Behind a earnings conference, BMW taught me
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| Lee Woo Yin
Edit the | Shi Zhiliang
Copying homework is sometimes a good habit. Of course, the premise is to know who to copy and how to transform it into your own. And the latter two are quite difficult.
Geopolitical conflicts, global epidemics, climate warming, and frequent geological disasters have just passed 30% in 2022, and the sky is already full of black swans. When the world can no longer deduce the future with linear logic, it is difficult to make decisions in the fog.
At this time, it may be beneficial to seek a reliable mind and see how the "good student" does.
On March 16, due to the impact of the epidemic, I had no chance to go to the scene in Munich, listening to the live broadcast after saying "after 15 minutes, we entered the live media question session", the signal was cut off, and I did not even see the Easter egg, I could only sigh silently, feeling lonely.
Then again, in the past year, I have seen a lot of things in the BMW Group (BMW.DE), and my feelings are not limited to cars. Today, through the column, I will talk about it again.
1
"Whose stocks are speculating well? You have to see if he has crossed the bulls and bears several times, whether he has fallen to the bottom of the valley, and how he has climbed out. "When I interned at a fund rating agency, I brought the advice that my teacher gave me. She was always worried about the umbrella allocation, and tried to let me watch "Big Time".
At that time, it was the climbing stage of the big bull market in 2014, and the Wenzhou classmates in the dormitory woke up every day with the first sentence: Ah, it is up and down again, and it is easy to earn tens of thousands. Then, start eating the lunch I bought on my behalf. In that frenetic era, even small street advertisements were written about lending, allocation, and high leverage. The cafeteria aunts were all telling the inside story.
Later stories, everyone knows... After the tide recedes, it is possible to see who is not wearing bottoms.
In the past few years, the concept of the new four modernizations has spawned a large number of car companies to run wildly. Many car companies buckled the fuel tank, laid batteries on the chassis, and the rear passengers were like sitting on a small bench. As an early entry into the BMW, but has been seeking stability, after the launch of pure electric platform car i3 and performance electric vehicle i8, has always insisted on the sharing of oil and power platform; in the charging pile, time-sharing leasing is popular, after a short test of water, it and Daimler Mercedes-Benz merger business, together to do forward-looking exploration.
In 2018, when Wei Lande, the president and CEO of BMW Brilliance, was interviewed, he listened to him complain about the high price of the mine. The following year, I was in Munich listening to how BMW went to negotiate with the miners, locking the order in advance; watching them do the battery center in Munich, starting from the mixture, making a production line that can make batteries in small batches, in order to study what the battery looks like in the future, and how to build the car. At that time, he also took the initiative to set a Flag for himself, and all key battery metals will be recycled and reused in the future. The new chairman, Chiptzer, who has a production background, has repeatedly emphasized "flexibility", and what he likes most is that consumers have the right to choose various forms of energy, and factories can flexibly produce different models and continue to promote the localization of production and supply.
In the following story, we have all seen that under the impact of the new crown pneumonia, the automobile industry has suffered from the suspension of key components and the rise of upstream raw materials; under the impact of carbon neutrality, car companies need to cope with the verification of carbon footprints throughout the life cycle.
Guaranteed supply, new, car prices increased, which made BMW a lot of profits.
2.522 million units, which is BMW's global sales in 2021. BMW beat its old rival Mercedes-Benz to regain the luxury car sales title after six years.
The BMW Group's total revenue reached 111,239 million euros, an increase of 12.4% year-on-year. Group pre-tax revenue amounted to EUR 16,060 million, representing an increase of 207.5% year-on-year. Group net profit of EUR 12,463 million, up 223.1% year-on-year.
It is no wonder that at the press conference, when Ziptzer mentioned the past year, he could feel a little bit of pride: the wind and waves are more common, BMW can handle complex situations, and will do the most important things at key moments.
BMW, which tasted the sweetness, chose to continue to add weight. At the press conference, a new production network standard was proposed, called BMW iFACTORY, in simple terms, the same factory can produce cars of different sizes and different energy sources; bicycle production has lower carbon emissions; AR, VR meta-universe, BMW global employees together to develop and plan online, feeling like "Minecraft" Online. (I think BMW employees around the world, the daily work from home days, is just around the corner.) ）
Talking about a little metaphysics, BMW has also had several ups and downs in history, and past experiences will eventually leave their mark. Flexible and conservative, essentially, are two sides of the same practice, not contradicting each other, their antonyms, should be radical. Although, to this day, I still think BMW can be a little faster in electrification, but it also has a little more understanding and empathy for reality.
Similarly, any change will touch the existing system that is already a foregone conclusion, and how to turn resistance into synergy will test all reformers. "There's a balance between disruption and stability... Employees support corporate reform. Behind Chiptzer's few words, what I see is a behemoth that has been shaped for a hundred years, cautiously renewing itself in the midst of great changes in the industry. All parties who see the future are trying to maintain an upward balance.
2
Life is like a kangbo.
The world's largest automobile consumer market, this name has only been in China for thirteen years. At that time, the United States was hit hard by the financial crisis, the relevant pressure had not yet been transmitted to China, the domestic development of four trillion infrastructure projects, the urbanization rate was less than 47%, the GDP growth rate was higher than 9%, and cars were increasingly entering the homes of ordinary people.
In a developing market, under high growth, everything is the most beautiful. However, this is accompanied by the complexity of the world situation and economic growth. In 2022, the pursuit of GDP growth of 5.5% - this high goal in the eyes of the academic community, many companies and people have to pass the hurdle in this year.
As the saying goes, while individual efforts are important, they must ultimately consider the course of the times.
BMW actually stepped on several key nodes. Entering the Chinese market in a timely manner, meeting a good communication partner, pragmatically respecting the Chinese market, not only stepping on the spring breeze of China's rapid economic growth, but also becoming a pacesetter for China to adhere to opening up at a critical moment.
In February 2022, in the joint venture BMW Brilliance, the shares held by BMW Group were changed to 75%, and the shareholding ratio of Brilliance China was changed to 25%, and the validity period of the new joint venture cooperation will be extended to 2040.
Most directly, in 2022, BMW Brilliance's financial statements will be fully integrated into the BMW Group, providing more than 7 billion euros in financial results.
The free cash flow of the automotive business in 2022 is at least 12 billion euros, and Peter, the BMW Group's director in charge of finance, said that after deducting some factors, it will not have an impact on the BMW Group's EBIT in 2022.
2022 is precisely the first year of the liberalization of the joint venture share ratio of China Automobile, from the signing of a strategic agreement between BMW and Brilliance in 2018 to the successful landing in February this year. With the help of BMW Brilliance, Liaoning Shenyang has built a complete supply chain system to keep up with the pace of industrial change in Tiexi and Dadong factories. BMW has gained profits, markets and a bridgehead for fully practicing digitalization through BMW Brilliance.
From April 1, Dai Hexuan, the company's current Senior Vice President of Technology and Production, will succeed Wei Lande as President and CEO of BMW Brilliance. He has been with BMW Brilliance for 6 years, having previously spent 18 years at the BMW Group. The hunch is also a China pass.
The Chinese experience is formed into cognition and product potential energy, and exported to the world. This will be the biggest advantage of all car companies in China in the context of the new four modernizations.
In the era of new energy and intelligent networking to reconstruct the core values of automobiles, the best choice is to do the right thing, first start to plant seeds, water, and wait for the harvest.
I see that BMW's total R&D investment of 6.3 billion euros in 2021 has increased by 10%, mainly in new car architecture, electrification, digitalization and autonomous driving. In 2022, 15 pure electric models will be mass-produced, in 2024, the "new generation" models will be launched, and in 2025, 2 million units will be delivered worldwide.
In my opinion, with the rapid urbanization of China's giant market, the pattern of new car consumption has changed; however, with consumption upgrading and new infrastructure, the process of intelligent and new energy of automobiles will not change.
Finally, soothe this chaotic period with a sentence of chicken soup for the soul: no matter how complicated the future situation is, set a goal worth working on, and stick to the moment of harvest.
Write in the back: Welcome to my column, whether for or against, welcome to leave a message, add micro, let's piece together a more complete fact.
The column title "Attracting Chestnut" is the use of the three words of Li Haoyin, and I personally believe in the concept that interesting people will eventually meet, and look forward to finding similar values in work and life, and moving forward together. In the long run, Mr. Yang Guoan is the career goal.
Therefore, when writing, I never like to hide myself, rather than just recording the things that are spoken in the moment. I like to be close to the scene, listen to the views of the parties and multiple parties, try to go to Know How and come to a conclusion. I will see, listen, and walk with my point of view, constantly polishing and upgrading the paradigm of observation.