On the evening of August 21, Lifan Technology disclosed its performance report for the first half of 2023. According to the report, Lifan Technology's operating income in the first half of the year was 2.563 billion yuan, down 18.19% from the same period last year, of which Lifan Technology Automobile business income was 1.215 billion yuan, down 29.91% from the same period last year; net profit was 401.767 billion yuan, down 59.55 yuan from the same period last year; deducting non-net profit 30.583 million yuan, down 44.28% from the same period last year
The net profit of Lifan Technology halved, mainly due to the decline in sales of new energy vehicles. Data show that Lifan Technology vehicle sales in the first half of the year were 16982, down 3.03% from the same period last year, of which 10295 were new energy vehicles, down 17.95% from the same period last year.
In July 2020, Lifan issued an announcement that many subsidiaries were applied to the court for judicial reorganization by creditors because they were unable to pay off their maturing debts, and the company would be at risk of bankruptcy due to the failure of restructuring.
In December 2020, Lifan announced that the restructuring was successful, and the controlling shareholder was changed from Lifan Holdings to Chongqing Manjianghong Equity Investment Fund Partnership (Limited Partnership) (hereinafter referred to as "Manjianghong Fund"). Through the Manjianghong fund, Geely has become Lifan's largest shareholder, with a stake of 29.99%.
In December 2021, Geely announced that the company intends to jointly invest with Lifan Technology to establish a joint venture company, the target company registered capital of 600 million yuan, Geely Holdings and Lifan Technology each contributed 300 million yuan, holding 50%. In January 2022, the joint venture company jointly invested by Geely Automobile and Lifan Technology has completed the industrial and commercial registration procedures and obtained the business license issued by the Market Supervision Bureau of Liangjiang New area in Chongqing, China. it is named Chongqing Ruilan Automobile Technology Co., Ltd. ("Ruilan Automobile").
Since then, with the help of Geely, Lifan has successively launched the new energy vehicle brands "Maple Leaf" and "Ruilan", focusing on developing the B-end market and exploring special application scenarios such as taxis, ride-hailing and intercity lines. Data show that Lifan Technology sold 56816 vehicles in 2022, an increase of 1371.15 percent over the same period last year, of which 41142 new energy vehicles were sold, an increase of 979.84 percent over the same period last year. Of course, today's Lifan technology is no longer the former Lifan, but a Geely "sub-car company" with the name Lifan, that's all.
However, after entering 2023, Lifan Technology still did not perform very well, and the company's sales continued to shrink against the background of continued growth in sales of new energy vehicles in China. From January to July 2023, Lifan Technology sold 13873 new energy vehicles, down 13.62 percent from the same period last year.
For the ride-hailing market, Ruilan creates two power-changing models, Maple Leaf 80V and Maple Leaf 60S, but it is precisely because it focuses on the ride-hailing market that the two models are doomed not to have too much volume. In May 2022, Ruilan launched the Ruilan X3, which is actually a replacement of Geely Vision X3. In December 2022, Ruilan 9 officially went on sale with a price range of 10.99-129900 yuan. This is the first real new model of Ruilan Automobile.
On August 22nd, Ruilan 7 officially opened its pre-sale, and a total of four models were launched with a pre-price range of 13.37-163700 yuan. Ruilan 7 positioning pure electric compact coupe SUV, which is based on the new GBRC crystal architecture, uses rear rear drive layout and supports power exchange function.
According to Ruilan's plan, 5000 power stations will be built across the country by 2025. In short, Ruilan car has signed a life-and-death contract with the power exchange mode from the day it was born. Ruilan's success or failure will also be anchored in the day when the power exchange mode is proved to be "true or false", and the market will eventually give the answer and wait and see.
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