Auto released its second quarter financial report up to June 30, 2020, which is also the best performance financial report in the history of Weilai automobile.
according to the financial report, the revenue of Weilai automobile in the second quarter was 3.718 billion yuan, with a year-on-year increase of 146.5%, and a net loss of 1.176 billion yuan, a decrease of 63.6% year-on-year, which is better than the expected net loss of 2.597 billion yuan.
at the same time, Weilai automobile has achieved a quarterly delivery volume of over 10000 for the first time. According to the financial report, the car delivery volume in the second quarter was 10331, compared with 3553 in the same period last year; the increase in the delivery volume made the gross profit rate of Weilai automobile from negative to positive, and directly led the company’s overall gross profit rate to positive for the first time.
with the expansion of delivery volume, the marginal cost of Weilai automobile has decreased. At the financial report meeting in the first quarter of this year, Li Bin, chairman and CEO of Weilai automobile, said that Weilai automobile is expected to achieve a gross profit margin of more than 5% in the second quarter by reducing the manufacturing cost of single vehicle.
automobile sales revenue is the core revenue of Weilai automobile. Among the 3.718 billion yuan of revenue in the second quarter, the revenue from automobile sales was 3.486 billion yuan, accounting for 93.8%.
against the background of the year-on-year increase in delivery volume, the strong growth of automobile sales revenue has brought about the first time that Weilai automobile has realized the positive operation cash flow. The gross profit margin of Weilai automobile business in the second quarter was 9.7%, which was – 24.1% in the same period last year and – 7.4% in the first quarter of this year.
Weilai automobile currently has two mass production vehicles, ES6 and es8. According to the financial report, of the 10331 vehicles delivered by Weilai in the second quarter, they were 8068 ES6 and 2263 es8 respectively.
according to the latest data of Weilai automobile, 2610 ES6 and 923 es8 vehicles were delivered in July. By July 2020, the cumulative deliveries of es8 and ES6 will reach 49615.
by comparison, the delivery volume is far behind the ideal of Weilai automobile and Xiaopeng. The former has just been listed, while the latter has submitted the prospectus and is in the process of preparing for listing. In the future, the fate of the three new car manufacturing enterprises in the capital market will be bound together to a large extent.
in the third quarter, Weilai auto is expected to deliver between 11000 and 11500 vehicles, representing a year-on-year increase of 129.2% – 139.6% and a month on month growth of about 6.5% – 11.3%; its total revenue will be between RMB 4.047.5 billion and RMB 4.212.3 billion, which is expected to set a record revenue record in a single quarter.
“the delivery volume of Weilai automobile increased rapidly in the second quarter, which may be mainly affected by the suspension of production during the epidemic period. Some orders need to be delayed, and some will even be postponed to the third quarter. At the same time, the sales growth of ES6 is also the driving force, “an automobile industry analyst who did not want to be named told Sina Technology. However, compared with the ideal of late delivery and Xiaopeng, the product competitiveness of Weilai automobile is also in decline.
up to now, Weilai has only two mass production vehicles, namely, the Weilai es8 delivered in June 2018 and the ES6 delivered in June 2019. By comparison, the ideal one will be delivered by the end of 2019. In addition to the first model G3, Xiaopeng’s latest model P7 has also been delivered recently. At the same time, Weilai ES6 and es8 are equipped with 70kwh battery packs, which are at a low level in terms of endurance.
ec6 is the third mass production model of Weilai automobile, which is defined as sedan SUV, competing with Tesla’s model y. At the same time, this product has a comprehensive operating range of 615km and carries a 100kwh battery pack.
it will be a part of the delivery volume of Weilai automobile in the third quarter. Li Bin was officially listed on the wire day following the financial report, with a price of 368000 yuan before subsidy. The order exceeded expectations. At present, Weilai automobile is promoting the mass production of ec6 as planned and is expected to start delivery in late September.
Weilai released ec6 on NiO day in 2019, but did not announce the price at that time. “We need to wait for information from other competitors,” Li said at the scene
at that time, Weilai automobile was already in a very tight financial chain, and there was no news about the mass production of ec6. Until the beginning of 2020, Weilai automobile has obtained more than 7 billion yuan of capital injection from several state-owned investors in Hefei, and ec6 will have the possibility to achieve mass production on the market.
at the Chengdu auto show in July 2020, Weilai automobile officially announced the price and delivery information of ec6. “I’m not really optimistic about ec6 sales. But the delivery of ec6 is one of the highlights of Weilai automobile in the third quarter. ” An analyst familiar with Weilai said that the main reason is that the price difference between ec6 and ES6 is not great, and the performance is almost the same, but the ES6 that has passed the market test may be more attractive.
but the Hefei factory of Weilai automobile is increasing its production capacity. Li Bin revealed in the conference call that the manufacturing team of Weilai automobile is upgrading the production rhythm of Hefei factory from 15jph (vehicles / hour) to 20jph. At the end of August and the beginning of September, the Hefei factory of Weilai can reach the full supply chain capacity of 4500-5000 units per month.
just like Weilai ec6, the next two quarters will also be a very critical period for Weilai automobile. Out of the shadow of “the most miserable person in 2019”, Li Bin began to slowly move towards the bright.