In 2021, the sales volume of “Wei Xiaoli” exceeded 90000, with a year-on-year growth rate of more than double From Geek Park

The following is the In 2021, the sales volume of “Wei Xiaoli” exceeded 90000, with a year-on-year growth rate of more than double From Geek Park recommended by recordtrend.com. And this article belongs to the classification: New energy vehicle industry, Automobile industry.

The past year has been particularly critical for Wei Xiaoli. In a slang of the Internet industry: in 2021, Wei Xiaoli crossed the “0 to 1” barrier. Recently, Wei Xiaoli successively released the financial report data of 2021. The most critical delivery volume, Wei Xiaoli went hand in hand, with more than 90000 vehicles, with a year-on-year growth rate of more than double.

Among them, Xiaopeng made efforts in the second half of the year, ranking first with 98200 vehicles, with a year-on-year growth rate of 263%. Although the growth rate of Weilai has slowed down, it still holds the second place with the delivery volume of 91400 vehicles. Ideal ranked third with 90500 vehicles.

Not only the “quantity” of delivery has been significantly improved, but also the “quality” of production and operation has been significantly improved. From the perspective of gross profit margin, weilaihe, who takes the medium and high-end route, has a gross profit margin of more than 20%, even above traditional luxury car enterprises such as Ferrari (18%) and Porsche (16%); The gross profit margin of Xiaopeng automobile with a slightly lower positioning is also 11.5%, which is significantly improved by 8 percentage points over 2020.

Drawing: geek Park

But looking at Wei Xiaoli’s respective performance, their ranking also changed in different data dimensions in 2021. In terms of market value, Weilai > ideal > Xiaopeng; In terms of delivery volume, Xiaopeng > Weilai > ideal; From the perspective of Weilai > Xiaopeng > ideal revenue; From the loss situation, ideal > WEI Lai > Xiao Peng… The “Wei Xiaoli” that has been called for several years seems to be unable to fully represent their ranking.

It is particularly worth mentioning that today’s financial data of Wei Xiaoli is very close to Tesla in 2017. At that time, Tesla’s global sales volume was 103200, only a little higher than weixiaoli in 2021; In terms of gross profit margin, Tesla’s auto business was 23%, which was only less than two percentage points higher than ideal and Weilai.

There is also the performance in the secondary market. As the world’s leader in electric vehicles, Tesla entered the valuation remodeling stage in 2017. The market is full of expectations for model 3, with a market value of US $43.6 billion to US $80.6 billion; The share price of Weilai in 2021 is between $27.52 and $66.99, and the valuation is between $46.6 billion and $113.3 billion. Xiaopeng and ideal followed, with a market value ranging from US $16 billion to US $50 billion.

Weilai: the cost of accepting service users

2021 is a challenging year for Weilai. From the data, Weilai delivered 91400 vehicles, a year-on-year increase of 109%, and it seems that the performance is still good. The growth rate of Xiaopeng is the lowest compared with that of Weilai and Xiaopeng. According to the financial report, the year-on-year growth rate of Xiaopeng and ideal in 2021 reached 263% and 177.4%.

Moreover, Weilai’s growth rate is even lower than the national average. According to the data of the automobile industry association, the sales volume of new energy passenger vehicles in China reached 3.334 million in 2021, a year-on-year increase of 120.6%.

Especially in the fourth quarter of 2021, the growth slowdown of Weilai is the most obvious. Weilai automobile delivered 25000 vehicles in Q4, with a year-on-year increase of 44.3% and a month on month increase of only 2.4%; In contrast, Xiaopeng automobile and ideal delivered 41800 and 35200 vehicles, with a year-on-year increase of 222% and 143.5%, and a month on month growth rate of 63% and 40.2%.

Drawing: geek Park

In this regard, Wei Lai explained that “we are facing many challenges, especially the fluctuation of the supply chain”. The shortage of batteries and chips from 2020 has indeed affected the sales of cars around the world. However, this is the external environment faced by all car enterprises, not only Weilai. It is not convincing to explain the reasons for the slowdown only by changes in the external environment.

At present, some voices in the industry believe that the challenge Weilai is facing is that the rhythm of launching new cars is disrupted. In the early days, Weilai once set the flag of “one new car a year”. In June 2018 and June 2019, Weilai began to deliver es8 and ES6 successively, and the subsequent plan should be to launch et7 based on the new platform in 2020.

However, in 2019, Weilai encountered a “life and death crisis”, and Li Bin was also rated as the “worst man” by the media. Reluctantly, Weilai suspended the plan to launch et7 and instead launched ec6 developed on the original platform in September 2020. Although many personalized changes have been made in details, ec6 is essentially a sedan model of ES6. From the data, ec6 has insufficient support for Weilai’s sales. In 2021, ec6 delivered only 29000 vehicles, accounting for 32% of the total sales volume; The main model is still ES6 (41000 vehicles delivered), accounting for 45% of the total sales.

In 2021, Weilai didn’t deliver any new cars. In contrast, Xiaopeng and ideal made use of new cars and models, and their sales increased by leaps and bounds. In addition to the p7, the P5 launched by Xiaopeng in 2021 has become the world’s first mass-produced vehicle equipped with lidar. G3i, which was subsequently changed, was also delivered in July; The “popular” model is the ideal one, which will be changed in the medium term in May 2021. As a result, Wei Lai’s former advantages in hardware and software have been greatly weakened.

Weilai’s performance has not changed since 2022. In the first quarter, the cumulative delivery volume of Weilai reached 25800 vehicles, with a year-on-year increase of only 28.5%; The ideal delivery volume of xiaopenghe reached 34600 and 31700, with a year-on-year increase of 159% and 152.1%. The gap between Weilai and the leader is widening.

The good news is that Weilai will deliver three new cars intensively this year. ET7、ET5、ES7。 Meanwhile, in late May, Weilai will release 2022 es8, ES6 and ec6 to upgrade intelligent hardware, including 8155 chip, 360 look around camera and 5g module, and the performance will be greatly improved. Weilai has high hopes for these new cars.

Although Weilai has been surpassed by Xiaopeng in terms of delivery volume, thanks to the improvement of sales volume, Weilai’s gross profit margin has improved significantly. According to the financial report, in 2021, the gross profit margin of Weilai automobile was 20.1%, an increase of 8 percentage points year-on-year, which is close to the ideal of the best performance among the three (20.6%). At present, the benchmark of the automobile industry is Tesla, and the gross profit margin of automobile can reach 29.3%.

However, one noteworthy detail is that Weilai’s automobile gross profit margin (20.1%) is higher than the overall gross profit margin (18.9%), but the ideal is just the opposite of Xiaopeng. Taking the ideal gross profit margin of automobile as an example, Weilai and the ideal total gross profit margin are 18.9% and 21.3% respectively, with a gap of 2.4 percentage points, but the difference of automobile gross profit margin is only 0.5 percentage points.

What happened in the middle? This is mainly related to other income and services. If the total revenue of Wei Xiaoli is disassembled, it can be roughly divided into vehicle sales revenue and other sales and service revenue. Among them, Weilai’s other sales and service revenue reached 2.97 billion yuan, far higher than the ideal (880 million yuan) and Xiaopeng (950 million yuan), with a gap of nearly 2 billion yuan.

But in terms of gross profit margin, Weilai is the lowest. In 2021, other sales and service costs of Weilai reached 2.798 billion yuan, with a gross profit margin of only 5.7%. Especially in the fourth quarter, the gross profit margin of other sales and services was – 32.5%. This has seriously dragged down the gross profit margin performance of Weilai automobile; In contrast, in 2021, the gross profit margin of other sales and services of ideal and Xiaopeng was 44% and 33%.

In this regard, Weilai explained that in 2021, they accelerated the layout of power exchange network, and more power exchange stations can better serve users, but the operating cost has also increased compared with Q3 in 2020. The layout of power station replacement is an important part of Weilai’s operation strategy, which has long-term value for Weilai’s brand, sales and user experience, but the corresponding increase in operation cost is also the “price” paid by Weilai for this.

According to the financial report, by the end of 2021, Weilai had deployed 777 power exchange stations in urban areas and highways in 183 cities in China, an increase of nearly 600 compared with 2020. Among them, from April 2021, Weilai began to deploy the second generation replacement power station, which can shorten the power replacement time to less than three minutes.

Xiao Peng: exchange money for time

Compared with the slowdown of Weilai, Xiaopeng is at the other end of the scale, and his performance can be described as “considerable growth”.

Thanks to the strong performance of P7, Xiaopeng achieved a significant leap of 263% in delivery volume and “double first” in delivery volume and growth rate; In terms of revenue, Xiaopeng automobile was 20.988 billion yuan in 2021, up 259% year-on-year, lagging behind Weilai (36.1 billion yuan) and ideal (27 billion yuan), mainly due to the low price of single cars.

Drawing: geek Park

In 2022, Xiaopeng’s momentum is still strong. In the first quarter, Xiaopeng delivered 34600 vehicles, a year-on-year increase of 159%, close to the ideal (152.1%) and significantly higher than Weilai.

Although Xiaopeng delivered the most, he also lost the most. In 2021, the net loss of Xiaopeng automobile was 4.863 billion yuan, a year-on-year increase of 78%; The net loss of non GAAP was 4.483 billion yuan, compared with 2.992 billion yuan in 2020; In contrast, Weilai had a net loss of 4.017 billion yuan in 2021, a year-on-year decrease of 24.3%. Non GAAP net loss of 3.006 billion yuan, down 41.2%. However, this is still significantly lower than Tesla in 2017 (loss of $1.96 billion, about 12.47 billion yuan).

The increase in losses is mainly related to Xiao Peng’s radical strategy. According to the financial report, the total cost of Xiaopeng automobile in 2021 was 9.419 billion yuan, a year-on-year increase of 102.7%. Among them, the R & D expenses reached 4.114 billion yuan, a year-on-year increase of 138.4%, accounting for 19.6% of the total revenue, higher than Weilai (12.7%) and ideal (12.2%); Sales, general and administrative expenses were 5.305 billion yuan, an increase of 81.7% year-on-year, accounting for 25.3% of the total revenue, which was also higher than 19% of Weilai and the ideal 12.93%.

In this regard, Xiaopeng explained that the increase in R & D expenses was mainly due to the increase in salaries caused by the increase in R & D personnel and the increase in expenses related to the development of new models to support future growth; The increase in sales, general and administrative expenses was mainly due to the increase in marketing, promotion and advertising expenses, the expansion of sales network and related personnel costs, and the increase in franchise store commissions.

According to the financial report, by the end of 2021, weixiaoli had 358, 357 and 206 retail centers respectively. From the data, Xiaopeng has been close to Weilai, exceeding the ideal of about 150. At present, Wei Xiaoli’s channel layout has sunk to the third and fourth tier cities, and is about to enter a bottleneck period. Next, each family needs to promote sales through new products.

At the same time, we can pay attention to the average annual sales volume of a single store. It is an important indicator to measure the channel efficiency. Generally, it is based on the annual delivery / number of stores. Although weixiaoli’s sales network is expanding, it is difficult to estimate the accurate annual average sales volume of a single store. However, according to rough estimation, the average annual sales volume of Weilai’s single store is 255, that of Xiaopeng is 274, and the ideal is 439. At present, Tesla has reached 1100, which also means that Wei Xiaoli still has considerable room for growth.

An insider once told “geek Park” that the newly built car is still in the initial stage. Under the condition of ensuring the safety of cash flow, the short-term loss is not important, but the efficiency of capital use is important. At present, Wei Xiaoli seems not too short of money. According to the financial report, in terms of cash and cash equivalents (excluding restricted cash), ideal ranked first with 27.85 billion yuan, Weilai ranked second with 15.334 billion yuan and Xiaopeng ranked third with 11.025 billion yuan. What they need to do is to transform their investment in technology and channels into better sales and user experience.

Drawing: geek Park

At the same time, among the indicators of Xiaopeng, there is another data worthy of attention, that is, gross profit margin. According to the financial report, Xiaopeng increased from 3.5% in 2020 to 11.5% in 2021, up 8 percentage points like Weilai, with obvious progress. Xiao Peng said that this was mainly due to the decline in material costs, the improvement of product portfolio and the production efficiency driven by economies of scale.

However, compared with ideal (20.6%) and Weilai (20.1%), Xiaopeng still has a certain gap, which is only equivalent to the level of Weilai in 2020 (12.7%), lower than 16.4% in ideal 2020.

This is largely related to Xiaopeng’s current product structure. From the perspective of product price range, Xiaopeng is the brand that most hopes to achieve sales breakthrough among the three brands. Xiaopeng’s products mainly focus on the market of 150000 to 300000, while Weilai’s products are in the price range of 350000 to 600000, and the ideal products are between 300000 and 400000. Generally speaking, lower product positioning means a larger user group, but the gross profit margin is also relatively low.

Therefore, raising the gross profit margin as soon as possible will be the focus of Xiaopeng’s next work. He Xiaopeng said that the improvement of the overall gross profit margin can not only rely on the luck of the outbreak of a single product, but also on the system platform, which will promote Xiaopeng’s “reform in the power system, manufacturing process and BOM cost system. The gross profit margin of new models, including G9, and the gross profit margin of the company as a whole will be structurally improved.”

This is also interpreted as one of the reasons why Xiaopeng first raised the price in Wei Xiaoli. In the face of the rise in the price of raw materials for power batteries, on March 18, Xiaopeng automobile officially announced a rise in the price. The price increases of different models ranged from 10100 to 20000 yuan. Then, on March 23, the official microblog of ideal automobile announced that the price of ideal one model would be increased by 11800 yuan, and the latest price after adjustment was 349800 yuan.

In the medium and long term, “Xiaopeng automobile’s goal is to increase the overall gross profit margin of the company to more than 25%. With the help of scale effect and operating leverage, various expense rates will continue to decline.” With Tesla (overall gross profit margin of 25.3% in 2021) ahead, with higher sales and product pricing, Xiaopeng automobile is still hopeful to achieve its goal.

Ideal: stability

Among the three families of Wei Xiaoli, the ideal is impressive with high business efficiency. Similar performance in 2021.

In terms of delivery volume, it is ideal to achieve the delivery volume of 90500 vehicles by only one vehicle in 2021, with a year-on-year increase of 177%, ranking third among new forces. Although the ranking is one place lower than that in 2020, the gap between the ideal and the first place (98100 Xiaopeng vehicles) has narrowed, and there is only 7700 Xiaopeng vehicles in 2021. In 2020, there is a difference of 11200 vehicles between the ideal and the first at that time (437 vehicles delivered by Weilai). In terms of automobile gross profit margin, the ideal is to maintain more than 20% throughout the year, which is very healthy.

Drawing: geek Park

In terms of losses, the ideal is still the least in Wei Xiaoli, only 320 million yuan, especially in the fourth quarter. According to the financial report data, the ideal revenue in the fourth quarter was 10.62 billion yuan, a year-on-year increase of 156%; The net profit was 296 million yuan, a year-on-year increase of 175%. In contrast, Weilai and Xiaopeng both lost more than 4 billion yuan, reaching 4.02 billion yuan and 4.86 billion yuan respectively.

This is also a new force in car making, which achieved a single quarter profit for the first time. From November 2019, the delivery of new cars began, and it will be profitable in the fourth quarter of 2021. It took only two years to achieve the ideal.

This speed is even faster than Tesla. According to public information, Tesla produced its first Roadstar sports car in 2008, but it did not realize quarterly profit for the first time until 2013. Data show that in the first quarter of 2013, Tesla delivered 4900 models, with a revenue of $562 million, a year-on-year increase of 83% and a profit of $11.2 million.

How does the ideal come true? In addition to higher gross profit margin, it is also due to less operating expenses. From 2018 to 2021, the total operating cost of ideal car is 11.986 billion yuan. In contrast, Weilai and Xiaopeng spent 36.11 billion yuan and 18.99 billion yuan in four years, three times and 1.6 times the ideal. Among them, in 2021, the expenses of Weilai and Xiaopeng were 11.47 billion yuan and 9.42 billion yuan respectively, far higher than the ideal 6.78 billion yuan.

In terms of cost rate, the cost rate of ideal cars in 2021 is only 25.4%, lower than that of Xiaopeng (44.8%) and Weilai (31.7%). Li Bin once introduced on the teleconference that Weilai’s financial strategy in 2021 is that gross profit can cover sales and management expenses. In other words, Weilai’s losses will basically be equivalent to the R & D expenses. At present, Wei Lai has performed well. According to the data, Weilai’s net loss in 2021 was 4.02 billion yuan and its R & D expenses were 4.59 billion yuan.

Let’s look at Tesla in 2017. The total operating cost is US $3.855 billion, with a cost rate of 32.8%, which is equivalent to that of Weilai, and is located between Xiaopeng and ideal. Among them, R & D expenses were US $1.378 billion (about 8.77 billion yuan), sales and management expenses were US $2.477 billion (about 15.76 billion yuan), accounting for 11.7% and 21% of the total revenue (US $11.8 billion), respectively.

In addition to more and more healthy business data, there is another great change in the ideal, that is, the recognition of it in the capital market is rising. In terms of market value, the ideal surpasses Xiaopeng, ranking second to Weilai. As of the closing on April 5, 2022, the market value of Weilai is $38 billion, the ideal is $28.7 billion, and Xiaopeng is $25.2 billion.

The reason behind this is not only the improvement of sales volume and gross profit, but also the re recognition of hybrid power by the market. Previously, because of Tesla’s strong performance, the capital market was more optimistic about the pure electric route. The ideal first car adopts the incremental program technology, which is a kind of hybrid power. It has been regarded as a “transition route” for a long time, and the secondary market has doubts about the ideal future.

However, with the outbreak of the plug-in hybrid market in 2021, the capital market has gradually realized that in the process of moving towards the end of new energy vehicles, we should not only pay attention to the direction, but also control the rhythm. In 2021, plug-in hybrid products became one of the main forces in the new energy market because of no mileage anxiety and policy dividends in some regions.

According to the data of China Automobile Industry Association, the sales volume of new energy passenger vehicles in China reached 3.334 million in 2021, a year-on-year increase of 120.6%. Among them, the sales volume of plug-in hybrid vehicles (PHEVs) reached 600000, with a growth rate of 121.6%, even slightly exceeding the growth rate of pure electric vehicles.

After entering 2022, the plug-in hybrid vehicle market has ushered in explosive growth. According to the data of China Automobile Industry Association, 160000 plug-in hybrid vehicles were sold from January to February this year, a year-on-year increase of 2.5 times. Among them, the sales volume of plug-in hybrid vehicles in February was 75000, with a year-on-year increase of 3.4 times.

The ideal vision is more than that. It mentioned in the 2025 strategy that “in 2025, the sales volume of China’s new energy market will be 8 million, and it is ideal to achieve 20% market share and 1.6 million sales volume”. To achieve this sales goal, it is impossible to occupy only a few small segments. Ideally, more investment is needed in the development of new products and pure electric platforms, as well as the service layout of energy supplement network.

For Wei Xiaoli, 2022 will be a very busy year. We should not only accelerate the introduction of new products and improve the delivery quantity, but also reduce production costs and improve system efficiency, but also maintain the rhythm and speed of R & D and prepare for the next “championship”.

More reading from geek Park: ride Association: ranking list of new energy car sales in January 2022 comparison of financial reports of Q3 weixiaoli and yiou in 2021: it is difficult for the new force of car building to break “10000 vehicles” in February 2022 Pass line 2022 inventory of new energy production and marketing data of Q1 automobile enterprises the rising price tide does not change the high growth trend of new energy vehicles. China Consumer Association: about 40000 complaints about cars and auto parts were accepted in 2021, accounting for 3.98% of the total complaints. Xiaopeng automobile: the revenue exceeded 5.8 billion in 2020, and the annual gross profit was confirmed for the first time. China electric vehicle hundred people’s Association: 80% of China’s traditional fuel vehicle brands will be shut down and transferred in the next 3-5 years. Xiaopeng automobile: the interpretation of 1q21 financial report teleconference benefited from P7 Xiaopeng automobile delivered a single quarter revenue of nearly 3 billion yuan: 1q21 revenue of 2.95 billion yuan, an increase of 616% year-on-year. It is reported that Xiaopeng automobile’s Q3 financial report operation cost in 2020 is flawed. The official response will be investigated for legal responsibility. Xiaopeng: 4224 sets were delivered in November 2020, a record high. Xiaopeng automobile: 3q20 revenue of 1.99 billion yuan, an increase of 342.5% year-on-year. Weilai: as of November 2019, the total delivery volume of Weilai this year reached 17395 sets. In August 2021, the insurance volume of China’s new car making forces ranked first in one Weilai automobile: user experience oriented, leading intelligent electric (with download)

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