Why can Weilai, Ideal and Tucki stand out from many new forces? What did they do right? What do they have in common? After reading nearly a thousand pages of prospectus, we found these secrets.
Losing money is not terrible.
As a latecomer in the automobile industry, it is almost inevitable that new car manufacturers will lose money. Weilai, Ideality and Tucki are no exception, and they may even become the leaders of this "money-burning competition".
From June 20 16 to June 20 18, Wei's revenue was 45.99 million yuan, and the accumulated loss was1165438+42 million yuan. 20 18 to March 2020, the ideal revenue165438+36 million yuan, with a cumulative loss of 4.048 billion yuan. 20 18 to June 2020, Tucki's revenue was 3.334 billion yuan, with a cumulative loss of 5.886 billion yuan.
However, at the same time of huge losses, they obtained financing on a larger scale. From June 20 16 to June 20 18, Weilai accumulated financing of170.6 billion yuan, and cash and cash equivalents increased from 596 million yuan to 4.48 billion yuan.
From 20 18 to March 2020, the ideal accumulated financing is 6.9 billion yuan, and the cash and cash equivalents will increase from 95.52 million yuan to/kloc-0.06 billion yuan.
From 20 18 to June 2020, the accumulated financing in Tucki is11200 million yuan. Cash and cash equivalents increased from 1.63 1 billion yuan to 1.895 billion yuan.
In fact, for new car manufacturers, the most important thing is not profitability, but financing ability. As long as you can get the money, even if there is a loss, the enterprise can still survive. Before IPO, whether an enterprise can get money depends largely on the resources of the founder in the capital circle.
Before Weilai, Li Bin had owned two listed companies, Easy Car and Easy Letter, and accumulated a good reputation in the capital circle. Li wanted to lead car home to the NYSE and was highly praised by Wang Xing.
As for He, although his first company, UC, was not listed, he established contact with industry leaders such as Lei Jun and Yu Yongfu through UC.
Past experience has enabled these three bosses to accumulate profound resources in the capital circle. When they come out to start a business again, they will naturally be greeted with various answers.
Weilai completed five rounds of financing before listing, and the investors included Gaochun Capital, Tencent Investment and Bailey. Well-known investment institutions such as Gifford; Ideally, eight rounds of financing will be completed before listing, with investors including Shi Ming Capital, Jingwei China, ByteDance and Meituan. Tucki completed 10 round of financing before listing, and the investors included Alibaba, Shunwei Capital, GGV ggv Capital and other well-known investment institutions.
Spending money is crucial.
For a long time, the behavior of new car manufacturers burning money has been criticized. In the first two and a half years of IPO, Weilai's accumulated operating expenses were 65.438+0.0742 billion yuan, ideally 3.29 billion yuan, 6.358 billion yuan in Tucki and 8.4 billion yuan in Baiteng.
The difference is that after the first three companies spent money, the production models began to be delivered and the company landed in the capital market. However, Baiteng's first model was not mass-produced, and even the company was in jeopardy. The same is burning money, but the final result is completely different. Why?
Maybe it has something to do with how the four companies spend their money. From 20 16 to the end of June 20 18, Weilai accumulated operating expenses of RMB107.42 million, including R&D expenses of RMB 5.528 billion, accounting for 5 1%, and sales, general affairs and administrative expenses of RMB 5.2/kloc-0.40 billion.
From 20 18 to the end of March 2020, the ideal accumulated operating expenses are 3.29 billion yuan, of which R&D expenses are 21530,000 yuan, accounting for 65%, and sales, general affairs and management expenses are11390,000 yuan, accounting for 35%.
From 20 18 to the end of June 2020, the accumulated operating expenses of Tucki were 6.358 billion yuan, including 3.752 billion yuan for research and development, accounting for 59%, and 2.606 billion yuan for sales, general affairs and management, accounting for 4 1%.
Through a large amount of investment in R&D, Weilai, Ideality and Tucki quickly achieved mass production delivery and landed in the capital market. However, there are indications that Baten has invested more money in some incredible places.
Since Batten has never published a financial report, it is impossible to know how its operating expenses are allocated. However, some clues can still be found from relevant reports.
Earlier, some media reported that the North American office with a scale of more than 300 people spent more than 7 million US dollars on the purchase of snacks; China employees' business cards are made of imported environmental protection materials, and the cost of a box of business cards is as high as several thousand yuan.
In the summer of 20 19, FA of Baiteng arranged a potential investor in the Middle East, and the management took the M-Byte concept car to Dubai, and the round-trip cost was as high as several million. Baiteng signed a memorandum of cooperation with potential investors at that time, but the contract was broken the next day, and the other party was never heard from again. In Batten, there are countless examples of this.
Funds also come from investors. Why Wei Lai, Ideal and Tucki are all careful, but Bai Teng seems to be extravagant?
Perhaps it is related to the inconsistency between the ownership and management rights of Baiteng. In Weilai, Ideal and, Ideal and He are both the chairman and CEO, and they are all bosses, who participate in the daily management of the company. In Baiteng, the actual controller Feng Changge does not hold any post, and the company is managed by two professional managers, Bi Fukang and Dai Lei.
The separation of ownership and management rights has led to no one really responsible for the company, and caused a series of jaw-dropping chaos. Earlier, some media reported that when Bi Fukang was in office, every time he went out to eat, he would definitely order the best red wine in the store. Dai Lei spends most of his time in Hongkong, and usually goes to Nanjing Headquarters for business 1-2 times every two weeks. His most direct management of the company is to communicate with the management online on weekdays 10.
Even more deadly, as a startup company, Baiteng strictly implements the day five, with a relaxed working pace and little overtime on weekends. Some foreign executives even "can't contact anyone" during the epidemic.
After reading the prospectuses of Wei Lai, Ideality and Tucki, as well as the relevant reports of Baiteng, we found two necessary conditions for the survival of the new car-making forces. One is that the founder must have deep resources in the capital circle, and the other is that the founder must directly participate in the management of the company. The former can ensure that the company can continuously raise funds, while the latter can ensure that the money will be spent in the right place.
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