Author: Jialin
A yin and yang contract sent Xiaopeng to the hot search.
Recently, some media broke the news that consumers were "increased" by the store when ordering Xiaopeng Car to pick up the car, and the store was suspected of deliberately making a low contract price to defraud the new energy vehicle state subsidy. For the question of "cheating", Xiaopeng Automobile officially responded: management errors, follow-up will be performed.
However, Xiao Peng's recent bad things are far more than this one. Recently, the owners of Xiaopeng's reservation issued a joint statement, saying that the Xiaopeng P7 480 model has exceeded the delivery time and has not been equipped with a car. Regarding the inability to allocate the car on time, Xiaopeng said that it was because of "the extreme tension in the supply of lithium iron phosphate batteries."
Xiaopeng Automobile, which was already in turmoil, was once again pushed into the field of public opinion that was questioned by the public.
It is worth noting that Xiaopeng, one of the "new car-making forces", won the sales championship in the past November, and the stock price also reached a new high last month, with the highest market value of 345.4 billion yuan. Today, Xiaopeng Motors, which is deeply involved in the whirlpool of negative information, can it continue to carry the expectations of capital?
1 Low-cost cars refuse to be delivered, Xiaopeng is losing "Pengyou"
In the past November, Xiaopeng delivered 15,000 new energy vehicles, and has achieved single-month deliveries of more than 10,000 yuan for three consecutive months, becoming the only new energy vehicle brand in "Wei Xiaoli" that has sold more than 15,000 in a single month, an increase of 54% month-on-month and a year-on-year increase of 270%.
This report card also allowed Xiaopeng to reach the top of the delivery volume of new domestic car manufacturing forces. However, Xiaopeng Motors, which should have won public applause and praise, could not meet such sales in the supply chain.
Recently, a "Joint Statement of the Owner of Xiaopeng Automobile P7 480 km Endurance Reservation to Xiaopeng Automobile refuses to deliver the vehicle" circulated on the Internet, which pointed out that the delivery has been overdue or is about to be overdue, but no 480 model owner (hereinafter referred to as the 480 car owner) has been successfully equipped.
What makes the 480 car owners even more dissatisfied is that the same order of Xiaopeng car has encountered "differential treatment".
The statement mentioned that Xiaopeng Automobile treated the predetermined orders of vehicles in the market differently, and the Xiaopeng P7 670 km endurance version order fully arranged the production and supply of vehicles, but the 480 version of the order was frozen and did not match the car.
In the face of the question of "low-cost car refusal to deliver", Xiaopeng Automobile responded that this is not a difference in treatment, but because of the lack of lithium iron phosphate batteries.
Xiaopeng Automobile said that due to the impact of the epidemic, the industry is facing extreme tension in the supply of lithium iron phosphate batteries, which has also brought great uncertainty to the production of Xiaopeng P7 480E/N models, resulting in 480 model orders can not be delivered in time within the next timed expected delivery cycle, for which Xiaopeng apologizes.
However, for this explanation, the owner of the rights protection car does not buy it. According to the information collected by the owners before, Xiaopeng officials have adjusted the unified caliber of the delivery time of the 480 model, and all said that the delivery time was adjusted to late December.
In the explosive growth, this is another case of "rollover" of the brand of new power that flaunts the supremacy of users.
In the joint statement of the owners of Xiaopeng, the owners claimed to be "a group of people who resolutely chose to support the new forces of China's own brand new car-making forces despite the ridicule of family, relatives and friends", but after a series of neglects, they became "a group of people whose enthusiasm for buying cars has been exhausted".
The owner staged a "pink to black", and Xiaopeng Automobile is losing his "Peng friends".
2 Xiaopeng's embarrassment: Behind the pin crown, it is difficult to get rid of the identity of the "loss king"
Not long ago, Xiaopeng Automobile's third quarter report was released, and its revenue reached a new high during the period. From any angle, data can be described as "pretty.".
Among them, Xiaopeng Automobile's total Q3 revenue was RMB5.72 billion, an increase of 187.4% year-on-year; automobile sales revenue was RMB5.46 billion, up 187.4% year-on-year; gross profit margin increased from 4.6% last year to 14.4% this year.
But paradoxically, Xiaopeng's net loss margin has expanded again. In the third quarter, Xiaopeng Automobile was still in a loss, and it was more serious than the previous quarter.
The financial report shows that in the third quarter of 2021, Xiaopeng Automobile lost a total of 1.595 billion yuan, an increase of 38.8% over the second quarter, more than double the first quarter of this year. The cumulative loss of Xiaopeng Automobile in the first three quarters has exceeded that of the whole of last year.
While becoming the sales champion, Xiaopeng can't take off the hat of losing the first.
The reason is closely related to the rise in its cost. Among them, the main thing is that the cost of R&D investment and channel expansion has increased significantly.
First of all, in terms of research and development, Xiaopeng Automobile invested 1.264 billion yuan in research and development in the third quarter, an increase of 99% year-on-year. From last year to the third quarter of this year, Xiaopeng Automobile's R&D expenditure reached a new high, and it also exceeded the 1 billion yuan mark for the first time.
Secondly, in terms of sales channels, taking stores as an example, Xiaopeng Automobile added 71 stores in the third quarter, reaching 271, covering about 95 cities.
Industry insiders said, "Xiaopeng Automobile's strategy is to protect the market with sales. Xiaopeng tried to use sales growth to expand market share, and adopted a more aggressive strategy to this end, that is, to abandon gross profit margins and pay high marketing expenses and research and development investment.
At present, Xiaopeng Automobile's strategy of exchanging sales for the market is still unclear. Under the circumstance of continuous expansion of losses and high costs, Xiaopeng's long-term upward performance is very likely to usher in an inflection point.
3 New forces squeeze the bubble, Xiaopeng's "capital robbery"
In 2020, the new forces of car-making Weilai, Xiaopeng and Ideal can be described as full of spirit, but a year has passed, and now the light of "Wei Xiaoli" in the investment market has faded at a speed visible to the naked eye.
Entering 2021, after passing the peak of the stock price in February, the stock prices of the three "Wei Xiaoli" companies began to enter a long period of stagnation.
For the young and vigorous "Wei Xiaoli" to surpass the high market value of a number of traditional car companies, the discerning people can see how much bubble is mixed in.
Since its inception, Xiaopeng Automobile has completed at least 10 rounds of financing, with a financing amount of more than 23 billion yuan. More importantly, Xiaopeng Automobile's investment lineup includes star investment companies from many sources, including Alibaba, Xiaomi, IDG Capital, GGV Jiyuan Capital, Morningside Capital, Hillhouse Capital and so on.
At the beginning of this year, Xiaopeng Automobile's stock price fell all the way and suffered a liquidation by Hillhouse. Hillhouse Capital has taken the lead in liquidating Xiaopeng in the fourth quarter, and its current shareholding is zero.
What is even more bleak is that in the context of the hopeless promotion of US stocks, Xiaopeng returned to the Hong Kong stock market in the middle of this year, but this time the stock price not only failed to stage the favorable situation of several times the rise last year, but also suffered a break.
Under the loss, Xiaopeng may be difficult to support the halo of high market value.
In his internal letter last year, He Xiaopeng also reminded employees: "Focus on your own career, don't just stare at the short-term ups and downs of stock prices." Short-term operating effects can cause stock prices to rise sharply, and likewise, they may lead to sharp declines. Only by focusing on long-term benefits can we achieve real growth for individuals and businesses. ”
In fact, as one of the "new car-making forces", Xiaopeng has long-term losses that are difficult to control internally, and there is pressure brought about by the general rise of new and old car-making forces. Once it is impossible to continue to maintain the burning money marketing, in the fierce competition that does not decrease but increases, the future of Xiaopeng is full of uncertainty.
Nowadays, the field of new energy car manufacturing is already a pattern of competing for deer, and the survival of the fittest in capital betting will be more severe. Can Xiaopeng, who is in difficulty at home and abroad, still break through many difficulties and continue the myth of high growth?