Wei Xiaoli's "chase" is here

Author | One Wan

Source | Insight New Research Society

The story of the new forces of the car has a new variable.

In just a few months, the news of Zero Run and Weimar Motors went public in Hong Kong to go public.

For a long time, the focus of the outside world's attention to new forces is the focus of Tesla on the other side of the ocean. Due to the high traffic, any fluctuations in the three companies can cause the "uproar" of the car manufacturing market.

From the monthly sales volume of September last year, it fell below 4,000 vehicles to the short -term production in April this year. Weilai's "settlement" caused a strong market response. "The status of Weilai is difficult to protect", "‘ Wei Xiaoli ’becomes‘ Li Xiaowei ’, and the sound of discussions is endless.

And as Weilai "Difficulty", the new forces that have been in the second -tier vehicle for a long time have begun to develop collective force. On June 28, the 100,000 production vehicle in Zero Run was officially offline. At this historic moment, Zhu Jiangming, the founder of Zero Running Cars, said in the user's thank you: "Standing at the new starting point of the first camp of the new forces of the car, we will continue to break through and innovate in the core technology field."

In Zhu Jiangming's heart, the current market performance of Zero Run may no longer be described as "second line". Since July 2020, Nezha, which has achieved a year -on -year growth trend for 24 months since July 2020 (as of June 2022), has also launched an charge to the "front line" status with sales results. For Nezha, maybe it is no longer possible to describe it with "dark horse", more like "thousands of miles".

This time, it was the new force of the second -tier car building for the C -position protagonist. The dense listing plan and rumors, coupled with the "forced palace" -style sales performance, make people easily associate them with the word "usurping". Or does it mean to do it?

01 strive to be on the market "Speed ​​Pioneer"

Since the rise of Tesla's stock price at the end of 2019 has driven the electric vehicle market to enter the "prosperous era", "Wei Xiaoli" has always occupied the "head chair" in the domestic electric vehicle volleyball competition. The status of the three "Wei Xiaoli" is still relatively stable, but the new power manufacturing brand of second -tier vehicles is no longer willing to be crushed by "Wei Xiaoli", and has opened a listing plan in the near future.

Zero Running Cars launched the first shot of the listing of new second -line vehicles.

On March 17, Zero Run officially submitted a listing application to the Hong Kong Stock Exchange, becoming the first new second -line vehicle -made force to officially submit an IPO application. From the start of the Pre-A round of financing in January 2018, and in the 7 rounds of financing in the C2 round in August 2021, a total of 11.866 billion yuan was raised. At present, according to the recent round of financing, the valuation of zero -run cars is about 27.6 billion yuan.

From the perspective of its financing quota and time, it raised 8.8 billion yuan in zero running last year, accounting for nearly 80%of the financing amount so far. Even after experiencing such a large movement of financing in the past year, the financial situation of zero running is still worrying. As of the end of 2021, zero -run cash and cash equivalents were only 4.338 billion yuan, while the three cash reserves of Weilai, Xiaopeng, and ideal as of the end of 2021 were 55.4 billion yuan, 43.544 billion yuan, and 50.16 billion yuan.

Compared with "Wei Xiaoli", zero running can only be described as shy in the bag. And from the scratch of this time, the PRE-IPO round financing is directly used, and the zero running really wants to go public.

And the urgent hope is not only zero running. On June 1, Weimar Automobile submitted an application for listing in Hong Kong. Back to Weimar's road to listing, it can be said to be the company with the most powerful capital operation in China's new vehicle construction forces. Public information shows that since 2015, Weimar Automobile completed a total of 11 rounds of financing, with a cumulative financing amount exceeded 35 billion yuan. The total amount of financing before the listing of Weilai, Xiaopeng, and the ideal listing was 15.3 billion yuan, 18.8 billion yuan, and 14.6 billion yuan, respectively.

When it comes on the market, Wima walked quite bumpy on this road. In September 2020, after obtaining 10 billion yuan of round D rounds led by Shanghai State -owned Assets and SAIC, Wima opened the road of listing of science and technology innovation boards. In November, the Shanghai Securities Regulatory Commission confirmed that Weimar had completed listing counseling. At the same time, the technical infringement lawsuits of Weimar and Geely are also being beaten, and several self -combustion accidents that have occurred in a short period of time blocked the road to the science and technology board of Weimar.

During the peak, Wima was able to "wrench" with Weilai, and now Weilai has successfully completed the second listing of the market in Hong Kong. Weima currently only completes the listing application, and it takes time to officially land on the Hong Kong Stock Exchange.

Compared with Wima and Zero, the road to the market of Nezha is relatively "hidden", and there are very few public inquiry information about the listing of Nezha Motors. From the timeline point of view, in July 2020, the car had disclosed the science and innovation board listing plan. It plans to apply for an IPO of the science and technology board in 2021.

In February 2022, there were also rumors that Nezha Automobile launched a listing in Hong Kong, which will raise $ 1 billion, and the sponsor is CITIC, CICC, Morgan Stanley and UBS. As of now, there is no step news to disclose.

Regarding the recent news of Nezha Automobile, the 360 ​​Group announced that it gave up the owner of Nezha 1 billion yuan to increase its holdings. In this way, the world interprets this move or has provided institutional foundation and physical qualifications for the listing of corporate listing and financing. Throughout the IPO process of Nezha, although there are very little public news, it is still preparing for listing. In addition, Gaohe Motors was also exposed to start a round of financing. It was listed in Hong Kong as early as 2022. It is intended to raise funds of no more than 500 million US dollars. It is cooperating with UBO and Morgan Stanley.

According to the general capital logic, after completing several rounds of financing, the company's planning listing has become a must -have. But what makes people feel puzzled is why the listing nodes of the new forces of the second -tier vehicles are so highly overlapped?

02 Listing logic of the new forces of the second line

The support point of the building is the soil of the reinforcement. What is the support point of the car company?

This question may not be difficult to answer, it is delivery.

In 2022, the sales volume in the first six months, the ideal and Xiaopeng two have opened a relatively obvious gap in the half -year total sales or the year -on -year increase. The second -line Nezha and Zero -run cars were "outstanding forces" and completed a counterattack against "Wei Xiaoli". Nezha's total sales are second only to Xiaopeng, and the total sales of zero running surpass Weilai, and the year -on -year increase is far ahead.

Data source: official drawing of various brands: New Research Society

From the perspective of the time span, the significant increase in the sales of new vehicles for second -tier vehicles is not limited to the first half of this year.

In 2021, the annual sales of zero -running cars were 43,000 vehicles. Although the sales volume was only about half of "Wei Xiaoli", 444%of the year -on -year growth rate was relatively bright, far exceeding Weilai 109%, ideal 177%, and ideal of 177%and ideals of ideals and ideals. Xiaopeng's 360%year -on -year growth rate.

The sales performance of Nezha Automobile last year was equally good. The total sales volume of the year was nearly 70,000, and the year -on -year growth rate reached 362%. In terms of monthly sales, in 2021, the monthly sales volume of Nezha entered the top three of the new vehicle listing list, and the monthly sales of the last two months also exceeded the 10,000 mark.

Delivery that is best reflected in market appeal, and the monthly delivery volume exceeds 10,000 is a dividing line that distinguishes the car company camp. Judging from the recent sales results of several head brands of the second -tier vehicles, more than 10,000 monthly sales are no longer exclusively exclusive to the first camp.

The rising volume of delivery is related to the expansion of production capacity.

The increase in sales in recent months in Nezha Automobile was mainly contributed by its Zhejiang Tongxiang Factory. It was put into production in July 2018 and has a production capacity of 50,000 units/year. With the increase of sales, Nezha Motors has increased the construction progress of the Yichun Second Factory of Jiangxi and has been put into production at the end of last year. Coupled with the construction of the Nanning plant, the annual capacity of Nezha Automobile can reach about 280,000.

Weima currently has two factories in Wenzhou and Huanggang. Among them, the annual production capacity of the Wenzhou plant is 100,000 units. The Huanggang plant is divided into two phases. The first phase has been completed and put into operation. At present, the main production of W6 models. /year. After the second phase of the factory is put into production, Wima's annual production capacity will reach about 300,000 units.

Data Source: Network Comprehensive Table: Insight New Research Society

Through the comparison of the above figure, it can be known that the current production capacity of "Wei Xiaoli" is only good in Xiaopeng Automobile -annual production capacity can reach 350,000 units, and the current annual production capacity of Weilai is only 100,000. The current capacity of zero running, Weima, and Nezha car is not much different.

The expansion of production capacity has brought good sales performance, and also makes the market root of several new and second -line vehicle manufacturing forces more stable than before, which is also directly fed back to the capital market level.

"Zero Run is likely to be the last ticket of their (capital side)." Zhu Jiangming, the founder and chairman of Zero Running Cars, bluntly said in a recent interview. With the rise of zero -run sales, the increase of user reputation, and the release of new cars, the capital side has also seen the hope of the future. In the case of relatively lack of better investment projects in other industries, capital also poured into the new energy vehicle market more.

The new launch of the second -tier car building forces is obviously not accidental, but a necessity based on its good market performance and overall industry prospects. One thing that cannot be ignored is that the "production capacity crisis" and "supply chain crisis" encountered in "Wei Xiaoli" last year also created opportunities for the "upper position" of the new forces of the two -line car.

In October last year, Weilai's monthly delivery volume fell below 4,000. Weilai officially explained here that "the preparation for the listing of new products leads to a decrease in production because the production line transformation and upgrading need to be discontinued." Earlier in September, Ma Lin, director of Weilai Automobile Communication, said that almost all the exhibition cars in the Weilai Automobile Exhibition Hall had been sold out and could only set up a car model. As of April this year, Weilai once again announced a short suspension of the entire vehicle production.

Unlike the lack of production lines facing Weilai, the ideal and Xiaopeng are fighting the core. On the 2021 ideal ONE, the 5th -generation millimeter -wave radar in the standard 5 Boschi directly affected the delivery of the ideal ONE due to the lack of core. Essence

The supply chain crisis caused by the core lack of cores spread to the entire new energy vehicle industry. Of course, the new power brand brand of second -tier vehicles has also been impacted, but it is different from "Wei Xiaoli". The price of V models is less than 100,000 yuan. Due to the low -end market, the demand for high -end vehicle -level chips is far less than "Wei Xiaoli". Different products are positioned as a differentiated breakthrough in Nezha and zero running. The road was buried. However, in the face of a strong breakout of the new forces of the two -line car, can the first -line status of "Wei Xiaoli" be maintained?

03 Stress comes to "Wei Xiaoli" here

How far is Nezha Automobile from the new car for the first echelon? ——This is the question that Zhang Yong was asked the most recently.

"I don't think you are the head before the annual sales volume of 35 million vehicles. Everyone is working hard to survive. Tesla has more than one million vehicles this year. We are less than 100,000. Talk about it. What heads are not head, wake up, you still have to have self -awareness. "Zhang Yong said.

If the annual sales volume is 350,000, even Xiaopeng, the highest sales, is far from the current highest sales. Zhang Yong's answer is quite humble, and behind the humility, does it contain concerns about the future of Nezha Automobile to continue to maintain high growth? In other words, is the current good performance of the new forces of the two -tier and second -tier vehicles be sustainable?

Affected by the increase in supply chain costs, new energy vehicles ushered in a general rise, and the previously superimposed subsidy of new energy vehicles declined by 30%, which directly pushed the purchase cost of "Wei Xiaoli".

The versions of Weilai ES8, ES6, and EC6 have been raised by 10,000 yuan from May 10th. The price of battery rental services and battery packages also have a certain price increase. At present, only the sales price of ET5 models in Weilai models remain unchanged. At present, all models of Weilai have more than 300,000.

Earlier, the ideal car adjusted the price of the ideal ONE. The price was raised from 338,000 yuan to 349,800 yuan, an increase of 11,800 yuan. Xiaopeng Automobile has adjusted the price of Xiaopeng P7, P5 and G3I sold on sale, and the price ranges from 101,000 yuan to 20,000 yuan.

Although the cost of car purchase in "Wei Xiaoli" has risen, this may not promote its potential purchase of ethnic groups to buy zero -run, Nezha, Weima and other brands. Consumers with a budget from 25,000 to 300,000 may not really consider Zero Run T03 and Nezha V with less than 100,000.

In fact, the sales of Nezha and zero running in the past few months have increased significantly. One important reason is that the production cost of electric vehicles is declining, so it is more enough to achieve price exploration. Essence According to data from the China Automobile Industry Association, if it is classified at the price, new energy vehicles with a price of less than 150,000 yuan in 2021 account for 50.6 %, and there is a lot of room for development in the low -end electric vehicle market with less than 100,000.

In the long run, sales is only one side of the brand market status. Under the current supply chain crisis, exposure to car companies will only have more prominent competitiveness in front of this "natural disaster" in the upstream of the industrial chain as much as possible. Although traditional car companies, "Wei Xiaoli" has weaker control over the supply chain, it has also changed in time.

In terms of opening up the supply chain, the three also have a certain tacit understanding. A typical example is that in the new round of investors released by battery manufacturer Xinwangda in February, a crowd of car companies appeared, including Wei Xiaoli.

In order to obtain more profits, Nezha and Zero are also working hard to the market. On June 6, the Nezha S Ya Shi version took the lead in starting the pre -sale, selling for 338,800 yuan, a threshold of 300,000 yuan in one fell swoop. Earlier on May 10th, the new model of Zero Running Models was unveiled and officially launched for pre -sale, priced at 180,000 to 270,000 yuan.

The lower price leads to the low demand for high -end vehicle -level chips, thereby increasing sales. After entering the mid -to -high -end market, whether the Nezha and Zero Run in the back field can absorb experience and enhance the ability to control the upstream of the supply chain, which will directly affect its high -end process.

As Gong Yan, director of the UBS Chinese automotive industry research, said, the sales of new forces of new vehicles have risen one after another. Depending on the grasp of market opportunities, it is full of dynamic changes.

After all, this war is far from the final moment.

Reference materials:

1. The new forces of the second -tier vehicle manufacturing of the Hong Kong Stock Exchange, Finance

2. Zero running to Hong Kong IPO second -line car building new forces to rush to examine the capital track, Beijing Commercial Daily

3. Comparison of the capacity layout of 16 domestic new energy vehicle OEMs: the polarization of the output, the core wisdom driving

4. Wei Xiaoli: The face of the departure and the supply chain, Tan Qing said AI

5. How to tell Zhang Yong's new story in addition to the sales of Nezha cars? , The first finance

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