Wuling Hongguang MINI EV actually became the last "shame" in SAIC?

This article was original by Sutoo123

Author / Hao Danchun

Cover Source: SAIC Group's official Weibo

The more universal, the more empty.

When it comes to SAIC Group, Volkswagen's most intuitive impression is the adjective "China's largest volume". As the "car company king" in China, SAIC Volkswagen and SAIC -GM will occupy two seats in the top three car companies in China's auto market.

However, the current market value is only about 180 billion yuan, while BYD's market value is close to 838.3 billion yuan, and the market value of Great Wall Motors is close to 306.4 billion yuan. In other words, the market value of SAIC Group is only nearly 1/5 of BYD and nearly 1/2 of Great Wall Motors.

Why was the former "king" abandoned by the capital market? We may be able to find the answer from SAIC's financial report not long ago.

SAIC Group, which is almost "cut" in net profit

According to the financial report, in the first half of 2022, SAIC Group achieved total operating income of 315.99 billion yuan, a year -on -year decrease of 13.7%. Among them, the total operating income in the second quarter of this year was 133.52 billion yuan, a decrease of 26.8%from the first quarter.

In terms of net profit, SAIC Group realized a net profit of 6.91 billion yuan in the first half of this year, a year -on -year decrease of 48.1%. Among them, the net profit in the second quarter of this year was 1.4 billion yuan, a decrease of 74.6%from the first quarter.

In response to the decline in performance, SAIC Group explained that the rebound of the epidemic caused a serious impact on the automotive industry chain supply chain, resulting in a decrease in the company's sales revenue. At the same time, the price of tight supply and power batteries such as tight supply and power batteries has risen significantly on product gross profit margin.

Data show that the comprehensive gross profit margin of SAIC Group in the first half of the year was 9.45%, a decrease of 0.47 percentage points from 2021. At the same time, the net cash flow generated by SAIC Group in the first half of this year dropped by 396.80%year -on -year.

It is true that the epidemic has indeed affected the performance of SAIC Group in the first half of the year, but the performance of SAIC in the Fortune 500 ranking recently announced the decline in the world's top 500 rankings.

It is reported that SAIC Group ranked 68th in the list with a net profit of US $ 3.803 billion with its operating income of US $ 120.9 billion last year, 98th among the global car companies, and ranked first among autonomous car companies. Tesla, which ranked 242nd, was far better than US $ 5.519 billion in net profit; Geely Group and BYD ranking of independent car companies have risen.

SAIC's three major joint venture brands have both declined

For a car company, the decline in operating income is naturally considering whether the car sales decline.

Public information shows that in the first half of this year, SAIC Group's vehicle sales were 2.2343 million. Among them, SAIC Volkswagen's sales reached 544,700, a year -on -year increase of 7.94%. In contrast, SAIC Chase, SAIC -GM, and SAIC -GM Wuling fell to varying degrees in the first half of this year, down 14.93%, 12.91%, and 5.94%, respectively. Essence In other words, over 80 % of SAIC Group's sales come from traditional fuel vehicles.

However, the growth of SAIC Volkswagen's sales is still difficult to hide the fact that the decline in net profit declines. According to the financial report, in the first half of this year, SAIC Volkswagen's operating income was 63.582 billion yuan, a year -on -year decrease of 3.55%, and net profit was 2.804 billion yuan, a year -on -year decrease of 2.81%.

Another joint venture brand -SAIC -GM, sales and net profit have declined. Data show that in the first half of this year, SAIC -GM sales fell 12.91%year -on -year, of which Buick fell 15.9%year -on -year, Chevrolet increased by 21.83%year -on -year, Cadillac fell 32.23%. In addition, operating income fell by 14.84%year -on -year to 67.52 billion yuan, and net profit fell 2.90%year -on -year to 2.280 billion yuan. In addition, sales of SAIC -GM Wuling fell 5.94%year -on -year to 622,100 units.

The decline in sales and revenue of SAIC Group may also be caused by the suspension of production caused by the "epidemic".

In March of this year, suffering from the epidemic, the Shanghai automotive industry chain was stagnant under the influence of the epidemic. The SAIC -headed SAIC is naturally not spared. Not only does the production base of multiple subsidiaries of its subsidiaries stop work, but it also brings a huge test for production capacity and sales. Data show that in April this year, SAIC Group's vehicle production and sales were only 158,000 and 167,000 units, a year -on -year decrease of more than 60%.

Fortunately, as the epidemic has gradually improved, the production and sales of SAIC Group have returned to the growth channel.

SAIC in the new energy vehicle market "Slowly Shoot"

In recent years, new energy vehicles have set off a wave of science and technology. In the context of the continuous launch of support policies, continuous breakthroughs in core technologies, and continuous improvement of supporting infrastructure, sales have shown a blowout trend. Therefore, we see that Tesla, Weilai, ideal, Xiaopeng, and BYD and other car manufacturers have performed well in the automotive market and the capital market.

On the other hand, Steam of Steam was half a shot in the field of new energy, and fist products were not launched.

In June of this year, Zhi Ho Ho Ho Ho L7 was officially launched, and the Smart L7 Pro and L7 Dynamic were priced at 408,800 yuan and 368,800 yuan, respectively. The latest official data shows that since it was launched on June 18, a total of 1051 vehicles were delivered, with 816 units in July. Although the Zhi Ho L7 is still in the climbing stage of sales, the start of such "embarrassment" is bound to be unexpected. Behind the beginning of wisdom, it may be the "sequelae" of the previous "equity gate" incident.

It is reported that in May of this year, when Zhi Ho Ho's first production vehicle was delivered to the "Angel Wheel user", he broke out of the scandal of "rights and interests". 102 car owners initiated rights protection and accused "the rights and interests were surpassed, and the scarce seats were not scarce", " The five major issues such as the battery capacity and the registration of the Ministry of Industry and Information Technology make this short -term car brand ushered in the crisis of user trust at the unfinished delivery stage.

In this way, SAIC Group may have only SAIC -GM MINI EVs under the field of new energy vehicles in the field of new energy vehicles. In the first half of this year, SAIC Group's new energy vehicle sales were 393,000 units, and Wuling Hongguang MINI EV cumulative sales were more than 220,000 units.

However, high sales do not bring matching income. Because Hongguang MINI EV is aimed at the low-end consumer market, the cost price is roughly maintained below 30,000 yuan. Compared with the market quotation of 3.28-69,800 yuan, the profit margin is really limited.

According to the financial report, the total revenue of SAIC -GM Wuling in the first half of 2022 reached 32.967 billion yuan, but the profit was only 351 million yuan.

In addition, Wuling Hongguang MINI EV has a simple interior and low hardware configuration. The quality of the whole car is only 0.67 tons. More fatal is that most models are not even standard. Wuling Hongguang MINI EV is called "Elderly Steps". Therefore, it is difficult for products at the price of Shangqi Group to compete with Tesla, Weilai, ideal and Xiaopeng.

In addition, the current new energy vehicle market competition has entered the second half and can basically achieve L4 -level scene applications. In this context, autonomous driving has become the core of the product. Tesla's self -developed chip is relatively leading. BYD is also rumored that it will independently develop smart driving chips. The project will be led by the BYD semiconductor team. It is expected to flow at the end of 2022. But for the time being, Zhi Ho Heng has not showed the ability to shoulder the beautiful expectations of SAIC Group.

At the end

Time has changed. Today, Roewe R Auto has also been independent and officially renamed Feifan Automobile, becoming a key project for SAIC Passenger Vehicle Company to force electrification. It is reported that Feifan will also launch new products recently.

SAIC Group previously disclosed that the 6 million -year sales target was completed in 2022. From January to June this year, SAIC Group only completed 37%of the target. Although SAIC is full of confidence in the second half of the year in the financial report, on the one hand, the independent brand is trying to overtake the curve, and on the other hand, it is a centennial traditional car company's post -developer. Whether SAIC can surrender a beautiful answer sheet in the predicament remains to be discussed.

In addition, as the foreign -funded stocks of car companies have been completely released in 2022, the "complete body" of foreign car company giants will come to China and become close to the country. There is only one "living road", which is to create a self -owned brand to compete with foreign capital giants, but for the time being, expecting Wuling Hongguang Mini EV can only cover up.

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