As former disciples of Jia Yueting’s philosophy of “suffocating for dreams”, Zhang Hailiang and Ding Lei each made a splash at the Beijing Auto Show with their respective new car brands Tianji Automobile and Gaohe HiPhi.
Left: Ding Lei; Right: Jia Yueting
Tianji Automobile brings its first mass-produced car ME7 (priced at 218,800-289,800 yuan) and works with Perfect World Game "The Legend of Condor Heroes 2" The mobile game was unveiled at the Beijing Auto Show, and HiPhi
HiPhi? "Our B-round financing is about to end, and the C-round financing will follow the overall plan." He also revealed that investors include industrial funds, investment institutions and investors.
After checking the professional version of Tianyancha data, we can find that the most recent financing of Tianji Auto was one year ago. After a year of suspension, Tianji Auto was able to make a comeback. ?
Tianji ME7
I suddenly remembered a few sets of data. According to the China Automobile Dealers Association, from 2015 to the first half of 2017, there were more than 200 new energy vehicle manufacturers in China. The vehicle project has been implemented, involving an investment of more than one trillion yuan, and the disclosed production capacity plan exceeds 21.24 million vehicles.
According to data released by Pitchbook, as of June 2019, the amount of venture capital received by Chinese electric companies was only about 783 million US dollars, a sharp drop of 90% year-on-year, and there are only 40 new car-making forces left. about.
Compared with 2 years ago, more than 60% of companies have gone bankrupt. New car-making forces seem to have gradually changed from "potential stocks" to "junk stocks". Among the companies currently surviving, Most of them are still in a state of stagnation. These "silent" companies have created a "false prosperity" for new energy vehicles.
Jiangsu, which has the most aggressive introduction of new energy vehicle projects, has also suffered the heaviest losses after the industry reshuffle.
In the case of Byton, Bojun, Sailin, Diteru and others alone, the investment losses in Jiangsu Province have been close to 5.6 billion yuan. Compared with the country’s real investment in the new energy field, 5.6 billion is just a fraction.
Indeed, for any company that enters the field of new energy vehicles, although it is said that "cars are built sooner or later, and the forces are not afraid of the old or the new", in addition to the mass production and delivery of products, capital is indeed the most critical threshold. It is also the latest redemption.
For example, when we see that NIO’s stock price is as low as $1 and is almost delisted; “Jia Yueting will return to China next week”, “Wang Xiaolin will not have a ticket”, and “the fastest bankruptcy” outside Tianjin Bojun , believing that the new car-making forces will usher in a new round of bankruptcy.
Who would have expected that in 2020, Weilai would regain tens of billions of credits from the central bank, Lideal and Xpeng would successfully go public in the United States, WM Motor would receive tens of billions of financing, Evergrande would launch 6 cars at once, Tencent and Alibaba would , Sequoia and other capital have re-entered the new energy industry, which makes people wonder whether the new car-making forces have started a new round of "money trapping"?
Some people lose money, and some people make a lot of money in this game of capital.
The state began to support "overtaking in corners" in 2009, with over ten years of excessive subsidies. During the years when new car-making forces were celebrating, most provinces and cities were investing in the new car-making forces' investment projects. Huge returns have been obtained, with the average return rate in Anhui Province exceeding 7 times.
Singularity, which had not built a car for five years, suddenly announced in June this year that the complete vehicle would be put into production and rolled off the production line in October. Moreover, the valuation of Singularity Auto, which has been constantly bouncing orders, has been Reaching 7 billion yuan; Tianji Automobile, which also has a capital chain shortage and factory shutdown, has not only begun mass production and listing, but also has a comprehensive valuation of more than 10 billion yuan.
If the "struggle" of Tianji, Singularity and even Gaohe is the final sprint for their "car-making dream", then Sailin and Bojun, which once made waves in the car market, , After Byton goes bankrupt, what remains may be reorganized, acquired, and continue to survive in another way.
In fact, compared with the wasted money, the problems of those car companies after their bankruptcy were more serious.
For example, how to relocate many idle factories and large numbers of workers? I suddenly remembered what industry seniors said: It is not that China does not need so many new energy vehicles, but that after the market gradually calms down, it will not need so many resources. What a waste, so many cars that don’t even have skins.
In fact, the capital market is still in an "excited" state now, and giants are also working hard to save the "new forces." Whether they can be saved depends on their brand value, technology patents, product strength, Whether the factory's production capacity, etc. are reliable.
After all, the competition among new car-making forces has entered the 3.0 era. Not to mention GAC New Energy, BAIC New Energy ARCFOX, and Dongfeng Lantu, which have all joined the new energy field, as well as Tesla and BBA. , two fields and one industry are also entering the domestic new energy market after realizing electrification.
The new car-making forces still need good products after passing the mass production threshold and IPO. Only by increasing the volume can car companies survive better, instead of just relying on business model innovation. .
After all, the era of making money and enclosing land by relying on policy dividends no longer exists.
This article comes from the author of Autohome Chejiahao and does not represent the views and positions of Autohome.