Zhongxin Finance, March 3 (Zhongxin Finance, Ge Cheng) With the recent release of Xpeng Motors' annual report, the 22 results of the three leading new forces of car manufacturing are fully announced.
Compared with 2021, the changes in the annual reports of the three leading emerging car companies of "Wei Xiaoli" have many similarities - sales continue to rise, revenue continues to grow, but net losses are also expanding... In 2023, the competitive environment for new energy vehicles will be more intense, how will "Wei Xiaoli" respond?
Infographic: Auto Show. Photo by Ge Cheng of Zhongxin Finance
Revenue growth and loss expansion, why is it difficult for "Wei Xiaoli" to make money?
The higher the revenue, the more money will be lost - this is the portrayal of the three leading new forces of "Wei Xiaoli" for many years. The latest financial report shows that this phenomenon is showing a gradual intensifying trend.
In 2022, NIO's total annual revenue will be 492.7 billion yuan, a year-on-year increase of 36.3%, and Xpeng's total annual revenue will be 268.7 billion yuan, a year-on-year increase of 28%; Li Auto's revenue reached 452.9 billion yuan, a year-on-year increase of 67.7%.
Correspondingly, NIO's net loss was 144.4 billion yuan, a year-on-year increase of 259%; Xpeng Motors' net loss was 91.4 billion yuan, a year-on-year increase of 88%; Li Auto's net loss was 20.3 billion yuan, a year-on-year increase of 527%.
Among the three new car companies, NIO has the highest revenue and the largest loss; In contrast, although Xpeng Motors' revenue is the lowest, its losses are growing at the slowest rate. For Ideal Car, although its losses are smaller than the other two, the amount of losses is five times that of last year.
In response to the above phenomenon, Shengang Securities analyzed in a research report that the first car companies to achieve profitability will stand out in the final game of new energy vehicles. From the current situation, it is still very difficult for new automakers to achieve profitability, and capacity expansion, R&D investment, channel construction, etc. will erode the company's profit space.
Data map: Xpeng Motors City showroom. Photo by Ge Cheng of Zhongxin Finance
How to be profitable and stand out?
At the recent earnings conference, NIO CEO Li Bin and Xpeng Motors CEO He Xiaopeng both pinned their hopes on new platforms and new products. Li Bin said, "In the first half of this year, we will deliver five products based on the second-generation technology platform. As new vehicle sales and deliveries rise, many of our fixed cost allocations can also be well understood. ”
He Xiaopeng said, "In 2023, Xpeng's pure electric platform, electronic and electrical architecture, power system, and intelligent assisted driving will be fully platformized and enter the stage of systematic vehicle manufacturing. At present, a clear implementation roadmap has been formulated, and through technological innovation, configuration optimization and other means, the cost of vehicle hardware (including power system) has been reduced by about 25%. ”
Infographic: NIO City showroom. Photo by Ge Cheng of Zhongxin Finance
If the sales volume is not as good as the market, will "Wei Xiaoli" fall into a "price war"?
For "Wei Xiaoli", losing money and selling cars is not news, and the change in share is the focus of the market and investors. Looking back on 2022, how are the three new force cars selling?
Financial report data shows that the delivery volume of the three leading emerging car companies in 2022 will exceed the 10,12 mark. Among them, NIO delivered 25,34 vehicles, a year-on-year increase of 12%; Xpeng delivered 08,23 units, a year-on-year increase of 13%; Deliveries were 32,47 units, up <>% y/y.
Although the number of deliveries has risen, in the context of the continuous explosive growth of new energy vehicles, it is difficult for "Wei Xiaoli" to win the market.
According to data from the China Association of Automobile Manufacturers, China's new energy vehicle production and sales will reach 2022.705 million units and 8.688 million units respectively in 7, up 96.9% and 93.4% year-on-year, respectively. Wei Xiaoli's market share in the field of new energy vehicles has declined.
Infographic: Ideal Auto City showroom. Photo by Ge Cheng of Zhongxin Finance
To add insult to injury, Tesla's "price war" in 2023 has intensified the competition for new energy vehicles.
At the beginning of the year, the price of Model 3 and Model Y models in China fell to a "historical low", which made the share pressure of "Wei Xiaoli" increase sharply. In the face of the "price war", the heads of the three new forces showed different attitudes.
Li Bin said frankly, "The price strategy of NIO brand models is not a low-price strategy. Our strategy has always been to be a stable price strategy, and we have not launched a plan to reduce allocation. ”
He Xiaopeng believes that in the past 1-2 years, aggressive price wars in the automotive industry will be inevitable. "At this time, we will definitely continue to change models and launch new models in the future, and aggressively occupy a higher position in the market in terms of related pricing." This is our overall strategy. ”
In the view of Li Xiang, CEO of Ideal Auto, Tesla's price reduction has had a profound impact on the global new energy vehicle market. "Tesla caught everyone off guard, and the global price reduction affected the development of the car market. Reducing prices may not necessarily help you increase sales, but reducing prices can hit other companies, because after reducing prices, rival companies will definitely have to reduce prices. ”
However, Li Xiang also made it clear that it is relatively difficult for ideal cars to enter the 20,30-20,30 market. "We need to have a stronger scale effect and then enter the price range of <>,<>-<>,<>."
In 2023, under the background of the withdrawal of new energy vehicles "national supplement", market competition will be more intense. Can the three new car companies of "Wei Xiaoli" turn losses into profits? The market is waiting to see. (End)