In 2021, the total revenue of Jixing automobile was $1.3 billion, and only 29000 vehicles were delivered globally From Financial report of Jixing automobile

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Pure electric vehicle brand Jixing landed on NASDAQ. Recently, polar was listed and traded on NASDAQ with the stock code “PSNY” and its opening price was $12.98 / share. The listing of Jixing automobile was achieved through the merger with gores Guggenheim, a special purpose acquisition company (SPAC). Polar star took over the share price of gores Guggenheim, which closed at $11.23 a share the day before.

Spac is initiated by professional investors to set up a shell company for listing and fund-raising, and then complete the merger and acquisition of another company within the specified time, so that the target of the merger and acquisition can indirectly obtain the listing status. Compared with traditional IPO, spac IPO process is simpler, less time-consuming, lower cost and more deterministic pricing.

As early as September 2021, Jixing announced that it would be listed through merger with spac; In May this year, Jixing said it expected to raise $995million from the deal; Later, due to gores Guggenheim investors’ request for a refund, the financing was reduced to about US $850million.

According to the official website of Jixing auto, its total revenue in 2021 was $1.3 billion, its EBIT was -1 billion, and its adjusted unlevered free cash flow was -1.3 billion. In 2021, it delivered only 29000 vehicles worldwide, but Jixing expects its sales volume to be 50000 this year and 290000 in 2025.

In terms of models, there are currently two models of Jixing 1 and Jixing 2 under Jixing, and it is expected that three new models will be launched in the next two years.

Sales forecast of Jixing automobile, source: Official Website

Although Jixing automobile has been out for five years, this brand is still very strange to most Chinese consumers.

Polaris, originally a Swedish racing company, was acquired by Volvo in 2015 and has become a high-performance brand under Volvo, similar to BMW M series or Mercedes Benz AMG series. Its headquarters are located in Gothenburg, Sweden.

In 2017, Jixing announced its formal independence and became a car brand jointly founded by Volvo cars and Geely holdings. Volvo previously disclosed that it held 49.5% equity of Jixing. Existing investors also include Hollywood actor Leonardo DiCaprio.

In the year of its establishment, Jixing launched its first model, Jixing 1, with a price of 1.45 million and a limited sales of 500 vehicles per year. It is generally believed in the industry that Jixing 1 is not for sales, but to build a high-end brand image. However, Jixing 1 did not receive attention, but also missed the window period of the rise of a large number of domestic new energy vehicles.

The second chejixing 2 was launched in 2020 and currently sells for 257800 yuan to 338000 yuan, directly benchmarking Tesla Model 3.

Polar star said in its investor documents that it was the only pure electric vehicle multinational enterprise comparable to Tesla. Source: Official Website

In terms of brand, Jixing enjoys the double endorsement of Volvo and Geely. For this reason, Wall Street investors believe that compared with lucid and rivian, Jixing is a “serious new force for car making”.

In terms of production capacity, Jixing also relies on Volvo and Geely. According to the official website, Jixing’s factory in Chengdu, China, is used to produce Jixing 1. At present, the annual production capacity is 750; Polar Star 2 is produced by Volvo Taizhou factory; The upcoming Polar Star 3 is also produced by Volvo’s two factories in Chengdu and Charleston, USA.

Different models and production plants of polar star, source: Official Website

However, Jixing 2 has not become an opponent of Tesla Model 3, but a niche brand in the Chinese market.

Polar star previously revealed that it achieved a year-on-year growth of 471% in the Chinese market in 2021, but did not mention the specific sales figures. Industry insiders said that the sales volume of Jixing in the Chinese market in 2021 was about 2000.

This year, Tesla sold 295000 vehicles in the Chinese market, and domestic new power brands such as Weilai, Xiaopeng and ideal also achieved nearly 100000 vehicles.

It is worth noting that polar star has received an order for 65000 cars from Hertz, a car rental giant, in the next five years.

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