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New energy eventually becomes Tencent and Ali's game

via:博客园     time:2020/9/20 16:34:51     readed:80

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Article / crooked way

Source: Askew Road (ID:daotmt)

Cao Dewang once said that (new energy car) is done by people with money, such as Mr. Xu Jiayin what, and capital boss, can do this thing.

Nowadays, Evergrande not only has its own money, but also has top capital.

On September 15, Evergrande announced that it would raise HK $4 billion through the placement of new shares to support the development of new energy vehicle business. On the list of investors, there are not only investment funds such as Yunfeng fund and Sequoia Capital, but also Internet giants such as Tencent and didi. To the surprise of the outside world, Ali and Tencent chose to join hands to invest in Evergrande.

Tencent and Ali have been in the field of new energy vehicles for a long time. Alibaba has invested in Xiaopeng automobile, with a shareholding of 14.4%. Tencent has repeatedly increased its holdings in Weilai, becoming the second largest shareholder of Weilai, and the company has also invested in Tesla.

The figure of the giant gradually appears in the power of car making. Will this air outlet be about Ali and Tencent again?

Evergrande has no money?

This time, Evergrande announced that in addition to making the car production funds more sufficient, it will also create opportunities for strategic coordination for the participants. Ali and Tencent have been deeply engaged in the field of Internet of vehicles for a long time, which helps Evergrande to seize a favorable track in the process of digital and intelligent upgrading. As for Didi, there is a large market for new energy vehicles in the field of shared travel.

Although the cooperation between Evergrande and the Internet giant is not only out of the need for funds, the outside world still has doubts about Evergrande's move. Not long before the fund-raising, Evergrande automobile just sold two subsidiaries to Jinbi property for a total consideration of 47.541 million yuan. The target of the sale was all the equity of Hengda Hengkang and jialize property management. Simply put, it is to continue to support the car manufacturing industry through the sale of equity.

Does this mean that the cost of car building is too fast, and it is too much for Evergrande? It seems that the capital market also has this worry. As the share price of this fund-raising is lower than yesterday's closing price, the stock price of Evergrande automobile fell in response, with the share price falling by 11.66% at most after the opening.

The last time Evergrande's shares plummeted, it was when it released six cars.

Evergrande's financial pressure comes partly from losses, but this is inevitable, not to burn money, and the other part may be related to Evergrande.

According to the interim report data in 2020, the total liabilities of Evergrande are 1982.642 billion yuan, which is close to the 2 trillion mark. Among them, non current liabilities totaled 506.001 billion yuan, long-term loans were 439.784 billion yuan, current liabilities were 1476.641 billion yuan, and short-term loans were 395.687 billion yuan.

According to the data in 2019, there are few real estate enterprises with short-term debt accounting for more than 45%, of which Evergrande accounts for 47%.

Evergrande has been a high debt ratio, but this year is different, the new rules set up

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It also happened that the new energy car was a rich man

Of course, there are connections. Ma Huateng, Ma Yun and Xu Jiayin all have a lot of friendship. As early as 2014, Ma Yun took a 1.2 billion stake in Guangzhou Evergrande Football Club under Xu Jiayin's name, and Evergrande held a 50% stake in the club after increasing capital and expanding shares. A year later, Xu Jiayin also began to cooperate with Ma Huateng to set up Hengteng Network.

In 2020, the two again cast Evergrande, is really interested in Evergrande's car building ability or background and ambition, we do not know.

Ali and Tencent: Capital Games

Around 2015, Internet companies and other industry giants have bet on new energy vehicles.

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The most visible first is the high profile

Jingdong has great interest in new energy vehicles. On the one hand, Liu qiangdong and Tencent jointly participated in Weilai round a financing, on the other hand, he strongly supported his friend Dong Mingzhu to enter Yinlong, and also ordered a large number of Yinlong new energy logistics vehicles.

Ali has more notes than JingDong. In 2014, Ali suddenly announced his signature with SAIC

In less than five years, however, the car-building failures emerge, giants begin to grow

In 2018, Zhuhai Yinlong was torn and spitting. Dong Mingzhu was angry and exposed Wei yincang's scandal of fabricating false projects and obtaining government subsidies in his early years. For a while, Yinlong's reputation was destroyed, which also announced the breaking of Dong Mingzhu's dream of making cars, and the hopes of Liu qiangdong and Wang Jianlin were also dashed.

JingDong vowed in 2017 to replace hundreds of thousands of vehicles in the system with new energy vehicles, but only 73900 in 2019.

Under Ali

As for Lifan, it is on the verge of bankruptcy.

Tencent is relatively lucky. Tencent became Tesla's fifth largest shareholder in 2017. According to people familiar with the matter, Tencent made a profit of more than $2 billion, which has been cashed out. Moreover, Tencent's shareholding ratio of Weilai is rising, and Tencent is firmly in the position of the second largest shareholder.

From entering to leaving, only Ali, Tencent and meituan, which have suddenly become high-profile recently, are the only giants active on the capital side. However, the impact of meituan on the new forces of car making is far less than that of Ali and Tencent.

Internet giant can only be the supporting role of new energy vehicles?

In 2018, after Tencent invested in Tesla, Tesla's built-in map data service provider changed from four-dimensional map to Tencent map. Only a month later, Tesla suddenly announced that its map service provider in China, from Tencent map to Baidu map. As for Amap, which is the most popular among netizens

Car map is only a local battlefield for giants to compete with each other, but it directly proves that Internet giants are passive in the car manufacturing industry.

From the development process of Weilai, Xiaopeng and ideal, without the continuous capital injection of giants like Ali and Tencent, Internet car building has long been in vain. However, different from the Internet outlets in the past, the strong influence of capital in the past determines the final outcome of the industry. On the new energy automobile track, the giants satisfy nothing more than the capital needs of the automobile enterprises. They are unable to drive the industry, but they have to rely on the automobile enterprises to realize their own wild hope in intelligent travel.

This is also why Tencent and Ali continue to expand the layout of new energy vehicles through investment. What they are fighting for is not the final winner in the car manufacturing force, but the huge Internet of vehicles market behind the new energy vehicles.

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But the cooperation between Internet giants and car companies is not smooth. Today, we see that more and more powerful auto companies are more inclined to build their own underlying systems to achieve the control of the core capabilities of automobile intelligence, and on this basis to build an open third-party service ecology, Tencent, Ali and other giants only as service providers, providing music, maps, voice, information and other services.

To a large extent, this choice was influenced by the falling out between Ali and SAIC.

Alibaba and SAIC set up zebra. Zebra was the first enterprise to provide overall solutions from the bottom system to the upper level services. In the early stage, it was precisely because of zebra's excellent Internet of vehicles system that SAIC Roewe got a lot of market reaction. However, in order to make zebra an open platform, Ali began to introduce car companies outside the SAIC system, which naturally caused the dissatisfaction of SAIC Group. Because once other car companies also use zebra's Internet of vehicles system, Roewe will lose a major advantage.

Ali wants scale and network effect, but SAIC needs to control high-quality competitive resources. The contradiction between giants leads to zebra driving high and going low, which also makes car companies pay attention to the construction of underlying system.

Of course, Tencent and Alibaba have to face a new competitor in order to seize the market of on-board operating systems and application services, which is Huawei. On the one hand, Huawei has actively promoted Hongmeng OS into the automotive field, and on the other hand, it has replaced Ali as a new technology partner of SAIC Group and the ecological partner of Huawei hicar, which has more than 30 automobile enterprises.

On the track of vehicle information service and digital operation, traditional vehicle enterprises, Internet of vehicles service providers and technology cross-border players have formed a positive confrontation. Internet giants influence the evolution of market structure through direct layout or indirect investment, but they are no longer the dominant.

Today, new energy vehicles seem to have evolved into a multipolar competition situation. The survival law of the Internet is no longer effective, and Alibaba and Tencent will also face more unknown.

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