"Money" road is long, and zero -running cars are difficult to "start"

This article was original by Sutoo123

Author / Hao Danchun

Cover map source: Zero Run Official Weibo

Today, the Hong Kong Stock Exchange documents show that Zhejiang Zero Running Technology Co., Ltd. (hereinafter referred to as: Zero Running Automobile) listed on the Hong Kong Stock Exchange. This means that zero running will be the fourth new forces that board the Hong Kong stocks after "Wei Xiaoli".

Once upon a time, the automotive market was still in the era of "Four Little Dragons" in Weilai, Weima, Xiaopeng, and ideal new cars. However, with the fall of Weimar, there are only three "Wei Xiaoli" in the first camp of the new car.

Entering 2022, the new car pattern regenerates "huge changes", and competition is becoming increasingly fierce. From the perspective of delivery data, the "Wei Xiaoli", which belongs to the first echelon, has been caught up by the second echelon. Among them, zero -run cars are very typical representatives.

At present, there are four mass production models under Zero Run, namely S01, T03, C11 and C01. In July of this year, Zero Running Motors delivered a total of 12044 units, an increase of over 177%year -on -year. While the three consecutive months of innovation high, the first camp of the new forces of the car was stabilized. In addition, in the first seven months of this year, the cumulative delivery volume of zero running reached 6,4038 units.

Despite the dazzling sales data, the zero -run car that is about to successfully successfully run in the Hong Kong stock IPO is still "starting".

Zero running is too short of money

Lack of money is the common characteristics of the new forces of cars.

According to the prospectus data, the net loss of zero-running cars from 2019-2021 expanded year by year, reaching 901.1 million yuan, 1.1 billion yuan, and 2.845.7 billion yuan, respectively, with a total loss of 3.846 million yuan in three years.

Although the gross profit margin is in a good trend, there is still a long distance to turn the "positive". From 2019 to 2021, the gross profit margin of zero-run cars was -95.7%, -50.6%, and -44.3%, respectively. In other words, although there is already a trend of "Wei Xiaoli" in zero -run, there is a far lesson in the financial situation.

In response to the loss of zero running, some people in the industry believe that the cost of high raw materials and consumables may become the reason for its losses.

Since the second half of 2021, the prices of raw materials such as cobalt, lithium, manganese, nickel, lithium carbonate have continued to rise, and the cost of bicycle batteries for new energy vehicles is rising significantly. Coupled with the effects of subsidized decline and chip shortage, the manufacturing cost of electric vehicles has soared rapidly.

In combination with the prospectus, in 2021, the total of 4,3748 electric vehicles was delivered to zero -running cars to achieve sales revenue of car and components of 3.058 billion yuan. The sales cost of zero -run cars during the same period was 4.519 billion yuan. Based on this calculation, regardless of the impact of different models, the average of 33,400 yuan for each car for zero -run cars will be 33,400 yuan.

Through traceability, the cost of raw materials and consumables "supports" the huge cost data of zero running. Data show that from 2019 to 2021, the proportion of raw materials and consumables in zero-run car increased year by year, and within three years (67.6%, 78.1%, 91.2%), respectively.

In terms of cash, as of the end of 2021, zero -run cars were restricted to cash and cash equivalents of only 5.714 billion yuan, and the cash reserves of "Wei Xiaoli" during the same period exceeded 20 billion yuan.

In this case, Zero Run began to ensure continuous operation through financing. According to the company's investigation, zero -running cars have made 7 rounds of financing so far, with total financing exceeding 10 billion yuan.

Zero -run car "stingy" research and development cost

Although the zero -run car did not disclose the specific amount of financing of the IPO, it still explained the purpose of raising funds.

According to the prospectus, 40%of the funds raised by the Zero Running Automobile Plan are used for the development of smart electric vehicles, 25%of the production capacity, 25%to enhance brand awareness, 10%for operating funds and general company purposes.

In terms of R & D investment, there is a large gap between zero -run and new forces of the head. During the period from 2019 to 20121, the company's research and development costs were 358 million yuan, 319 million yuan, and 740 million yuan, respectively, totaling less than 1.4 billion yuan, accounting for 306.4%, 45.8%, and 23.6%of the total revenue of the same period, respectively, showing a significant decline in significant declines trend.

In contrast, Weilai was 4.429 billion yuan, 2.488 billion yuan and 4.592 billion yuan; Xiaopeng Automobile was 2.070 billion yuan, 1.726 billion yuan, and 4.14 billion yuan; the ideal automobile research and development costs were 1.169 billion yuan, 1.1 billion yuan, and 3.286 billion yuan Yuan. In other words, there is still a big gap between the label of "independent development of emerging electric vehicle companies" that has been promoting.

In addition, although Zero Run claims to focus on China's high-end and high-end mainstream new energy vehicle markets, and the relevant data is cited in the prospectus: "In 2021, new energy vehicles priced at the price range of RMB 15-3 million in price range It accounts for 39%of China's new energy vehicle sales. In 2026, new energy vehicles are expected to sell at the price range of RMB 150,000 to 300,000 yuan will account for 49.1%of China's new energy vehicle sales. "

However, as of December 31, 2021, the price range of T03, S01, and C11 currently sold in Zero Run was between 50,000 and 200,000 yuan. Among them, the T03 of less than 100,000 yuan accounts for the highest proportion. This means that the sales structure is difficult to optimize in the short term, and it restricts the profitability of zero running. "Thousands of holes" at the time of zero running

"Zero runs the new car on the day of the new car, repair for half a month, change the two major components, and promise to deliver and regret it." On the day of the Chongqing Auto Show Media Day, a female owner raised the slogan on the spot to defend her rights, accusing her dissatisfaction with zero running.

Afterwards, Zero Running responded quickly: "After actively communicating with customers, the incident -related issues have been properly resolved. Zero running pays great attention to the user experience and the quality of delivery, and we will continue to communicate closely with users."

Zero -run cars were complained for quality problems, but it was not a few sporadic.

In 2021, about 200 zero-run S01 owners collectively launched their rights to protect their rights. On the day of the listing of Zero Run T03, a "zero-run S01-380/380Pro's first batch of public letters to the zero-run car" was released. The letter stated that many car owners' vehicles have a series of problems such as black screens and power system failures. In October of the same year, after the perfunctory response was unsuccessful, Zero -ranked 150 2019 zero -run S01.

In addition to quality issues, the "incompetence board" has also become a label that is frequently associated with zero running.

In April 2021, Zero Run C11 caused hot debate on the entire network due to "stealing beams". According to a car owner from Ningbo, it waited for more than a year to raise the zero -run C11, which was far from the original sales promotion in the battery configuration. Wanda.

In addition, zero running is also the problem of "Overlord Treaty" by consumers, that is, for vehicles that have already been "fixed", car owners can choose to replace the battery or continue to wait. At the same time, if the order is required now Blind contract. When users do not recognize these two methods and continue to safeguard their legitimate rights and interests, they have said that they have not heard of successful cases.

According to a complaint platform, there have been 319 complaints in zero -run cars since this year, mostly related to overdue delivery, automatic driving functions, unavailable driving functions, abnormal body suspension, and abnormal body noise during steering.

It is worth mentioning that the delivery data of zero -run cars is also suspected of fraud. According to the prospectus, 43,748 electric vehicles were delivered in zero -run vehicles in 2021, which has nearly a thousand gaps with the "43121 units in 2021" showed by its official website information. This phenomenon also existed in data delivery in January and February 2022.

The "slow" road of zero running

As we all know, in addition to zero running, other new cars are also actively seeking to go to Hong Kong IPO.

In June 2022, Weimar Automobile officially applied to the IPO of the Hong Kong Stock Exchange and was listed on the motherboard. Haitong International, Merchants Bank International and BOC International are sponsor. Nezha Motors also failed to conquer the science and technology board in 2020. In February this year, it was rumored to plan to go to Hong Kong IPO.

In this case, although the zero -run car is the first step, even if it is successfully listed in Hong Kong stocks and obtains more financial support, "how to build a car and how to improve the image" will become a foreseeable difficulty in zero running.

There is a way that those who do not seek the overall situation are not enough to seek a domain.

The Sutu Car Cool Research Institute believes that Zero Running Cars advocates self -research in the whole region and it is understandable to control the autonomy of technology. However, only the time, geographical interest, people, and other objective conditions can have the opportunity to "get the lead" at the same time.

Right now, the new energy vehicle market is in a red sea. Although there are small achievements in sales in zero running, they still need to precipitate sufficient technical capabilities and brand influence.

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