With the official release of the Q1 financial report, the three strong forces of car building, Wei Xiaoli, have all handed over their first report card since the beginning of the year to the outside world. Judging from the data, the ideal car has become a well-deserved front-runner.
In the first quarter, ideal delivered a total of 52584 new cars, followed by NIO with 31041, while Xiaopeng fell to 18230. By contrast, the ideal car is significantly ahead of the New Power in terms of sales. Sales have soared, driving ideal car revenue up sharply. In the first quarter, ideal automobile revenue increased by 96.5% to 18.79 billion yuan compared with the same period last year, with a gross vehicle profit of 19.8% and a net profit of 934 million yuan in the current period.
In the luxury car market of more than 300000 yuan, including traditional fuel vehicles and new energy vehicles, ideal cars have been firmly in the top five and are getting closer and closer to BBA. Different from NIO, although the products sold by both are priced at more than 300000 yuan, it is ideal that there are only three models, and the style is popular. It is worth mentioning that, in addition to the add-on program, ideal car has announced to enter the pure electric market, the first pure electric MPV will be released at the end of the year, followed by the launch of six pure electric models, "extended range + pure electric" walking on two legs is still worth looking forward to. Of course, how to do a good job of pure electricity is also a problem that the ideal car has to consider.
By contrast, the financial situation of NIO and Xiaopeng is getting worse and worse. Of this total, the total income of NIO was 10.677 billion yuan, an increase of 7.7% over the same period last year, the gross profit margin of vehicles was 5.1%, and the net loss for the current period was 4.804 billion yuan, an increase of 163% compared with the loss of 1.825 billion yuan in the same period.
Although the revenue of NIO has achieved positive growth for 12 consecutive quarters, reaching 10.68 billion yuan, the loss is also further expanding. Li Bin said, "as far as the current situation is concerned, the break-even schedule has to be pushed back. I hope it can be postponed within a year." Previously, in the March earnings call, Li Bin also optimistically predicted that the main brand business of NIO would be profitable in the fourth quarter of this year, and the whole company was expected to break even in 2024.
Before 2022, with the help of "866", there were few competitive products in the high-end and medium-sized SUV market, so it could kill Sifang. When there are more and more products in the 30-600000 SUV market, in addition to facing competitors such as ideals and questions, the "886" three models are also in internal friction with each other, lacking the characteristics of popular styles, making it impossible to reduce costs through economies of scale. As a service-oriented brand in the new power, in order to take care of the interests of existing users, Xilai insists on not making price adjustments, resulting in the loss of performance-to-price ratio in the competition, thus blocking the growth of new users. However, yesterday NIO unexpectedly announced a price reduction of 30, 000 yuan, of which ET5 entered the range of less than 300000 yuan for the first time.
Compared with NIO, Xiaopeng Motor is even more bleak, with total business of 4.03 billion yuan during the reporting period, down 45.9% from the same period last year, with a net loss of 2.34 billion yuan, an increase of 37.4% compared with a net loss of 1.7 billion yuan in the same period. Xiaopeng's quarterly gross profit margin fell to-2.5%, the first negative gross profit margin in Xiaopeng in the past three years. Xiaopeng said that this is only a short-term phenomenon. There was a relatively fierce price war in the automobile market in the first quarter. Xiaopeng also adjusted the prices of its products during the Spring Festival, with multiple factors superimposed, affecting the level of profitability.
Xiaopeng car sales began to decline in the second half of 2022, falling from 15295 in June to 5101 in October, falling for four consecutive months before returning to the 10, 000 delivery threshold in December. After entering 2023, Xiaopeng's situation is much worse than expected. In the first quarter of 2023, Xiaopeng had a total of 18230 new cars, down 47.25% from the same period last year. It is understood that this is Xiaopeng's fifth consecutive quarter-on-quarter decline.
In October 2022, Xiaopeng G9 was officially delivered, but its sales continued to be depressed, basically maintained at less than 1000 vehicles. In March 2023, Xiaopeng launched a medium-term revamped P7i to upgrade intelligent driving assistance, intelligent cockpit, performance and other aspects, but judging from the current market performance, P7i did not bring a significant boost to Xiaopeng's market. The company said it expects sales to be enlarged from June.
Although it is facing a relatively large market impact, Xiaopeng Motor believes that there are still opportunities and space for development. In he Xiaopeng's overall plan, the two inflection points of Xiaopeng's future are the G6 and intelligent technology, especially the Xiaopeng G6. In his view, the G6 will become a popular style in China's 20-300000 yuan new energy SUV market, driving Xiaopeng's total delivery volume to achieve a rapid growth far higher than that of the industry in the third quarter compared with the same period last year and month-on-month, forming the first sales inflection point after its strategy and organization adjustment. A few days ago, Xiaopeng G6 pre-sale from 225000 yuan, this is the SEPA2.0 "shake" the structure of the first model, positioning medium-sized pure electric SUV, the standard Tesla Model Y. It has to be said that the G6 is the masterpiece of Xiaopeng car that burns its bridges, and all available configurations and technologies have been used, but whether it can be recognized by consumers or not still needs to be seen step by step.
Among the three enterprises of Wei Xiaoli, the ideal is to take the lead in achieving profits, while NIO has always played a high-end role and made some achievements in service. coupled with the layout of changing power stations, it has been in high asset investment, and the loss is also much higher than that of other new power companies. As for Xiaopeng, it is the least optimistic in the current market, and it is also the enterprise with the heaviest sense of crisis, whose products cover a wide range of products, but the actual best-selling model is only P7.
According to the latest statistics, the total market capitalization of ideal cars in the United States is 32.467 billion US dollars, 14.177 billion US dollars, and 8.512 billion US dollars for Xiaopeng Motor. Yes, the market value of the ideal car has exceeded the sum of Xilai Motors + Xiaopeng cars.
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