Dongfeng Motor Group, a listed company of Dongfeng Company, applied for landing on the science and technology innovation board in order to open up domestic financing channels and take advantage of the new four modernizations.
Of the 265.438+33 billion yuan expected to be raised by Dongfeng Motor Group, 7 billion will be used for Lan Tu Automobile, with a total investment of 65.438+0.654.38+0.00 billion yuan. But in the long run, building a new high-end electric brand is a long-term process and requires a lot of money. It is not known whether the funds are enough.
Not surprisingly, Lan Tu Automobile will also become an important carrier for the Group to display the development achievements of the "new four modernizations". Its first SUV model is expected to be launched in 65438+February this year and delivered next year.
As a latecomer, Lan Tu Automobile is facing the increasingly fierce competition in the high-end electric vehicle market and the subsidy policy for new energy vehicles. In addition, the advantages of Dongfeng Company in intelligent, networked and other forward-looking technologies have not been established. This poses a challenge to the development of automobiles in Lan Tu.
The construction of the "new four modernizations" needs continuous capital investment.
Dongfeng Company launched Lan Tu Automobile, which can fill the gap in the field of high-end new energy passenger cars and realize upward transformation.
However, it will take time for Lan Tu automobile to achieve large-scale production capacity from delivery. Before the product pedigree is improved and a continuous positive cash flow is formed, Dongfeng Company needs to be prepared for long-term continuous investment.
Take Tesla and Weilai as examples. Tesla has been established for more than ten years and is expected to achieve full-year profit this year. Weilai is still in a state of loss, with a loss of over 10 billion in 20 19 years. It needs to raise development funds through financing and issuing bonds.
Guangzhou Automobile New Energy, a subsidiary of Guangzhou Automobile Group, has just completed its capital increase, and it seems that there are plans for independent listing.
In addition, the layout of areas such as autonomous driving also requires huge investment. For example, Toyota, Volkswagen and other car companies choose to acquire start-ups or "hold a group" with other car companies when laying out forward-looking technology fields to reduce costs and improve efficiency.
Dongfeng Motor Group can open up domestic financing channels and solve some development funds problems by landing on the science and technology innovation board. In the prospectus, Dongfeng Motor Group mentioned that it plans to raise 210.033 billion yuan with a total investment of 30 billion yuan. Among them, the development of new generation automobiles and forward-looking technologies is 654.38+0.28 billion yuan, and the investment in Lan Tu Automobile is 654.38+0.654.38+0 billion yuan.
Ren Wanfu, a senior automobile analyst, said that the investment in building a new brand is a continuous process, whether it is 654.38+0 billion or 654.38+0 billion, it is only a stage investment.
Zhang Xiang, an independent auto analyst, believes that Lan Tu needs huge funds in R&D and marketing to develop, and it will also go through the stage of burning money. "If these two points are not high-end, there is no way to talk about it."
It is understood that Dongfeng Company's investment of 1 1 billion yuan in Lan Tu Automobile will be mainly used for product research and development, digital factory investment and digital marketing.
Bai Yiyang, the international research department of China Merchants Bank, said that the investment proportion of the three major projects of Dongfeng Motor Group should be calculated, but he pointed out that there are uncertainties in the project implementation process, and the specific situation depends on the progress of research and development.
Dongfeng Company also needs to solve the fund problem for the subsequent development of Lan Tu Automobile.
In the past two years, the revenue growth of Dongfeng Motor Group has been weak. From 20 18 to 20 19, the operating income was 144.2 1 100 million yuan and13.520 billion yuan respectively, which decreased by 2 1.20% and 6.24% respectively.
Forward-looking technology layout is late or affects sales in Lan Tu
Ren Wanfu also pointed out that Dongfeng Company's layout in the fields of three-electricity technology and autonomous driving is late, and there is still a lack of technology accumulation, which may affect the sales of automobiles in Lan Tu.
High-end electric vehicle brands are, to a certain extent, an important carrier for car companies to display their "new four modernizations" technology. Zhang Xiang said that due to cost considerations, general high-end products have a high demand for autonomous driving.
Dongfeng Company's layout achievements in the technical fields such as automatic driving, intelligent network connection and three-electricity technology will be displayed to the outside world through Lan Tu Automobile.
Judging from the public information, the new energy automobile products sold by Dongfeng Company are mainly in the low-end market. For example, pure electric modules based on HP3.2a series? The cruising range of Dongfeng Shen Feng E70 and NEDC is as high as 500Km, while the cruising range of GAC Aian series has exceeded 600 km. Dongfeng has no advantage over BYD in three power technologies.
In the research and development and application of autonomous driving technology, Dongfeng Company mainly focuses on the field of logistics vehicles, and most of them are at L2 level in the field of passenger cars.
In June 5438+10, Dongfeng shared -VAN, the first L4-class 5G self-driving car of Dongfeng Company? 1.0? Coupled with mass production, the car is mainly oriented to the logistics car market.
Dongfeng passenger car brand automatic driving assistance system is at L2 level, L3 has been jointly developed and put into mass production.
Ren Wanfu said that intelligence is a long-term process. Now everyone is still in the exploration stage, and the starting point is similar.
Most car companies say that they have achieved L2-level autonomous driving technology. Zhu Huarong, Chairman of Changan Automobile, recently revealed that the mass production of L4/L5 self-driving cars will be gradually realized in 2022.
Zhang Xiang said that at present, in enterprise-class cars, new forces such as Tesla and Weilai have an advantage in the field of autonomous driving, and Tesla's autonomous driving level is now at L2 level.
In the field of intelligent networking and * * * sharing, has Dongfeng Company launched Windlink? 5.0 Intelligent system, there are two platforms in the field of * * * enjoyment: Dongfeng Travel and T3 Travel. Compared with Geely's trip to Cao Cao and BAIC's trip to Mo Fan, SAIC's zebra intelligent system has a certain gap.
Facing greater market competition pressure.
Besides failing to establish advantages in the field of forward-looking technology, Lan Tu Automobile, as a "latecomer", will also face increasingly fierce competition in the high-end electric vehicle market.
According to the plan, Lan Tu Automobile's first medium-to-large, high-end intelligent electric SUV will be released in June 5438+February, and will be delivered in the third quarter of next year.
An industry analyst said that Lan Tu's first model will face multiple challenges after it goes on the market. "Can you successfully open the brand and market: can you make differentiated product advantages?" Moreover, at present, Tesla and Weilai have a relatively complete product portfolio, and the Guangzhou Automobile Aian series has also initially opened the market. Both FAW and SAIC are promoting the preparation of high-end electric brands, which is no small challenge for Lan Tu.
According to the data of the Federation, Tesla Model? The cumulative sales volume in the previous month 10 was 92,000 units; Eternal tower? S is35,000 vehicles; Weilai ES6 and Li ONE broke through 30,000 vehicles and 20,000 vehicles respectively.
In view of the fact that the first model will launch pure electric and extended-range versions, it will not only compete with Tesla, but also "smash" with Li ONE.
Compared with the Lan Tu automobile built by traditional automobile companies, Tesla, Weilai and Ideality, which have both Internet technology attributes, may have more brand appeal among electric vehicle consumers.
In addition to market factors, the change of new energy vehicle policy will also have an impact on the entry of Lan Tu vehicles.
The purchase subsidy and purchase tax exemption policy for new energy vehicles will be extended to 65438+February 3, 20221. The first model of Lan Tu Automobile will be launched in the third quarter of next year, and it will enjoy a shorter policy bonus.
Zhang Xiang said that with the decline of subsidies for new energy vehicles, Lan Tu will face a high-end electric vehicle market with enhanced competitiveness after listing.
This article comes from car home, the author of the car manufacturer, and does not represent car home's position.