Unexpected, reasonable
On March 17, The Hurun Research Institute released the "2022 Hurun Global Rich List", with a total of 3381 billion-dollar entrepreneurs from 2558 companies in 69 countries on the list. This is the eleventh consecutive year that the Hurun Research Institute has released the "Global Rich List", and the deadline for calculating the wealth of entrepreneurs on the list is January 14, 2022.
Among them, 50-year-old Tesla CEO Elon Musk topped the list with a personal wealth of 1.29 trillion yuan, which is the second consecutive year that he became the world's richest man, with a wealth increase of 4% over last year; while Zeng Yuqun, the founder of China's battery giant Ningde Era, became the richest man in China's automotive industry with a wealth of 335 billion yuan.
If the timeline is extended to two years, the changes in the automotive and related industries will be clearer. In 2020, although Musk has already climbed to the top of the world in the automotive industry, he ranks 20th in the world overall list. At the same time, the richest man in China's automotive industry in 2020 is the Li Shufu family, which ranked 91st in the Hurun Global Rich List with a wealth of 105 billion yuan.
Hurun said that this year, the number of rich people in energy, especially new energy, biotechnology, luxury goods, semiconductors, software and services and shipping industries, has grown rapidly.
Based on the rapid development of the new energy automobile industry, the upstream and downstream industrial chain represented by power batteries is rising rapidly. New energy vehicles are favored by more and more capital with a profit model different from traditional enterprises.
"New energy + technology" double label blessing
Hurun Report's industry label to Elon Musk is new energy vehicles, because Musk's wealth comes largely from Tesla's contribution.
Image source: Hurun Report official website
The data shows that Tesla delivered 936,200 vehicles worldwide in 2021, an increase of 87% year-on-year. At the same time, Tesla's total operating income in 2021 reached 342.5 billion yuan, compared with 200.7 billion yuan in 2020, an increase of 71% year-on-year; net profit was 35.1 billion yuan, 4.6 billion yuan in 2020, an increase of 665% year-on-year.
Although Tesla's current annual sales have not exceeded one million vehicles, and its annual sales are only one-tenth of that of traditional car companies such as Toyota and Volkswagen, its market value has exceeded 5 trillion yuan, and exceeds the total market value of the next 10 car companies. Before Musk, it was almost impossible for vehicle manufacturers to achieve a market value of more than one trillion yuan. However, in a strict sense, Tesla is not a simple car-making company, and its more accurate label should be "new energy vehicle + technology company". At the same time, Musk's SpaceX has become the largest unicorn company in the United States, with a valuation of 636.3 billion yuan.
Although Musk's wealth story is difficult to replicate, new energy vehicles have indeed become an important channel for the current auto industry to quickly become rich. The new car-making forces from China, WEILAI, Xiaopeng and Ideal, have laid a leading position in the industry, and the market value of WEILAI has once exceeded that of many well-known enterprises at home and abroad such as BYD, Audi and BMW. In 2022, Li Bin, He Xiaopeng and Li Xiang, the founders of the three new domestic car-making forces of "Wei Xiaoli", once again appeared on the Hurun list. However, on the latest list, Li Bin's ranking slipped 342 places, ranking 582 with a wealth of 35.5 billion; He Xiaopeng ranked 213th with a wealth of 70 billion yuan, ranking down 1 place; only Li Xiang's ranking rose significantly, li wanted to move the ranking forward 62 places with a wealth of 46.5 billion, and finally ranked 403.
Traditional car companies and power batteries are one after the other
New energy vehicles have driven the development of the power battery industry, especially the power battery enterprises represented by the Ningde era and Yiwei lithium energy.
For example, CATL has become the world's highest market share of power battery manufacturers, at the same time, CATL is also the only company listed on China's ChiNext board with a market value of more than one trillion yuan. Among the top 1,000 richest people, CATL contributed 5 places, and the ranking of the 5 richest people has risen.
With a net worth of 335 billion yuan, Zeng Yuqun, CEO of CATL, ranked 24th in the world's richest people and became the richest man in China's automotive industry, up 19 places from last year. Huang Shilin, also from the Ningde era, ranked 63rd in the world list with a net worth of 150 billion yuan and tied for 2nd in China's automotive industry. In addition, Li Ping, Zhao Fenggang and Wu Kai have also made the list.
According to the 2021 performance forecast of CATL, its net profit in 2021 was between 14 billion and 16.5 billion yuan, an increase of 150% to 195% year-on-year, which is the highest profit level since the listing of CATL in 2018. In the first three quarters of last year, CATL completed sales of 73.3 billion yuan and net profit exceeded 9 billion yuan, an increase of nearly 150% over the same period of the previous year. CATL said that the penetration rate of the new energy vehicle and energy storage market will increase in 2021, driving the growth of its battery sales. At the same time, the company's market development has made progress, and with the release of new production capacity, production and sales have also increased accordingly.
Yiwei Lithium Energy Liu Jincheng and Luo Jinhong also belong to the lithium battery industry, with a net worth of 82 billion yuan to make the ranking rise by 35 places, ranking 168th in the world list.
Compared with power battery-related industries, although many leaders from traditional car companies have also achieved a forward shift in ranking, their wealth value has declined. For example, Li Shufu ranked 63rd in the world's richest list with a personal wealth of 150 billion yuan, up 2 places in the ranking, but compared with last year's wealth, there was a 25 billion yuan shrinkage. Wei Jianjun and Han Xuejuan ranked 67th in the world's richest list with a net worth of 145 billion yuan, rising 37 places, but their wealth also shrank by 73 billion yuan. Wang Chuanfu, the head of BYD, ranked 63rd in this year's world's richest list, and although his personal wealth of 140 billion yuan also declined slightly, it only shrank by 2 billion yuan, which is inseparable from BYD's strong performance in the new energy automobile industry in the past year.
In a sense, this also explains why traditional auto companies have almost all begun to electrify and transform into technology. In recent years, traditional companies such as Volkswagen, Toyota, BMW, and Mercedes-Benz have announced transformations, and BMW's market value has begun to rise steadily since it began to transform into a technology company. This also makes its major shareholder, Ms. Suzanne, also climb in the ranking of personal wealth year by year.
Previously, the way traditional car companies made money was mostly by the one-time income from selling cars, and the profit margin was low and declined year by year. The vast majority of new energy automobile companies are starting from scratch and have no historical baggage. As a mobile intelligent platform, new energy vehicles can achieve the "upgrade" of hardware functions by remotely providing software value-added services, and continue to collect service fees from users after handing over the car to consumers, which is very similar to software companies (paid upgrades), and the profit margin will be relatively high.
That is to say, although they are all in the automobile industry, the profit logic of new energy automobile companies represented by Tesla and new domestic car-making forces has changed greatly compared with traditional automobile companies. Nowadays, with the continuous improvement of the endurance of new energy batteries, the increasing popularity of charging piles and replacement power stations, the increasing restrictions on oil vehicles in various places, and the rising oil prices, more and more people have begun to believe in the new business model of new energy vehicles. This also means that if the layout is not carried out in advance and the transformation is carried out, the wealth list of the automotive industry will probably change more in the future, and the time left for traditional automobile companies is running out.
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