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Exaggerate MEGA! Ideal car is subject to collective complaint

2024-06-25 Update From: AutoBeta NAV: AutoBeta > News >

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AutoBeta(AutoBeta.net)05/18 Report--

On May 15, the Wechat official account "International lawyer" of Hao Junbo lawyer in Beijing said that ideal Automobile had recently been brought to court by investors because of securities fraud. Investors accused ideal Automobile and some senior executives of misrepresentation, and investors violated the securities law. Investors have damaged investors, and investors have applied to the court to order the defendant to compensate investors for losses caused by the fall in share prices as a result of their illegal actions.

In the current class action, investors allege that ideal Motor made false and / or misleading statements and / or failed to disclose throughout the lawsuit: ideal Automobile's public statement during the lawsuit was materially false and misleading because it exaggerated the market demand for vehicles and the effectiveness of its operating strategy when it launched the first pure electric MPV-- ideal MEGA, which is likely to have a significant negative impact on the company's financial position.

Looking back on the incident, before the launch of the ideal MEGA, the ideal car had high hopes for the ideal MEGA and set a radical sales target for it, but the performance of the model fell far short of expectations after its launch on March 1st, and the ideal car conducted a deep internal reflection and adjusted its first-quarter delivery target and annual sales target on March 21. At the same time, the stock price of ideal car also fell because the ideal MEGA was not as good as expected.

Ideal Motors released its extremely bright annual results on February 29th. According to the financial report, the annual operating income of ideal car in 2023 reached 123.85 billion yuan, an increase of 173.5 percent over the same period last year, becoming the first new force in China with annual revenue exceeding 100 billion yuan, while achieving annual profit for the first time, with a net profit of 11.81 billion yuan. At the 2023 performance meeting, Chairman Li Xiang said that 2024 will be an ideal and unprecedented year of products, challenging the annual sales target of 800000 vehicles by 2024 and warming up the ideal MEGA for big new cars. Affected by the good news, ideal Motor shares currently closed at $45.88.

Ideal MEGA made its debut on March 1 and announced that it will sell for 559800 yuan. Delivery will begin on March 11. At the press conference, ideal car CEO Li Xiang said that the MEGA will be the next explosive product of the ideal car and is confident that it will become the first sales of more than 500000. However, ideal car delayed to announce the ideal MEGA order, which is in sharp contrast to Li Xiang's heroic words at the press conference, the market speculation may be far less than market expectations, ideal car shares also began to decline from this time on. Ideal's share price has fallen 44.38% since Feb. 29, with the latest share price at $25.19, with a total market capitalization of $26.727 billion, nearly halving from the year's peak of $46.44, which is the main reason why ideal is mired in litigation.

With regard to the fact that ideal car has been sued in court by investors in the United States, ideal Automobile said that the allegations were groundless and would spare no effort to protect the rights and interests of the company and shareholders. People concerned said that such lawsuits are common in the United States, and when the share prices of listed companies fall, there are law firms that organize investors to file such lawsuits collectively to claim compensation from the company.

It is worth mentioning that the trouble of the ideal car does not stop there. According to the 21st Century economy, after the May Day holiday, a new round of company-wide personnel optimization is going on inside the ideal car, with an overall optimization ratio of more than 18%, while the ideal car has nearly 31600 employees at the end of 2023. According to this calculation, the ideal car has more than 5600 optimization personnel this time. However, as of press time, ideal Motor has not responded to the news.

In 2023, ideal car exceeded its annual sales target with an annual sales volume of 376000 units and a year-on-year growth rate of 182.2%, making it far ahead of all new cars built. However, after entering 2024, ideal car has been surpassed by AITO many times, and the sales pressure is unprecedented, especially after the launch of MEGA, the stock price of ideal car fell sharply and the sales forecast was lowered at the same time. It is understood that the ideal car will adjust the previous delivery target of 800000 vehicles to 56-640000 vehicles, but it will deliver a total of 106200 vehicles from January to April, with only 18.96% completed in terms of 560000 vehicles. Next, the monthly delivery of ideal cars needs to be more than 56000, which is under great pressure.

In fact, the current situation of the ideal car is not bad. Its cash reserves reached more than 100 billion yuan at the end of 2023. This layoff measure is more likely to solve the risk in advance and prepare for the more brutal market competition that may follow. At present, the competition in the new energy vehicle industry is becoming more and more fierce, but the challenge facing the ideal car has just begun.

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