On February 7, Tuopu Group announced that it intends to set up a new wholly-owned subsidiary, Tuopu Skateboard Chassis (Ningbo) Co., Ltd. (tentative name) in Hangzhou Bay New Area, Ningbo City, with a registered capital of 2 billion yuan. This means that Tuopu Group will officially enter the skateboard chassis track that is currently on fire.
Since last year, after the skateboard chassis is on fire, there are a large number of new forces entering the skateboard chassis field, including Canoo, Arrival, PIX Moving, Yo-Run Technology and other enterprises, at present, PIX Moving has launched a variety of chassis products to serve customers such as global automotive Tier I giants, domestic large Internet companies, IT companies, etc. Yo-Run Technology launched the "UP Super Chassis Official" in early January this year. It is reported that it is highly integrated with the core capabilities of intelligent electric vehicles, the cycle can be effectively shortened by 6-12 months, and the cost and entry threshold have been greatly reduced.
This time, although Tuopu Group has always emphasized that it aims to integrate the above modules on the same platform to provide customers with the best performance, quality and cost of skateboard chassis products for peripheral and overseas customers, from the recent difficulties encountered by Rivian, Tuopu Group's high-profile announcement of the entry into the skateboard chassis track is more like preparation for Rivian's subsequent large-scale supply and the construction of factories in China. As for why? And listen to me in detail.
Rivian's future in China?
Although Rivian has been popular with capital since the beginning of its listing, the stock price once rose by 15.6%, the market value reached more than 140 billion US dollars, surpassing the traditional giants Ford and Volkswagen, and leaping to become the world's third car company in one fell swoop, only Tesla and Toyota, but in less than 3 months, this once world-renowned new force has encountered many problems, and now the stock price is less than 60 US dollars, compared with the issue price of 78 US dollars, it has fallen by 23%, and it has fallen by 66% from the highest point.
The roof leak coincided with the overnight rain, and Rivian, whose stock price continued to decline, also suffered a production capacity crisis. Earlier this year, Rivian announced that it had produced 1,015 vehicles by the end of 2021, with 920 deliveries, below its initial target of 1,200 vehicles. In fact, as early as the end of last year, Rivian said that due to supply chain problems, its final production will be hundreds less than the target. It can be said that with the advancement of time, this emerging car company, like Tesla in the past, has fallen into a terrible "production capacity hell".
And with the departure of Rivian production head Rod Cops, all the pressure fell on its founder, Scarlinch. As for how Rivian solves the current capacity crisis, I believe that both the capital market and the industry have paid great attention to Rivian's every move.
However, with the high-end announcement of Tuopu Group, an important supplier of Rivian skateboard chassis, it seems that Rivian has revealed a glimmer of vitality to solve the production capacity crisis, that is, like Tesla, to press the treasure in China and the Chinese market.
In fact, although Rivian is still a new U.S.-funded car company, it has no few ties with China. In Rivian's previous earnings report, Rivian announced an agreement with Georgia to build the second plant in the company's history, and further proposed plans to build a factory in China in the future.
Not only that, Rivian's current production line of large-capacity battery complete sets of cylindrical modules is also provided by a Shanghai-based battery module equipment manufacturer. Previously, RJ Scaringe, CEO of electric pickup truck manufacturer Rivian, said in an email sent to customers that due to the supply limits of Chinese suppliers, if consumers choose large-capacity batteries, the company will postpone the delivery of its electric pickup trucks and SUVs equipped with large-capacity batteries until 2023, which shows the far-reaching impact of Chinese companies on Rivian.
In addition, the largest supplier of the positive precursor of the battery in the Rivian supply chain is Grammy, and the negative pole Beret and the electrolyte new state are from China. This time, Tuopu Group's high-profile announcement of entering the skateboard chassis track was interpreted as a prelude to Rivian's large-scale mass production and even a front stop for Rivian's China factory construction.
Why? Although the skateboard chassis has caught fire since the listing of Rivian, companies such as Canopy, Arrival, PIX Moving, and Yo-Yo Technology have entered the game, but this does not mean that the development of skateboard chassis is a simple thing.
Moreover, it can also be seen from the previous announcement of Tuopu Group that it entered the skateboard chassis track based on its cooperation experience with Rivian in the field of skateboard chassis and its rich product line and chassis adjustment capabilities in the fields of suspension system, brake-by-wire, steer-by-wire steering and other fields. Without Rivian's authorization or even concession, it is difficult to imagine that Tuopu Group would directly build cars for other car companies based on Rivian's skateboard chassis.
All indications are that Tuopu Group's high-profile skateboard chassis track may be just a cover, and it may be a test for Rivian to seek foundries in the Chinese market in order to quickly solve the production capacity crisis. It should be known that although the current new energy market is ushering in an outbreak, the capacity is in a state of excess. According to the data of the Federation of Passenger Vehicles, the total production capacity of passenger cars in the country in 2021 will be 40.89 million units, and the capacity utilization rate will be 52.47%. Although it is 4% higher than 48.45% in 2020, it is still in the range of serious overcapacity.
For Rivian, in the case that the US factory cannot solve the capacity problem in the short term, using China's mature industrial chain and foundry curve to save the country and sell back the US market is not an attempt.
Top Group Tier 0.5 status gradually revealed?
In the past, Tuopu Group was only an ordinary supplier, but from the operation of the high-profile skateboard chassis track of Tuopu Group, Tuopu Group is no longer satisfied with a simple supplier identity, and it is currently transforming into a Tier 0.5 integrated parts supplier.
For this goal, it is confident. Before Tesla's large-scale recall last year, ordinary consumers may not be familiar with the name Tuopu Group, but after the website of China's State Administration for Market Regulation disclosed the recall plan initiated by Shanghai Tesla on the website of the State Administration for Market Regulation last December, Tuopu Group began to be known to the outside world.
According to the plan, Shanghai Tesla intends to recall some domestic Model Y electric vehicles produced between February 4, 2021 and October 30, 2021, with a total of 21,599 units from now on. The main reason why Tesla wanted to recall the Model Y at that time was that the vehicle's insufficient knuckle strength could be deformed or broken, causing the suspension linkage to fall out of the knuckle, affecting the controllability of the vehicle and increasing the risk of collision. As for the solution, it is understood that Tesla will conduct a free front and rear steering knuckle inspection for vehicles within the scope of the recall, and replace the steering knuckles that do not meet the requirements of strength to eliminate safety hazards.
After the announcement of the massive recall, Tesla's stock price fell by $70 billion at one point. In order to shift the focus, Tesla even threw the pot to the supplier Tuopu Group, and accused the Tuopu Group of supplying products that were not up to standard, and the Tuopu Group also fell 10% because of Tesla's accusations, but the Tuopu Group was not proposed by Tesla for the supply chain.
In fact, although Tesla is the largest customer of Tuopu Group, accounting for about 30% of its revenue, Tuopu Group is not afraid of Tess, and from Tesla's announcement, it is not difficult to see that Tuopu's supply has little impact on the recall of Tesla Model Y, and it can even be concluded that Tesla's recall and Tuopu's supply are not necessarily related.
Not only that, after Tesla, Tuopu Group has also received purchase orders from Geely, Weilai, Xiaopeng, BYD, WM and other car brands, of which the fourth generation of IBS has entered the marketing stage and is currently in the trial of BYD and Geely. For the reason why Tuopu Group has been successively included in the supply chain by well-known car companies such as Tesla and Rivian, in addition to outstanding research and development strength, it is also very much related to the values of "expansion ability" instead of looking for "single champions" but in the second stage of parts development.
If this time, relying on the experience of cooperating with Rivian in the skateboard chassis and continuing to be deeply involved in the field of car manufacturing, Tuopu Group is even expected to go further and become a comprehensive supplier of Tier 0.5 components with car companies.
Summary: As an enterprise committed to exploring the Tier 0.5 cooperation model, Tuopu Group's entry into the current hot skateboard chassis track is just a new attempt. And with the pearl jade that has been selected by Tesla and Rivian two car companies before, the Tuopu Group, which is simply a supplier, is more likely to obtain the preferences of new car-making forces.
In addition, in view of the past of the deep cooperation between Tuopu Group and Rivian skateboard chassis, this time Tuopu Group announced the entry of the skateboard chassis track in preparation for the large-scale mass production of Rivian. I think Rivian, who is currently in the "hell of production capacity", will soon be able to tell us the answer.