TU-TESL

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The sales volume of new energy vehicles has been declining for three months in a row. In the "cold winter" of the market, recently, there have been many voices about the decline of new forces of vehicle building, and the negative news of new forces of vehicle building itself has also been coming out. "This is the year of adjustment for new forces in car building, and some enterprises may be eliminated." Experts' prediction of the new force of car building this year seems to be being verified. In recent years, the capital chain has broken, layoffs have been cut, and projects have been terminated The new forces of car building have concentrated on various problems and seem to have entered a period of adjustment that can hardly be described. As the forerunner of the new power of car building, although Li Bin, the founder and chairman of the board, recently said that the sales volume in the third quarter of this year was very good, he also said that he had a lot of pressure recently. The sharp decline in market value and huge losses have left Weilai in financial trouble in 2019. After the stock price experienced a round of turbulence, Bernstein research company even reduced the target stock price of Weilai to $0.9, which is more likely to be delisted. The published second quarter financial report shows that the company is still in a state of huge losses. In the second quarter, the total revenue of Yulai was 1.508 billion yuan, down 7.5% month on month; the net loss was 3.285 billion yuan, up 25.2% month on month, up 83.1% year on year. Up to now, the total assets of Yulai are 18.203 billion yuan, the total liabilities are 17.747 billion yuan, and the asset liability ratio is 97.5%. Everbright Securities said in a research report on Weilai that, in view of the impact of the recall and the fact that the sales of ES8 are not up to expectations, as well as the marketing and promotion investment including NIO Space or the corresponding financial expansion, the current stock price has partially reflected the downward expectation, and the company's profit improvement trend and long-term business model are still to be seen. As a result, Everbright Securities lowered its target price to $2.02 and changed it to a "underweight" rating. Analysts at Bernstein, an investment firm, have even pointed out in a report that ulsai's cash may run out in a few weeks. Not only Weilai, but also the new forces of car building seem to have a hard time. Recently, a media visit to the factory of Ranger automobile in Huzhou, Zhejiang Province confirmed that the project had been shut down as early as the beginning of this year. The project headquarters withdrew in the first half of this year, and now only one security guard is left behind. Although in June this year, Ranger still announced: "the factory is under orderly construction, the main building of phase I will be completed within this year, and the production equipment will be put into mass production after the commissioning." In a recent interview, the person in charge of Ranger automobile also insisted: "Huzhou factory has not been closed. Due to the expansion of our product system, the factory that originally planned to produce cars has more models of production demand, so the factory in the west area that has not yet built the main building has been rebuilt. A new factory design report will be submitted recently, which is currently under approval. It is expected to achieve mass production and new car offline in the third quarter of next year. " However, the reality is that the game car is facing the market environment is not optimistic and many bottlenecks of the enterprise's own development, it seems that there is not much possibility to turn over. Earlier in the first half of this year, Bojun was exposed to the rumors of defaulting on employees' wages and the enterprise's insolvency. Although Huang Ximing, chairman and CEO of Bojun automobile, still emphasized Bojun's independent innovation in this year's TEDA automobile forum, which confirmed the normal development of the enterprise, he also had to admit that the new force of car building is still in confusion. As early as the end of last year, singularity automobile exposed the rumor of back pay, and the rumor of back pay was not only revealed by a new force of car building in singularity. More new forces of car building are in a difficult financing situation this year, which also forces singularity auto, Tianji auto, and other auto companies to actively move to science and technology innovation board to seek new financing channels. For the new forces of car building, the difficulty lies in financing. Since this year, the obvious phenomenon is that the financing of the new forces of car building is not so easy. Although Weilai, Bojun and byton have all been successfully invested, there are more financing plans expected by enterprises that haven't been successfully realized or haven't been realized yet. In June this year, Ren Yahui, CEO of lvchi automobile, said in an interview with reporters that the latest round of financing for lvchi automobile is on the way, but it hasn't seen the information about its disclosure of the fund for more than three months. According to the reporter's investigation, although new energy vehicles are still one of the few hot investment fields, the investment and financing in this field is in the stage of continuous tightening. From the financing channels of the new power of vehicle building that successfully completed the latest financing this year, it can be seen that the current investment in new energy vehicles is mostly capital with government background, such as the latest obtained by Boshen, Baiteng and Weilai Investment has local government background. Wang Qing, deputy director of the market economy Research Institute of the development research center of the State Council, said in an interview with the China Automotive News that new energy vehicles are rare and predictable industries for local governments. Under the condition of tight commercial capital, the investment restrictions of local governments will be relatively less strict, and they are willing to give more support and help new forces in vehicle building They realize localization to promote the development of local new energy automobile industry. However, the nature of capital pursuing profit is unchanged. In the case of no profit, capital will not continue to invest uncontrollably, which also leads to the financing difficulties of new forces of car building. What's more, most of the new forces are in the stage of R & D and mass production, which requires a lot of capital investment. Even if some enterprises already have mass production vehicles and start to sell them, it's still difficult to make profits by selling them in the short term. In addition, after the mass production vehicle goes offline, the early marketing and network channel construction also need a large amount of investment. Zhao Gang, vice president of Zero run automobile company, said in an interview with reporters that it is difficult to go against the market and rise against the market when the market is depressed, and the pressure of enterprises is huge now. In short supply, all kinds of crises of the new forces of car building will follow. Huang Ximing stressed that it will take at least five years for a new brand to gain market recognition or make profits by selling cars, and most of the new forces are still in the most difficult stage before making profits. What's more, it's the unprecedented continuous and sharp decline of new energy vehicle market. According to the statistics of China Association of automobile industry, the sales volume of new energy vehicles in July, August and September this year has declined sharply for three consecutive months, among which the production and sales volume in September decreased by 29.9% and 34.2% respectively, a further increase compared with the previous two months. Although the sharp decline of production and sales volume is largely affected by the end of the transition period, the next step is to face a further sharp decline. There is still great uncertainty in the development of new energy vehicles, in which the new forces of vehicle building are in the midst of the difficulties we can imagine. In fact, for a long time in the past, China's new energy automobile industry has been developed with the support of policies. Although all the new forces of car building have made the slogan of selling cars without subsidies in the early stage of entrepreneurship, it is obviously not realistic for them to make profits without subsidies in the development environment of new energy vehicles which do not have cost advantages compared with fuel vehicles. Therefore, at the beginning of this year, after the sharp decline of subsidies, the vehicle prices of Weilai and Weima also fluctuated. As for more new forces that have not yet mass-produced vehicles, they will not only face the overall decline of the new energy vehicle market, but also face the competition of traditional vehicle enterprises that have accumulated certain first mover advantages in this market, especially with the large number of joint venture brand new energy vehicles coming into the market, they will face more fierce competition. In addition, the new forces of car building more or less regard competition as a publicity gimmick and a symbol of strength. However, with the promotion of Tesla's domestic projects, they will face greater competitive pressure. Su Hui, former general manager of Beijing Asian Games Village Automobile trading market and a well-known expert in the field of automobile circulation, judged that Tesla made in China will bring great pressure to China's new energy automobile enterprises, especially the new force of car building, and to some extent, it will accelerate the change of the pattern of new force of car building. Cui Dongshu, secretary-general of the national passenger vehicle market information joint meeting, also said that the new force of car building needs to accelerate the improvement of product design level in the differentiated competition with Tesla. The increasing competition and the declining market have brought more and more severe tests to the new force of car building. As Huang Ximing said, no matter what the economic situation is, the determination of the enterprise is the most critical, and the determination of the enterprise comes from the independent innovation ability of the enterprise itself. "A lot of people are pessimistic when the overall economy is going down and confused about the future, but I don't think that's necessary. As long as we adhere to independent innovation and follow the path of internationalization, we can still win when we meet on a narrow road in the future. " Said Huang Ximing.