The new trend of building a new force, really can do it requires a very strong resource integration capability, which is a capital-intensive war.
The story of the new power financing of the car continues.
On April 15, Aichi Automobile announced the completion of the latest financing. At this point, Aichi has completed three financings in the past year, and the total financing is expected to be around RMB7 billion. On March 31, Ranger Motor announced that it had completed the B round of financing. The financing amounted to RMB 5 billion and the accumulated financing was RMB 6.22 billion.
At the same time, however, with the centralized delivery of production cars in the second half of the year, several head enterprises that are new to the car will soon be ready to meet the test of the market.
As the three new vehicles that have completed the most financing and BAT strategic investment blessings, the new cars of Weilai Auto, Xiaopeng Automobile and Weimar Automobile have successively completed the launch or offline of the production vehicles, and said that they will complete this year. The delivery of the first batch of users, they will be the first batch of "eat crabs" in the new forces of the car.
However, for “making car dreamersâ€, from manufacturing to delivery, it is only the first step to survival. In the competition to seize the window in the next two or three years, the new forces of car construction have begun to think about future development and plan for a long-term strategic layout. The delivery of the production car is just the beginning of this capital war "burning money."
First question: Can the listing be done once and for all?
How much does it cost to build a car? Li Bin, Chairman of Wei Lai Automobile, He Xiaopeng, Chairman of Xiaopeng Automobile, and Shen Hui, Chairman of Weimar Automobile, gave the unanimous answer: 20 billion.
Li Bin once said in public that if there are no 20 billion people do not want to build a good car. He Xiaopeng also sighed on the social platform: "I used to think that other people made cars and think that 10 billion is too exaggerated. Now when I jump in, I know that 20 billion is not enough."
Shen Hui also said in an interview with the media: "The future will be the most expensive three years. It is impossible to have enough financing in the early stage. Even a team with strong R&D capabilities and industry supply chain experience will have at least 20 billion. The yuan can only be burned to the market." Indeed, they are all "finding money" with this number.
According to public statistics, the current financing amount of Weilai and Weimar is about 15 billion yuan and 12 billion yuan respectively. The current financing of Xiaopeng Automobile has exceeded 5 billion yuan. Although the amount of financing for the three companies is already considerable, there is still a certain distance from 20 billion.
On April 9, He Xiaopeng revealed that the company plans to raise more than 10 billion yuan this year. This important task will be handed over to Gu Hongdi, the new vice chairman and president of Xiaopeng Automobile in March this year.
On April 13, reporter Yu Xiaopeng saw Gu Hongdi in the conference room of the shared office space rented in Beijing. This is very "Internet."
Gu Hongdi, who walked out of Wall Street, had been a investor in Morgan Chase for 14 years. Prior to joining Xiaopeng Automobile, he was the chairman of JP Morgan Asia Pacific Investment Bank and had many years of experience in investment, financing and mergers and acquisitions. It is understood that Gu Hongdi will be responsible for the global strategy, finance, financing, international cooperation and mergers and acquisitions of Xiaopeng Automobile.
"The new force of building a new force, really can do it requires a very strong resource integration capability, and it needs sufficient capital to fight. This is a capital-intensive war." On April 13, Gu Hongdi said in an interview with reporters. .
However, for new forces that are constantly financing, the demand for capital is no longer simply a matter of money when entering the market. They value the resources that investors can bring.
"Money is an important resource, but it is not the only resource. How can resources integrate the strategic resources of the fund side? From Xiaopeng's point of view, whether it is the capital connection with Ali or Foxconn, not only for money, but also for hope. Being able to open up resources and be able to deploy to larger business scenarios in the future." Gu Hong said.
Equity investment will dilute the interests of shareholders while bringing in more funds.
In Shen Hui's view, Weimar's current financing situation has been able to meet the planning of the next three to five models. "We are only interested in strategic investors now, and there is not much interest in pure financial investment. Because we are not short of money, it is mainly strategic to let investors come in." On April 11, Shen Hui said in an interview.
In addition to financing, the plans for Weilai and Weimar's listing have been put on the agenda. Xiaopeng Automobile will have many years of investment banking experience, and it is believed that it wants to rely on its many years of investment banking experience to prepare for the listing. At the time of JPMorgan Chase, Gu Hongdi participated in the capital financing, mergers or acquisitions or corporate restructuring transactions of Alibaba IPO and companies such as Xiaomi, Ctrip, Baidu and Shanda.
However, in Gu Hongdi's view, for the new forces of the car, the opportunity and risk of listing are both in need of adequate preparation and evaluation, and the purpose of the listing and the ability to continue to have financing after listing.
"I won't be listed on Xiaopeng Automobile, and the company will not let the listing become a major job because of me. I will be very concerned about the dynamics of the market, the dynamics of the industry, the dynamics of competitors and capital markets, and Judging according to the company's own situation. Listing does not mean once and for all, no longer have to worry about financing. After listing, it may be a short-term one-time financing, which will hurt the company even more." Gu Hong said.
Second question: How long after mass production can make money?Entering the mass production stage, the new power of the car will pay more attention to the strategic significance of financing, while the attitude of capital will become more rational and cautious.
“Now capital is relatively active, but capital is highly focused, and we hope to cooperate with the head enterprises. Capitalized enterprises will have more and more capital, and enterprises without capital will have less and less capital, and the more they will divide. The more obvious it is," an investor told reporters.
In other words, the head enterprises tend to gather more capital, and the possibility of success under capital blessing will be higher. However, a real problem is that after the mass production is completed, it takes a long time for the new power of the car to make a profit. After all, even Tesla, which already has a place in the global new energy car market, lost $1.9 billion last year.
"So far, all new car-building forces have not sold or delivered the car. For the capital market, after this point in time, the company generates cash flow and has heavy assets. For the financing structure, There have been great changes. The new forces have been more like Internet companies before they built their cars. There is no other way to finance them by equity financing. The structure of financing will change greatly from next year." The above-mentioned investment circles told reporters.
For China's new forces to build cars, after completing the construction and mass production, marketing, branding, and channel construction also require continuous investment of funds. In other words, the new forces to build a car "burning money" will be a protracted war. The cruel reality test is whether capital has enough patience for them in this process and supports them as always.
In the next 2-3 years, capital will begin to assess which new car-making forces have more investment value and profitability. Once the new forces of the car lose the trust of capital, the capital chain breaks and is eliminated by the capital market.
For the new forces of the car, if they have more funds at this stage, they will be given some room for error. "If there is only this fund, there may be no accident. If you maximize your capital adequacy ratio or space, it will be one of the advantages of survival competition in the future." Gu Hong said.
Recently, some media reported that Weilai’s capital chain had problems, but Li Bin denied this. What can be seen is that, in a short period of time, even if the delivery of the first batch of production vehicles is completed, the speed at which the new forces will make money “making money†will not be able to catch up with the speed of “burning moneyâ€.
Tesla, which has suffered a loss for 13 years, is an important reason for its valuation to surpass GM and Ford. Although it faces serious capacity problems, its products have great market competitiveness. “As an investor, Tesla has no brand risk, no product risk, and there are orders on hand, but it can only be delivered quickly. This will affect its valuation, but it will not affect its survival.†Gu Hong Said.
In other words, in order to get the continued support of the capital market, the urgent task of the domestic new forces to build a car is to create a competitive product. "In the next 1-2 years, whether it is possible to produce products that satisfy consumers is the biggest challenge for new car companies." On April 10, Ming Ming Capital Partner Huang Mingming said in an interview.
The third question: Can you reach 100,000 in three years?To a certain extent, the new forces of building cars to speed up the pace of building cars in the early stage are to attract capital. However, the market performance of the first car will largely affect the attitude of capital follow-up. "There are only two or three years in the future. If you can't reach 100,000 units in this period, you can't live." Shen Hui said.
In order to seize the wind, it is necessary to build the car in the fastest time. This is the consensus of the new forces of the car. However, because the “new energy vehicle production qualification†issued by the National Development and Reform Commission was not obtained, the three new vehicles have chosen two ways to “save the countryâ€: Weilai and Xiaopeng respectively chose to work with Jianghuai and Haima, while Weimar passed Holding Zhongshun Automobile has obtained new energy production qualification. On March 28th, the production line of Weimar New Energy Automobile Intelligent Industrial Park in Wenjiangkou, Wenzhou, Zhejiang Province has been fully integrated. This is the first intelligent new construction vehicle to be built and put into production. Vehicle factory.
In the eyes of Shen Hui, a traditional auto company, the foundry made him sleepless. "We believe that it is a guarantee to hold the factory in hand, so that all the partners in the supply chain can guarantee that our products are of good quality, safe and reliable." Shen Hui said.
However, OEM also has an advantage. In an interview with reporters last September, Li Bin said that the advantage of foundry is that it can alleviate the financial pressure brought by heavy assets on the new forces of the car, and said that in the long run, Weilai will regard cooperative manufacturing as the main mode.
“Foundry is the necessary model because we have to build the first car. The factory in Haima is a brand new factory. It is actually a production plant specially designed for our cars. The equipment inside is specially made for us. The purchase of this is the deep cooperation between the two companies. A large part of the employees are also from Xiaopeng Automobile. In fact, we are also practicing the production and management of the factory. The Haima factory is half a certain degree. Our factory." Gu Hong said.
However, the market performance of the first car of the new car is not only related to the subsequent judgment of the capital on the new forces of the car, but also affects the brand and image of the company. Therefore, the first one must not only be made fast, but also be made "good." Under the OEM model, the product quality problems of the new forces have caused doubts in the industry. The question is how deep the cooperation between the two sides is, and whether the foundry can complete the new forces' expectations of capacity and product quality. Weilai originally planned to deliver the first batch of users in April, and it seems that time may be delayed. “Jianghuai’s attitude towards helping Weilai’s foundry is not positive.†On April 13, an insider told reporters.
Controlling product quality from the source and taking production capacity into account is now more “reliableâ€. It is worth noting that Xiaopeng Automobile and Weilai, which are speeding up the foundry, started to build their own factories. It is reported that Weilai Automobile Factory has been selected for Shanghai Jiading, and Xiaopeng Automobile has confirmed that its self-built factory will be settled in Zhaoqing, Guangdong, in May 2017, and will be put into operation at the end of next year.
Fourth question: How to lay out the future?In order to complete the car, the new forces are also thinking about how to realize the entire industrial chain layout from manufacturing, sales to travel, and a longer-term future strategy.
On April 9th, at the Boao Forum for Asia “Future Traffic†sub-forum, He Xiaopeng proposed the “three-step†strategy of Xiaopeng Automobile: the first step is to build a good car, and the second step is to drive China’s autopilot and The Internet capability is put in, and the third step is to develop intelligent transportation for the future.
Coincidentally, two days later, on April 11, Weimar Motors and Hainan Provincial Transportation Investment Holdings Co., Ltd. announced the establishment of a joint venture company to lease time-sharing in Hainan's layout of tourism scenes. Two days ago, Shen Hui, who appeared in the same forum with He Xiaopeng in the same forum, came to Haikou from Boao and introduced Weimar’s “three-step strategyâ€: the first step is to achieve mass production, the second step is to To create a smart share of travel, the third step is to go global.
Weimar's cooperation with Hainan's traffic control has opened up the second-step strategy of Weimar Automobile with “smart sharing and travel†as its core. Subsequently, “GETnGO†will be a travel-oriented travel market with the joint venture company, providing personalized and customized smart travel services for young consumers.
It is worth mentioning that in Weilai's plan, there is no strategy for selling companies and service companies, but through product landing and service innovation to form a complete travel service puzzle.
On March 29th, the reporter found at the Weilai Center in Wangfujing, Beijing. Although there was only one car in the store, there were quite a lot of consumers who came to inquire and experience. The reporter learned that, unlike the traditional 4S shop, in addition to the display function, the Weilai Center does not have the function of sales and maintenance.
“Users are at the core†seems to be becoming the collective slogan of new forces in the car. New forces in the car are not willing to be simply classified as car manufacturers. As Shen Hui said, “Wei Ma is a data service company.â€
In the industry's view, the new forces of building a car may end up with only a few winners. Weilai, Weimar and Xiaopeng are the most powerful in building new forces. As the first new force to be tested, who can take the lead in being recognized by the market, the answer may be known as early as possible. However, in Shen Hui's view, the opponent has never been a new car, but a traditional car company. "We have nothing to do with the new forces of other cars. We need to expand the market together. The most important thing is who can compete with traditional car companies." Shen Hui said.
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