the financing amount of the D round had reached 10 billion yuan.

Regardless of sales or financing, Nezha seems to be "anti -overtozoa". However, when we magnify our eyes, we can find that it is not "victorious" this brief "anti -overtime" that is trapped in the goal and unable to upgrade.

Explosive single product dislocation competition

According to the car owner guideline data, the latest month of August 1st, Nezha has two "explosive" items with good performance -V series and U series.

The sales volume of Nezha V in July was 7,585, and the sales volume of Nezha U in July was 5070 units. It can be seen that these two cars have made great contributions to the total sales of Nezha in July. Both Nezha V and Nezha U are compact SUVs. The two models sell for one 70,000 to 90,000 yuan and the other is a pure electric SUV that emphasizes cost-effectiveness.

Picture source: Knowing the Circle of the Emperor Che You. Screenshot of value planet

The reason for the two explosive models of Nezha is because they have achieved "dislocation competition" in both positioning and sales.

From the perspective of product competitors, according to the riding circle of the Emperor, Nezha V's car landing is basically around 65,000-80,000 yuan. There are almost no pure electrical SUVs that can be compared at this price. Some are more. It is a miniature car such as Changan Benben and Chery's little ants, so Nezha has differentiated models at the same price.

Some netizens in the riding circle joked, "This price is already the most unlike old man's car." Many riders who choose Nezha also said that the Nezha is because of the model of the same price. The space is greater.

Nezha's customers are more consumers who sink the market. They are more sensitive to prices and values ​​cost -effectiveness. The same price can buy larger space for these consumers is the most intuitive cost -effective.

From the perspective of sales, Nezha's more effort layout sinking market is also very consistent with its consumers.

Similar to Xiaopeng, Nezha also adopts a self -operated+agency sales model to accelerate its rapid expansion in stores across the country. As of July 2022, there were 495 nationwide stores in Nezha. According to statistics from car prophet articles, the number of three stores in the three companies of Wei Xiaoli was 350, 349 and 209, respectively. One.

In the layout of the sinking market, Nezha also fancy. According to the "Analysis of the 22 -Year and Half of the Half of the Half of the Movement of the 22 -Year and Half of the Semi -and Half of the Semiolin" compiled by the new energy vehicle channel and sales researcher Anyang, as of July 2022, the shops in the third and below cities have accounted for 85.6%of the number of stores in the country.

Picture source: Che Anren. Screenshot of value planet

However, Nezha, which focuses on cost -effectiveness and positioning the market, is often questioned in product power.

There are many car owners in the Circle Circle of the Emperor Emperor. The riders named "Li Bai Li Bai Li Bai" said that even if the fast charge manufacturer labeled the charging for half an hour, it actually started to start for two hours. The riders named "Brother, please" said that when buying a car, he was told that his battery was a Ning era, but during maintenance, he found that the battery was a boat. There are still problems that riders have updated their cars in the car circle.

Picture source: Knowing the Circle of the Emperor Che You. Screenshot of value planet

Adhering to the sinking market and cost -effective Nezha, although it has achieved misplaced competition, it is difficult to escape the product power problem caused by controlling costs.

What story does Nezha want to tell?

Like any new rise of the industry chain, if you want to penetrate to consumers, you need to occupy the consumer's mind. This requires a brand to tell a good story. However, Nezha seems to lack this story.

For example, Weilai, which talks about the user experience, has taken a high -end route, belonging to its own owner APP, private domain flow circle, experience stores in large shopping malls in first -tier cities, and stories of power replacement devices. The user story "adds bricks"; the ideal of the main SUV is telling the story of the family car, and the cost of controlling the cost of control is focused on the SUV field; Xiaoyu Xiaoyu said to the value planet, "Xiaopeng's autonomous driving system is that I think that progress is very large, especially the accuracy of roadblocks, pedestrians, and road conditions and the sensitivity of assisting driving."

However, when we think of Nezha, it seems that it is difficult to think of other stories except cost -effective. When most riders share the reason for buying Nezha, they often start with "the car with the largest space in this budget" and "the most price -like car like the" old man ".

In addition to the price -performance ratio, Nezha, who can't tell any new story, seems to be as "fragrant" as Wei Xiaoli on the financing road. Weilai received a strategic investment in Tencent in 2019; Xiaopeng received an investment from Alibaba in 2018; and ideals received investment from the two large manufacturers of Meituan and bytes.

In contrast, Nezha received only investment from traditional securities investment institutions from 2014 to 2021. Last year, 360 chose to join forces with Nezha. However, in terms of brand marketing power or sales maturity, 360 still gap with Ali, Tencent, Meituan, and bytes. In this era of selling cars with "Internet" thinking everywhere, Nezha seemed too "honest".

Of course, emphasizing the advantages of cost -effectiveness and misalignment competition. "The unit price of the car is divided by 10,000 yuan. This is not like other high -frequency fast -moving consumer goods. Such low -frequency and large products are always effective for price positioning." Xiaoyu said.

However, although cost -effective is an effective play, it is not the deepest play of the moat. In contrast, the strategy of "cost performance+" is more stable. For example, "cost -effective+intelligent", "cost -effective+longer battery life", etc. Because if consumers only choose a brand because they only choose a brand, they have no loyalty to the brand. When other brands of the same type appear, consumers are consumers, consumers Will choose a cheaper one. In the energy car category, even if there is no other brand's homogeneous price competition, when consumers' consumption power is upgraded, it is likely to iterate products.

Earlier, Xiaopeng, the main cost -effective Xiaopeng, used the "intelligent" story to launch P7 against Tesla Model 3. However, Nezha still seemed to be trapped in a price -performance price -performance price dilemma.

In July, Nezha became an important reason for the sales championship. It was also because Nezha was mainly at low prices. Therefore, the "turning battle" of Nezha seemed to be "turning", but it did not completely "turn around."

Stretly trapped in the low -end market, it is difficult to find transformation

Whether it is the SUV or the mid -to -low -end market, it is the fastest segment of new energy vehicles.

Picture source: Weimar Prospectus

From 2016 to 2021, low-priced new energy vehicles with a price of less than 70,000 yuan, and the compound annual growth rate of the market compounded at the low-priced new energy vehicle price between 7-150,000 yuan reached 78.7%and the annual compound annual growth rates reached 78.7%and respectively 53.7%. The compound annual growth rate of the SUV new energy model reached 319.3%. Choosing Nezha, which is selected at the low -end and low -end price, has chosen the right trend.

However, the product has been delayed to get rid of Nezha in the low -end price market, and there is no profit in revenue.

According to the 360 ​​announcement, the revenue of Nezha's car in 2021 was 5.735 billion yuan, and its net profit was 2.9 billion yuan, while its net profit lost 1.32 billion yuan in 2020, with a total loss of 4.2 billion yuan in two years.

Based on this data, Nezha Automobile lost about 42,000 yuan for each car.

"Use the low -end price market to attract traffic, and then introduce higher -end prices through the product pyramid, thereby increasing the unit price and gross profit and net interest rate. This is the plan, "Xiaoyu said.

Judging from the current delivery and profit data, Nezha's early drainage has been done, but the later designed high -end price products have not yet done.

And once Nezha wants to complete the product upgrade, the advantages of misplaced competition will also weaken. In SUVs of less than 200,000 yuan, BYD's series, Xiaopeng's series, and the layout of new energy vehicle layouts such as the Volkswagen companies are all available. In this mid -range price range. When the product chooses a lot, Nezha looks a lot weak from product power to brand influence.

If Nezha must adhere to the low -end price market in the future, how to control costs and expenses more effectively while ensuring product power and achieve profitability, it is a problem that Nezha must think about.

Summarize

With the increase of market penetration and popularity, the competition faces is increasing. The focus of our attention has gradually shifted from who sells more to who sells. While analyzing sales and revenue scale, when it is profitable, how to maintain profit is even more worthy of attention.

This time, the sales of Nezha seem to "overtake" Wei Xiaoli, and have no relationship with the strategy of Nazha's profit -making sales. But in fact, from the problems of product pyramids and product power, there is still a gap in Nezha, and Nezha has not yet carried out the capital market listing, how to maintain cash flow in such a "burning money" new energy vehicle field. The fluency of continuous investment in research and development, supply chain and sales is also an inevitable problem in the future.

Recently, BYD's new energy vehicles have grown, and transformation brands such as SAIC and Volkswagen have performed strongly in the field of new energy vehicles with the help of the original brand power and sales. Nezha wants to "surround the city", there are many challenges in the way.

*Xiaoyu in the text is a pseudonym.

Reference materials:

[1] "July New Energy Sales Ranking: BYD Win Wuling Second, Tesla Falls in the Top Ten", special review of the car market

*This article is based on public information, which is only used as information exchange, and does not constitute any investment suggestions

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