Losses in the first half of the year nearly 9.6 billion: "Wei Xiaoli" is difficult to escape the profit spell

With Weilai released the second quarter of 2022 in the evening of September 6, Nio.us/9866.HK, Xiaopeng Automobile (XPEV.US/9868.HK), ideal car (Li.Nasdaq/2015 2015 .Hk) All transcripts in the first half of 2022.

In the second quarter of this year, due to the impact of the epidemic in Shanghai on the supply chain, the delivery volume of "Wei Xiaoli" declined slightly to varying degrees. And due to the high -end high -end cars ET7 started delivery, Weilai's operating income exceeded 10 billion yuan for the first time, reaching 10.29 billion yuan; the operating income of Xiaopeng Automobile and the ideal car declined slightly in the first quarter, respectively, 74.36 and 8.43 billion yuan, respectively. Essence In the first half of this year, the revenue of the three companies was 202, 148.9 and 18.295 billion yuan, respectively.

However, all three companies have appeared in the highest quarterly losses since 2021. Weilai, Xiaopeng, and ideals lost 27.57, 27.01 and 641 million yuan respectively. In the first half of this year, the losses of the three companies were 45.4, 44.02 and 652 million yuan, respectively. As the price of battery materials rose, the gross profit margin of the three companies declined.

After passing the "Life and Death Line", "Wei Xiaoli" is collectively facing a new round of crisis.

Since the beginning of this year, the stock prices of three companies have fallen sharply. As of September 7, US stocks closed, and the market value of Weilai, Xiaopeng Automobile, and ideal cars was US $ 29.58 billion, US $ 13.77 billion, and US $ 27.79 billion.

There are crisis

Two years ago, the collective crisis of "Wei Xiaoli" was mainly trapped in funds. Two years later, "Wei Xiaoli" came out of different development strategies, and now there are different crises.

In the first half of this year, Xiaopeng Automobile's cumulative delivery volume was 69,000, which is the sales champion of new vehicles. Earlier, Xiaopeng Automobile had stated that "this year planned to deliver 250,000 units and impact 300,000 units." This goal is obviously unable to achieve.

Under the pressure of sales, Xiaopeng Automobile took the lead in "price war".

Since July, Xiaopeng Automobile's offline store has begun to drive sales through the launch of preferential activities, but the effect is not ideal. In July and August, Xiaopeng Automobile's sales were only 1,1524 and 9578, respectively. With the overall higher of the new energy vehicle market, Xiaopeng Automobile's sales declined month by month.

Due to the lower price of the model and the limited profit margin, the gross profit level of Xiaopeng Automobile is much lower than that of Weilai and the ideal. It is the main way for Xiaopeng Automobile to optimize the performance by getting faster. However, the market is weak.

Although he was leading Weilai and his ideals in sales, Xiaopeng was left out of capital in the secondary market. Since the beginning of this year, Xiaopeng's stock price has fallen from a height of $ 51.5 in January to the current $ 16.

To impact higher sales, Xiaopeng Automobile needs a new car. Xiaopeng Automobile has high hopes for the new model G9, but the mid -large pure electric SUV market where the G9 is located is a particularly fierce Red Sea market.

Recently, ideal cars have also experienced new troubles. The ideal one suddenly reduced the price of 20,000 to the old car owner's collective dissatisfaction. Then the ideal car chairman Li Xiang also said that the ideal ONE will be discontinued. The ideal car will launch a new model L8, which will ignite the dissatisfaction of the old car owner and cause collective rights.

The reason for this situation is related to the ideal L9 of the second production car launched by the ideal car.

With the ideal ONE, the ideal car accurately locates the "daddy car" and the extended process of pure electricity reducing mileage anxiety. Continue to target this market, the ideal car released the ideal L9 in June this year.

L9 has only one configuration, priced at 459,800 yuan, which is 110,000 yuan more expensive than the ideal ONE.

Although Li wants to say that this car will not worry about the sales of the ideal ONE when L9 releases L9. However, the audience of the ideal L9 and the ideal ONE overlapped. A large number of orders were divided into. It did not bring the overall increase to the ideal car. The ideal ONE sales declined sharply, so that the ideal car had to cut off the ideal ONE themselves.

If an enterprise continues to accurately locate the needs of a certain type of people and continues to pay for users, it seems to be a competitive barrier. Focusing on a segment again, L9 may be able to copy the success of the ideal ONE, but it cannot allow Li Xiang and his ideal car to transform into a regular army who rely on systems to fight from a "strange soldier" tactical company.

Compared to Xiaopeng Automobile and the ideal car, Weilai Automobile's moat is more stable.

The biggest advantage of Weilai Automobile is that the image of high -end brands has been established, and the pure electric market in more than 300,000 yuan has occupied a higher market share. However, the large amount of funds invested for user experience and the construction and operation investment of electricity exchange infrastructure have made Weilai Automobile's costs high, and the amount of losses has been the highest among new car manufacturers.

The problem that Weilai to solve the next is mainly through the scale of the scale to promote the reduction of losses. Weilain's new ET5 is very critical. Weilai President Qin Lihong said that the goal of ET5 is to quickly achieve a monthly sales of exceeding 10,000 and more than the BMW 3 Series.

In addition to ET5, another strategy of Weilai's increase in scale is to create more new brands.

Last year, Weilai had announced the news of the second brand and will focus on the 200,000 yuan market. This year, Weilai announced its further exploring markets of 100,000 to 200,000 yuan, intending to launch the third brand. In other words, Weilai is about to enter a period of corporate strategy. From the "Mercedes -Benz, BMW" similar to high -end brands to becoming a multi -brand company like "Volkswagen".

Strong chase

The current Chinese new energy vehicle market is in a "Spring and Autumn Period." In addition to the "Wei Xiaoli" with distinctive styles, the leading sales volume BYD, Tesla, and SAIC -GM Wuling, new energy vehicle brands incubated by traditional car companies have begun to go. These companies are bringing greater competitive pressure to "Wei Xiaoli".

The sales volume of GAC Ean has continued to exceed 20,000 vehicles. Feng Xingya, general manager of GAC Group, revealed at the recent financial reporting meeting that it strives to put in operation in October this year, challenging the annual sales of 300,000 targets. GAC Ean will realize the IPO at the end of 2023, and it is intended to be the first stock of the new energy automobile science and technology board.

Geely's Jiyang Automobile delivered 7,166 polar 001 in August this year, an increase of 42.7%month -on -month. At the same time, August Ji 001 Dajin order (referring to the order with 5,000 yuan of non -refundable deposits) continued to break through 10,000. It is understood that the average large order amount of the polar 001 is more than 336,000 yuan. Ji Ji Intelligent Technology CEO An Conghui said: "The sales target of 70,000 vehicles throughout the year has not changed."

Dongfeng Lantu and SAIC Zhijie's sales have also grown rapidly in recent months. Avita, which is jointly created by Huawei and Ningde Times, is about to enter the market.

"All industries need to have catfish who come in and disrupt the situation. The impact of the new forces brings to everyone. In the impact of products, marketing models, and user operations, old manufacturers have learned quickly. At the same time, they have comparison again. The mature production system and the right to grasp the supplier. "Zheng Yan, a senior partner of Roland Berger and vice president of Greater China, said in an interview.

In fact, in the field of intelligent electric vehicles, new forces of car building are in front of the industry's development, and in the process, many new parts supporting facilities have been gradually improved from scratch, but it has spent a lot of money. The traditional power of the enrollment has better cost control capabilities in itself. The construction of the smart electric vehicle supply chain system is also very difficult to decrease compared to two or three years ago, and the momentum of catching up is even more violent.

Also attention is the AITO brand in cooperation with Huawei and well -off. AITO ushered in this year and has been delivered for the first time in August. Official data show that the interrogation series models have delivered more than 10,000 units in August, an increase of about 38.97%month -on -month. The M5 Pure Electric Edition was officially released on September 6. Huawei executive Yu Chengdong compared with Tesla Model Y, and threatened to surpass many indicators.

"Users are cautious about the current auxiliary driving technology, especially the accidents that have occurred in the past two years. Instead, they are more direct to optimize the smart cockpit experience, which is more attractive to users. Attracted a lot of consumers to choose AITO. "An industry person who has worked in a number of new energy vehicle companies told reporters.

Of course, Baidu, which is delivered to the listing of production cars next year, and Xiaomi, which launched mass production cars in the next year, will undoubtedly have a huge impact on the pattern of the entire industry.

Moreover, these technology companies' impact on the "Wei Xiaoli" moat may be greater than traditional forces.

"Wei Xiaoli" adheres to the full stack of intelligent driving, thereby forming product competitiveness in the era of smart electric vehicles. However, full stack self -research also means that more funds need to be invested. At present, subject to the restrictions of regulations and the difficulty of technology, autonomous driving is still in the L2+stage. Although "Wei Xiaoli" is leading from other car companies, its advantages are limited. In the stage of autonomous driving, the intelligent driving function at this stage has always been limited to the user's influence.

At the same time, traditional OEMs and technology companies develop autonomous driving not only lower investment, but also the level of technology may catch up with "Wei Xiaoli". If "Wei Xiaoli" cannot maintain its technical leading, these strong competitors will magnify the cost and scale of the cost and scale.

How can "Wei Xiaoli" deal with a new round of crisis?

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