"Another scenario is that some investors want to invest more, but at that time, you thought your shares were valuable and refused. The next round of market mutation made financing not so easy. We have to think clearly. In fact, the logic that shares are valuable is that you will do a lot in the future, but before that, I think we should not be too entangled in shares. "
I happened to see a passage shared by the founder of Xpeng Motors when he participated in Chongling Project. I am deeply touched by the current capital environment of this company and the latest round of large-scale fundraising just completed a few days ago.
Indeed, if the epidemic in 2020 has brought us anything, what is more important? Thinking calmly and distinguishing right from wrong is one of the answers. And focus on the new energy market, domestic Tesla models? The "catfish effect" of 3 is becoming more and more obvious, and the private consumers at the C end finally have a concrete portrait of a pure electric vehicle that is excellent enough.
The appearance and hot sale of the "template" also made the three new car companies, Weilai, Tucki and Ideality, hovering around it, seen by more people. Combining the strength differences of different products, ES6, P7,? A person's final delivery has risen sharply. On the other hand, at the capital level, Tesla's share price has soared this year, giving all investors enough confidence in the future.
At this moment, even at the top of the "bubble", the latter is willing to bet his cash on the next company that seems likely to become Tesla. For Wei Xiaoli, it is easy to understand that it is convenient to choose financing for the winter at this time node. After all, no one wants to miss "making money and looking at thickness".
The total amount behind it exceeds $6 billion.
On 12 and 14 EST, according to the official announcement of Weilai Automobile, 68 million ADSs will be issued at the price of $39 /ADS, raising a total of about $2.65 billion. If the underwriter exercises the over-allotment option, the total amount of funds raised in this offering will exceed 3 billion US dollars.
Prior to this, Li, the other two of the three new forces, planned to issue 47 million American Depositary Shares (ADSs) at a price of $29 /ADS, with a net financing of about $6,543.8+$60.2 million. If the underwriter exercises the over-allotment option, the amount of funds raised will be further expanded to 654.38 USD+840.5 million yuan.
Xpeng Motors plans to issue 48 million ADSs at a price of 45 USD /ADS, raising a total of 2,654.38 USD+600 million RMB. If the underwriters fully exercise the over-allotment option, the fundraising scale will reach 2.484 billion US dollars.
In other words, in a short period of time, the total amount of funds raised by three new car-making enterprises in China exceeded $6 billion. Among them, compared with Tucki, an ideal IPO company that just went public in the United States in July and August, Weilai has issued shares for the third time this year. As for crazy fundraising, Wei Xiaoli's purpose is to "save money for the winter".
Although judging from the Q3 financial reports of the three companies, Weilai has the largest cash flow reserve, reaching 22.2 billion yuan, Xpeng Motors is 65.438+0.998 billion yuan, and Li is 65.438+0.89.1600 million yuan. The gross profit margins of the three companies have also turned positive, reaching 654.38+02.9%, 4.6% and 65.438+06 billion yuan respectively.
Weilai's net loss104.7 million yuan, Tucki's net loss114.88 million yuan and ideal net loss 107 million yuan. Behind the dazzling figures, it is foreseeable that the continuous "burning money" will continue. So, as Tucki said at the beginning of the article, how can we accept the recognition and hoarding of investors under the general environment that capital is still improving?
At the same time, why did Wei Xiaoli's monthly sales exceed 4,000 vehicles only from the delivery volume of China's new energy market? One of the advantages or answers of product strength. Behind this, more is that it has a certain "longboard" in software research and development, intelligence, assisted driving, three-electricity system, and even service marketing system and offline channels. However, before the realization of self-hematopoiesis, each of the above parts needs a lot of funds to provide support.
Coupled with the transformation and electrification of foreign car companies, Tesla's localization has become more and more thorough, and the three need to continue to maintain their first-Mover advantage in the next brutal competition. Therefore, according to its R&D expenditure in the third quarter, it reached 654.38+66 million yuan, 654.38+27 million yuan and 730 million yuan respectively, aiming to prove the importance of adequate cash flow.
Judging from the financing use after the issuance, Weilai announced that the raised funds will be used for the research and development of new products and next-generation autonomous driving technology, the expansion of sales and service networks, market penetration and other general corporate purposes. Ideally, about 30% of the funds raised in this issuance will be used for the research and development of a new generation of electric vehicle technology, including high-voltage platforms, high-charge and discharge batteries and ultra-fast charging; About 20% is used for the research and development of the next BEV platform and future models; About 20% is used for the research and development of autonomous driving technology and solutions.
Tucki said that 30% of this financing is used for smart electric vehicles and research and development technologies of software, hardware and data; 30% is used for sales and marketing, expanding sales service channels and super charging networks, and expanding the business scope of the international market; 20% is used for potential strategic investment in the core technology of smart electric vehicles; 20% for general use.
It can be said that this R&D contest related to technical reserves is being launched in Wei Xiaoli. The enemies they face are not only each other, but also many "latecomers" who are eyeing their positions.
Bullish on Weilai and bearish on Tucki?
Coincidentally, just after Wei Xiaoli announced the issuance of shares, according to the financial report, kelvin, a five-star analyst of Daiwa Capital? Lau commented: "We think 202 1 will be an important year for new energy vehicles and smart cars. Those leading participants who have established their own brands will gain a better market position. In addition, some of their participants have been supported by the government, reducing their risk of facing economic difficulties. However, we don't think that the enthusiasm of local governments will extend to every new energy start-up, so more small brands may close down. "
So, Kevin? Liu Jian proposed to invest in the new energy field by means of a specific matchmaking transaction, that is, "buy Weilai and sell Tucki". As for the reasons behind it, it is still related to the sales of ES6. "Weilai Automobile has proved its ability to compete with international brands such as Tesla, and the average selling price is 6.5438+10,000 yuan higher. Although Tesla plans to launch Model on 202 1? Y, more directly began to compete with ES6, but I believe Weilai can still maintain good sales growth and continue to develop in energy substitution and after-sales service. "
For reference, according to the data just released on June 5438+0 1, Weilai brand delivered 529 1 car as a whole, surpassing 5,000 cars after June 5438+00, setting a new record for brand delivery in a single month for the fourth consecutive month, and doubling the delivery in the eighth consecutive month since April this year.
In terms of specific models, Weilai EC6 delivered 65,438+0,565,438+08 vehicles, an increase of 765,438+0.9% from the previous month. Weilai ES6 sold 2,386 vehicles and ES8 sold 1387 vehicles. This year 1- 1 1 month delivered a total of 3,6721vehicle, an increase of11%. What about kelvin? Liu believes that this trend will continue.
In addition, it also predicts the node where Weilai will finally achieve profitability, saying: "In 2023, the sales volume will increase from 43,000 vehicles in 2020 to 6,543,804 vehicles, with a compound annual growth rate of 48%. At the same time, he also predicted that the gross profit margin of Weilai will increase from 1 1% in 2020 to 20% due to the accelerated sales growth of BEV models. To this end, Weilai Automobile is expected to achieve profitability in 2023. "
On the other hand, the reason why the former looks down on Tucki is that although its share price has risen by 1.36% since its listing, as of yesterday, the US stock market closed at $47.40 per share, with a total market value of $3765438+0 billion, but it still thinks that the company's valuation has nothing to do with the company's real value.
Kelvin. Liu admitted that "Tucki is still a leading automobile enterprise in providing users with advanced ADAS and automatic connection services (SOTA and FOTA)." However, as a start-up relying on internal development, it will take some time to reach the same level as top smart car manufacturers. Moreover, the company may need more funds to support its operation and R&D, and its short-term profitability is weak, so it is inferred that Tucki lacks actual competitive advantage.
However, in my opinion, the P7 currently sold in Xpeng Motors is recognized by consumers, and it does have something extraordinary in terms of car intelligence, cruising range and even assisted driving localization experience. Maybe kelvin? Liu's point of view is a bit too pessimistic. And next year, Tucki will launch an A-class pure electric vehicle with a positioning lower than P7, and laser radar will also take the lead in loading, further expanding the overall market share.
As for the ideal of no comment this time, in fact, it was pointed out as early as the reporter's last article: At present, this car company has indeed achieved the highest gross profit margin and the healthiest financial report among the three new head forces by increasing the program, product differentiation and high execution. However, only from the height of the subsequent "ceiling", it is because there is another process of changing the runway (extended range to pure electricity), which has many uncertainties and the possibility of deceleration.
In short, Wei Xiaoli's next trend is still in the prediction stage, and it is not certain which one is stronger or weaker. After all, at this time last year, who would have expected that the total market value of the three companies had exceeded $6543.8+030 billion. Of course, opportunities are often accompanied by greater risks. If you are not careful, you will fall into the abyss again.
Text/Cui
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This article comes from car home, the author of the car manufacturer, and does not represent car home's position.