A few days ago, Weilai, Xiaopeng and Ideal successively released the fourth quarter and annual financial reports.
According to AutoForecast Solutions, the global automotive market saw a cumulative reduction in production of about 10.2 million units last year due to chip shortages. In this context, the revenue and sales of most car companies have declined. In 2021, although the revenue scale of "Wei Xiaoli", which is in the first echelon of domestic new car manufacturers, has not yet achieved a turnaround.
From the perspective of the annual revenue scale of 2021, Weilai has the highest among "Wei Xiaoli", with 36.14 billion yuan, an increase of 122.3% year-on-year; followed by Ideal Automobile, which increased by 185.6% year-on-year to 27.01 billion yuan; Xiaopeng Automobile's revenue was 20.99 billion yuan, but the highest year-on-year growth rate among the three car companies was 259.1%.
In terms of delivery data, Weilai, Xiaopeng and Ideal will deliver about 91,400 vehicles, 98,200 vehicles and 90,400 vehicles respectively in 2021, and Xiaopeng Automobile has become the first sales volume of new car-making forces, and the three companies are about to enter the annual sales mark of 100,000.
In terms of vehicle gross profit margin, the ideal car, which has always been known as "careful calculation", performed the best, at 20.6%, Weilai with 20.1%, and Xiaopeng Automobile with a low transaction price of 11.5%.
At present, the three new forces are in a state of loss. Among them, the net loss of Weilai was 4.02 billion yuan, narrowing by 24% year-on-year; the net loss of Xiaopeng Automobile was 4.86 billion yuan, an increase of 78% year-on-year; and the net loss of Ideal Automobile was 320 million yuan, an increase of 111.9% year-on-year.
Although they failed to turn around their losses, WEIlai, Xiaopeng and Ideal all significantly expanded their R&D investment, with 4.59 billion yuan (up 84.6% year-on-year), 4.11 billion yuan (up 138.4% year-on-year) and 3.29 billion yuan (up 198.8% year-on-year) respectively. Li Bin, founder, chairman and CEO of NIO, said at the 2021 earnings call that NIO's R&D investment will be further enhanced. Xiaopeng Motors said that the current cumulative R& D investment exceeds 9 billion yuan, and the R& D investment in a single year in 2022 will exceed the sum of the past one or two years.
As of December 31, 2021, the cash and cash equivalents, restricted cash and short-term investments of the three new forces of WEILAI, Xiaopeng and Ideal were about 55.4 billion yuan, 43.54 billion yuan and 50.16 billion yuan respectively.
Entering 2022, the "chip famine" aftermath is still at the same time, the price of power battery raw materials has risen sharply, so that the cost pressure of "Wei Xiaoli" has risen sharply, and the rhythm of mass production delivery has been affected. Li Bin said that the company does not intend to share the rising pressure of battery raw materials through price increases, and will try to eliminate the increased costs through efficiency optimization. Xiaopeng Automobile said that the company is trying to achieve stable price supply of batteries through communication with major suppliers. Shen Yanan, co-founder and president of Ideal Auto, said that when the company made this year's financial budget, it has taken into account the potential cost increase factors, including battery procurement. The company's goal is still to achieve a higher gross margin than last year.
CITIC Securities believes that the three new forces are currently in the acceleration period of profitability improvement, and large R&D investment has led to short-term strategic losses, but its rising gross profit of bicycles has shown its ability to approach the breakeven point in the future. Combined with Tesla's breakeven data in history and taking into account the financial data of the three new forces, the new forces are expected to approach the breakeven point in the coming year.
NIO net loss of 4.0169 billion yuan
NIO delivered a total of 91,400 vehicles in 2021, an increase of 109.1% over 2020. However, the sharp increase in sales has not yet led to a positive profit.
According to the financial report data, NIO's revenue was 36.1364 billion yuan, an increase of 122.3% year-on-year; automobile sales revenue was 33.1697 billion yuan, an increase of 118.5% year-on-year; gross profit margin was 18.9%, an increase of 740% year-on-year; operating loss was 4,496.3 million yuan, down 2.42% from the previous year; net loss was 4,016.9 million yuan, a decrease of 24.3% year-on-year; net loss attributable to shareholders was 10.5723 billion yuan, and the loss in 2020 was 5.6108 billion yuan.
Xiaopeng net loss of 4.863 billion yuan
On the evening of March 28, Xiaopeng Automobile released its 2021 financial report.
According to the data, Xiaopeng Automobile's revenue was 20.99 billion yuan, an increase of 259.1% year-on-year; automobile sales revenue was 20.04 billion yuan, an increase of 261.3%; gross profit margin was 12.5%, an increase of 7.9%; net loss was 4.863 billion yuan, an increase of 78% year-on-year; and a total of 98,155 vehicles were delivered in 2021, an increase of 263% year-on-year.
In terms of cash flow, as of the end of December 2021, Xiaopeng Automobile's cash reserves amounted to 43.54 billion yuan, an increase of 23.2% year-on-year. Official information shows that the three models currently on sale by Xiaopeng Automobile are Xiaopeng G3i, Xiaopeng P5 and Xiaopeng P7.
Ideal net loss of $321.5 million
Ideal Auto achieved revenue of RMB27.01 billion in 2021, an increase of 185.6% over RMB9.46 billion in 2020, net loss of RMB321.5 million, an increase of 111.9% over RMB151.7 million in 2020, and a cumulative delivery of 90,491 units in 2021, an increase of 177.4% over 32,624 units in 2020.
As of December 31, 2021, Ideal Auto's cash and cash equivalents, restricted cash, time deposits and short-term investments were $50.16 billion, an increase of 67.9% over the same period last year.