AutoBeta(AutoBeta.net)09/03 Report--

As of September 3, ideal car, Wei Lai, Xiaopeng car six consecutive release 2023Q2 and 2023H1 financial report, but from the time, ideal car to obviously faster than Wei Lai, Xiaopeng car, whether sales or annual report usually published first, can show more self-confidence, and as the current market most "pure" car-making new force enterprise,"Wei Xiaoli" has appeared obvious differentiation.

The ideal car landed?

Since the fourth quarter of 2022, the ideal car has turned losses into profits, taking the lead in getting rid of losses in "Wei Xiaoli". In the first half of 2023, the net profit of ideal automobile is RMB 3.244 billion yuan, which has exceeded that of most domestic automobile enterprises, such as RMB 2.966 billion yuan of GAC Group, RMB 1.361 billion yuan of Great Wall Motor and RMB 1.571 billion yuan of Geely Automobile.

Among the key operating data, the total revenue of ideal automobile in the first half of the year was 47.44 billion yuan, up 159.31% year-on-year, among which the automobile sales revenue was 46.299 billion yuan, up 160.22% year-on-year. Behind the growth of ideal car revenue is a sharp rise in delivery volume. In the first half of the year, 139,100 new vehicles were delivered accumulatively, with a year-on-year growth of 130.31%, including 42,400 ideal L7 vehicles and 44,600 ideal L8 vehicles.

It is worth mentioning that in the first half of the year, the ideal automobile gross profit margin was 21.22%, and the automobile gross profit margin was 20.54%, but these two indicators declined slightly compared with the same period, mainly because the relevant survival provision and purchase commitment loss affected the automobile gross profit margin after the ideal ONE stopped production in Q4 2022.

Due to the development of new products, the R & D expenses of 2023H1 ideal car increased by 149.01% year-on-year to 10.065 billion yuan, due to the increase in the number of employees, the increase in overall salary and the increase in expenses for new models and technology R & D activities. It is reported that the ideal car will launch the first pure electric MPV-MEGA in the fourth quarter, which means that the ideal car will start the dual technical route of "extended range + pure electric". Next year, the ideal car will also release four new cars, including an extended range SUV. Three pure electric cars.

For the third quarter, the ideal car gives a relatively conservative delivery guide, which is expected to deliver 100,000 - 103,000 vehicles in the third quarter, of which 34,100 vehicles and 34,900 vehicles are delivered in July and August respectively, which means that 31,000 - 34,000 vehicles are expected to be delivered in September, and production capacity is the main reason affecting the delivery of ideal vehicles. Li once said on Weibo that the third quarter capacity is the only bottleneck for the ideal car, and there is no solution in this quarter.

NIO, also want to usher in highlights?

In terms of operation, the total revenue of NIO in the first half of the year was 19.448 billion yuan, down 3.74% year-on-year, and the delivery volume increased by 7.35% year-on-year to 54,600 vehicles. The out-of-control rhythm of product iteration update was the main reason for its sales volume falling short of market expectations, but this was also expected by Li Bin. At the same time, NIO still kept the gross profit margin, the gross profit margin in the first half of the year was 1.28%, and the gross profit margin of automobile was 5.57%.

However, NIO's losses were even more serious, with a net loss of 109.26%, an increase of 139.08% year-on-year, the highest loss among the three enterprises. There are also signs. In the first half of the year, NIO R & D expenditure was 6.42 billion yuan, accounting for 33.0% of revenue. Although R & D expenditure was far less than ideal car, the proportion was the highest among "Wei Xiaoli".

NIO wants to achieve sales growth, or rely on selling cars. Up to now, NIO has completed the replacement of ES6 and ES8 models, and launched ET5T models at the same time. The impact of new car launch on sales volume is immediate. In July, NIO delivered 20462 vehicles, a record high, while 19329 vehicles were delivered in August. It is understood that NIO plans to launch a new EC6 in September, thus completing all product switching based on the second generation technology platform.

For the third quarter, NIO gave delivery guidelines of 55,000 - 57,000 vehicles and revenue guidelines of 18.9 billion yuan-19.52 billion yuan, which is the highest delivery and revenue guidance in NIO history. According to the current sales situation, it is not difficult to achieve this goal. The delivery volume in July + August is 39791 vehicles, which means that NIO can deliver 15,200 - 17,200 vehicles in September. After that, NIO will enter a stable period and is expected to embark on the recovery path of ideal vehicles. It is reported that NIO brand will not launch new vehicles next year, focusing on Volkswagen brand.

Xiao Peng's car almost went to ICU again.

Compared with the ideal car and Wei Lai, Xiaopeng car performance can be said to be terrible. You know, Xiaopeng Automobile in the first half of 2022 can be a new force to sell the crown, crushing the ideal car and Wei Lai, but once high light Xiaopeng automobile in the first half of the quagmire, become the only gross profit margin is negative enterprise. In the first half of the year, the total revenue of Xiaopeng Automobile was only 9.096 billion yuan, down 38.92% year-on-year. The net loss was 5.142 billion yuan, up 16.81% year-on-year. The most unexpected is the gross profit margin. In the first half of the year, Xiaopeng automobile gross profit margin was-1.43%, which is the only company with negative gross profit margin in "Wei Xiaoli". What is more terrible is its automobile gross profit margin, which has dropped to-5.90%. It is understood that since 2022Q1, Xiaopeng car gross profit rate has been declining.

Compared with ideal cars and Wei Lai, Xiaopeng cars have more uncertainty. In the first half of the year, Xiaopeng Automobile delivered 41435 new vehicles accumulatively, down 39.93% year-on-year. For the third quarter, Xiaopeng Automobile is expected to deliver about 39,000 - 41,000 vehicles, compared with 11008 vehicles and 13690 vehicles in July and August respectively, which means that Xiaopeng Automobile needs to deliver 143,000 - 16,300 vehicles in September to achieve the target.

Of course, Xiaopeng car also received unexpected surprises. First, Volkswagen announced a capital increase of US $1.5 billion to Xiaopeng Automobile. Both parties will jointly develop two Volkswagen brand electric vehicles for China's mid-size car market. Xiaopeng Automobile will contribute the whole vehicle platform and intelligent cockpit and intelligent driving system, while Volkswagen will provide the world's leading engineering and supply chain capabilities. Both models hang Volkswagen logo, and the new car will be launched in 2026. Second, Xiaopeng Automobile acquires Didi intelligent automobile development business assets, both parties will launch a brand-new electric vehicle brand, the project code is "MONA", the first product is A-class intelligent electric vehicle, priced at about 150,000 yuan, will be mass-produced in 2024, at the same time for C-end and B-end sales.

With the support of Volkswagen, Xiaopeng Automobile does have strong development expectation in the long run, but in the short term, Xiaopeng Automobile's biggest hope at present lies in Xiaopeng G6 model, G3i, P5 sales continue to be depressed, while P7i maintains the overall market, and there are many uncertainties about the upcoming launch of new flagship MPV X9. All kinds of signs show that Xiaopeng Automobile not only has to face the pressure of market price reduction, but also faces the pressure of improving gross profit rate and operating performance, which is really not easy.

According to the latest statistics, the total market value of ideal cars in the United States is US $42.318 billion, Wei Lai is US $19.565 billion, and Xiaopeng Automobile is US $16.152 billion. Yes, the market value of the ideal car has far exceeded the sum of NIO + Xiaopeng cars.

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