Yesterday, Lixun Precision announced that it and Chery New Energy jointly established a joint venture company to engage in the research and development and manufacturing of new energy vehicles, and Luxun Limited intends to purchase Chery-related equity held by Qingdao Wudaokou for 10.054 billion yuan.
This matter is mainly divided into two parts, one is the equity level of Lixun's entry into Chery, and the other is the high-end electric vehicle to be done in the future - this part I think it is necessary to do some combing. I have two views:
1) Chery is currently mainly fuel vehicles (iterative hybrid) and micro-electric vehicles playing, the roadmap in the high-end electric vehicles is left blank, relying on their own strength is not able to walk up. In particular, Chery has more sub-brands before, and if it does not rely on external forces to operate the high-end, it is very easy for everyone to feel that this matter can stand.
2) Luxun's role in the Apple series will inevitably make everyone pay attention to whether it can be used as a chip to talk to Apple about future car foundry with the help of its investment in the automotive field, which is a big story. From a long-term perspective, the consumer field iterates into the automotive field, and it can always move forward.
Part 1 Chery's case
Chery's overall sales in 2021 were 961,926 units (692,772 units in China; 269,154 units overseas), an increase of 31.7% year-on-year. Chery Automobile's cumulative sales for the whole year were 656,846 units (including exports), a year-on-year increase of 46.3%, and the Jietu brand was 154,000 (accounting for 16.4%), which was OK in differentiation; the Xingtu brand 37,100 was relatively small. Overall, under the condition of overseas core shortage, Chery and SAIC exported 269,000 and 290,700 respectively.
Figure 1. In 2021, under the shortage of global chips, Chery will rush to 1 million as a whole
In 2021, Chery's new energy vehicle sales were 109,028 units, an increase of 144.6% year-on-year, from the overall data, mainly around Chery small ants to do, 4 years of cumulative sales exceeded 250,000 vehicles, and the next step of new energy vehicles is QQ ice cream, playing methods further continue to sink.
Figure 2. Qq Ice Cream is running to Wuling Hongguang Mini Ev
Chery's Kunpeng DHT uses a 1.5T hybrid special engine, the front axle has dual motor drive, and the rear axle is equipped with a single motor (the whole car 3 motor takes the route of the power system, while the battery is equipped with enough space to expand). On the basis of the configuration of the three-motor drive, the special gearbox DHT is equipped with a three-speed transmission (1 gear ratio setting is relatively large for starting and accelerating; 3 gear ratio is relatively small so that the vehicle speed and fuel consumption are at a low level, reducing noise. 2-speed ratio ensures smooth shifting while taking into account fuel consumption)
Figure 3. Chery DHT's hybrid can be seen
From the perspective of the special platform for electric vehicles, Chery has also made a LIFE platform that is compatible with the extended range, and overall, there is no particularly prominent differentiation.
From the perspective of intelligence, Chery is also iterating on electronic architecture technology, compatible with 100 Gigabit/Gigabit Ethernet and CAN/CANFD and other communication protocols, supporting 5G, V2X function expansion and OTA upgrades.
Figure 4. Chery's LIFE platform
From the perspective of big logic, Chery wants to push this electric platform to the high-end, even in the case of Chery itself being symbolized by small ants and QQ ice cream, it needs to invest a large amount of money. The overall debt of Chery needs to be listed to have a good story. The focus of this platform is that Chery is playing the meaning of sharing, that is, it hopes to find players to promote together.
Part 2 Luxshare Precision Diagram
Luxun has the elegant number of "fruit chain brother", at this time it is inevitable to cut into the automotive field, but one step into the car manufacturing field may also be a good method. In the industry, everyone is speculating about how Apple wants to build a car, so when Foxconn jumps out alone, there is a lot of speculation. The domestic "fruit chain brother" occupies a position through Chery, and there are some layouts in the field of new energy vehicles, especially at the level of car manufacturing, and this logic is completely universal.
Figure 5. MIH can be taken out, and it is inevitable that the consumer electronics industry chain will penetrate into the car
Summary: My understanding is: from the current point in time, regardless of whether the growth rate of new energy vehicles can be expected, the trend of the C-end is already irreversible, nothing more than due to subsidies and cost reasons that some players are out, the growth rate is slowing down, but this is also a structural survival of the fittest, there are in and out at the player level, this thing is more fun.