It is now the end of the 2021 financial disclosure. "Li Xiaowei" has successively released last year's "report card".
According to the financial report data, in 2021, WEILAI's revenue was 36.136 billion yuan, an increase of 122.3% year-on-year; Xiaopeng's revenue was 20.988 billion yuan, an increase of 259.1% year-on-year; and the ideal revenue was 27.010 billion yuan, an increase of 185.6% year-on-year.
From the perspective of revenue scale, Weilai is the leading position. But in terms of delivery, it was not satisfactory.
According to the financial report, WEILAI Automobile delivered 91,429 vehicles in 2021, ranking second among the new car-making forces. Xiaopeng Automobile and Ideal Automobile delivered about 98,200 new vehicles and 90,400 new vehicles respectively last year.
As the "king" of the new car-making force, Weilai's sales before 2021 have an absolute advantage, but last year it was defeated after Xiaopeng, and even the growth rate was lower than Nezha and ideal.
Why did the former king fall off the altar?
Although Weilai's income performance is very prominent, it has fallen into the dilemma of increasing revenue and not increasing profits.
During the reporting period, NIO's net loss was 4.02 billion yuan, narrowing by 24.3% year-on-year. Among them, the net loss in the fourth quarter of 2021 was 2.143 billion yuan, an increase of 54.4% over the fourth quarter of 2020 and an increase of 156.6% over the third quarter of 2021, and there is still an expansion trend.
It is understood that from 2016 to 2021, WEILAI's net profit attributable to the mother was -3.518 billion yuan, -7.562 billion yuan, -23.328 billion yuan, -11.413 billion yuan, -5.611 billion yuan and -10.572 billion yuan, respectively.
In six years, WEILAI has lost more than 60 billion yuan, with an average annual loss of more than 10 billion yuan.
The financial report shows that in 2021, WEIO has seen a substantial increase in sales costs, research and development expenses and other aspects. Its losses are difficult to stop, and it is obviously inseparable from the rise in various expenses.
In terms of research and development expenses, Weilai spent 4.592 billion yuan last year, an increase of 84.6% year-on-year, and it is the most willing to spend money among the three new forces. R&D expenses in each quarter of last year were 690 million yuan, 880 million yuan, 1.19 billion yuan and 1.83 billion yuan, respectively, which continued to increase.
Li Bin said that in the next few years, WEILAI will continue to increase investment in research and development of key technologies, especially in key areas related to full-stack autonomous driving technology and power batteries.
As the only car company that insists on "power exchange" for household new energy vehicles, WEILAI Automobile's investment in power exchange technology and power station has maintained its research and development expenses at a high point in the industry. It is reported that in the past four years, NIO's R&D investment has exceeded 15.5 billion yuan.
According to industry insiders, the cost of building a replacement power station in Weilai is about 2 million, and Weilai has built 866 substations. In this way, the construction cost of Weilai is as high as 1.7 billion yuan.
In addition to the research and development of "burning money", the concept of "user first" has forced Weilai Automobile to increase investment in marketing and administrative expenditure.
For the whole year of 2021, NIO's sales, general and administrative expenses were 6.878 billion yuan, an increase of 74.9% year-on-year, far higher than Xiaopeng and the ideal of 5.3 billion yuan and 3.4 billion yuan.
The sales growth rate is at the bottom, and the gross profit margin is low
However, Weilai burned so much money in cost, consumers did not pay.
In 2021, WEILAI delivered 91,429 new cars throughout the year, an increase of 109.1% year-on-year, not only did it not maintain the first share of the order ranking, but also the growth rate was at the bottom, even lower than the average growth rate of new energy vehicles of 168%. In January and February this year, its sales showed no signs of rebounding.
In this regard, Li Bin said that factories and delivery work are still affected by the epidemic and supply chain capacity fluctuations, and WEILAI expects the total delivery volume in the first quarter of 2022 to be 25,000 to 26,000 vehicles. But that fell short of the 27,900 deliveries analysts expected.
This number of deliveries is basically the same as the fourth quarter of 2021, to some extent, even 0 growth from the previous quarter, which shows that Weilai's confidence in the old model is not enough before the new car is listed.
As a high-end brand of domestic new energy vehicles, NIO is a domestic new energy vehicle. In 2021, NIO's main models on sale are ES8, ES6 and EC6, all of which are SUV models, with a minimum starting price of more than 350,000.
According to the statistics of market agencies, the export unit price of new energy passenger vehicles in 2021 will be about 120,000 yuan. At the same time, Weilai is also higher than Tesla's best-selling Mode 3 and ModeY, as well as the main sales models of Ideal and Xiaopeng. The selling price of NIO is significantly higher than the average selling price of new energy vehicles.
The positioning above the market price did not bring higher gross profit margins to WEILAI. Judging from the financial report data, the gross profit margin of WEILAI Automobile's annual vehicle sales was 20.1%, which is still far from Tesla's 30.6% single-vehicle gross profit margin, and even slightly lower than the ideal gross profit margin of 21.3%.
In addition, Nio has not yet had a blockbuster model. In December last year, NIO's ES6, ES8 and ES6 sales were 4939, 2782 and 2768 units, respectively. The ideal ONE sold 14,087 units in a single model, and the Xiaopeng P7 sold 7,459 units.
Li Bin's speech has caused controversy many times
At the end of the 2021 performance report meeting, Li Bin also opened the pie drawing mode: 2024 began to make a profit, 30,000-50,000 US dollars of mass products are under development, this year will not increase prices and so on promised one after another.
Confidence in Weilai can also be seen in his previous speeches.
At a media briefing in December last year, Li Bin said, "I don't understand why people are still buying fuel trucks." ”
Li Bin's speech may be out of the intention of standing up for Weilai, but it makes everyone feel uncomfortable.
The development of new energy vehicles is fast, the current market is still dominated by fuel vehicles, in 2021, the sales volume of new energy vehicles is 3.521 million, the market share reached 13.4%, and there is no absolute advantage in new energy vehicles.
Subsequently, he also explained that the original meaning is that the development of electric vehicles is now very good, and it is time to choose.
Such a situation without a cover has happened to Li Bin many times, and it has caused a lot of heat.
He also once said: "Porsche factory is not as good as Jianghuai factory"; "Mercedes-Benz BMW's electric vehicles are incomparable with us, and they are worse than Weilai in terms of performance and intelligence." "Weilai Automobile is not worse than Tesla, and in some ways it is even better." ”
If it is to increase the voice of Weilai, this move is undoubtedly successful. Before founding Weilai, Li Bin was an Internet marketing master.
In 2000, Li Bin founded the e-car service network. What it does is to provide professional and rich Internet information and shopping guide services for Chinese car users, and to provide effective Internet marketing solutions for car manufacturers and car dealers.
In 2010, eCar was also listed on the New York Stock Exchange, becoming china's first overseas automotive Internet company.
For the needs of netizens and the marketing points of enterprises, Li Bin must be more accurate. However, Nio's performance last year may indicate that this has no effect.
epilogue
In just one year, the new power structure has changed, and "Wei Xiaoli" has become "Xiao WeiLi". In 2022, new energy vehicles still have explosive potential, and the competitive market will continue to be turbulent.
Last year, Weilai's delivery volume frequently appeared "accidents", and its FOUNDry model was often complained about. After that, Weilai also wanted to achieve mass production of five models in a factory, which caused a lot of concern from the outside world. For example, whether the factory will stop production and upgrade again, whether it can maintain productivity, and whether the product will be defective.
How Weilai wants to regain the position of the pin crown, solving these problems may be very critical. Not only are there internal worries, but also problems such as the decline in external subsidies, chip shortages, and increased battery costs have also added a lot of challenges to Weilai.
END
Author 丨Jian Xiaobian
Some of them are synthesized from 丨Leju Finance, Phoenix Technology, and China Visit Network
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