The reshuffle is imminent, and another new energy vehicle is in crisis

【Lieyun Network (WeChat: ilieyun) Beijing】 April 17 report (text/ Sheng Jiaying)

With the fading of the tide of new energy subsidies, many new energy vehicle manufacturers, due to insufficient competitiveness, are facing survival difficulties, and even go bankrupt and stop production.

A few days ago, Haiyuan Composites issued an announcement that the company deliberated and passed the "Proposal on the Proposed Transfer of equity in the participating company", and transferred 11% of the shares held by Yundu New Energy Automobile Co., Ltd. to Zhuhai Yucheng Investment Center Limited Partnership, with a transfer price of 22 million yuan. After the completion of this transaction, the company will no longer hold the equity of Yundu Company.

The announcement disclosed that Yundu Automobile's revenue in 2021 was 67.7632 million yuan, with a loss of up to 213 million yuan; the revenue in the first three months of this year was only 6.6025 million yuan, and another loss was 55.7136 million yuan.

At present, due to the break of the capital chain, Yundu Company began to be in a state of suspension in February 2022.

Sales were sluggish and the founders fled

Founded in 2015, Yundu Automobile can be said to be the "front wave" of new energy vehicles.

Yundu Automobile is a mixed ownership new energy vehicle manufacturer. It was jointly funded by two companies wholly owned by the State-owned Assets Supervision and Administration Commission and a Fujian listed company and Liu Xinwen.

The investment enterprises and founding teams behind them all have a deep "Fujian" gene, and Fujian hopes that Yundu Automobile can become a major "engine" for the development of new energy.

In terms of the founding management team, Liu Xinwen served as the director and general manager of Yundu, and Lin Mi served as the executive deputy general manager and general manager of the marketing center of Yundu. At the beginning of 2016, Lin Mi participated in the establishment of Yundu New Energy Automobile Co., Ltd., serving as the executive deputy general manager of the company and the general manager of the marketing company.

Yundu automobile's initial development was indeed very fast. In just over a year, Yundu Automobile has obtained production qualifications. In January 2017, Yundu Automobile obtained the new energy vehicle production license issued by the National Development and Reform Commission, becoming the tenth enterprise in China to obtain the production qualification of new pure electric vehicles, and becoming the second new energy passenger car manufacturer to obtain the review and approval of the Ministry of Industry and Information Technology.

In the same year, Yundu Automobile released its first model, the small pure electric SUV "Yundu π1". In 2018, its sales reached 7343 units, with a market share of nearly 0.6%. However, this sales volume also became the company's brightest moment.

When the new power car companies were still in the PPT car manufacturing stage, Yundu Automobile ran through the process of "research and development, delivery and after-sales" early.

But The Cloudy car soon fell from the "high point".

At the beginning of 2018, Yundu had set an annual sales target of 35,000 vehicles, but in fact, Yundu's sales in 2018 were only 9,300 vehicles, only 26.6% of the annual target; in 2019, sales fell again to 2,566 vehicles, and since then it has fallen into a state of suspension of production.

At the same time, in 2018, Lin Mi, one of the founders of Yundu, left Yundu New Energy.

The market performance is sluggish, and Yundu Automobile is not optimistic in terms of performance. According to the data, the net loss of Yundu Automobile from 2017 to 2020 was 0.95 billion yuan, 138 million yuan, 177 million yuan and 204 million yuan, respectively. According to the financial report, in 2021, Yundu Automobile's revenue was 67.7632 million yuan, with a net loss of 213 million yuan, and the revenue in the first quarter of this year was 6.6025 million yuan, with a net loss of 0.56 billion yuan.

Yundu Automobile has fallen into a quagmire in the development of products, brands and other aspects.

The reason is that, on the one hand, at that time, the new energy subsidies declined, and the market environment's requirements for products changed from "quantity" to "quality", and Yundu automobiles were also successively exposed to problems such as inaccurate endurance, inability to charge, and spontaneous combustion on the street, and the cost pressure increased.

On the other hand, the product system of Yundu Automobile is relatively single, since the first model π1 was listed and delivered in October 2017, only two models have been launched (π1 and π3 derivative long-endurance models were launched in 2019), but in a crash test, Yundu π3 has undergone great deformation, and the final test results are not ideal, and the development of Yundu products has been shelved since then. The once-blockbuster Yundu X-π concept car and the π7 model are also missing.

At the time when Weilai, Xiaopeng and other car companies are sitting on the top of the new forces, Yundu has not vigorously promoted marketing and publicity, and has gradually declined.

Although "getting up early" and backed by the "national team", Yundu Automobile did not develop as expected.

Previously, Yang Shengbing, an autonomous driving expert and associate professor at Wuhan University of Technology, also said: "The earlier batch of domestic new energy vehicle manufacturers belonged to the action faction layout early, and the state has always had policy support, but new energy vehicles are affected by batteries, control system maturity, industry resource integration, technical teams, marketing, funds and other aspects, and it is not necessarily good to get up early." ”

Equity is frequently turbulent

The original four promoters of Yundu Automobile were Fujian Automobile Industry Group Co., Ltd. (hereinafter referred to as "Fuqi Group", wholly owned by Fujian State-owned Assets Supervision and Administration Commission), Putian State-owned Assets Investment Co., Ltd. (hereinafter referred to as "Putian State Investment", wholly owned by Putian State-owned Assets Supervision and Administration Commission), Liu Xinwen and Haiyuan Composite (listed companies in Fujian), with shareholding ratios of 39%, 34.44%, 15.56% and 11% respectively.

Two of them are "national teams".

After Yundu Automobile fell behind and fell into trouble, Lin Mi, who had run away, returned again in 2020. At the same time, the equity of Yundu Automobile has changed.

According to the information on industrial and commercial changes, in 2020, Fuqi Group withdrew its shares, and its shareholding was undertaken by Putian SDIC and the new funding party Fujian Longtou Industry Equity Investment Fund Partnership (Limited Partnership), the background of which is CITIC Trust Co., Ltd. and Fujian Industrial Equity Investment Fund Co., Ltd.

After undertaking, Putian SDIC rose to the single largest shareholder, with the shareholding ratio rising to 43.44%, and the new shareholder Fujian Longtou Fund holding 30%.

However, less than two years after the last shareholder change, Yundu Automobile's equity has changed again. According to China Business Daily, the equity adjustment of Yundu Automobile was completed in April 2021.

According to the data, in April 2021, Yundu Automobile held a shareholders' meeting, Liu Xinwen withdrew his shares, and his shareholding was taken over by Zhuhai Yucheng Investment Center (Limited Partnership) (hereinafter referred to as "Zhuhai Yucheng") according to Liu Xinwen's original capital of 140 million yuan. Zhuhai Yucheng is directly held by Lin Mi 49%, 51% owned by Shenzhen Qianhai Shutian Investment Management Partnership (Limited Partnership) (hereinafter referred to as "Shenzhen Yutian"), and the executive partner is Lin Mi, that is, Zhuhai Yucheng is actually controlled by Lin Mi.

Further, Shenzhen Zentian is wholly owned by Wang Wei and Wang Mingwang, the actual controllers of Sunwoda Electronics Co., Ltd. (hereinafter referred to as "Sunwoda"), and in fact, Wang Wei and Wang Mingwang brothers have made a large number of investment layouts outside the body of Sunwoda listed companies through Shenzhen Zentian.

After undertaking, Putian SDIC rose to the single largest shareholder, with the shareholding ratio rising to 43.44%, and the new shareholder Fujian Longtou Fund holding 30%.

In addition, in August 2020, the full name of Yundu Automobile was also changed from "Fujian Automobile Industry Group Yundu New Energy Automobile Co., Ltd." to Yundu New Energy Automobile Co., Ltd., and the logo of Fuqi Group was erased.

Trying to start a business for the second time has little effect

After Lin Mi's return, Yundu Automobile has successively welcomed a number of heavy executives, among them, Zhan Wenwen, a new energy vehicle expert with 16 years of experience in the new energy automobile industry, served as the senior vice president of Yundu Automobile, fully responsible for the strategic development and research and development of Yundu new energy vehicles; electric vehicle expert Fu Zhenxing served as the company's CTO, responsible for the development of Yundu new energy vehicles.

In addition to frequent personnel adjustments, Lin Mi also sought breakthroughs in products and carried out drastic reforms to Yundu Automobile.

Adopts the two-line product layout of "passenger car + commercial vehicle", and the strategy of simultaneous development of B-end + C-end.

On December 21 last year, Yundu released the new car Yundu π3 E-SHOCK Yaoyue version. For the new car, it is officially called "the first listed model of Yundu Automobile in a new stage of development". But in the eyes of the outside world, this may only show that Yundu is still alive.

Since then, Yundu has launched a new field of travel service brand "Dumpling Travel". It has also said that the new generation of solid-state batteries being developed by Yundu Automobile will achieve mass production in 2025.

Lin Mi even shouted that "Yundu New Energy hopes to rank among the top three domestic pure electric vehicle brands in 2025, and gradually become a provider of all-dimensional smart travel solutions." " slogan.

However, two years later, these strategies have not had the desired effect.

According to the data disclosed by Haiyuan Composite, at the end of 2020, the total asset volume of Yundu Automobile was 1.716 billion yuan, the loss amount of the year was 204 million yuan, the net assets fell to 224 million yuan, and the debt ratio was pushed up to 86.94%. At the end of the first half of 2021, the debt ratio continued to rise to 93.56%.

At the same time, Yundu Automobile faces a more severe external environment.

On the one hand, the new energy automobile industry has been affected by the shortage of chips in the market and the shortage of batteries, and the national and local subsidies have declined year by year. On the other hand, with the entry of large manufacturers such as Xiaomi and Baidu, the new energy vehicle track is becoming increasingly crowded, and the competition is more intense.

At the same time, more and more car companies began to announce the timetable for stopping production of fuel vehicles, and traditional car companies such as FAW, SAIC, and Geely clearly took 2025 as the time node as a key moment in the electrification transformation, when the competition in the new energy vehicle market will be more intense.

Uncompetitive new energy vehicle companies are bound to be eliminated in this round of reshuffle, in fact, many car companies have encountered difficulties. More than a dozen companies, such as Changjiang Automobile, Qiantu Automobile, Singularity Automobile and Luchi Automobile, have been exposed to the news of arrears of employee salaries or arrears of payment, and some have even announced delisting.

Now, with the withdrawal of shareholders and the suspension of production again, where will the fate of Yundu Automobile go?