Wei Xiao, who is "anxious", bets on the "summer file"

Author | Salad sauce

On the evening of June 15, Weilai released a new product -medium and large SUV ES7. This model is the first SUV created by Weilai after ET7 and ET5, and it is expected to be delivered on August 28 this year.

The next day, Li Bin, the founder and CEO of Weilai, said that Weilai has signed the second phase of the Xinqiao Factory with Hefei, which has an annual production capacity of 500,000 units and will produce Weilai new brand models with a level of 200,000. Li Bin also revealed that the new brand will provide a power exchange version, which is a cheaper price for Model3/Y, but the price is about 10%cheaper. Li Bin said that Weilai has signed the second phase of the Xinqiao Factory with Hefei to prepare for the annual capacity of 500,000 vehicles for the 200,000 -level popular brand models.

The new car release and factory agreement, Weilai frequently produced a "big move" in June, and Xiaopeng and ideal were not idle.

On June 18th, Xiaopeng Automobile and its products were sold, including ultra -long battery life smart coupe P7, 100 -changing comfortable smart home sedan P5, Smart Chao City SUV G3I, and the sixth generation flight car, appeared in the 35th Dahe International Auto show.

On the same day, the ideal car announced the new brand 2.0 upgrade. Starting from the user's feelings, the integration and upgrade of the experience system such as space stores, official website and APP ...

Earlier on June 9, Weilai released the financial data in the first quarter of 2022. At this point, the data of the three quarters of Wei Xiaoli was released in the first quarter of this year.

In the data, it is not difficult to see the embarrassment of new forces in profit, research and development, and supplier management. New energy vehicle companies have "moved" in succession in the future. "Firepower".

1. The profitable profitable

In 2020, Wei Xiaoli all achieved hair profit for the first time. However, as of the first quarter of 2022, there was still a large gap between the three new forces.

In the first quarter of 2022, Weilai, Xiaopeng, and ideals suffered a net loss of 1.783 billion yuan, 1.701 billion yuan and 111 million yuan, respectively. Weilai and Xiaopeng's net profit decreased year -on -year by 295.23%and 116.23%, while ideal, although the ideal did not achieve net profit in this quarter, it achieved a net profit increase of 96.98%.

In contrast, the ideal is the best profitability in the new forces.

Lei Xiaoyu, an observer of the automotive industry, said that in comparison, the ideal of ideals in production costs and marketing costs is more stringent.

"In terms of production costs, the ideal production cost is controlled because of the smaller range of electric vehicles and batteries." Lei Xiaoyu said.

This can also be reflected in the annual report of 2021 -in 2021, the ideal new car marginal yield of the new car reached 20.6%. The cost of the production line is controlled and the price of the new model is increased.

Zhu Di, an analyst of the new energy vehicle industry, said that the control of the ideal cost can almost be said to have achieved the degree of "digging". As of the press press, the offline stores that ideals in the new forces are the least.

"Statistics By May 31st, the ideal of only 233 retail centers across the country. In contrast, Weilai already has 381 Weilai Center and Weilai space. Xiaopeng has 366 direct -operated and distribution stores." Bamboo flute Said, "Moreover, the ideal is not only the least store, but also the highest sales of single stores, so the ideal marketing cost is very high."

Source: Huazi Research Institute

According to data from the Huazi Research Institute, in 2021, the average sales volume of the ideal single store had reached 439 units, which was 1.39 times that of 316 units of Xiaopeng.

The ideal car owner Xiaoyun told the value planet, "I am very patient at the ideal car purchase experience, and it is very patient from a trial car to a car salesperson. My sister bought the car with me almost time, and it is another energy for energy at a lower price. Auto shops. Because it is blind, the actual color and sales description when you pick up the car are very large. When my sister communicates, the other salesman actually said very strongly. My sister's experience has chosen ideals in another and ideal. "

Bamboo flute said that the control of strong operating capabilities and the cost of production costs is the reason why the first quarter -quarter profit is realized in the new forces. It is also the reason for the year -on -year year -on -year increase in the ideal realization of ideals.

2. The research and development that cannot be stopped

Although the ideal is slightly stronger in profitability, Wei Xiaoli is still in the average loss state. The large investment of R & D and marketing costs is the main reason for the weaker profitability of new forces.

In the first quarter of 2022, Wei Xiaoli's research and development costs were 1.76 billion yuan, 1.221 billion yuan, and 1.374 billion yuan, respectively. The year -on -year increase was 156.6%, 128.2%and 167%, respectively.

During the same period, Wei Xiaoli's revenue was 9.91 billion yuan, 7.45 billion yuan, and 9.56 billion yuan, respectively, a year -on -year increase of 24.2%, 152.6%, and 167.5%.

The data shows that the contribution of Xiaopeng and the ideal R & D investment to the increase in revenue is still "passing", but Weilai's revenue increase is only one -fifth of R & D investment growth.

In this regard, bamboo flute said, "Weilai R & D investment is effective than the constituent factors that are slightly backward. There are two main points: First, Weilai is involved in the field of self -research investment. R & D layout. In contrast, the ideal research and development layout is relatively cautious, and the focus layout is in the field of charging. Second, compared with Xiaopeng, which is also involved in many fields, Weilai’s vehicle sales are slightly weak. As a result, this has caused this The situation. "According to Weilai 2021 annual report, the main reason for the increase in R & D costs is the expansion of the designer. In March this year, An An, who received six HR from Weilai different business groups, said, "My first product manager told me very directly that they are currently lacking in the designer and asking me to get the fastest time."

An An said frankly, "My previous work experience and Weilai's design needs for car products are very vertical. Nevertheless, I have received many interview invitations of Weilai. ","

Regarding the weak sales of Weilai, Lei Xiaoyu believes that excessive unit prices are one of the important reasons.

Public data shows that in 2021, the average price of Weilai Automobile exceeded some second -line luxury car brands exceeding 400,000 yuan.

"At present, new energy vehicles are still not the mainstream of the market. Consumers have no preference for the brand and performance of new energy vehicles. Therefore In contrast, Xiaopeng, the ideal of the 300,000 yuan range SUV and the main model of 15-3 million yuan models, will have more advantages in terms of price.

Between the new forces, the ideal ratio of the ideal and Xiaopeng is "better" than Weilai. However, compared with the first echelon Tesla, it is still a lot worse.

At the end of 2021, Tesla's research and development costs increased by 10.4%compared with the beginning of the year, and this part invested a 70%increase in turnover.

In this regard, Lei Xiaoyu said that the research and development of cars is a process of "quantitative change to qualitative change". "Only by researching things that can really change the competition situation can we leverage the effective ratio of research and development costs. For example, Tesla announced this year that Tesla announced this year. Without the driverless technology, if it can be achieved as scheduled, it will be an "weight bomb 'that changes the pattern under the energy vehicle."

Prior to this, Wei Xiaoli still needed to survive the days of "burning money".

3. "Unbearable" supply chain

From January to May of the vehicle delivery data from January to May, it can be seen that the epidemic in some areas in the Yangtze River Delta in March has a deeper impact on the supply chain of the new forces.

Especially from the data of the vehicle delivery in April, Wei Xiaoli's vehicle delivery in April was 5074, 9002, and 4,167, respectively, with a decrease of 49%, 42%, and 62%from March.

In this regard, Jesse, director of investment in overseas assets, said that the output of vehicles in Shanghai and its surrounding areas accounted for about 15-20%of the country, and the size of the parts industry accounted for 30%of the country. Therefore, the supply chain and partners' suspension of production, the blockade of logistics, and the disconnection of the vehicle parts have a deep impact on the new forces. Even if Wei Xiaoli has deployed factories in other regions, he still failed to "exempt."

Judging from the delivery data in May, Wei Xiaoli increased from 38%, 12%, and 176%from April. It seems that the problem of production capacity has also been resolved with the relief of the epidemic.

However, Jesse said that the production of vehicle is a very complicated system. At present, in addition to BYD, there is a relatively complete production chain in China, including multiple new energy vehicle manufacturers such as Wei Xiaoli, relying on external suppliers. Among them, suppliers such as Ningde, Mobileye, Bosch and other suppliers cooperated with many car companies at the same time. In addition to the overall environment of "lack of cores", corporate payment capabilities, orders, and brand effects will directly affect the sequence of suppliers' supply.

From the data point of view, Weilai is slightly weak in the new forces in terms of capacity and delivery.

There are two important reasons: First, in October last year, Weilai renovated and upgraded the Jianghuai Weilai Hefei Manufacturing Base. It was only 10 days for production throughout the month, which also led to the sharp retreat from Weilai in October. Judging from the quarterly delivery data, Weilai was also overtaken by Xiaopeng and the ideal from the third quarter of last year, and has not become the first delivery in the new forces to this day.

According to the annual financial report of 2021, in order to reduce the backlog of inventory, Weilai chose the strategy of instant raw materials (Made-To-Order) based on vehicle orders. Although this allows it to have the highest inventory turnover and asset utilization rate in Wei Xiaoli, it will also affect its single order.

"When receiving the order at the same time, the supplier will probably send it to the car company with a larger order. This may not have an advantage," Jesse said. "And, Weilai is the only one in the new forces. The entire processed enterprise of the vehicle production may also make Weilai more affected by the "restrictions' of the manufacturer."

This year, the new forces have successively announced a plan to sign new factories and other further recovery and increase production capacity. In the future, production capacity is still the first major issue for new vehicles.

4. Write at the end

In June, the new energy vehicle industry was frequent.

BYD's market value exceeded 100 million yuan, and cooperated with Teslada to provide batteries for the latter. Tesla announced the development of autonomous driving technology through its complete autonomous driving test (FSD Beta) project. Baidu Smart Electric Vehicle Release, Weima's market ... No doubt that new energy will be a continuous keyword in 2021. This brings the opportunity to Wei Xiaoli, and it also brings challenges.

Before BYD and Tesla's "double faucet", there were new energy transformations of technology companies such as Baidu, Xiaomi, Huawei, and the transformation of traditional car companies. The new forces are still promising in sales, cost control, and supplier management.

*The names in the text are all pseudonyms

Reference resource:

[1] "Weilai Xiaopeng ideal -who can laugh at the last best? ", Hua Zi Research Institute

[2] "Wei Xiaoli" announced the delivery of new cars in April: 9002 Xiaopeng 9002, the least 4167 units ", Tech Planet

[3] "Weilai revealed sub -brand information: 500,000 vehicles in production capacity, 200,000 for the first car", Easy Car

[4] "The 35th Dahe International Auto Show, Xiaopeng Automobile has a heavy attack, all products appear", Easy Car

[5] "Ideal Automobile New Brand 2.0 Upgrade: icon, official website, APP, offline store new design announcement", IT home

*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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