Although the number one sales volume, but the loss is also gradually increasing. From 2016 to 2019, the total accumulated loss of Weilai automobile is 28.77 billion yuan. ]
some fell down, some were dying, and some survived temporarily. 2020 will be a difficult year for automobile enterprises, but it will be even more difficult for new automobile manufacturing enterprises without hematopoietic function.
“at present, no salary has been paid.” Mr. Zhang, an employee of byton automobile, said in an interview with the first finance and economics reporter recently. He said that employees of byton are generally in the state of no pay and stay. The company encourages employees to resign on their own initiative, which may make up the arrears of wages before, while employees who do not leave will receive zero wages, but the company will continue to pay social security and provident fund for employees.
since the beginning of this year, new forces of car making have been in danger. Because the financing plan was not completed on schedule and faced with great economic pressure, byton suspended its business operation in mainland China since July 1. During the shutdown period, only a small number of employees stayed on duty to maintain the most basic functions of the company.
at present, byton has burned 8.4 billion yuan, but it has not built a mass production car. In an exclusive interview with first finance reporter, a former global management of byton said: “the internal financial system of byton is chaotic, and there are indeed some problems in the overall audit mechanism. Often the money that should be spent is not spent, and the money that should not be spent is spent blindly. When I first joined in, a bill of 3000 yuan for two people for a meal appeared in the account of my department. In particular, there are almost no restrictions on reimbursement when going abroad. It is said that other departments have more ridiculous bills. Moreover, the authority of financial VP is too large, and they will deliberately prefer some familiar departments. Some departments will die of waterlogging and some departments will die of drought. ”
Dai Lei, CEO of Byron, once said in an interview with the media that startups need to spend too much energy to control costs. Cost control has become as important as making cars, and the company is unable to launch good products and push them to the market quickly.
but from today’s situation, byton has not done well in two aspects, and has initially tasted the bad results. Byton is a microcosm of many failed new car companies. However, the new forces of car making are not in a state of grief, but are beginning to polarize. The leading players have received assistance from the capital market to temporarily alleviate the pressure of “money shortage”.
according to the data released by the Travel Association, the top five enterprises of the new forces of car manufacturing in the first half of this year are Weilai, ideality, Weima, Nezha and Xiaopeng. Affected by the cold current of the new energy vehicle market and the impact of the epidemic situation, in addition to the ideal delivery at the end of last year, the other four companies all showed a year-on-year decline in varying degrees. Among them, the sales volume of Weilai, which ranked first, was only 14200, a year-on-year decrease of 32.35%.
with the recovery of the auto market, the sales volume of Weilai, Xiaopeng and other enterprises increased significantly in July. The sales volume of Weilai in July this year was 3522, with a year-on-year increase of 322.1%, reaching a record high in a single month, with a cumulative delivery of 17702 vehicles from January to July; the new car Xiaopeng P7 of Xiaopeng automobile achieved a monthly delivery volume of 1641 in July, becoming the fastest model of scale delivery and start-up among the new forces of car manufacturing.
Wu Hui, general manager of Research Department of Ivey Economic Research Institute, said recently in an interview with first finance and economics reporter that Weilai and other leading enterprises with an average monthly sales volume of more than 1000 vehicles are expected to occupy a place in the future automobile industry, but they are not profitable and need to develop through external financing, and they still lack hematopoietic function, so it can not be said It’s gone through the dark and can only be said to be profitable like Tesla.
data released by Soochow securities on July 28 showed that the financing amount of Weilai, Weima, Xiaopeng, ideal and Nezha were 33.1 billion yuan, 17 billion yuan, 15.5 billion yuan, 12.7 billion yuan and 6.27 billion yuan respectively.
Weilai and ideal have been listed in the United States in September 2018 and last month respectively. The market value of these two auto companies is more than $14 billion. Xiaopeng also formally submitted IPO documents to the US Securities Regulatory Commission on August 8. In July and August, Xiaopeng automobile completed the C + and C + + round financing respectively, with a financing amount of more than 947 million US dollars, in which Alibaba, hillhood and Redwood participated. Before IPO, Xiaopeng auto is expected to hold more than 8.5 billion yuan of cash assets, and its cash reserve is better than that before Weilai auto and ideal auto.
affected by the recall and other events, Weilai’s stock price plummeted in 2019, the capital chain was facing collapse, and the core financial personnel left. Weilai, who was in trouble, had to start a large-scale layoff, and even was once said to be looking for a catcher. However, Li Bin, the founder of Weilai, ran around to save the company, and soon carried out three convertible bond financing, raising a total of 435 million US dollars. In April this year, Weilai also received 7 billion yuan of financing from Hefei municipal government, and then obtained 10.4 billion yuan of comprehensive credit in July to further ease the company’s shortage of funds. It plans to continue to invest in R & D, market system establishment and operation, and base construction.
at present, the head enterprises are relatively given a chance to breathe, but many new car manufacturing enterprises are not so lucky. Beiteng, sailin and Bojun, which are also positioned in the middle and high-end markets, have been in crisis. From the perspective of financing amount, the financing amount of the above three enterprises did not exceed 10 billion yuan. At the same time, they were established late and had a long period of car manufacturing. So far, they have not launched mass production models. In addition, they lack experience in cost control, and finally got into trouble due to lack of funds.
“the new forces of car making must rely on capital to survive. The top priority is to solve the problem of capital.” Cao he, President of quanlian vehicle Investment Management (Beijing) Co., Ltd., told reporters that the new forces of car making should constantly raise funds to promote production and manufacturing. Now the financing of new forces of car making is in the initial stage, and the follow-up development still needs a lot of capital support.
from the perspective of the new forces of car making in the head, there are Internet giant platforms behind them. Among them, Tencent is the second largest shareholder of Weilai, and Alibaba is the largest external shareholder of Xiaopeng. After the ideal listing, Wang Xing and meituan held more shares than Li Xiang, so he became the largest shareholder of ideal automobile. And Baidu’s related parties have successively participated in Weima round B and round C investment.
in contrast, the financing parties of new automobile manufacturing forces such as Byron and Bojun are relatively single, and most of the financing comes from regional capital. For example, byton’s main investors are FAW Group and Nanjing municipal government, Bojun’s investors are mainly from Nanjing and Tianjin governments, and sailin’s major shareholder is state-owned shareholder Nantong Jiahe.
“the situation of the new forces of car making has changed. In particular, there have been some cases of failure. As a result, local governments have become more cautious about the new forces of car making, and some funding standards have become more stringent. Previously, the government’s enthusiasm for participating in a new automobile manufacturing force is eager to obtain manufacturing projects that can drive the investment of the entire industrial chain, so as to drive the local economy and employment. ” A senior manager of a new automobile manufacturing force told reporters from China first finance and economics that the management of the new automobile manufacturing force plays a decisive role in the development of the enterprise to a large extent, and the background of the founder is also very important in the eyes of investors.
it is worth noting that the founders of Weilai, idealist and Xiaopeng have Internet entrepreneurship experience. Li Bin, the founder of Weilai, is also the founder of e-Car, the first auto Internet company in China to be listed overseas. Li Xiang, the ideal CEO, started his business three times and went public twice. He Xiaopeng, chairman of Xiaopeng, was the co-founder of UC Youshi.
automobile is a capital intensive, technology intensive and long-term industry with long return on investment. “Burning money” is the only way to test the ability of automobile enterprises to reserve grain and grass for the long-term war of resistance against Japan.
according to the relevant financial statements and the prospectus, we found that although the sales volume of Weilai ranked first, the loss was also increasing gradually. From 2016 to 2019, the losses of Weilai automobile were 2.51 billion yuan, 5.14 billion yuan, 9.66 billion yuan and 11.46 billion yuan respectively, with a total loss of 28.77 billion yuan in four years, and the burning rate was even faster than Tesla. It is expected that the total loss will be 3.96 billion yuan from 2018 to 2019. Xiaopeng had a total net loss of 4.49 billion yuan last year and the first half of this year.
it is understood that the cost of new forces of car making is mainly reflected in R & D costs and sales costs (including operating expenses and personnel management expenses). In addition, some new forces of car making also spent a lot of money in order to “take land”. For example, singularity automobile has announced an investment of 8 billion yuan to build an automobile industrial park in Tongling, Anhui, an industrial park of 5 billion yuan in Zhuzhou, Hunan Province, and the Suzhou base being built.
and the main source of Weilai’s losses is the high sales and operating costs and R & D investment. For example, in 2018, the total revenue of Weilai automobile was about 5 billion yuan, but the cost of only paying employees’ salaries exceeded 4.1 billion yuan. At present, the head of the car manufacturing enterprises in the R & D investment is generally high. Among them, Weilai R & D personnel accounted for 50%, ideal R & D personnel accounted for nearly 40%, and Xiaopeng R & D personnel accounted for more than 60%.
according to a research report released by Soochow securities, the high management and R & D expenses affect profits. The revenue of Weilai bicycle is $51900, close to Tesla, while the management, R & D and depreciation costs are much higher than Tesla.
the above research report also pointed out that Tesla’s R & D expenditure totaled 46.8 billion yuan from 2010 to 2019, with annual R & D expenditure of about 1.5 billion yuan at the initial stage. Since 2014, the R & D expenditure has increased significantly, with an annual R & D expenditure of 9-10 billion yuan in the past three years. In 2019, the R & D expenditure of Weilai, a new domestic automobile manufacturing force, is 4.4 billion yuan, 2.07 billion yuan for Xiaopeng, and the ideal is 1.2 billion yuan. In the future, with the expansion of intelligent team and the research and development of new models, the R & D expenditure will further increase. From the perspective of capital expenditure, Tesla’s capital expenditure from 2010 to 2019 totaled 83.8 billion yuan. At the initial stage of domestic new car manufacturing forces, OEM mode was the main mode with less capital expenditure. However, with the increase of self built capacity of vehicle and tri electric system integration, capital expenditure will also increase.
the ideal car is very cautious about spending. Li Xiang once disclosed that 50% of the capital of ideal car is invested in R & D, about 30% in the factory, and less than 20% in personnel and marketing. In the second quarter of this year, the ideal gross profit margin increased to 13.3% from 8% in the previous quarter, while the loss narrowed to 75.2 million yuan from 77.1 million yuan in the previous quarter. Meanwhile, cash flow turned positive to 452 million yuan. On the one hand, the low R & D costs and on the other hand, it has strong cost control ability.
in an interview with the first finance and economics reporter, Zhang Yong, CEO of unison automobile, once said that the cost of car building is mainly divided into three parts: the first is the procurement cost of the supply chain, the second is the material system, and the third is the operating cost and amortization depreciation. “The procurement cost can only be obtained through the scale. The cost of material system can be reduced through technical means and design scheme, and through different product control systems.” Zhang Yong said the operating costs should be kept low enough.
it is worth noting that many new car manufacturing enterprises have experienced the stage of spending money like land in the early stage. A press conference of sailin was as high as 100 million yuan, and that of Weilai was as high as nearly 100 million yuan. In addition, byton branch is accused of spending 50 million yuan a year on snacks and thousands of yuan on a box of business cards for employees. First finance and economics reporter to verify this, but up to the time of publication has not been answered.
due to lack of funds