Extreme Fox HI version is difficult to deliver, where is the future of Beiqi Blue Valley?

Text | Corporate Research Office, author | biscuit

In 2021, China's new energy automobile industry as a whole took a big step forward, with annual sales of new energy vehicles about 3.4 million units, almost 1.5 times the sales volume in 2020, but the former sales champion Beiqi Blue Valley performed poorly. In 2021, beiqi Blue Valley's annual sales volume was only 26,127 vehicles, with a growth rate of 0.82%, far lower than the industry market. The company's sales target of 12,000 Polar Fox Alphas set at the beginning of the year was only half completed.

The most strange thing is that the delivery time of the Polar Fox Alpha S Huawei HI version in cooperation with Huawei has been changed four times, from the fourth quarter of 2021 to April 2022. When will the Polar Fox HI version be delivered, and where is the future of Beiqi Blue Valley in the transition period?

In 2001, sales stopped falling and did not rebound

In 2021, the sales of domestic new energy vehicles will double, whether it is a new car-making force or a traditional car company, it has a good performance in the sales of new energy vehicles. In 2021, the sales of Xiaopeng Automobile, Weilai Automobile and Ideal Automobile will exceed 90,000 units, of which Xiaopeng Automobile will grow by 263%; among independent car companies, Great Wall Motor and GAC Group will sell 137,000 new energy vehicles and 120,200 units respectively.

At the beginning of January, Cui Dongshu, secretary general of the Association, said that the sales of new energy passenger vehicles in 2022 were expected to be 4.8 million units, which should now be adjusted to 5.5 million units; new energy vehicles are expected to exceed 6 million units, and the penetration rate of new energy vehicles is about 22%. On January 20, Liu Yu, deputy general manager of BAIC Group and chairman of BAIC Blue Valley, also expressed a similar view at the SuperCar Forum, Liu Yu said: "The new energy vehicle industry is about to usher in a blowout period, and in the case of no shortage of cores, new energy vehicles are expected to sell more than 6 million vehicles in 2022." ”

In fact, from the sales data, the new energy automobile industry has already ushered in a blowout period in 2021, but in the case of the industry as a whole, Beiqi Blue Valley, which has won the domestic pure electric vehicle sales champion for 6 consecutive years, has fallen behind. In 2021, Beiqi Blue Valley sold 26,127 vehicles, an increase of 213 vehicles over 2020, with a growth rate of only 0.82%. Whether it is total sales or growth rate, beiqi blue valley's sales data is eclipsed compared with the national market.

In Beiqi Blue Valley's 2020 annual report, Liu Yu said: "We have lost seven consecutive championships, but what we have lost is only the crown, and the ability we have accumulated in the past 11 years has not been lost." Today is the low, but also the turning point. It is true that after two consecutive years of decline in sales in 2019 and 2020, Beiqi Blue Valley in 2021 "stopped falling", but the annual sales volume was only 16% of the peak in 2018, less than 20%.

Compared with its own history, it is obvious that the current Beiqi Blue Valley is still at a low point, and it is difficult to say a turn. Compared with the entire new energy automobile industry, Beiqi Blue Valley will not catch up, and I am afraid that it will only be thrown farther and farther away by companies such as "Wei Xiaoli" or great wall and Changan.

02 Monthly sales exceeded 1,000 does not mean entering the "fast lane"

Although beiqi blue valley sales have been sluggish in the past three years, the reason why the outside world still has expectations for it is because of "foreign aid" Huawei. At the Shanghai Auto Show in April 2021, Beiqi Blue Valley and Huawei cooperated in depth to jointly create a "world-class intelligent and connected electric vehicle for the next generation" - Jihu Alpha S Huawei HI Edition.

Cooperate with Huawei, so that Beiqi Blue Valley is stained with the halo of traffic and smoothly "out of the circle". Perhaps with the blessing of Huawei, Beiqi Blue Valley was full of confidence in the company's development when formulating the "Blue Valley Plan" in early 2021. The "Blue Valley Plan" mentions that BAIC BJEV will return to the first place within three years, and set the sales target of Jihu in 2021 at 12,000 vehicles. Hu Gewei, secretary of the company's board of directors, once said, "Jihu will build 80 to 100 stores in 2021 and strive to achieve sales targets through various methods." ”

In 2021, there are 101 offline stores in Jihu, of which 86 have been opened and 15 are still under construction due to the impact of the epidemic. The store construction was completed as planned, but the sales volume of the Extreme Fox was difficult to look at directly. In 2021, Jihu sold 6,006 vehicles and delivered 4,993 units throughout the year, only half of the annual target, far less than expected.

However, in December 2021, the delivery volume of Jihu Automobile was 1186 vehicles, and the monthly delivery volume exceeded 1,000 for the first time. Perhaps because of this, Tianfeng Securities gave a more optimistic forecast. Tianfeng Securities expects that the sales volume of the beiqi Blue Valley full range in 2022 and 2023 will be 64,000 and 183,000 units, respectively, of which the sales volume of the Jihu brand will be 38,000 units and 150,000 units, respectively.

Contrary to the optimistic forecasts of brokers, investors who follow Beiqi Blue Valley are very disappointed in the company's performance over the past year and are full of worries about the future.

On the interactive platform of investors, some investors said: "Integrity-based is the way of business operation." However, your company's 2021 behavior has deviated. The advertised Sales of the Pole Fox of 12,000 has become more than 4,000; is it possible to rise up in 2022 and increase sales? The secretary of the board of directors of Beiqi Blue Valley replied, "In 2021, due to multiple factors, the company did have a situation where the sales of the Jihu brand did not meet expectations." ”

For Beiqi Blue Valley, a single month delivery of more than 1,000 is a new beginning, but this achievement is not bright in the new energy automobile industry, according to the development rate of today's new energy vehicles, monthly sales of 1,000 vehicles can not prove that Beiqi Blue Valley has entered the "fast lane" of sales growth.

03 When exactly will the Polar Fox HI Edition be delivered?

In the first three quarters of 2021, the marketing expenditure of Beiqi Blue Valley was 1.022 billion, an increase of 72.6% year-on-year, and the growth rate of marketing expenses was much higher than the growth rate of the company's sales. Beiqi Blue Valley sales are sluggish, and some investors believe that there are problems with the company's marketing strategy.

In 2021, Beiqi Blue Valley held the Polar Fox Immersive Experience Camp in 9 cities including Beijing and Hangzhou, and received more than 4,000 car users and Polar Fox owners. On the interactive platform, some investors said, "Is the sales of Extreme Fox caused by the wrong marketing work?" The so-called immersive experience camp carried out by your company in 2021 is only 4,000 to 5,000 people, and the annual sales of Jihu in 21 years is only 4993 units, is the purchase rate of people participating in the experience camp reaching more than 95%? Is this a failed marketing that any adult can see, and this year is planning to scale up? ”

What makes the outside world feel most puzzling is that the delivery time of the Polar Fox Alpha S Huawei HI version has been delayed again and again, and the reason is mysterious.

As of now, the delivery time of the Polar Fox Alpha S Huawei HI edition has been changed 4 times. In the first half of 2021, Beiqi Blue Valley said that the HI version will be delivered in the fourth quarter of 2021; but in August, the company changed its caliber to say that it would be delivered in small quantities at the end of the year; as a result, in October, it was again changed to delivery at the Guangzhou Auto Show at the end of November.

When the outside world thought that the Guangzhou Auto Show could be delivered as scheduled, Beiqi Blue Valley once again postponed the delivery time and changed it to a small batch delivery to the mysterious guests on December 25, Shenzhen Tasting Night. However, it is disappointing that when Huawei launched the new model of AITO Q&A M5 in cooperation with Xiaokang Automobile at the tasting meeting on December 23, Jihu quietly broke the contract again.

When investors inquired about the delivery progress, the company's secretary of the board of directors said that due to the epidemic and other reasons, the new HI version of Jihu Alpha S has held an internal delivery activity at the Magna intelligent manufacturing production base of Beiqi Blue Valley, that is, the Zhenjiang factory on December 20. Recently, Liu Yu revealed: "At present, the new HI version of Alpha S jointly created by Beiqi Blue Valley and Huawei has achieved internal delivery and is helping this car to do generalization testing. The new car is expected to be unveiled during the Beijing Auto Show in April this year. ”

The delivery of the Polar Fox HI version should have been a good thing worthy of hype and enhancing the brand image of Beiqi Blue Valley, but several times the delivery time was postponed and privately delivered secretly, and for Beiqi Blue Valley, the delivery of the Extreme Fox HI version seemed to be unseemly. Some insiders have analyzed that the low-key delivery may be due to the high-precision map equipped with Huawei's automatic driving system, because after the Didi incident, map data collection has become a very sensitive topic.

Borrowing Huawei's technology and brand traffic is undoubtedly a good thing for Beiqi Blue Valley in the transition period. But the product can not be delivered, Beiqi Blue Valley seems to be wearing down the patience of the outside world for it. The new leadership team of Beiqi Blue Valley has been in office for one year, where will the Beiqi Blue Valley in the adjustment period go?