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Burning money, bankruptcy, rebirth, listing China's new energy Corps makes cars

via:博客园     time:2020/8/1 1:55:31     readed:395


Duoduo Wen / Chen

Source: Chinese business strategy (ID: hstl8888)

Yesterday (July 30), the ideal car was successfully listed on the other side of the ocean.

The listing was one day ahead of schedule, and the stock price seemed to be open. It rose sharply at the beginning of the trading, with the highest price rising to 17.5 US dollars per share, and the market value once exceeded 14.8 billion US dollars. As of today's press release, ideal automobile closed at $16.46/share, with a market value of $13.766 billion, which is close to the market value of Weilai automobile of about 14.5 billion.


Compared with Weilai and Tesla, the ideal time is right.

But confrontation

Wu Jun, former vice president of Tencent, once said in the "top of the tide" with Douban score of 9.1,

This wave of Internet car makers has caught up with the best times.

In 2013, the Ministry of Finance and the Ministry of Finance issued the new energy subsidy policy, followed by the new energy subsidy policy issued by the Ministry of Finance in 2013.

The desire for shopping on the consumer side is stimulated, and the enthusiasm of the capital market is also ignited.

In 2014, musk brought Tesla to China. Li Xiang, Ctrip Liang Jianzhang, Xiaomi Leijun and other Internet giants became the first people to eat crabs (test drive).


Tesla CEO Elon

A few months later, Musk returned to the United States and opened two conferences to launch the Tesla D series with electric trucks. In Sina Technology's description, the scene at Los Angeles' Hawthorne Airport was insane:

Musk's impact on this wave of Internet people is not only the shock of products, but also changes the direction of their future entrepreneurial trajectory.

Huang Xiuyuan, originally a Douban designer, drove alone from Beijing to Shanghai this year to create the Ranger car. And soon he took it with him in the PPT

A lot of people say that X Ranger is Tesla

Another grateful person is he Xiaopeng, the founder of UC. This year, he also drove Tesla for the first time.

He Xiaopeng has heard that Tesla is a bull for a long time. Before the test drive, he didn't feel it; after the test drive, he recognized the subversion and directly bought four teslas. Then, he Xiaopeng asked musk: how should these patents be used? Musk said: you can use it. It has nothing to do with me.

At that time, Ali just bought UC, and he wanted to start a business twice: the first time was to live, this time to grow up. In his opinion, making cars is a big deal.

The man who had the idea of building a car earlier than him was called Li Bin. In 2010, he took his first-hand car to New York to ring the clock; in 2013, he told Lei Jun that he wanted to build a car. Lei Jun replied directly,

This is just like what Cai Chongxin, executive vice chairman of Ali, said. They have pursued he Xiaopeng for ten years, what he did and what Ali cast. So Ali invested in Xiaopeng.

Taking advantage of all the Dongfeng in 2014, Li Bin established Weilai automobile. Li Xiang, Liu qiangdong, Ma Huateng and Lei Jun were his investors.


That year, too many people broke into the Internet car making track.

Lei Jun recalled the night he talked to Li Bin about investing, he said:

Shouting to

The former 360 and Shen Haiyin, vice president of Jinshan Group, also submitted their resignation report decisively. They turned around and jumped into the wave of car building and founded singularity car. They also explained that singularity wants to build not only a car, but also a wheeled robot that understands you.

Automobile, is the industry that technology accumulates more than 100 years. Entrepreneurs from traditional car companies see the Internet as an industry

Li Shufu, chairman of Geely Holding Group, expresses his views on Internet car making almost every year.

In 2015, he said at the Wuzhen World Internet Conference that in the future, the automobile industry must be dominated by automobile enterprises, not Internet companies. Without the soul of the body, the soul must still be attached to the body.

In 2016, at the third International Automobile Safety Summit Forum, he scolded companies that don't know cars and do n' t have much money

Of course, Li Shufu's view is not an example.

Lexus China Deputy General Manager Zhu Jiang believes that the Internet car is like selling stories to capital. BYD board chairman Wang Chuanfu also publicly bluntly, the Internet car is a joke.


Wang Chuanfu, President of BYD Co., Ltd., handed over the electric bus K9 of BYD to Los Angeles City

Traditional car companies and Internet companies have different genes.In 2017, when the first car body in white of Xiaopeng automobile was offline, a group of Autobots and a group of Internet people stood on both sides and cried at the same time.

In the view of Internet players, on the one hand, they need to use Internet thinking to build cars; on the other hand, the high technical and technological barriers existing in the automobile industry can be quickly broken through through the recruitment of professionals. Therefore, in 2015, almost all the Internet car companies have been setting up teams and raising price codes, constantly digging from traditional car companies.

Li went abroad 17 times a year to dig up Mr. Zheng, chairman of Fiat China, Martin Maserati CEO、 global managing director of Ford's European CEO and Mazda

Jia Yueting found Lu Zhengyu, former general manager of Dongfeng Infiniti and Ding Lei, former general manager of Shanghai GM.

In the wave of car building, there are also many who want to stand on their own mountain, such as Shen Hui.


Shen Hui, founder, chairman and CEO of Weima automobile

Shen Hui used to work in big car companies such as Fiat, Volvo and Berger Warner. The industry's deepest impression on him is Volvo's M & a war. In 2009, Geely acquired Volvo with the momentum of snakeswallowing the dragon. Li Shufu was in charge, and Shen Hui was in the front, which made him famous in the first World War.

Later, Shen Hui joined Ying Yilun's Botai car making plan. After Botai failed, Shen Hui founded Weima automobile, and entered the new power track of car making. At the same time, Shen Hui won the investment of Tencent and Baidu. Shen Hui said that there are 20 years to go from the age of 45 to the age of 65. If you don't do something in your life, it's a pity.

In 2015, Li Xiang also grasped the tail and established car and home (the predecessor of the ideal car). However, his motivation was relatively simple. He felt that he didn't like the cars at that time. The world was changing too fast and the car was changing too slowly. He wants to be a small and beautiful enterprise that can change this situation.


Li Xiang, founder and CEO of ideal automobile

Some people regard Li Shufu's and Wang Chuanfu's comments on Internet car making as a kind of well intentioned persuasion.

But at that time, the market had just started, the bubble blew bigger and bigger, everyone was full of expectations, after all, many people only rely on thin PPT and stories, can get the money of investors.

If the capital hears the story more, he is bored, and it is time to see the real chapter. Every car manufacturing company ppt said in the end is a mule is a horse, and eventually they have to take it out for a walk.

On this side, some people began to fall down and resigned to return to their hometown.

In the same year, the Ranger was in trouble because of the broken chain of funds

In 2016, Google and apple abandoned car building.

Google is codenamed

On the other side, someone walked out of the PPT and rushed to the exam room at night.

In March 2016, singularity held its first press conference. Shen Haiyin put a concept car on the stage and told everyone that Internet car making is not ppt car making.

A month later, LETV presented the Lesee concept car at the auto show held at the Beijing International Exhibition. Jia Yueting stood by the car, red eyes, several sobs. No one expected that at the end of the year, LETV was in crisis because of its broken capital chain. Jia Yueting fled to the United States to evade debts. The story of LETV's car building had not officially appeared.

In September 2016, Xiaopeng automobile released its first model; in October 2017, it launched its first product, becoming the first enterprise in the new forces to complete mass production. In the same year, Weilai released its first car ep9, known as the world's fastest electric supercar. Li Bin gave the first six of this car to Liu qiangdong, Li Xiang, Ma Huateng, Lei Jun, etc.

At the end of 2017, Li Bin took the self driving Weilai es8 on stage again, and held a luxurious conference: including 8 airplanes, 60 high-speed rail cars, 19 five-star hotels and 160 buses, and invited 5000 es8 prospective users and Menglong band to appear. It is said that the press conference burned 80 million yuan of Weilai.


After the press conference, some people say Wei Lai is

And Wilma, which also announced its first mass-produced car in December 2017 EX5, Internet car makers seem to have really eliminated the original

The capital market has also given full enthusiasm. Throughout 2017, 63 new energy vehicles were invested, with a total amount of 43 billion yuan. However, these funds are far from enough for the new forces of car making.

Li Bin originally thought that 20 billion yuan would be enough. Later, he found that 20 billion yuan was just the threshold for making cars.

He Xiaopeng also said in his microblog that he used to think that 10 billion yuan was too exaggerated to watch others make cars. Now he jumps in and knows that 20 billion yuan is not enough.

In the wave of new energy vehicle manufacturing in the United States, there were also three giants: Fisker, Goda and Tesla.

But only Tesla stands out. In 2013, coda and Fisker went bankrupt one after another. The reasons behind this are worth pondering.

Coda's core technologies, including batteries, adopt the outsourcing production mode, which leads to a high degree of dependence on the external, and reduces the company's ability to control the operation and risk of the enterprise.

Fisker attached importance to appearance, but in 2011, there were quality problems, which led to the negative flying all over the world. The capital market no longer paid for it, and the capital chain was broken, thus falling.


Karma, Fisker's first electric car, and its founder, Henrik Fisker

Before that, almost all Internet car making forces have chosen OEM mode. First, car making is a money burning job, but self built factories need more capital, which is really not affordable. Second, OEM is an asset light mode. If the production is entrusted to the OEM enterprises, more resources can be put into R & D. at the same time, compared with self built factories, OEM production is faster and can seize the market opportunity.

Both Weilai and Xiaopeng almost all choose OEM. The former looks for Jianghuai Automobile, while the latter relies on Haima automobile. Li Bin even said that the factory of Porsche is not as good as that of Jianghuai.

But people from traditional car companies, as well as ideal cars, started by choosing to build their own factories, because contract manufacturing will make production standards, quality control and other aspects difficult to control, Shen Hui once said:

In 2019, the spontaneous combustion of Weilai automobile also makes a big question mark for OEM mode.

As early as the release of Weilai es8, some people had raised questions about the quality of OEM products. At that time, Li Bin was about to cry about this question. It's not that he didn't want to build his own factory. In 2018, Weilai once announced that it would build a factory in Shanghai. However, Tesla was the first to settle down in Shanghai, and Weilai had to find another mountain, so he temporarily gave up the self construction plan.

While the model was questioned, Tesla entered the Chinese market. With the decline of the car market in 2019 and the decline of subsidies for new energy vehicles, the new forces of car making generally can not get financing, and the capital market has regained its rationality. If you want money, you can only talk about mass-produced products.

In terms of data, from January to October 2019, Weilai delivered 14867 vehicles, Xiaopeng G3 delivered 11944 vehicles, and Weima delivered 14286 vehicles. However, as the top three new car makers, they have only achieved 37.16%, 29.86% and 14.29% of the whole year's sales targets. The sales volume of new energy vehicles of BYD alone far exceeds the total sales volume of the new auto makers.

Zhang Wei, chairman of cornerstone capital, said in an article:

Some people think that Zhang Wei's words are too fierce,But it is undeniable that the capital market is becoming more and more conservative to the new forces of car making.In the whole of 2019, almost only Weima and ideal automobile have successfully raised funds.

2019 seems to be the hardest winter for many enterprises.

First, the singularity car was disclosed. As early as the end of 2018, it was difficult to pay wages.

Because of the endurance problem, Xiaopeng automobile has fallen into the collective rights protection storm of car owners. He Xiaopeng later revealed in an interview with we media "Department of animal building" that he was seriously ill in this storm.

In addition to he Xiaopeng, Li Xiang also suffered from insomnia at the beginning of last year.


Of course,

However, Li Bin is still optimistic. Li Bin responded at the Global Founder's Conference last Decembe

Since 2020, the second half of the war began.

On the one hand, the market shuffle accelerated, eliminating the naked swimmers.

Byton Motor announced that all companies in China (excluding Hong Kong) will stop production from July 1, 2020.

Bo County car notice said: the company since June 15, the full staff on duty, during the payment of living expenses only 2480 yuan / month, no longer enjoy holidays and benefits. Wong Ximing, founder of Bojun Motors, said:

Jiangsu sailin automobile once announced in a high-profile that it would produce super sports cars in China, but it has been in deep trouble since June 23. Factories and office buildings have been closed down, accounts have been frozen, and a lot of debts have been owed. Wang Xiaolin, chairman of the board of directors, learned from Jia Yueting and fled to the United States to evade debts.

In a few years, the number of new Chinese car makers has dropped from more than 100 to about 40.

On the other hand, in addition to Wei Lai, car-making new forces have been or are on the self-built or self-built contract co-existence model.For example, in the first half of the year, Xiaopeng automobile purchased 100% equity of Fudi automobile with 16 million yuan, obtaining the production qualification and the possibility of building its own factory.

In April, Weilai and Hefei reached an agreement on the settlement of China's headquarters and obtained 7 billion investment. This money will bring Weilai back to life. Weilai will also set up a R & D, sales and production base in Hefei to build a Chinese headquarters operation system centered on Hefei.

More Internet bigwigs are also taking part in this race.

In 2019, Wang Xing, the founder of meituan, led the investment of ideal car, and this year, meituan led the investment in round D financing of ideal automobile.

Wang Xing is very optimistic about electric vehicles, he said on the meal:

In Wang Xing's opinion, the top 3 of the new forces will be ideal, Weilai and Xiaopeng in the future pattern of Chinese automobile enterprises.


Wang Xing, founder of meituan

But at the beginning of the year, Shen Hui wanted to bet with Wang Xing that Weima would be one of the top 3. After all, in May this year, only eight auto companies produced and sold new energy vehicles, and only four of them sold tens of thousands of vehicles, namely Weilai, Xiaopeng, Weima and ideality.

There is also a saying in the industry that the Big Three

After the waves, these new forces seem to be ready for the second half of the competition.

Yesterday (July 30), ideal car was successfully listed on NASDAQ. Li Xiang, 39, whose fortune soared by more than 20 billion yuan overnight, finally brought his ideal into reality.

Xiaopeng automobile also continuously spread the rumors of listing.

But the second half was not easy.

This year's new policy on subsidies for new energy vehicles stipulates that the price of subsidies should be less than 300000. For this reason, Tesla announced that the starting price of the upgraded version of the domestic model 3 standard before subsidy dropped from 323800 to 291800.

It is against China

On the market, facing the media

In the second half, it was the beginning of a real close fight.

reference material:

American Electric Vehicle

"Three Years ago the rise of the Internet car-making tide, creation and disillusionment coexist"

"Hundreds of billions into China's car-making new forces carnival, who is building cars? Who's paying? Who's locked up? 》

"The Master of Animals - Domestic Killers"

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