Sales return to zero Yundu automobile "lack of electricity" or lack of money

Yundu Automobile, which once shouted that "in 2025, it will rank among the top three domestic pure tram brands", fell into the storm of suspension of production. Haiyuan Composite, one of the shareholders of Yundu Automobile, recently said when transferring its 11% stake in Yundu Automobile: "Yundu Automobile has stopped production due to the capital chain. Subsequently, Yundu Automobile responded that the suspension of production was due to battery problems and was expected to resume production in two months. Although Yundu Automobile attributed the suspension of production to battery supply, as a new car company that entered the market in 2015, it is rare for the supply chain to break. At the same time, Yundu Automobile is also facing problems such as the continuous expansion of losses caused by sluggish sales. "Lack of electricity" or lack of money? Yundu Automobile's suspension of production is a mystery.

Each one insists

Haiyuan Composite recently issued an announcement showing that the company will transfer 11% of the shares held by Yundu Automobile. At the same time, Haiyuan Composite also revealed in the announcement that "the net profit of Yundu New Energy Vehicle and its subsidiaries in each year is negative, and the loss situation is becoming more and more serious." At present, due to the break in the capital chain, Yundu Automobile has been in a state of suspension since February this year."

The capital chain is broken, the factory is shut down... Yundu Automobile quickly became the focus of attention. Subsequently, yundu automobile related people responded: "The suspension of production is mainly because of the battery problem, and now the new supply has been determined, and it is expected to resume production in two months." However, the response did not mention the issue of the capital chain.

From the response, it can be seen that Yundu Automobile attributed the reason for the suspension of production to the battery supply, and Haiyuan Composite also mentioned in the announcement that it was affected by the shortage of chips in the market and the shortage of batteries, which had a greater impact on the production and operation of Yundu Company. Since the beginning of this year, due to the shortage of supply chains, the rise of raw materials, the epidemic, etc., some car companies have stopped production due to limited production capacity, but it is rare to stop production for up to 5 months. Industry insiders said that a mature new energy vehicle company usually has multiple battery suppliers to reduce the risks brought by the supply chain. In its response, Yundu Automobile said that "now the new supply has been determined", which means that Yundu Automobile may have re-contacted other suppliers. In response to the supplier situation, the Beijing Business Daily reporter contacted Yundu Automobile, but as of press time, there was no reply. Previously, it was reported that in October last year, Sunwoda Electronics Co., Ltd. (hereinafter referred to as "Sunwoda") said on the investor interactive platform that the company was one of Yundu automobile suppliers.

It is worth noting that among the shareholders of Yundu Automobile, there is also a faint figure of Sunwoda. This time, the receiver of the 11% share transfer of Haiyuan Composite is Zhuhai Yucheng, which previously held 15.56% of the shares of Yundu Automobile. According to the National Enterprise Credit Information Publicity System, the shareholders of Zhuhai Yucheng are Shenzhen Qianhai Shutian Investment Management Partnership (Limited Partnership) (hereinafter referred to as "Qianhai Shutian") and Lin Mi. Among them, Wang Mingwang, executive partner of Qianhai Watersky, was the chairman and general manager and legal representative of Sunwoda. At present, it is still the legal representative of some "Sunwoda" companies such as Sunwoda Electric Vehicle Battery Co., Ltd.

Performance is under pressure

For the suspension of production, Haiyuan Composite and Yundu Automobile have different opinions, but the sales performance of Yundu Automobile is not ideal.

Founded in 2015, Yundu Automobile's business scope covers the design, research and development, production, processing, sales and after-sales service of new energy vehicles and auto parts. According to the data, the sales of Yundu Automobile's two passenger models π1 and π3 in the first quarter of this year were only 361 and 155 vehicles respectively, of which the sales of both models in March had reached zero. A number of Yundu automobile dealer staff told the Beijing Business Daily reporter: "At present, the manufacturer is in a state of suspension, there is no existing car in the store, consumers can only book, the delivery time is estimated to be more than two months, and the specific time cannot be determined." ”

At present, due to the continuous tight supply chain, some new energy vehicle companies have raised their prices, but the supply is still in short supply. According to data released by the China Association of Automobile Manufacturers, domestic new energy vehicle sales in the first quarter of this year were 1.257 million units, an increase of 1.4 times year-on-year, and the market share was 19.3%. However, the sales situation of Yundu automobiles is not optimistic. A Yundu Automobile 4S shop staff told the Beijing Business Daily reporter that there is only one π1 exhibition car in the store, and the production date has been nearly a year, and the π3 model store has not entered the car to the manufacturer for half a year.

Yundu car sales are sluggish, and losses continue to expand. According to Haiyuan Composite, last year's Yundu Automobile revenue was 67.7632 million yuan, with a loss of 213 million yuan; in the first quarter of this year (unaudited), Yundu Automobile's revenue was 6.6025 million yuan, with a loss of 55.7136 million yuan. As of March 31 this year (unaudited), Yundu Automobile's total assets were 1.652 billion yuan, total liabilities were 1.682 billion yuan, and net assets were -30.7964 million yuan. The loss situation has become more and more serious, and Haiyuan Composite has also chosen to "leave". In 2015, Yundu Automobile was initially established with a registered capital of 900 million yuan, which was jointly funded by Haiyuan Composite, Fujian Automobile Industry Group, Putian State-owned Assets Investment Co., Ltd. and Liu Xinwen. At that time, Haiyuan Composite invested 99 million yuan, accounting for 11% of the shares. From 2015 to 2022, despite the changes in the shareholding structure of Yundu Automobile, the shares held by Haiyuan Composite have never changed. In this equity transfer, Haiyuan Composite not only transferred all 11% of the shares it held, but also reduced the transfer price to 22 million yuan. Industry insiders believe that Haiyuan Composite's choice of "cutting meat" is a loss of confidence in Yundu Automobile.

Cloud is left behind

When it first entered the domestic new energy vehicle market, Yundu Automobile also had a highlight moment.

When the new car-making forces are still worried about financing difficulties and use PPT to "tell stories" to the capital market, Yundu Automobile has several major shareholders endorsements, and even got car-making qualifications in 2017. In the same year, Yundu Automobile launched the first model π1, and in 2018 launched the second model π3, and the delivery volume of the two models reached 9300 units in 2018, winning the second place in the sales volume of new domestic car-making forces that year.

However, starting in 2018, Yundu π3 began to be plagued by problems. In the C-NCAP new car evaluation report released by the China Academy of Automotive Research, the model has a comprehensive score rate of 58.9%, and it has only obtained safety certification of 2 stars. Among them, in the front 40% bias crash test, the driver's side of the front cabin of the Yundu π3 car underwent a huge deformation. In 2019, the model had a spontaneous combustion accident in Nanning, Guangxi. Data show that in 2019, Yundu car sales fell to 2566 vehicles.

In addition, the speed of yundu automobile's new models is also relatively slow. Beijing Business Daily reporter noted that after the launch of the two models, Yundu Automobile did not expand the passenger car product line. Among the existing two models, compared with Yundu π1, although Yundu π3 has more space, the mileage of both models is about 400 kilometers, but the price of π3 is more than 20,000 yuan higher than That of Yundu π1. A Yundu car dealer said that consumers who buy small pure electric models are relatively sensitive to price, and the best sales in the store are yundu π1, which is lower in price, which can also meet the demand for transportation.

It is understood that Yundu Automobile previously planned to launch Yundu π7, but it has not been launched so far. It is worth mentioning that as one of the founders, Lin Mi returned to Yundu Automobile in 2020 and became CEO more than two years after leaving Yundu Automobile, hoping to lead Yundu Automobile back to the mainstream market. He said: "Yundu Automobile will rank among the top three domestic pure electric car brands in 2025. However, since then, the new model launched by Yundu Automobile is only the π3 E-SHOCK that has changed the appearance and power, and the mileage is still about 400 kilometers. At this time, in the new forces of car manufacturing, Weilai and Xiaopeng have launched a number of models, and have covered the car and SUVs in the car and SUVs. At the same time, the product lines of Nezha and Zero Run have also continued to expand, and the new energy model product lines of traditional enterprises such as BYD, Geely, and Changan have gradually improved. Yan Jinghui, a member of the expert committee of the China Automobile Dealers Association, believes that the market competition environment at the beginning of the establishment of Yundu Automobile was not fierce, but the product camp of various car companies has gradually expanded, and Yundu Automobile, which has not taken too much action in new products, has gradually been overtaken by competitors.

While the product is slow to advance, Yundu Automobile has little news on financing. It is reported that at present, Yundu Automobile has received three rounds of financing, namely the A round of financing on May 10, 2018, the equity financing on April 28, 2019 and the equity financing on March 18, 2021.

Beijing Business Daily reporter Liu Yang liu xiaomeng