Two-wheeled electric vehicles new rivers and lakes: Mavericks, No. 9, Hello staged the Three Kingdoms Kill

The author | Yin Taibai

Editor| Yang Bocheng

The war over two wheels was pushed to a new climax.

Towards the end of 2021, Halo released four two-wheeled electric vehicles in one go, which has become another new move since Haro announced its entry into the two-wheeled electric vehicle track. Among them, the flagship model named "Hello ME70" is equipped with VVSMART super-networked car machine system 2.0, equipped with automotive-grade OBC fast charging and large-capacity automotive-grade power batteries, and the maximum cruising range has reached 200km.

About nine months ago, Hello announced its entry into the field of two-wheeled electric vehicles and shouted the slogan of "new travel, really dare to build". At that time, Chi Xingde, general manager of The Hello Electric Vehicle Division, said that the degree of intelligence of two-wheeled electric vehicles is very low compared with electric vehicles, home appliances and mobile phones. The traditional two-wheeled electric vehicle industry lacks the underlying OS, and the brand products are still in the "stand-alone" stage, and the overall intelligent penetration rate of the industry is less than 5%.

The low penetration rate of intelligence and the relatively mature experience in vehicle manufacturing have become the basis for Haro to enter the two-wheeled electric vehicle track, but it is not only Hello that takes "intelligence" as the breakthrough point. A situation that cannot be ignored is that No. 9 Company and Mavericks are also continuing to increase intelligence. Whether it is from intelligence, brand power or mileage, Hello, as a latecomer, has not opened up much gap with the former two.

Mavericks is the first two-wheeled electric vehicle manufacturer to cut into intelligence. In 2014, Li Yinan, a genius teenager who had served as vice president of Huawei, was keenly aware of the relative lack of intelligent products in the two-wheeled electric vehicle market, so he set up Xiaoniu to open up a new subdivision track. Li Yinan once publicly stated on Weibo that he was willing to devote himself to using the best materials and cutting-edge technology to create China's most cattle two-wheeled electric vehicle.

Four years after its birth, the Maverick successfully landed on the NASDAQ in the United States. In the third quarter of the same year, driven by a significant increase in sales, the total revenue of the Mavericks increased by 86.1% year-on-year, and for the first time achieved a single quarter profit.

Following the footsteps of The Maverick, No. 9 entered the two-wheeled electric vehicle track at the end of 2019, which also focused on "intelligence". The two-wheeled electric vehicle business is seen by No. 9 as the third growth curve after the balance car business and the scooter business. According to the data disclosed by No. 9 Company, during the "Double Eleven" period in 2021, the total sales of No. 9 electric vehicles were 140 million yuan, an increase of 753% year-on-year.

Under the sword of the three "new car-making forces", a two-wheeled electric vehicle war related to "intelligence" is starting.

The 100 billion two-wheeled electric vehicle industry is ushering in the best period of development and expansion

There is still a large room for development in the two-wheeled electric vehicle industry. According to the "2021 China Two-Wheeled Electric Vehicle Intelligent White Paper" released by iResearch, in 2020, the market size of China's two-wheeled electric vehicles was 104.64 billion yuan, an increase of 22.9% year-on-year. iResearch expects that in 2021 and 2022, the market size of two-wheeled electric vehicles will reach 122.25 billion yuan and 144.3 billion yuan.

"Whether it is a traditional two-wheeled electric vehicle manufacturer or a 'new car-making force', this year is the best time to develop and expand." A two-wheeled electric vehicle dealer told DoNews (ID: ilovedonews) that "the reason is that the stock replacement period for two-wheeled electric vehicles has arrived." ”

In April 2019, the new national standard for two-wheeled electric vehicles ,"Technical Specifications for The Safety of Electric Bicycles" (the "New National Standard") was officially implemented. The "new national standard" has made strict regulations on core configuration indicators such as speed, motor, and vehicle weight, while two-wheeled electric vehicles that do not meet the regulations will not be able to be sold.

Subsequently, various provinces and cities have successively introduced transitional policies. After the transition period, the two-wheeled electric vehicles that exceed the standard will be scrapped or replaced with two-wheeled electric vehicles that meet the "new national standard". It is pointed out that the stock replacement period will peak in 2022-2024.

Data from the Prospective Industry Research Institute shows that China's two-wheeled electric vehicle ownership is more than 300 million, of which there are about 100 million two-wheeled electric vehicles in excess of the "new national standard" replacement demand. According to the comparative estimates of the transition period policies and ownership of provinces and cities, it is expected that the increase in two-wheeled electric vehicles that meet the new national standard in 2022-2024 will be 25 million, 30 million and 25 million, respectively.

The above dealer analysis believes that a large number of two-wheeled electric vehicles that do not meet the requirements are facing elimination, resulting in a large number of gaps in the market, seizing this historical opportunity will be equivalent to driving on the fast lane, "two-wheeled electric vehicles for offline stores are extremely dependent, in the past two years, major manufacturers are stepping up the expansion of offline sales outlets." ”

An example that can be cited is Yadi, which dominates the field of two-wheeled electric vehicles. After 2020, Yadi's expansion rate is accelerating significantly, as of the end of 2020, Yadi has a total of 2955 dealers and more than 17,000 sales outlets, by the end of 2021, the number of its sales points may have exceeded 21,000.

Hello, Mavericks and Nine are also trying to seize the opportunity. By the end of 2021, the number of Haro and Xiaoniu stores was 3562 and 3108 respectively, and although no ninth company did not release the latest data, the number of stores exceeded 1200 in May 2020.

The fact that the number of competitors has only increased or decreased also reflects that the two-wheeled electric vehicle industry is ushering in the best period of development. Although the annual registration growth rate of two-wheeled electric vehicle-related enterprises is in a gradual trend, but the annual increase still maintains a considerable number, according to the big data of the Tianyancha industry, China has added more than 100,000 two-wheeled electric vehicle-related enterprises every year for three consecutive years.

The competitive landscape is optimized, why does the "new force of two-wheeled electric vehicles" grab food?

The Maverick was once a catfish in the two-wheeled electric vehicle industry and has driven the industry forward to some extent. But now, more and more "catfish" are emerging.

Hello is one of the most dynamic catfish. In July 2021, three months after Haro entered the two-wheeled electric vehicle field with high profile, it cooperated with the Tianjin Ninghe District Government to build a manufacturing plant in the local area. According to Hello officials, the Tianjin plant will be put into operation at the end of December, and with the previous investment in the Wuxi plant, it is planned to have an annual production capacity of more than 3 million two-wheeled electric vehicles.

In addition to production capacity, Hello has also developed the VVSMART hyper-connected car machine system, which can help users realize the seamless connection between mobile phones and two-wheeled electric vehicles, and improve the pain points encountered by users in the five major areas of human-vehicle interaction, vehicle energy, vehicle safety, after-sales service, and travel and life.

However, Hello also realized that if you really want to challenge the traditional two-wheeled electric vehicle giants Yadi and Emma, channel reform is definitely a step that cannot be bypassed. Hello soldiers have carried out a channel reform by compressing the dealer system and opening up online and offline channels.

The traditional two-wheeled electric vehicle sales method relies heavily on offline stores, including self-operated stores and dealers at all levels. "Each link must have its own interests, and the channels in this industry are actually not living well." Hello EXECUTIVE PRESIDENT Li Kaijie said that Hello's offline stores will mainly be franchised stores, excluding agents, all stores directly through Hello purchase, by Hello to provide a unified store management system, operation service system.

At the same time, Hello also integrated the previously separated online sales and offline sales, and proposed a sales method of "online ordering and offline car pick-up". The dealer explained to DoNews, "After the integration of online and offline, online can divert the flow of offline stores, and offline stores can become self-pick-up points, thus ensuring sales." ”

What are the odds of Haro?? In the view of the above dealers, Haro's brand power is obviously inferior to traditional two-wheeled electric vehicle brands such as Yadi and Emma, and it is not like the calf of "the new force of two-wheeled electric vehicles", "Most consumers still hold a wait-and-see attitude towards Halo electric vehicles, and even do not know that Hello has started a two-wheeled electric vehicle business." ”

In addition, there are two aspects of the situation can not be ignored, one is from the perspective of the intelligent functions that Hello already has, the intelligence of two-wheeled electric vehicles is still in the early stages, and there is still a large room for optimization; the second is that whether it is store expansion or sales promotion, it means huge capital investment, but Halo is still in serious losses, according to Hello's prospectus data, from 2018 to 2020, its revenue is 2.114 billion yuan, 4.823 billion yuan, 6.044 billion yuan, Net profit was -2.208 billion yuan, -1.5 billion yuan and -1.183 billion yuan, respectively. The cumulative loss in three years is 4.8 billion yuan.

Company Nine also faces the same situation as Hello.

Although the situation is difficult, the determination of No. 9 Company to take root in the field of two-wheeled electric vehicles cannot be underestimated. According to the financial report data of several two-wheeled electric vehicle manufacturers, in the first half of 2021, Yadi's research and development expenses were 339 million yuan, accounting for 2.74% of total revenue; Emma's research and development expenses were 142 million yuan, accounting for 1.94% of total revenue; and Mavericks' research and development expenses were 30.8 million yuan, accounting for 2.06% of total revenue. In contrast, Company 9's R&D expenses were 223 million yuan, accounting for 4.73% of total revenue. It is worth noting that although the R & D expenses of Company Nine are not the largest, they account for the highest proportion of total revenue.

At the same time, Company Nine is also expanding its production capacity. In September 2021, the no. 9 company officially said that the no. 9 electric vehicle is produced by its own manufacturing plant, the factory is located in the New North District of Changzhou City, the first phase is expected to have an annual production capacity of 1 million two-wheeled electric vehicles, and the first phase of the plant construction has been completed, and the second phase of the factory is under construction.

However, a situation that cannot be ignored is that the sales of two-wheeled electric vehicles of No. 9 Company are really unsatisfactory. According to the financial report of No. 9 Company and Niu in the first half of 2021, No. 9 Company achieved sales of 176,100 two-wheeled electric vehicles and sales revenue of 513 million yuan, while For comparison, Maverick achieved sales of more than 400,000 vehicles and sales revenue of 945 million yuan.

It has to be admitted that among the three "new forces of two-wheeled electric vehicles", only Mavericks can compete with traditional two-wheeled electric vehicle manufacturers.

According to the 2021 "Top 10 Two-Wheeled Electric Vehicle Sales" list, Yadi ranked first in the industry with an annual sales volume of 13 million units, Emma, Tailing and Knife ranked second to fourth, with annual sales of 9 million, 8 million and 3 million units respectively, while Maverick ranked tenth with annual sales of 1 million units, and Hello and No. 9 company were not on the list.

The above-mentioned dealers explained to DoNews the reasons for the huge annual sales difference between the two-wheeled electric vehicle manufacturers with their sales experience in the sinking market, "The traditional traditional two-wheeled electric vehicle manufacturers such as Yadi and Emma sell very well in the sinking market, because the intelligent two-wheeled electric vehicles under the high premium are not the primary consideration for consumers in the sinking market." He further explained that many consumers give priority to endurance, safety and price, and as for intelligent functions such as cruise control, intelligent unlocking, and voice interaction, they are basically not within their consideration.

However, with the wave of smart two-wheeled electric vehicles sweeping in, this situation is improving. Judging from the list of "Top 10 Two-Wheeled Electric Vehicle Sales" in 2021, the competitiveness of smart two-wheeled electric vehicles is gradually strengthening - yadi, Emma, Xinri and Mavericks in 2020 the average selling prices are 1793 yuan, 1705 yuan, 1989 yuan and 4063 yuan respectively - as a representative of smart two-wheeled electric vehicle manufacturers, the average price of Mavericks is much higher than the top three, but still achieved considerable annual sales.

Overall, intelligence has become the development trend of the two-wheeled electric vehicle industry, in the face of the vast intelligent two-wheeled electric vehicle market and consumer demand for intelligence, Hello, No. 9 company and the war between the calf may have just been staged, "who has the ability to quickly capture the fluctuations of market demand, who may take the lead in eating the intelligent dividend cake." said the dealer.