Doorway | a new era of power exchange of "King Ning"

Asker Xie Jiasheng

At the end of May 2021, the Ministry of Industry and Information Technology and the National Energy Administration jointly announced that from the second half of the year, a pilot application of the new energy vehicle replacement mode will be carried out nationwide. In fact, as early as 2019, Weilai Automobile began to drop the power exchange mode, not long ago, the EVOGO power exchange service of the Ningde era was officially launched in Xiamen, and there are currently nearly 20 domestic companies that rush to run this track. So, can "Ning Wang" replicate the brilliance of the power battery track?

01

A new circuit for power exchange in the Ningde era

The Ningde era, which was praised as the "King of Ning", cut into the "power exchange" track.

On April 18th, the CATL EVOGO power exchange service was launched in Xiamen, and Xiamen became the first small green ring city with the layout of the "Ningwang" power exchange track.

The name of the small green ring comes from the design appearance of the Ningde era substation surrounded by green light strips along the edge, and the first four substations fell in Siming, Huli and Haicang districts.

According to the public caliber, by the end of 2022, cataline times will complete the investment and construction of 30 substations in Xiamen. At that time, there will be 1 substation every 3 kilometers of radius on Xiamen Island. In the future, CATL will also work with more partners to release more small green ring models and build more small green ring cities.

The traditional main business of the Ningde era is the power battery, which is a veritable "king" in the field of global power batteries.

According to the survey data released by SNEResearch in South Korea, the total installed capacity of power batteries in electric vehicles in the world in 2020 is 137GWh. Among them, CATL has become the world's largest power battery company with an installed capacity of 34GWh, and has been the fourth consecutive defending global champion since 2017.

For the CATL era, the substation is a new track in the related industrial chain. Unlike the recent frequent extension to the upstream and the strategic layout of the lithium ore resources in all directions, the substation is more like a new application of the traditional main business in the Ningde era, so that the downstream track of the Ningde era has been broadened from the new energy vehicle brand at the B end to the owner of the C end.

As far as China's new energy vehicle market is concerned, the substation is also a new track.

At the end of May 2021, the Ministry of Industry and Information Technology and the National Energy Administration jointly announced that from the second half of the year, a pilot application of the new energy vehicle replacement mode will be carried out nationwide.

Under the existing charging and energy storage technology conditions, compared with the slow charge that takes up to several hours and the fast charge that takes up to 80% in half an hour, the power exchange mode that only takes 3-5 minutes is undoubtedly the best option to promote the rapid development of the new energy industry.

02

47% of CR3 in the domestic power exchange market

The substation is a technology-intensive product, and from the perspective of the time node disclosed in the Ningde era, the "Ningwang" layout substation should be brewed for a long time.

On January 18, Times Electric Service, a wholly-owned subsidiary of CATL, held its first press conference online to release the power exchange service brand EVOGO and the overall solution of combined power exchange.

On February 22, Times Electric Service signed a memorandum of strategic cooperation with Fujian High-speed High-speed Energy Development Co., Ltd., and the two sides plan to establish a joint venture company to jointly build a high-speed power exchange network in Fujian Province.

On the same day, NINGDE Times united with Sany Heavy Industry to start the first electric heavy truck trunk line in Ningde - Funing Trunk Line, and delivered the first batch of Sany electric muck trucks, providing a demonstration for the application of electric heavy trucks.

From the first press conference held by Times Electric Service to the landing of the first batch of small green ring substations in Xiamen, the interval was only three months. The Ningde era has long been dark Chen Cang's power exchange layout, and it seems that there is no impermeable wall.

On January 22, four days after ningde electric service released the replacement service brand EVOGO, NIO announced the implementation of a new power exchange policy, the first owner of the purchase of NIO models can enjoy 4 times a month on the basis of retaining the household charging pile, and users who do not retain the household charging pile can enjoy 6 free battery swaps per month.

Weilai's upgraded power exchange policy is quite targeted.

The last time WEIlai adjusted the power exchange policy was on October 12, 2020, and the policy at that time was that users who paid Dading and had normal scheduling before 0:00 on October 12, 2020 could enjoy the unlimited free power exchange service of the first owner of Weilai.

Weilai is the brand manufacturer that opened the power exchange mode earlier in the new energy vehicle industry chain, starting in 2019, as of June 2021, it has invested in the construction of 271 power stations, ranking second in the domestic electric vehicle replacement power station construction scale. In the first and third places are Aodong New Energy and Botan Technology, which invested in the construction of 338 and 107 substations respectively in the same time period.

The opponents of the Ningde era are not the only ones.

According to the "China Electric Vehicle Replacement Industry Market Prospect and Investment Strategic Planning Analysis Report" released by the Prospective Industry Research Institute, there are currently nearly 20 domestic enterprises engaged in the power exchange industry chain, and as of June 2021, the number of charging piles in the mainland has exceeded 1.94 million units, which is the world's largest new energy vehicle market.

Listed companies in China that have entered the power exchange industry include Weilai Automobile, Beiqi Blue Valley, Lifan Technology, non-listed companies such as space-time electric vehicles, Aodong New Energy, Botan Technology and Dianba New Energy.

However, the substation market concentration in the mainland is relatively high, with CR3 at 47%.

03

Power battery companies have sprung up

The sudden emergence of power battery companies should be the main reason why the Ningde era has to open another track.

According to the survey data released by South Korea's SNEResearch, CATL accounted for 27.87% of the global power battery market in 2019, ranking first in the global industry, but in 2020, although CATL still occupies the global industry champion position, its market share has dropped to 24.82%.

The Ningde era could not have turned a blind eye to the fact that the market was shrinking. In fact, among the world's top ten power lithium battery manufacturers, enterprises from China are not only Ningde era, but also BYD, AESC (acquired by Envision), Guoxuan, Lishen four lithium battery companies.

China's top five companies, including CATL, accounted for 45.1% of the global total in power lithium battery sales, and are the leaders in the global industry market.

In the early market of April 20, the Ningde era just experienced a terrifying fall, falling below the trillion market value in 1 hour, plunging 70 billion. The market reported that the performance of the first quarter of the Ningde era may not reach 5 billion yuan. Whether the news is true or not has yet to be verified, but on April 25, CATL issued an announcement, and the time for the release of the first quarterly report scheduled for April 28 was postponed to April 30.

The outside world may not notice that April 30 is the last trading day of the "May Day" holiday, and the stock price of Ningde Times has maintained an endless downward trend after reaching a historical high of 692 yuan on December 3, 2021.

It is conceivable that the Ningde era has to take precautions while studying a new generation of moduleless power battery pack technology and seizing lithium ore resources to extend the industrial chain to improve competitive barriers. The substation is undoubtedly the most anticipated infrastructure in the new energy vehicle industry chain.

Compared with other power exchange companies, CATL has advantages that are difficult for other companies to compare.

As the core component of new energy vehicles, power batteries are regarded as the heart of new energy vehicles. The core of the power station is also in the power battery, in this regard, the Ningde era that has led the way in the global power battery field has undoubtedly occupied the technical commanding heights in the field of power exchange, compared with the need to introduce batteries from the outside and some enterprises can only focus on the upgrading of power exchange equipment, the card slot advantage of "power battery + power exchange equipment" in the Ningde era is self-evident.

The Cataline Era has demonstrated this advantage on the replacement power station in Xiamen.

The overall solution for changing the power of Ningde Electric Service is composed of three product combinations of "power exchange block, quick change station and APP". Known as "chocolate" power exchange block is a series of batteries specially developed and produced by CATL for the realization of shared power exchange, with three characteristics of small and high energy, free combination and minimalist design, weight energy density of more than 160Wh/kg, volume energy density of more than 325Wh/L, a single battery can provide about 200 kilometers of endurance, and can adapt to 80% of the world's pure electric platform development models that have been listed and will be listed in the next 3 years.

Under the options of "multiple battery companies serving one brand" and "one battery company serving multiple brands", the advantages of power exchange in the Ningde era are self-evident. However, the sudden emergence of power battery companies will also be potential opponents in the Ningde era.