Zhongxin Finance, March 30 (Ge Cheng) Recently, the 2021 financial report of Xiaopeng Motors was released.So far, the annual reports of the three “new car-making forces” of Weilai, Xiaopeng and Ideal have all been released.
According to the annual financial reports of the three “new car manufacturers”, in 2021, Weilai will have the highest revenue, Xiaopeng will sell the most cars, and the ideal net loss will be the least. Compared with 2020, the three new energy vehicle “head” companies have made breakthroughs in multiple dimensions such as revenue, delivery volume, and gross profit margin.
The Xiaopeng City Showroom at Huaxi Live in Wukesong, Beijing is open for business as usual.Photo by Ge Cheng
The annual delivery of 100,000 vehicles is only “one step away”
The financial report data shows that among the three “new car-making forces” of Weilai, Xiaopeng and Ideal, Weilai has delivered a total of 91,429 vehicles, Xiaopeng has delivered a total of 98,155 vehicles, and Lili has delivered 90,491 vehicles, compared with the same period last year. The growth rates were 109.1%, 263.0% and 177.4% respectively, showing a significant growth momentum.
However, the price of Xpeng Motors’ rapid expansion is a further increase in net losses. In 2021, Xiaopeng Motors’ net loss will reach 4.86 billion yuan, up from 2.992 billion yuan in 2020. Horizontally, the net loss of Xiaopeng Motors is also higher than that of Weilai and Ideal, which are also “new car manufacturers”. In 2021, Weilai’s net loss is 4.02 billion, while the ideal is only 320 million.
A car company R&D staff revealed to Zhongxin Finance that in general, the annual production capacity of a standard factory is about 100,000 units. Although the production capacity is sufficient, it is also necessary to have the corresponding market capacity to accommodate these production capacities. For car companies, if the annual production and sales can reach 100,000 units, it can also indicate that the factory is in a better operating state.
Will the price go up?The three car companies have different attitudes
Since 2022, the “price increase” of new energy vehicles has surged, and traditional car companies and “new car manufacturers” have taken turns to increase prices, while Weilai, Xiaopeng, and Ideal have different attitudes towards price increases.
On March 18, Xiaopeng Motors officially announced a price increase, ranging from 10,100 to 20,000 yuan for different models. He Xiaopeng, chairman of Xiaopeng Motors, responded to the media on the 26th: “The price increase of power batteries is beyond imagination, and it is expected to improve in the second to third quarters of next year.”
Ideal city showroom located at Huaxi Live in Wukesong, Beijing.Photo by Ge Cheng
On March 23, the official Weibo of Ideal Auto announced that the price of the Ideal ONE model will be increased by 11,800 yuan, and the latest adjusted price will be 349,800 yuan. In this regard, Li Xiang, CEO of Ideal Motors, said: “The rate of increase in battery costs in the second quarter is very outrageous.” He explained: At present, brands that have contracted with battery manufacturers to determine the rate of increase in battery prices in the second quarter are basically the same. The price increase was immediately announced. Most of the price increases have not yet been negotiated, and the price increase will generally be immediately after the negotiation is completed.
In contrast to the 10,000-yuan-level increase of Xiaopeng and Ideal, it is the attitude of Weilai Automobile. Weilai has made it clear that there will be no price increase in the near future.
On March 25, Li Bin, chairman of Weilai, said at the fourth-quarter and full-year financial report: “At the moment, we have no idea of increasing prices for products.” As for the reason for not raising prices, he added: “After NIO’s sales have increased, many of the shared costs have dropped a lot.”
However, although Weilai has determined not to raise prices in the near future, Li Bin is still deeply concerned about the cost of the industry chain. He emphasized: “From Q3 and Q4 last year to this year, the cost of upstream raw materials for batteries has indeed increased a lot, and the entire industry chain must share the pressure of rising.” He also said: “This year, Weilai has a product improvement plan. At that time, a new price strategy will be formulated according to the market and raw material prices.”
Who will be the first to achieve profitability?
The financial report shows that in terms of revenue, in 2021, Weilai Automobile will be 36.14 billion yuan, Xiaopeng Motors will be 20.99 billion yuan, and Ideal Auto will be 27.01 billion yuan. In terms of gross profit margin, Weilai Motors was 18.9%, Xiaopeng Motors was 12.5%, and Ideal Motors was 21.3%.
In terms of net loss data and gross profit margin, ideal is the closest to profitability. In 2021, Li Auto’s net loss is only 320 million yuan. In fact, Li Auto has already achieved a single-quarter profit in the fourth quarter of 2021, which is also the second time that Li Auto has achieved a single-quarter profit since its listing in 2020. From this point of view, the ideal car is only “closer” to the annual profit.
NIO City Showroom at Huaxi Live in Wukesong, Beijing.Photo by Ge Cheng
Among the three “new car manufacturers”, Xiaopeng Motors has the lowest gross profit margin. In this regard, He Xiaopeng said: “This year, Xiaopeng Motors will put its main production capacity on models with higher gross profit.” Regarding the specific goal of gross profit margin, he said: Xiaopeng Motors’ medium and long-term goal is to put the company The overall gross profit margin increased to more than 25%. And with the help of economies of scale and operating leverage, various expense ratios will continue to decline.
As for the issue of losses, Li Bin said that Weilai’s losses are mainly due to long-term R&D investment. Taken together, NIO targets the fourth quarter of 2023 as a quarterly breakeven target and hopes to be profitable throughout 2024.
In 2022, how far will it be before the “new car-making forces” achieve their first annual profits? (over)Return to Sohu, see more
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