New energy vehicles are going to change, the iron triangle of "Wei Xiaoli" is unstable

Is Nezha Auto launched an offense?

The new energy vehicle industry in June was not shocked, but the undercurrents were surging.

First, Nezha Automobile established a new company to make a car supply chain, and then Li wanted to withdraw from Shanghai ideal automobile technology. The new energy vehicle delivery in May announced later. The first three.

For a long time, the TOP3 of the new domestic forces has been controlled by three companies, including Weilai, Xiaopeng, and ideal, and took turns boarding the top challenge.

Among them, Xiaopeng Automobile had delivered a total of 53688 vehicles; Nezha Motors delivered a total of 4,9974 vehicles; the ideal car was delivered to 47,379 vehicles. The "Wei Xiaoli" pattern of the head camp was broken and rewritten.

On June 6, 2022, Nezha opened the pre -sale price of Nezha S Ya Shi Edition, with a pre -sale price of 338,800 yuan and a limited edition of 999 units. Running models, equipped with Tiangong batteries and luxury smart cockpits, provide two power types: extended and pure electric power. The pure electric version of CLTC battery life is 650km.

At the price of 338,800 yuan, the Nezha S series played the momentum of "I can't help me".

On the one hand, the high -end series models are launched, and on the other hand, Nezha has quietly entered the second second forces in the first May of this year.

Nezha, which has always been low -key, launching high -end models from brand promotion or strategic improvement at this time? What is the progress of Nezha's "rural surrounding city" that focuses on the sinking market? The impact of high -end and sword finger listed, Nezha Automobile is going to attack?

At the same time, the news of the IPO of the Nazha Motor Company Hezhong New Energy Vehicle has been continuous. Tianyancha shows that Hezhong Motors completed a new round of financing of more than 2 billion yuan in February, with a valuation of more than 25 billion yuan after investment. The main investment institutions include CRRC Fund, a subsidiary of China CRRC Group and Shenzhen Capital Investment in Shenzhen.

Subsequently, some media sources said that Hezhong Automobile has officially launched the Hong Kong stock listing plan, plans to raise $ 1 billion, and the sponsors are CITIC, CICC, and Morgan Stanley, respectively.

However, Hezhong Motor has not responded positively to the IPO rumor, but as early as July 2020, Hezhong Automobile officially stated that he planned to plan on the science and technology board IPO in 2021.

The three top three "Wei Xiaoli" have long been available in US stocks, and the market value has exceeded 10 billion US dollars. The waist car companies Weima Automobile and Zero Running cars have previously reported the news of the plan IPO.

So, can the Hezhong cars holding the sinking market really counterattack? How far can it run in the capital market?

Look at this article decomposition!

1 Why is the Nezha car more expensive?

According to data from the Federation of Federation, the retail sales of domestic new energy vehicles in May were 360,000 units, an increase of 91.2%year -on -year; the cumulative retail sales of domestic new energy vehicles in the first five months were 1.712 million units, an increase of 119.5%year -on -year. Essence

From another dimension, the domestic retail penetration rate of new energy vehicles in May was 26.6%, an increase of 15%year -on -year. Among them, the penetration rate of new energy vehicles of independent brands is 51.8%, and the penetration rate of new energy vehicles in luxury brands is 9.2%, while the penetration rate of new energy vehicles in mainstream joint venture brands is only 4.0%.

Among them, the performance of new forces of car construction is bright. Some companies have sold more than 10,000 vehicles. Among them, Nezha's delivery volume surpasses ideals for the first time and squeeze into the top three new forces. The top three of the forces.

Although in terms of sales, the accumulated Nezha cars squeezed into the top three of the new forces, but Nezha was far from the time that could be relaxed.

In front of Nezha, how can we further expand its advantages and achieve a brand jump.

Players in the new energy market are different.

In May, Weilai Guanxuanzi Brand Factory settled in Hefei, mainly focusing on the Volkswagen Market of 150,000 to 300,000 yuan. On the same day, the ideal car also announced that it will launch new products priced at 200-3 million yuan in 2023.

One month later, Nezha Motors released the first sports -type Smart Smart Course Nezha S. Yao based on the "Shanhai Platform", and announced the pre -sale price of the Nezha S Yao Shi version of 338,800 yuan.

This coupe is known as the Nezha high-end series as early as 2021. From May-June this year, with the polar fox, the interrogation world, and the high-coexistence, etc. , Nezha finally put this "S" on the pre -sale table.

The Nezha S Ya Shi version provides two types of power extension and pure electricity. Its pure electric version of CLTC has a range of 650km. Compared with the current battery life of various manufacturers, Nezha Automobile has insisted on the Tiancong battery technology, and the battery life capacity is capable. The competitive advantage is strong.

Weilai went down, and Nezha went up, but seemed to be the same as the goal: entering the mainstream automobile market between 200-3 million yuan.

Earlier, the industry's general prediction of new energy vehicle market share will reach 20%to 25%in 2025 and 50%in 2030. In the first quarter of this year, my country's new energy passenger car market has reached 24%.

In April, in the context of the overall decline of passenger car sales, the sales of new energy passenger cars increased by 78.4%year -on -year, and the market share reached 27.1%, an increase of 17.3 percentage points year -on -year.

All of this shows that the structure of the new energy vehicle market has quickly changed from dumbbell -shaped to pyramid -shaped, and new energy vehicles have entered the eve of comprehensively replacing fuel vehicles.

In terms of handling performance, the luxury high -performance sporty chassis of the front double fork arms and the rear five -link independent suspension uses the front two fork arms and the rear five -link independent suspension. The Yao Shi version is equipped with the TA Pilot 3.0 intelligent driving system, which mainly relies on 5 millimeter wave radar, 11 cameras to achieve smart driving assistance functions such as NNP (smart pilot assist) and NTP (memory parking);

In the configuration of the car, Nezha Motor S Ya Shi Edition is equipped with a 17.6-inch ultra-thin 2.5K central control screen, AR-HUD augmented reality head-up display system, 12.3-inch co-driver exclusive video screen, 13.3-inch hidden instrument plate four-screen interaction, In terms of entertainment, vehicle control, driving, etc.

In the hardware facilities, the 1.9㎡ panoramic heat insulation sky, the suspended multi -function steering wheel, the surround sound, the voice control of the four -sound zone voice control and other functions are directly full; It is also equipped with the "Wing Hunting Wing" exhibition wing -style front door that supports electric opening and electric shutdown.

From the product level, Nezha Motors can afford the price of 338,800 yuan. As a "upward breakthrough" product, Nezha Motors shows amazing sincerity in configuration.

However, will this current user agree with the high -end series of Nezha Automobile?

2 Is the price expensive is a high -end car?

Most of the new forces of car manufacturing do not have the advantages and brand tone of traditional car companies for many years. They often choose to release one or more products in the early stages of brand development, or use marketing to establish user brand cognition.

To stand in the high -end market, you need to establish a brand image so that the brand has sufficient premium power.

For example, Weilai's supercar EP9, Tesla Super Runway, High -He -Motors, etc. These brands were established in the early stage of the brand that entered the automotive market with high cost models. After marketing, the initial tone of the brand can be increased.

Brands such as Jihu, Lan Tu, Zero Run, etc. have also created a user's mind that "this brand has never heard of it, but the price is expensive".

Therefore, Lan Tu Dreaming Followed for nearly 700,000, Jihu Alpha recently launched a total of over 300,000, which has no sense of disobedience.

Even when the independent brand Geely entered the high -end route, he chose to start the stove to create a clone brand leader (at the same time, Geely also incubated the high -end series of the two -pronged approach). In the development of new energy, in addition to Geely New Energy, the extremes of extremely new energy, Lingke New Energy, Geometry, Rui Lan, etc. are targeted on the brand side.

However, the brand that breaks from the bottom up, without creating a sub -brand, it is more difficult to get rid of the original brand mentality to upgrade the brand.

On the one hand, the main sales volume of Nezha cars contributes from low -cost models.

According to the sales data of Nezha Motors, Nezha delivered a total of 1,1009 vehicles in May this year, and the delivery volume was 49,974 vehicles in the first five months of 2022. However, the main contribution model of its sales was contributed Essence

In May 2022, Nezha V's delivery volume was 7,884, accounting for 71.6%of the total sales in May, and the price range of Nezha V V is 7.49 to 123,800 yuan, which is still in the "low -end" brand.

On the other hand, Nezha's main audience is the sinking users of third- and fourth -tier cities.

In 2020, the only 19 direct -operated stores in Nezha Automobile were all in third- and fourth -tier cities. In 2021, Nezha Automobile entered the era of rapid expansion. As of the end of 2021, Nezha Automobile had built 70 direct stores. In 2021, 331 franchise stores were realized.

In terms of regional distribution, Nezha Automobile cuts in from fourth and fifth -tier cities, stands on the fourth and fifth -tier cities, and stabilizes the heels and penetrates to first- and second -tier cities. The current Nezha Motor Sales Network has covered 27 provinces and over 148 cities. Even in Shanghai, it has been laid. 10 Nezha stores, "rural surrounding cities" basically formed.

3 New forces of car building requires new strolls

Recently, Beijing Zhehe New Energy Technology Co., Ltd. was established. The legal representative is Fang Yunzhou, with a registered capital of 400 million yuan. The business scope includes: industrial engineering design service; Internet data services; retail of automobile parts; electronic products sales, etc.

Tianyancha's equity penetration showed that the company was 100%controlled by Nezha Automobile Related Company Hezhong New Energy Automobile Co., Ltd..

It can be seen that Hezhong does not meet only new energy vehicles.

Established in 2014, Hezhong Automobile has been established and started its own factories. It belongs to its peers with Weilai and Xiaopeng.

In 2018, Hezhong Motor launched the Nezha brand and launched the first model Nezha N01, but in the early stage, it was mainly facing B -end customers, and the sales were not very eye -catching.

After the launch of the Nezha N01, the sales volume is not as good as expected. Both the price and the product power look too low -end, and the negative labels are attached to it.

At the 2019 Shanghai International Auto Show, Hezhong's second product, Hezhong U publicly debuted. In fact, the "Nezha" brand was ready to be abandoned at this time.

The reason is that when the Nezha N01 was launched, it was mainly based on the B -end, which led the sales growth by relying on the public business and the online car market. At the beginning of the new car listing, Hezhong Motor announced that he had 50,000 orders. In the end, Nezha N01 only sold more than 10,000 units in 2019. It proved that it was "thunderous and small rain."

On the other hand, Nezha N01 is priced at a low -end price, with a price of only 66,800, and it is mainly directed at the fourth and fifth line markets, resulting in the brand awareness that has not been high, and there is a loud name. The luck of the public is still good. In July 2019, "The Demon Boys of Nezha" brought the IP of Nezha.

Faced with the sudden news, Hezhong Automobile immediately renamed Hezhong U to Nezha U and re -established the position of the Nezha brand in the company.

The popularity of Nezha Movies accidentally made a free advertisement for Nezha Motors. The so -called iron must be hot, and the Hepong Motors also strengthened the brand's announcement during this period.

Since then, the company has re -adjusted its strategic layout, brand architecture and product positioning, and started to operate the Nezha brand.

Since then, Nezha has used slogans such as "building cars for the people" and "scientific and technological rights", and its products are about 100,000.

For example, in March 2020, Nezha U was listed at a price of 1.398899,800; in November 2020, Nezha V was listed at 599,900-75,900; in April 2021, the Nezha U Pro was listed, priced at 9.98- 159,800; in November 2021, Nezha V Pro was listed at the price of 769-80,900;

Nezha Automobile quickly opened sales in the low -cost market. According to data, the total sales of Nezha Motors in the first five months of 2020, 2021, and 2022 were 15091, 69,674, and 49974. In 2022, the target sales of Nezha Motors were 150,000 units. At present, it is also possible to achieve it.

Not only in terms of sales, Nezha's financing also opened the acceleration key. In October 2021, Nezha completed a total of 4 billion yuan of financing from 360 led by 360, followed by November 2021, Ningde Times officially signed a strategic agreement with Nezha Automobile; in 2022, Nezha completed the CRRC Fund and Deep. Extraction of Venture Capital over 2 billion. In addition, Nezha Motors has opened a Pre-IPO round of financing with an expected scale of about 3 billion yuan, with a target valuation of 45 billion yuan.

As of June 10, 2022, the market value of Weilai Automobile was approximately HK $ 261.8 billion, the ideal car market value was about 253.5 billion Hong Kong dollars, and the market value of Xiaopeng was approximately HK $ 185.2 billion. The gap is still obvious.

On the one hand, the lower valuation of Nezha Automobile comes from revenue capabilities. According to the financial data and Tianyan investigation data disclosed by 360, in 2020, Nezha's revenue was 1.297 billion yuan, a net loss of 1.321 billion yuan; the revenue in the first half of 2021 was 1.632 billion yuan, a net loss of 693 million yuan. In the first half of 2021, Weilai's revenue reached 16.432 billion yuan, nearly ten times more than Nezha.

On the other hand, it is the technical status. In terms of R & D investment, Weilai invested nearly 2.5 billion yuan in R & D in 2020, which was twice the revenue of Nezha Motors during the same period.其他造车新势力在研发上的投入也不逞多让，例如小鹏的辅助驾驶技术等，他们的逻辑即是利用技术优势奠定行业地位，而哪吒汽车，即使有360和宁德时代的加入， There are no more prominent technical patents and technical barriers.

For example, in 2018, Nezha Motors launched the PIVOT intelligent system and began to set up intelligentization, mainly including Sandian, smart cockpit and smart driving. system. Even in the dazzling intelligent system in the Nezha S Ya Shi version, the independent research and development effect and proportion need to be verified.

Of course, in addition to technology, costs still need to be considered. Under the low profits, Nezha Automobile has invested many technologies research and development. How much time does it take to recover the cost? Under the price increase of lithium batteries, the low -cost route of Nezha Automobile may have market variables.

Whether it is continuing to impact the high -end or the realization of the IPO, this is the "inquiry" that Nezha cars cannot get around.

Reference materials:

Data source: Tianyancha, Weilai, 360 Financial Report, Nezha Automobile Official Website

Image source: network

Reference article:

Brilliant satin: Nezha car has no secret

Central Radio and Television Terminal International Online: Nezha S Ya Shi Edition starts pre -sale and equipped with Tiangong battery and luxury smart cockpit

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