Yangtze River Business Daily reporter Huang Cong
As one of Changan Automobile's three major smart electric brands, AVATAR's sales and performance are not good.
Recently, Changan Automobile (000625. SZ) said on the investor interactive platform that AVATR delivered 5,016 units in March, with a total of 14,500 units delivered in the first quarter.
According to reports, AVATR will challenge the sales target of 100,000 units in 2024, and the company only achieved 14.5% of the target in the first quarter.
Not only that, the data shows that in 2022 and 2023, AVATAR's operating income will be 28.34 million yuan and 5.645 billion yuan respectively, with a total of 5.673 billion yuan in two years, and the net profit will be -2.015 billion yuan and -3.693 billion yuan respectively, with a cumulative loss of 5.708 billion yuan in two years, and the company will lose more money than revenue.
The good news is that on March 29, the 2024 AVATR 12 was officially launched, and a total of 4 models of the new car were launched.
On April 16, Changan Automobile introduced that AVATR 12 has been favored since its launch, with a total of more than 40,000 large orders.
Recently, Tan Benhong, CEO of AVATAR, introduced that AVATR 12 has a clear goal in the short term, with an average transaction price of about 350,000 yuan and about 5,000 vehicles delivered per month.
Visual China Diagram
Only 23.5% of the sales target will be achieved in 2023
AVATR was founded in July 2018, formerly known as Changan NIO, a joint venture between Changan Automobile and NIO, and changed its name to AVATR Technology Company in May 2011. "AVATAR" is a transliteration of the English Avatar, which means a virtual avatar in a game or online world.
Out of the importance of the company, Zhu Huarong, chairman of Changan Automobile, personally served as the chairman of AVATAR.
In November 2021, AVATR completed the first round of strategic financing of 2.42 billion yuan, with a post-investment valuation of 788 million yuan, and CATL participated in holding 28.99% of the shares, becoming the second largest shareholder.
In August 2022, AVATR completed another 2.547 billion yuan in Series A financing, and Changan Automobile introduced 6 strategic investments, including China Merchants Capital and Weihao Chuangxin, and CATL is still the second largest shareholder after the financing is completed.
In August 2023, AVATR received a Series B financing of 3 billion yuan, with investors including Changan Automobile and Southern Assets, with a post-investment valuation of nearly 20 billion yuan.
After three rounds of financing, the total financing of AVATR is close to 8 billion yuan.
In December 2022, CATL also signed a deepening strategic cooperation agreement with AVATAR. The two parties will cooperate in the research and development of lithium batteries, new materials and parts for new energy vehicles, and build a battery supply system based on cutting-edge battery technology.
According to some news, AVATR has become the first batch of new energy vehicle brands equipped with CATL super-rechargeable batteries.
At the Guangzhou Auto Show on November 17, 2023, AVATR made its debut on the same stage with its flagship models AVATR 11 and AVATR 12, marking AVATAR's official entry into the era of dual flagships.
It is understood that the new model will be equipped with Huawei's high-end intelligent driving system HUAWEI ADS 2.0.
However, under the joint construction of Changan Automobile, Huawei, and CATL, AVATAR's sales are not ideal.
According to the plan, AVATR expects to achieve the sales target of 100,000 units in 2023.
However, the company's actual sales in 2023 will only be 23,500 units, which is only 23.5% of the target.
Some industry insiders said that AVATR takes the high-end route, with a price range of 300,000 yuan to 600,000 yuan, which is also one of the reasons for its "high and low".
We will once again challenge the sales target of 100,000 units
The plan for 2023 was not completed, and AVATAR's sales target of 100,000 units was extended to 2024.
According to reports, according to Changan Automobile's original plan, AVATR Technology plans to complete the sales target of 90,000 units in 2024.
The relevant person in charge of AVATR revealed that after the salary of the company's management is linked to sales, the sales target for 2024 will be increased by an additional 10,000 units. This means that AVATR will once again challenge the sales target of 100,000 units in 2024.
On April 16, Changan Automobile said on the investor interactive platform that AVATR delivered 5,016 units in March, and a total of 14,500 units were delivered in the first quarter. In the future, AVATR will maintain a state of evolution with high efficiency, high level and high speed, further focus on the real car needs of users, intensively launch a variety of products, actively participate in global competition, and continuously consolidate AVATAR's role as a "leader" in the luxury new energy track.
From this point of view, AVATR achieved 14.5% of the annual target in the first quarter, and the annual sales prospect of 100,000 units is still not optimistic.
On March 29, the 2024 AVATR 12 was officially launched, with a total of four models and a price range of 265,800 yuan to 400,800 yuan.
On April 16, Changan Automobile introduced that as a future intelligent luxury pure electric car, AVATR 12 has been favored since its launch, with a cumulative order of more than 40,000 units.
Recently, Tan Benhong, CEO of AVATAR, introduced that AVATR 12 has a clear goal in the short term, with an average transaction price of about 350,000 yuan and about 5,000 vehicles delivered per month.
Tan Benhong also publicly scolded some of his peers, saying that many new power companies are pursuing the diversity of product categories, but ignoring the efficiency of products and investment efficiency. He pointed out, "We can see that the new forces that have been doing it for a long time are only 10,000 or 15,000 vehicles per month, seven or eight products (pure electric), and I am worried about product efficiency and investment efficiency." ”
At present, Leapmotor, NIO, and Denza are all in the sales range mentioned by Tan Benhong. Interestingly, Changan Automobile's Deep Blue Automobile and Changan Qiyuan sold 40,000 and 32,400 units respectively in the first quarter, and the average monthly sales were also in this range.
If it comes to investment efficiency, Tan Benhong should be more concerned about his own AVATAR.
According to the data, in 2022 and 2023, AVATAR's operating income will be 28.34 million yuan and 5.645 billion yuan respectively, with a cumulative total of 5.673 billion yuan in two years, and its net profit will be -2.015 billion yuan and -3.693 billion yuan respectively, with a cumulative loss of 5.708 billion yuan in two years.
It is worth mentioning that since the beginning of 2024, Gaohe has been exposed to business problems. On February 18, media sources reported that Gaohe Automobile held an internal meeting and announced that it would suspend production for six months.
Subsequently, on February 28, it was rumored on the Internet that Changan Automobile negotiated the purchase of 51% of the shares of Gaohe Automobile.
On March 29, Changan Automobile responded on the interactive platform that it had recently paid attention to online information such as "Changan Automobile acquired 51% of Gaohe shares" and "Changan will take over Gaohe Automobile", all of which were false reports.
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