Several read Wima Automobile: How fast can 10 billion burned?

There is such a company:

12 rounds of financing within 6 years;

Baidu and Tencent participated in it, as well as a lot of capital such as Shanghai State -owned Investment Platform, SAIC Group, Ministry of Five Mine Capital, and even the gambling king family, Li Jiacheng's father and son positioning;

The financing amount of the D round is as high as 10 billion yuan, which is higher than that of Wei Xiaoli;

But in 2021, the company's total sales were 4,4152, which was only equivalent to Xiaopeng Automobile's sales in the fourth quarter of last year.

This company is called Weima.

Why do you break the good card?

Look at the conclusion first:

1. The founding team of Weimar Automobile has abundant resources in the automotive field and is not inferior to other new forces car companies.

2. The founding team pays too much attention to the automotive process. In the field of competition core, San Telecom, smart driving and other fields, lack of highlights

3. Early products are facing B -end, ensuring sales, and ensuring stable operations in the early stage

4. When jumping from the C -side to the B -end, Weimar's current product is not successful, and the core product W6 performs coldly

5. Wima is too locking in the price segment in the "mainstream consumer market", resulting in cruel competition and no flexibility

6. The cost of automobile production is too rigid, and the investment and sales investment is high, resulting in a serious loss of Weimar. On average, the average loss per car loss is nearly 200,000, but the revenue is only about 100,000

7. huge losses have caused Weimar's cash consumption to be extremely fast. At present, the asset -liability ratio is as high as 202%, and the operating pressure is huge

8. Funding blood is imminent, but the more important thing is the problem of stalling, which is the problem of the lack of appeal to the C end.

1. Team composition

Weimar Motor was established in 2015 and is mainly engaged in the design, development, manufacturing, and sales of electric vehicles.

The earliest Wima Automobile was called "WM Motor". The founder was Du Ligang, the current executive, mainly doing the research and development of the three -electric system. It was not renamed "Weltmeister" until it was acquired by Shen Hui. The meaning of the world champion.

Shen Hui is a big man in the automotive industry. The most well -known resume is the director and vice president of Geely Holding Group, led Geely to acquire Volvo. This is the largest overseas merger in the history of China's automobile industry. Prior to Volvo, Shen Hui also served as president of China in the auto parts company Pog Warner and Fiat Power.

There are several details in Shen Hui's resume:

1. In the automotive industry, we have a wide range of connections. He works in foreign companies and works in China. The Chinese and foreign automobile markets have resources. At present, in the 12 rounds of financing, in addition to Internet famous companies such as Baidu and Tencent, there are also shareholders such as Shanghai State -owned Investment Platform, SAIC Group, Ministry of Five Mine Capital, and even the figure of Li Ka -shing's father and son, "Gambling King" He Hongzhang's family. Essence

2. Understand car production and manufacturing technology. In the work experience of automotive parts companies and traditional car companies, Shen Hui will have a higher pursuit of technology level. This was eventually reflected in Weimar.

3. Rich mergers and acquisitions and integration experience. From MBA Master to Volvo's mergers and acquisitions and governance, Shen Hui's organizational management ability is undoubted. But at the same time, these tasks need to be pragmatic and efficient, which may cause Shen Hui to market and manufacture disputes as Shen Hui.

The earliest founder Du Ligang's resume was mainly financially at the financial level (Siemens's cost accounting concurrently served as a member of ERP system project, Director of Grandulvan, chief financial officer of Balitong Asia, and Chief of Financial Director of Filipa home appliances). At present, Weimar is mainly responsible for government relations, business negotiations, mergers and acquisitions, financing, internal control, legal affairs and other fields.

Hou Haijing, the chief operating officer, served as Shanghai GM, from the general manager of the general installation plant to the executive vice president of the entire vehicle department. Later, he joined Geely as the vice president of Geely Group.

Bi Shiyu, the chief financial officer, has served as CFOs of many companies such as Tongban Street, Zhongan Insurance, Sikai Network, and Siku. The trading company has rich experience in listing.

I did not see the CTO in the prospectus. The product planning and intelligent systems, the appearance and interior design of the vehicle were split, and Lin Shihan and Sun Zhen were held.

Throughout the executive team of Weimar Automobile, the basic allocation is complete. The 1st position is rich and the car understands the car. The founding team has a CFO with a wealth of internal control and the experience of trading experience. There are not many team entrepreneurship experience, mainly pragmatic and technical flow, and are not good at marketing. This is the basic tone of Weimar's development.

2. Differential

Like the ecological position of nature, new energy vehicles must have special differentiation to this day.

Shen Hui has the experience of traditional car companies and looks used to the mature workmanship of car companies. Presumably, he must not look at the workmanship of Model 3.

Shen Hui said, "If you choose to produce, I will not be able to sleep every day."

Therefore, he made a decision to conform to the ancestors -self -built manufacturing system.

Weima first invested in the construction of a factory in Wenzhou, and at the same time acquired Dalian Huanghai and Zhongshun Motors to obtain the production qualification of new energy vehicles. In November 2016, the foundation of the Wenzhou plant was laid out and began mass production in 2018. At present, Weima has two own production facilities in Zhejiang and Hubei, with an annual production capacity of 250,000 vehicles.

At present, Wima has claimed that the industrial 4.0 manufacturing system has been established, and the two own production facilities are equipped with about 200 robots; the main production lines of stamping, welding and coating workshops have achieved 100%automation.

In contrast, the ideal car of the ideal car obtained production qualifications in 2019; Xiaopeng Automobile's Zhaoqing plant was approved in May 2020. Wima came to the front.

Searching for "XX car+craftsmanship" on Baidu, Wima basically could not be seen, and there were a lot of Wei Xiaoli. This was indeed differentiated. At the same time, a modular vehicle development platform, Wima has advanced at the technical level. Including electronic electrical architecture (EEA), supporting OTA upgrade, etc.

Autonomous driving/advanced driving assistance system (AD/ADAS), Weimar supports L4 -level memory AVP function, but this is not L4 driving, it is only suitable for fixed parking spaces such as residential and companies. The real ability is only L2.

Smart cockpit, based on Qualcomm SA8155P processor, supports voice control, security monitoring, and interconnection with Xiaomi and Apple Watch.

Support C2M, which is also the benefit of Wama's self -built factory. Industry 4.0 manufacturing system can support personalized orders.

But Wima's problem is also very obvious. Is the cost -effectiveness of self -built production lines in the early stage?

The money that each start -up company can integrate is the same. New energy vehicles are roughly competitions for products, technology, marketing, and production. None of the new forces can do the best.

Is it difficult for other manufacturers to be qualified? For users, is craftsmanship the main consideration of car selection?

It took the wrong place to make money, it is easy to turn into a large price but cannot form an effective market separation.

As a result, Wima is indeed the same. At present, the most successful product is the initial EX5, and the performance of the later products is very bleak.

Now the focus of new energy vehicles -autonomous driving, smart cockpit, OTA, etc., Wima has no obvious trend. Wima W6 is equipped with AVP autonomous parking technology provided by Baidu, and the actual experience of media feedback. After completing the study, if the parking lot environment is slightly different from the route learning, such as weather changes, parking lot environment vehicle changes The degree of wetness and dampness of the ground and changes in light conditions, etc., the vehicle will be terminated. Without core technology, it is not tightly bound, and Wima began to fall behind.

The frequent spontaneous combustion incident occurred in 2020, and Wima helplessly recall 1282 cars. At that time, the report of the interface news was that in addition to Ningde, Wima's battery supplier also had Lishen batteries, Yu quantity batteries, ZTE Gao Energy, Tofel New Energy, etc., in addition to sufficient supply, it could also ensure costs.

But obviously there is a problem with this choice. This time, the spontaneous combustion+recall package may be fatal to Weima.

To what extent is Wima scared for battery problems? The prospectus mentioned a service fee for customer service. Weima answered the problem of battery charging for customers by purchasing a third -party service. Wima will pay about 1 million every year.

"Locking" is another manifestation. Many complaint platforms have owners to complain about Weimar Suo Power, and some car owners have decreased by 15%after upgrading the subsequent range.

Locking can be used to prevent the battery from being charged or emptied in a simple and rude way. It is also the passage of many manufacturers, but Wima has been named CCTV, and the problem is obviously more serious.

Electric vehicles were originally anxious, and then locking the electricity has a great impact on the user experience, which will eventually be passed on to sales.

3. Product performance

Weimar has released a total of 4 models, namely EX5 (EX5-Z), EX6, W6, E5 (5 Pro), and a M7 is expected to be delivered in the second half of this year.

EX is the original model. It has only been determined from W6 and M7 to determine the unified naming rules:

W represents SUV products, M represents sedan products.

This is not a lack of planning. At first, the Weimar EX5 was designed for online car rental. Until now, the top five customers of Weimar accounted for 43.4%, of which Chengdu Okai's family accounted for 17.2%.

The car -to -online car -paying company's car model allows Weima to have a stable order and income at first. However, most new forces are generally not unable to sell it at first, but that the production capacity cannot keep up. Such a choice has explained the problem.

Weima generally positions the price of product between 150,000 and 3.3 million, and is called "China's mainstream market". It stands to reason that the sales of this price should grow rapidly.

Wima did not announce the data of the specific models in the financial report, and could only see W6.

After the launch of W6 last April, the total sales volume of 8 months was 7,900, and the price of W6 was 1.6-19 million. The mainstream market, the total sales of the new products did not exceed 10,000.

Weilai, which has the lowest sales volume of new forces, has a quarter of ES6 sales of more than 10,000, but ES6 is twice as expensive than Wima W6.

In June of this year, Wima announced 4007 vehicles, which was 2036 in July. This data is now unable to rank in the second echelon.

It can only be said that Weimar Automobile is abandoned by the market.

Shen Hui said, "The new energy track is a long -term track."

But now there is so much behind halftime. Unless the opponent is in champagne halftime, Wima has made explosions, how can I do the head?

4. Financial status

It is easy to make explosive models, not to mention that Weimar's financial problems are scorched now.

From 2019 to 2021, Weimar's revenue was 1.762 billion yuan, 2.672 billion yuan, and 4.743 billion yuan, respectively, with a growth rate of more than 50%. After seeing the data of the new forces of the car, this growth rate can only be regarded as ordinary.

But losses are very unusual. In 19-21, Weimar's net losses were 4.1045 billion yuan, 5084 billion yuan and 8.206 billion yuan, respectively. Typical losses exceed the scale of revenue. Why? Costs and expenses are the culprit.

Taking 21 years as an example, the cost is 6.69 billion yuan, and an average of a car created 107,000 yuan in revenue, but it cost 152,000 yuan costs to build one loss and one.

In terms of expenses, the marketing cost rate is 20.8%, the management cost rate is 57%, and the R & D expense rate is 20.7%. These three expenses alone account for 98%of the revenue.

Looking at cash, from 2020 to 2021, the three series of Series D-financing raised nearly 2 billion US dollars. By the end of 2021, there were 4.16 billion yuan, and the first quarter of this year would be reduced by nearly 500 million. Wei Xiaoli has 400-50 billion yuan, which is not a magnitude at all.

Such a loss may make the main early choice errors, and the product has never impressed consumers.

At present, compared with the ideal capital status of Wei Xiaoli's ideal capital, Weimar's asset -liability ratio is as high as 202.4%, the debt repayment pressure is extremely great, the mobile ratio is 1.1 times, and the pressure of short -term debt repayment is not small.

Wima is still waiting for the news of the Hong Kong Stock Exchange.

Looking back on the development of so many years, Wima has a lot of contradictions.

Excessive importance to craftsmanship, but there is no clear market positioning for products.

It spent strongly to build the production line, but lacks the product power.

Meeting C2M customization, but half of the income came from the B -end network to get a car.

Holding a good card and spent a lot of money, but did not create explosive products. Eventually leading to today's dilemma. One of the quality of listing, product power, marketing, and automobiles is not less, but each one is scorching.

Data report

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