On December 6, Anhui Jianghuai Automobile Group Co., Ltd.(hereinafter referred to as "Jianghuai Automobile") issued the Announcement on the Progress of Public Listing and Transfer of Some Assets. According to the announcement, NIO Automobile Technology (Anhui) Co., Ltd.(hereinafter referred to as "NIO Automobile") has become the transferee of one package of assets and three packages of assets, among which the transaction price of one package of assets is 1.666 billion yuan and the transaction price of three packages of assets is 1.492 billion yuan, totaling 3.158 billion yuan.
Earlier, JAC Automobile issued an announcement on October 10, proposing to transfer part of assets through public listing, involving inventory, fixed assets, projects under construction, buildings and land use rights of the third factory of passenger car company and structures and equipment assets of Xinqiao factory of passenger car company. The proposed listing price is 4.498 billion yuan. The announcement shows that one package refers to the inventory, fixed assets and projects under construction of the third factory of Anhui JAC Automobile Group Co., Ltd. Passenger Car Company; three packages refer to the structures and equipment of Xinqiao Factory of Anhui JAC Automobile Group Co., Ltd. Passenger Car Company;
In fact, one package and three packages of assets transferred by JAC Automobile are two factories cooperated by JAC and NIO, namely JAC NIO Advanced Manufacturing Base and NIO Second Advanced Manufacturing Base_NIO F1 Factory/F2 Factory. Both factories are self-built by NIO, but the production qualification comes from JAC Automobile. At that time, the market believed that JAC Automobile was ostensibly a transfer asset, but actually a transfer of production qualification, which would eventually be taken over by Wei Lai, thus realizing independent vehicle building.
As predicted by the market, NIO has obtained production qualification through this move. Yesterday, NIO Automobile Technology (Anhui) Co., Ltd. appeared in the credit information management system of vehicle production enterprises on the government service platform of the Ministry of Industry and Information Technology. The production address is No.299 Baita Road, Economic and Technological Development Zone, Hefei City, Anhui Province, which is the factory area of NIO Second Advanced Manufacturing Base, which means that NIO Automobile has obtained the qualification for vehicle production. However, as of the time of publication, Wei Lai official did not officially announce this news.
At present, NIO has produced models including ES8, ES6, EC7, EC6, ET7, ET5/ET 5T, etc., all of which are produced by Anhui JAC Automobile Group Co., Ltd. It is understood that the cooperation between NIO and JAC began in 2016. NIO produced ES8, ES6, EC6 and other models with JAC automobile production qualification. The cooperation between the two parties was further deepened in 2021. Jianglai Advanced Manufacturing Technology (Anhui) Co., Ltd. was jointly established to continue to produce ES7, EC7, ET5 and other models for NIO. The cooperative production time will end in May 2024.
"Trolley Report" found that although the manufacturer is still Anhui JAC Automobile Group Co., Ltd., but NIO ES8 and other models of JAC automobile tail mark has been deducted, this may prove that NIO has long been expected to win the production qualification.
At first, the new force automobile enterprises realized the mass production and listing of products through contract manufacturing, mainly because of capital problems, but contract manufacturing also has many disadvantages. In addition to paying high contract manufacturing costs every year, traditional automobile enterprises will also face production and quality control problems. For new force automobile enterprises, getting rid of contract production and realizing independent vehicle building will not only facilitate rapid iteration of vehicle models, but also improve efficiency if major in-depth reform is carried out in the future.
The purchase of two factories originally belonging to JAC Automobile at a price of RMB 3.158 billion yuan, so as to obtain the qualification of independent vehicle building. For NIO, it will have more right to speak when negotiating with partners in the future, while for the owner, the recognition and goodwill of the brand will be improved after the owner purchases the NIO model. Of course, the potential risk is that NIO spends a lot of money to buy factories to build cars independently, which will have an impact on cash flow that is not clear.
According to the plan, Wei Lai will release the third quarter report before today's US stock market. As of September 30,2023, the cash reserve of NIO Automobile was 45.2 billion yuan, compared with 36.5 billion yuan at the end of the second quarter. During the reporting period, the total revenue of NIO in the third quarter was RMB 19.0666 billion yuan, with a year-on-year growth of 46.6% and a month-on-month growth of 117.4%. The net loss was 4.557 billion yuan, up 10.8% year-on-year and down 24.8% month-on-month. Gross profit margin was 8.0% in the third quarter, compared with 213.3% in the same period in 2022 and 1.0% in the second quarter of 2023.
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