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I'm numb! Cyrus lost 950 million RMB in the third quarter.

2024-06-17 Update From: AutoBeta autobeta NAV: AutoBeta > News >


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On October 27, Cyrus released its results for the third quarter of 2023. According to the report, Selis's operating revenue in the third quarter of this year was 5.648 billion yuan, down 47.25% from a year earlier. The total revenue of Cyrus in the first three quarters was 16.68 billion yuan, down 27.86% from the same period last year.


In terms of net loss, Cyrus posted a net loss of 950 million yuan in the third quarter, almost the same as the net loss in the same period last year, and a net loss of 947 million yuan in the same period last year. However, the net loss widened in the third quarter compared with the first and second quarters of this year. As a reference, Selis's net profit was-625 million yuan in the first quarter of 2023 and-719 million yuan in the second quarter. The cumulative loss from January to September was 2.294 billion yuan, up from 2.675 billion yuan in the same period last year.

As for the increase in losses, officials said: the change in operating income during the reporting period was mainly affected by a year-on-year decline in sales during the reporting period. Selis Automotive's new products ask about the release and delivery of the new M7 series models in mid-late September, and the company's revenue is expected to increase significantly with the gradual delivery of the company's products.


In terms of R & D investment, in the first three quarters of this year, Selis's R & D expenses totaled 1.091 billion yuan, an increase of 20.42% compared with 906 million yuan in the same period last year. Officials pointed out that the increase in R & D expenses is mainly due to the continued increase in product R & D investment, focusing on promoting intelligent construction. In terms of sales, Selis's cumulative sales in the first three quarters of this year were 136800, down 30.65% from the same period last year, of which sales of new energy vehicles were 68000, down 25.16% from the same period last year.


Relevant data show that Cyrus and Huawei began to cooperate in 2021 to launch the first cooperative model, Cyrus Huawei Smart SF5. At that time, the new car went on sale on Huawei's official website and entered Huawei's stores and flagship stores at a price range of 21.68 yuan to 246800 yuan. Although both sides have given a lot of resources to support the first model, Huawei Smart SF5 sales are not ideal, with Cyrus SF5 selling only 8169 vehicles in 2021. In order to reverse sales, the two sides cooperated to launch the MJ brand again, followed by the MJ / M5 EV and M7 models. With the endorsement of a number of models, there has also been a breakthrough in sales in 2022, with a cumulative delivery volume of 75000 vehicles for the whole year. However, selling more can not escape the situation of selling more in advance. Relevant data show that from 2021 to 2022, Cyrus's cumulative loss has reached 7.089 billion yuan.

Entering 2023, the entire domestic car market has been affected by Tesla's comprehensive price reduction, although the world of questions also followed Tesla's price reduction, but sales still did not improve. Relevant data show that the retail sales of AITO from January to September in 2023 are 4469, 3512, 3625, 2437, 4083, 5668, 4240, 6243 and 7025 respectively. If you sell too much, you can't escape the fate of losing money if you don't sell too much. To this end, Cyrus is also speeding up the launch of its products. On September 12, the new M7 was launched, and the new car was positioned as a medium-and large-scale SUV with a price of 249800 yuan. After the launch of the new M7, Cyrus has suddenly become the focus of the market. Official figures show that the cumulative volume of the new M7 has exceeded 70,000.


For Selis's loss situation, some industry insiders pointed out that the reason for the loss is that it is difficult to improve the loss because it does not achieve economies of scale. Take the ideal car as an example, the ideal car to achieve economies of scale is based on its cumulative delivery of nearly 400000 vehicles. So far, Selis's cumulative sales are still a long way from making a profit. As for the cooperation between Cyrus and Huawei, both sides are advantageous. After all, Cyrus can use the cooperation with Huawei to enhance the product awareness and return to the competition of the car track.


From the sales point of view, Selis car sales are not very bright, the whole belongs to the second echelon. From the perspective of brand awareness, if it is not bundled with Huawei, many people may not know the existence of Cyrus. In addition, Cyrus has always been in a weak position for the cooperation between the two sides. At the same time, Huawei continues to cooperate with other car companies, including BAIC Polar Fox, Changan, Chery and so on, and there are still many unstable factors in the follow-up cooperation between Huawei and Cyrus.

The auto industry is concerned that Selis will definitely have to do it on its own in the future. Cyrus itself knows this, and this year it established Chongqing Cyrus Landian Automobile Co., Ltd., and launched its first model, the Blue Electric E5. In addition, it will work hand in hand with Bosch China in August to build high-end intelligent electric vehicles for customers. Indeed, only by constantly looking for new partners can we better enhance the competitiveness of our products and gain a better foothold in the market.

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