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The 315 countdown sounds, will Yadi electric vehicles be called twice?

Text: Internet Jianghu Author: Zhigang

Yadi electric car, which appeared twice at the CCTV Spring Festival Gala and angrily brushed a wave of audience favor, finally "overturned".

Recently, in the latest issue of the "Beijing Electric Bicycle Product Quality Supervision and Random Inspection Results Publicity" released by the Beijing Municipal Administration for Market Regulation, Yadea was on the "quality black list" because the "lithium-ion battery management system (BMS) (communication and data upload function)" of two batches of products was unqualified.

Also on the list are well-known electric car brands such as Little Bird, New Ri, Instant and Giant ...

You know, it is only a month and a half before and after the Spring Festival Gala, and compared to other brands, Yadi is still the absolute leading brother of domestic two-wheeled electric vehicles, but in this case, Yadea, which has always prided itself as a higher end, has turned over on the most basic quality and safety issues of electric vehicles? Does the high-end of Yadea electric car only exist in various advertising and marketing? Or does Yadi want to lead the electric vehicle industry to the upcoming CCTV 315 Gala again?

"High-end" is not high-quality, Yadi has become a regular on the black list?

In fact, the market evaluation of Yadi has always shown a situation of ice and fire, on the one hand, Yadea's electric vehicle impact "high-end" publicity praise; On the other hand, there are endless reports of Yadea's electric vehicle quality and safety failure, distributors' illegal sales, etc.

For example, in January this year, in the list of 34 batches of unqualified products released by the Yantai Municipal Supervision Bureau, the three batches of electric vehicles produced by Yadi all had product problems such as vehicle quality and saddle length.

For example, at the beginning of 2022, the Maanshan Intermediate People's Court in Anhui Province made a final judgment on an injury compensation case caused by the spontaneous combustion of an electric bicycle, and the manufacturer Yadi Technology Group Co., Ltd. was sentenced to pay 1.22 million yuan in compensation.

It is understood that the case stemmed from April 2020, when a Yadi electric bicycle was charging in the stairwell due to its own electrical failure, causing a fire spontaneous combustion, causing an elderly man and two granddaughters to be seriously burned by the fire when they went downstairs to escape.

In addition, according to the Internet jianghu collation, in July 2020, the "high-end" Yadi electric vehicle was also required by the State Administration for Market Regulation to recall some of its electric bicycle products, involving as many as 11,273 vehicles. According to the recall announcement, the Yadi brand TDT1126Z electric bicycle produced from February 2019 to June 2020 caused an unreasonable gap between the pedals of the riding pedal and the supporting pedal of the rear seat passenger, and the foot pedal reversed with the reverse when reversing, which may pinch the foot surface of the rear seat passenger.

At the same time, on January 8, 2021, the Guangxi Market Supervision Bureau showed in the sampling survey of electric bicycle product quality that the electric vehicle produced by Tianjin Yadi Industrial Co., Ltd. (specification model: TDT1146Z; Production date or batch number: 2019-03-19) unqualified, the main unqualified items are short circuit protection and other electrical problems.

This is not only the same as the unqualified project problems found by the Zhejiang Taizhou Market Supervision Bureau in the previous sampling inspection, but also seems to confirm that the spontaneous combustion of Yadea's electric vehicle charging fire mentioned above may not be an occasional incident, but more like an inevitable negative outbreak accumulated by ignoring product safety and quality for many years.

The 315 countdown sounds, will Yadi electric vehicles be called twice?

However, a wave of unevenness, when the electric vehicle fire incident has not subsided, in last year's 315 party "crazy speeding electric vehicle" feature appeared Yadi electric car again.

In fact, before the 2022 315 party, Jiangsu News had exposed that brand electric vehicle stores such as Yadea, Luyuan and Xiaodao had problems such as decoding and speeding up and illegally modifying dashboards. Even when the reporter asked the sales staff of Yadi Electric Vehicle "Is it safe to ride outside like this", the salesperson also frankly said that "the safety factor is definitely not, 25km/h is safer".

The 315 countdown sounds, will Yadi electric vehicles be called twice?

Although at the subsequent symposium of key enterprises and industry associations of electric bicycles held by the Wuxi Bureau of Industry and Information Technology in Jiangsu Province, Yadea, Emma and other enterprises said that they had carried out rectification and self-inspection overnight, and the factory production was in line with the requirements of the new national standard, and the next step would be to comprehensively sort out the problem... But surprisingly, after being named by CCTV's 315 party, Shandong Business Daily found that some Yadi stores still said they could be decoded.

The relevant clerk said bluntly: "If you want to speed up, you can, you need to get after-sales to pick up, you can mention about 30 km / h, but this is your personal wish, it is logically out of line." The clerk also said that after decoding, only 25 km / h is displayed on the table, which will not affect the listing of electric vehicles. In this regard, the response of Yadea after-sales department staff was also the same as before, first emphasizing that the company level is strictly implementing the new national standard, and then said that the violation of the distributor will be fed back to the local business leader as soon as possible. But whether there was rectification in the end, we do not know.

In fact, in the view of the Internet rivers and lakes, for users, whether the electric vehicle brand is high-end or low-end, its foundation is based on the premise of meeting the basic functional needs of users under the premise of further experience upgrade, so quality and safety is the bottom line of user trust, if Yadi ignores this, then relying only on advertising to become a higher-end electric vehicle is undoubtedly a fool's dream.

However, it is worth mentioning that even in terms of marketing publicity, Yadi electric vehicles have had the experience of "overturning".

According to data from the Tianyancha APP, in 2021, Jiangsu Damonkey E-Commerce Co., Ltd., an affiliate of Yadea, added two new administrative penalties, namely the production and sale of goods that did not meet quality standards and violations of advertising content management regulations, with a total penalty of 18,000 yuan, and the punishment unit was Wuxi Xishan District Market Supervision Administration.

The 315 countdown sounds, will Yadi electric vehicles be called twice?

In this way, whether it is product quality or sales management, Yadi electric vehicles seem to be "black list". But the problem is that the product and sales level directly face the market consumers, and the user's mental cognition is the key to determining the upward movement of the brand, and Yadea, which has been hitting the high-end, does not seem to realize this, but consumes the real capital of the Yadi brand on the most basic product quality and safety.

Yadi is "chaotic", and the "big brother" on the road to high-end is difficult?

In fact, as the "first person" in the domestic electric vehicle industry, Yadi not only appeared in the domestic CCTV Spring Festival Gala, but also shouted a slogan of "crowning the World Cup" to fans around the world at last year's Qatar World Cup, and at the same time, it was particularly eye-catching as the exclusive car of the "big brother" when selling fish in the popular TV series "Crazy" at the beginning of this year.

Behind this high-profile marketing action, there is actually a hidden desire and anxiety of Yadi electric vehicles for high-end and internationalization.

When it comes to Yadea, I believe everyone still remembers the deeply rooted advertising slogan of "Yadea, a higher-end electric vehicle". However, in order to get rid of the small profit circle of the electric vehicle price war, Yadea, which has shouted the high-end slogan in 2014, has not really become a high-end brand until now, and is even still trapped in the market quagmire of small profits.

The reason for this situation, according to Internet jianghu observation, may be related to Yadea's own "wavering" attitude towards the high-end strategy.

After Yadi shouted the high-end slogan, Emma and other manufacturers followed suit. But unexpectedly, when Yadea's overall revenue increased slightly and product sales fell under pressure in 2016, under the leadership of founder Dong Jinggui, Yadi chose to turn the gun in 2017, restart the price war again, and shouted the loud slogan of "30% price reduction for all models", which directly caught Emma off guard.

Perhaps tasting the sweetness, in 2020, Yadi continued to increase its weight in the price war, and jointly held a "brand 10,000 group" activity with Pinduoduo, and its two-wheeled electric vehicles such as Guanneng , Euromonitor and Leon generally reduced their prices by 10%-30%.

After two sudden price wars, Yadi successfully opened the gap with Emma in terms of sales scale and market share. According to data from securities institutions, from 2018 to 2021, Yadea's market share increased from 16.3% to 27.9%, while AIMA's market share only increased from 14.0% to 16.8%.

But his honey, my arsenic. The unique temperament of high-end products is often directly reflected from the price level. Just like Apple, which has always taken a high-end style, even in the face of the pressure of declining sales, it will not choose to reduce prices. Because it knows that once this opening is opened, it is not easy to rise again. And now Yadi "mouth" shouting high-end slogans, but playing the trick of "price war" in hand, the inconsistent market play almost leaves a brand recognition of Yadea's high-end in the hearts of users, perhaps this is also doomed to Yadea's high-end transformation is difficult.

On the other hand, it is related to the "high-end of two-wheeled electric vehicles" itself may be a false proposition.

There are two reasons for this: one is the lack of speed and passion. Compared with cars and motorcycles with a speed of 100 kilometers per hour, the national standard stipulates that electric bicycles with a vehicle mass of ≤ 55Kg are non-motor vehicles, and the maximum speed is 25 kilometers per hour. Electric mopeds and electric motorcycles with a vehicle mass of ≥ 55Kg are motor vehicles, not only need to obtain relevant driving licenses, but also the maximum speed of electric mopeds is only 50 kilometers per hour.

From the perspective of riding experience, it is difficult for compliant electric vehicles to let users feel fast and passionate, and even most of the electric vehicle users who are used to buy vegetables, commute, and pick up children from school feel that the speed of electric vehicles is "not enough", and this may be a key to many brand electric vehicle manufacturers willing to decode and speed up for users for free.

The second is the lack of cycling culture. Whether it is a car, motorcycle or bicycle, with the blessing of speed, it has its own cultural accumulation such as events, movies and television, and even condenses its own cultural circle, so it is easier to run a professional and high-end brand. However, electric bicycles are limited by speed and mileage, more for short-distance travel, and there is no special riding culture, which also makes it difficult for high-end electric vehicles to take root in people's hearts.

Although in order to accumulate cultural heritage for the high-end of electric vehicle brands, Yadi has created its own top IP "Yadi 717 Riding Festival". But if you refer to the speed and cultural passion of cars, motorcycles and bicycles, almost all of them are based on excellent products.

In this regard, the emphasis on marketing over research and development is where Yadi has been deeply criticized. According to the financial report data, from 2019 to the first half of 2022, Yadea's sales expenses were 770 million yuan, 935 million yuan, 1.283 billion yuan and 636 million yuan, respectively. During the same period, Yadea's R&D expenses were 386 million yuan, 605 million yuan, 844 million yuan and 505 million yuan, respectively, and the R&D expense ratio has remained at about 3%, which is lower than the sales expense ratio of about 5%.

Perhaps because of this, Yadi electric vehicles seem to be struggling in their overseas strategy. For example, at the 2021 Yadi Technology Global Multiplication Strategy Summit, although Dong Jinggui said: "In the future, Yadi will occupy at least 35% of the market, and there is one in three parts of the world." But interestingly, Yadea did not disclose the specific sales volume in the overseas market in the financial report, and can only be seen in the 2021 financial report, "because more than 90% of the Group's revenue and operating profit comes from the sale of electric vehicles in China... Therefore, no regional information is presented in accordance with the Hong Kong Financial Reporting Standard 8 operating segments".

In contrast, Emma, Mavericks, and No. 9 are much more frank about their overseas "gold panning" records. In the first half of 2022, the overseas sales of Niu Electric reached 43,230 units, a year-on-year increase of 261%. During the same period, the overseas revenue of No. 9 Company was 2.835 billion yuan, contributing 58.82% of the rivers and mountains. As for AIMA Technology, it was disclosed in the financial report for the first half of 2022 that the international business revenue was 117 million yuan, a year-on-year increase of 111.69%.

In fact, in the eyes of the Internet rivers and lakes, Yadi is now shouting high-end slogans, but has been repeatedly exposed to product quality problems, quite a sense of "wolf". The final result of "wolf coming" is to fall into the Tacitus trap, that is, Yadi has lost credibility in the market and users' hearts, even if Yadi has high-end strength at the product and marketing level, but the high-end upgrade of the brand may still struggle on the market consumer side.

So can Yadi realize this, and can it turn back in time and win back consumers' brand trust with quality and word of mouth? All this is still unknown.

But in any case, a series of quality and safety problems of electric vehicles that have been exposed are urgently waiting for Yadi to make relevant responses and corrective measures...

Disclaimer: The stock market is risky, and you need to be cautious when entering the market. The information and author's views do not constitute investment advice, and investment must be determined by oneself. In addition, the information of the enterprises involved is all from the public disclosure information of the original enterprises.

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