Weimar, who wants to go public, still can't give Baidu confidence

In early June, Weimar Automobile, who submitted the IPO application of Hong Kong stocks, once again became a hot spot. This is another new energy vehicle company that landed on the Hong Kong Stock Exchange after the "Wei Xiaoli" was listed.

According to Tianyan check data, Weimar Automobile has raised more than 35 billion yuan in financing so far. Let's check the new domestic car manufacturing forces: Before the listing, Weilai financing was 15 billion yuan, Xiaopeng was 18.8 billion yuan, and the ideal was 12 billion yuan. Weimar is the most funded technology company in the new vehicle construction forces.

After the largest shareholder Yajule's capital, Weimar Automobile has completed a total of 12 rounds of financing. Therefore, when Jia Yueting made countless PPTs but could not fade money, the founder of Weimar Automobile, which set up the Banner of Weimar Automobile, Shen Hui's first round of financing received a $ 1 billion financing of Yuema Capital. Since then, she has received 12 rounds of financing, with a cumulative over 35 billion yuan.

Weimar Automobile, which originally belonged to the "Four Little Dragons" of the new forces of the car, has been thrown away by Weilai, Xiaopeng, and ideals that have been successfully listed in recent years. Can Weimar Motors counterattack after listing? Next, who can the new forces stay in the market? The following three reasons may be able to answer questions.

01

Burning money is more than bleeding, loss of 10 billion yuan

In 2021, the car construction became popular in the industry. To play the transmitted car, the money is a lot of goodness. However, the construction of a car is always an industry that burns money, and the new forces are building a car. Looking at Boss Xu Hengchi's car, it has not invested hundreds of billions. Essence

Just as the founder of Weimar Automobile and CEO Shen Hui let out: "New energy vehicles are a long -term track. The score in the halftime is difficult to win and defeat. Weimar Motors always focuses on products and does not swing strategically, even though it is on the sound of sounds, although It may be smaller, but Weimar Motors is determined and capable of becoming the head in the medium and long -term track. "

The long -term track is to spend money for a long time. According to the Weima prospectus, Weimar lost 17.3 billion yuan from 2019 to 2021, of which 2021 lost 8.2 billion yuan.

▲ Picture: Official prospectus

In addition, the net loss of Weimar in 2021 was 5.362 billion yuan, compared with the net loss of 4.225 billion yuan in 2020, a year -on -year loss of 27%.

So, what are the main reasons for such a loss?

The first is the self -built factory. Weimar Automobile is the first car company to build a model 4.0 -standard factory in the new forces of the car. According to Weimar Automobile's official introduction, Weimar not only has a highly automated battery workshop, but also has a highly flexible AGV automation assembly line, but also the unique thermal management 2.0 system in the industry, which can be smashed out of practical money.

Secondly, the car company researcher Feng Tao said to the zero -state LT (ID: lingtai_lt) that the development of the self -system development of intelligent technology requires a lot of funds, so the previous financing was spent a lot of money. Weilai and Xiaopeng are foundries. Therefore, from the perspective of the industry, Wima's impact is very large to solve the problem of capital flow. The previous financing ammunition should not support Weimar Motor to continue.

A car analyst of a well -known domestic securities firm mentioned in his circle of friends that there are no tens of billions of investment, and new energy vehicles cannot be created. The car built into the era of competing for the "banknote ability". Weilai, ideal, and Xiaopeng's financial report have always been rewarded and not worried, how much revenue is, but not to say losses. The new energy car manufacturing company claims to see long -term benefits, and invested a lot of funds in the early stage of profit. However, car -making companies need to be verified in order to develop or make money.

02

The new car sells not enough

Sorry for this day's investment

Wima, who can break PPT cars in the early days, was still very good. CEO Shen Hui has the experience of auspicious car manufacturing. In March 2018, the EX5 production car is offline. Until now, this Weima EX5 is still the sales championship champion Essence Two years after EX5 launched, Weimar's sales have gone downhill and continued to go downhill.

▲ Figure: Screenshot of the data of car review network in May 2022

According to statistics from the Car Review Network, in May 2022, the sales of new forces of many cars were growing, and the decline in Weimar Motors seemed awkward. In the head of the head, only Weilai grows weak, and ideals and Xiaopeng have maintained rapid growth. Nezha and zero running as "latecomers" have also achieved good monthly sales of over 10,000.

Why can't Weima sell it? To a large extent, the new car in recent years is not good.

On Weimar's official website, the model platform is basically the same wheelbase and lacks differentiated models. Compared with the previous generation of EX5, the Wima EX6 increases the L2 -level auxiliary driving and panoramic sunroofs of automatic parking and automatic braking functions, and there is no other progress. Weimar car hit the economy -oriented impression in the early days, and the high -end cars launched later did not impress consumers.

In this regard, the researcher Feng Tao said to the zero -state LT (ID: lingtai_lt) that its intelligent technology level is very ordinary compared to other new forces of other cars. Compared with similar companies, Weilai focuses on high -end services. Xiaopeng mainly promotes hard nuclear technology. The ideal is the long battery capacity of the extension of the process. Weima is not as good as Weilai, Xiaopeng and ideals in terms of intelligent experience. In terms of cost -effectiveness, zero -run cars and Nezha cars have emerged, and in the domestic new energy vehicle market, it seems unsustainable.

In addition, on the sales channel, Weimar Automobile depends on offline channels. As of the end of 2021, Weimar has 621 offline stores in the country; while Weilai offline stores have less than 300 stores, covering 128 cities; Xiaopeng Automobile has 200 stores and covers 74 cities; 97 retail centers of the ideal car cover 64 cities in China. In contrast, Weimar relied too much on offline stores. Under the influence of the epidemic, sales were restricted. Also, Weimar Automobile's continuous car problem:

In August 2018, a trial vehicle of the EX5 trial vehicle in the Wama Chengdu Research Institute spontaneously ignited. In September 2019, a Weimar EX5 was on fire by a Weima EX5. On October 5, 2020, a Weimar EX5 new energy taxi in Shawu City, Fujian, spontaneously ignited without starting a static state and burned the vehicle. On October 13, 2020, a Weimar EX5 spontaneously ignited when charging. On October 27, 2020, a Weimar EX5 exploded in Beijing.

After the media reported and fermented by the media, they both caused a lot of negative impressions to Weimar Motors. This will lower the desire of consumers to buy, which is fatal to build a car for new forces.

There is an obstacle to Wima's core value output in the brand and product, which is a subtle influence. The positioning of the Weimar Market team is "trend" and "new youth", which is also promoted in many media advertisements. However, the highlights of Wima's products are not enough to support the trend of young people. In the past two years, Wima has adopted the moderate product settings at the propaganda port. Wima's brand and product voice volume has not been positive. These are all secretly damaging the overall positioning and tone of the Weimar brand.

03

Baidu's support is not enough

Geely's lawsuit is also hurting

The earliest publicity of Wima's W6 model was the blessing of Baidu technology, and then Baidu also invested in Weimar Motors. The information of Tianyancha showed that Baidu held 5.96%of Weimar's equity. In addition, Baidu has no other support. In fact, Baidu and Weima belong to the symbiotic relationship. Baidu's Apollo's autonomous driving project is very important to the group, but lacks the landing site. Wima is a landing project that was seen by Baidu. Baidu Apollo and Weimar Automobile jointly developed AVP independent parking technology, which is equipped with the third smart pure electric SUV model of Weimar Motor.

However, Wima is not the only one of Baidu. Baidu also held a car project with Geely at the same time. On June 8th, the first concept car Robo-01 named the collection was officially unveiled. It seems that Wima has made Baidu lose confidence.

A Baidu staff revealed that the zero -state LT (ID: lingtai_lt) rarely promoted cooperation with Weima, but only investing and technical cooperation. On the contrary, most of the most seeing Wima's propaganda and cooperation with Baidu's cooperation with Baidu's cooperation with Baidu Essence

Another investment consultant believes that Baidu participated in Weima's financing as early as 2017, but did not increase its holdings. This may be a evidence of Baidu's worry about Weimar. Wima's R & D team has insufficient capabilities, roughly calculated, the cost of Weilai R & D personnel is 10 times that of Wima.

Talking about Geely Automobile here, Geely is also the old owner of Weima CEO Shen Hui. Shen Hui has worked in Geely Group for many years to make great contributions to Geely M & A Volvo. At the end of 2009, Shen Hui joined the Geely Group as the vice president of the group and successfully traded Geely to acquire the Volvo project. Shen Hui led Volvo, who had lost money for years, turned to profit. But there are a lot of grievances with Wima.

Wima has been sued by Geely Motor since 2018. Geely Group complained that Weimar Auto infringed business secrets and claimed 2.1 billion yuan. The inventors of these patents are the technical backbones of the Geely subsidiary Chengdu Plateau Corporation.

It is understood that in addition to the prosecution of the relevant entities of Weimar Automobile, Geely Group also listed more than a hundred natural persons including Shen Hui as the defendant, and all have the experience of auspicious work.

From the many appeals of Geely, it can be seen that Geely has been angry with the old Dong family.

A new energy marketing engineer told the zero -state LT (ID: LINGTAI_LT) that from the perspective of the market users and entry users, traditional automobile companies such as Jilin BYD have advantages: because customer requirements are not high, only to meet policy needs, only to meet policy needs And low price. Therefore, traditional car companies can use existing platforms and technology to respond quickly. With the development of the Internet, the new forces of car building for consumers give consumers a different experience. Through digging people, it is the fastest way to have core intellectual property rights. Therefore, Geely's name is also the protection of its own intellectual property rights.

For Wima, it is especially important to increase the reputation and reverse the gap between traditional corporate brands with products and services. It is especially important to find its own positioning in the new forces.

In the second half of 2022, new energy will also be the keywords for economic development. However, the window period of the automotive industry is gradually closing. Wima still has a lot of variables in sales, reputation and positioning. Wima cars are not much time. You must know that the opportunity for new forces for car construction is only two or three years. If you ca n’t take the market share, it is basically goodbye.

Author ｜ Liang Xiao

Edit ｜ Hu Zhanjia

Operation ｜ Chen Jiahui

Produced ｜ Zero -state LT (ID: lingtai_lt)

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