Exclusive dialogue with Han Wen, founder of Weidu Technology: If new energy heavy trucks want to go to sea, they must go to Europe and the United States

Han Wen, founder of Weidu Technology

"You don't understand the logistics industry. The battery life of pure electric heavy trucks is not good, and the speed is not enough, so you have to do bulk logistics transportation or short-distance transportation. Han Wen, the founder of Weidu Technology, complained to the Titanium Media App, which is the most heard suggestion since he started his business.

Recently, when Titanium Media App had an exclusive communication with Hangul, he ridiculed Weidu Technology as a "back bird". But he is not worried, because he feels that Houniao has the benefits of Houniao, "You can learn from other people's experiences and are more likely to do something more right." ”

The reason why he is so ridiculous is because as a provider of overall solutions for new energy heavy trucks, Weidu Technology was established in March 2022, when this track was not only crowded with traditional OEMs such as Jiefang, Dongfeng, Sinotruk, Foton, JAC, and SAIC Hongyan, but also new forces such as Yuanyuan, ZeroOne, and DeepWay.

However, unlike many new energy heavy truck companies in China that first roll up the domestic track as soon as they come up, Weidu Technology, which has only been established for two years, chooses China, the United States and Europe to make efforts at the same time, and most of the customers in the customer list are international customers such as Decathlon, Goodman Group, Rokin Logistics, and Kerry Logistics.

"What we can roll up is the high-end track. Our range, battery energy density, speed, charging speed, cockpit space and other parameters all far exceed our competitors. Han Wen said to the Titanium Media App. "Taking Europe and the United States as an example, their truck industry is not as 'involution' as in China, but its profit margin is relatively high. ”

The domestic roll is not as good as the sea roll

At present, the domestic heavy truck market has already entered a state of stock competition, with traditional OEMs, new energy heavy truck new power enterprises, and international truck giants, leaving more and more limited space for start-ups. In order to win more increments in the overall market, the overseas market is the best breakthrough in comparison.

According to the China Automobile Dealers Association, from January to June 2023, the mainland exported a total of 334591 trucks, a year-on-year increase of 33%. Among them, the total export of new energy trucks was 24,425 units (including pure electric and plug-in hybrid), a year-on-year increase of 252% from 6,942 units in the same period last year.

Going to sea has become the consensus of new energy heavy truck companies, but where to go to sea has its own particularity.

Han Wen told Titanium Media App that although everyone goes to sea, the highest level of trucks is in Europe. "Europe is the third largest heavy-duty truck market in the world, and the profit margins of European car companies are very objective. To test the level of a heavy truck company, an important consideration is whether the company can be sold to Europe. In addition, three of the four largest truck companies in the United States were acquired by European truck companies, namely Volkswagen's Traton, Volvo, and Daimler.

According to the public information of various heavy-duty truck companies in Europe, in 2023, the adjusted operating margin of Daimler Trucks will reach 9.9%, Scania's operating margin will be 12.7%, Volvo's trucks will be 14.0%, and MAN Commercial Vehicle's adjusted operating margin will be 7.3%.

In order to serve customers well, it is necessary to let customers in many countries see the heavy truck vehicles of Weidu Technology, so as to enter the customer's product mind.

Since its establishment, Weidu Technology has begun to promote the landing in Europe and the United States.

In April this year, Weidu Technology began to conduct road tests in Belgium, the Netherlands, France and other places in Europe, and obtained the first batch of customer purchase orders from Europe and the United States for thousands of units;

At present, Weidu Technology has obtained the test license of the National Highway Traffic Safety Administration (NHTSA) and the EPA of the United States Environmental Protection Agency, and will accelerate the completion of the complete American Standard certification in the future. In order to further develop the market, Weidu Technology also plans to set up R&D, production, sales and other functions in Antwerp, Belgium, and plans to establish related factories.

The reason for choosing Antwerp, Belgium is due to the convenient transportation. By sea, Belgium is the second largest port in Europe. Overland, Antwerp, Belgium, is located in the middle of the west coast of Europe.

"We serve most of the logistics customers, so we need to be in a logistics hub for the sake of the customer. Mainly in this city, it radiates to Europe, and there is also a direct export business to the United States. Han Wen said to the Titanium Media App.

At present, Weidu Technology has received a total of more than 5,000 orders for vehicles in Europe and the United States, and the two leading pure electric heavy truck operators from the United States will give priority to California, Nevada and other places.

As for how to divide the labor between China, the United States and Europe in the future, Han Wen said that R&D and supply chain are mainly domestic. At the same time, he said that taking the path of internationalization from the beginning does not mean weakening the domestic market. "Considering that the new energy supply chain is mainly concentrated in China, and the annual sales of trucks are mainly dependent on the domestic market, our domestic business has always been a solid cornerstone of the company. Therefore, our strategy is to not only base ourselves on the domestic market, but also actively explore the international market. ”

Fight for product differentiation

So the question is, under such an involuted market, how can Weidu Technology be rolled out as a latecomer?

Han Wen said that in the mobile phone industry, the Apple brand has always been unique. Therefore, the only way not to roll is to create a distinctive brand by launching differentiated and heterogeneous products to attract different types of customers.

Like passenger cars, range is also the most concerned issue for electric heavy trucks.

In November 2017, at the Tesla new car launch site, Musk jumped off an electric heavy truck Semi and introduced this semi-trailer electric heavy truck with a range of up to 500 miles (800 kilometers) and a range of 400 miles (645 kilometers) in 30 minutes of charging.

The emergence of the Semi marks a breakthrough in the field of electric heavy trucks in the field of long range. You must know that at that time, the cruising range of pure electric trucks was generally less than 200 kilometers. However, Semi's mass production plans have been delayed, giving other competitors more opportunities.

Han Wen said that the cruising range of the pure electric heavy truck of Weidu Technology is as high as 670 kilometers, which is the longest cruising range of the heavy truck in the same weight class in the world, and the cruising range is more than 120% higher than that of most domestic oil-to-electric models.

In addition, through the 800V high-voltage fast charging platform of Weidu Technology, the heavy truck can complete the charging task of 400 kilometers in only 35 minutes, which is more convenient than most domestic heavy trucks.

In March 2024, BorgWarner New Energy (Xiangyang) Co., Ltd. partnered with Goodman Group and Weidu Technology to develop new energy trucks and fast charging facilities for Goodman's properties. The first project will be located at the Decathlon Logistics Park at Goodman Yanjiao Logistics Centre.

In addition, it is worth noting that, unlike passenger cars, heavy trucks are a means of production, so it is also important to be able to help customers reduce costs and increase efficiency. In the context of the freight industry of "low freight rates, more vehicles and less goods", in order to reduce costs and increase efficiency, new energy heavy trucks have also begun to pursue high horsepower.

Starting from 2023, whether it is XCMG, Sany Heavy Truck, Yutong Heavy Truck and Long-range New Energy Commercial Vehicles, or the old heavy truck boss FAW Jiefang and China National Heavy Duty Truck, Dongfeng Commercial Vehicle, Foton Auman, etc., all have launched high-horsepower products in the electric heavy truck market, but according to public information, most of them are concentrated below 1000 horsepower.

It is reported that the power motor equipped with the pure electric heavy truck launched by Weidu Technology has a maximum power of 1040KW, which is equivalent to 1400 horsepower.

As for whether to build a car, Han Wen said that our strength is to use the asset-light model as much as possible on the basis of a large number of self-development. "There is a very mature supply chain in China, and manufacturing does not need to be particularly aggressive, and we must learn to stand on the shoulders of giants. ”

Han Wen also emphasized to Titanium Media App that from the chassis to the body electronic and electrical architecture, all the core solutions are designed by the company itself. "We work closely with our suppliers to ensure that every detail meets our design philosophy and technical standards. ”

It has completed four rounds of financing in two years and plans to be listed on the U.S. stock market

In addition to product differentiation, the most important thing for startups is to have continuous blood replenishment ability before they have the ability to self-hematopoiesis.

Under the cold winter of capital, Weidu Technology still won the favor of capital. Just before the Beijing Auto Show, Weidu Technology announced the completion of a new round of funding from HSBC, Boston-based HITE Hedge Asset Management, Goodman Group, and executives from world-renowned brands and logistics companies.

This is another new round of financing after the completion of the B1 round of financing in December 2023. Weidu Technology's Series B round has received a total of $110 million in funding.

Admits to Titanium Media App that the eyes of investors are much stricter than before. "First, the investor will require your product planning to be stronger, that is, it can't be just a very good idea; second, the product itself has to make money, and you have to prove your profitability and have a clear timetable; third, the rhythm of financing must be maintained very well. ”

At the same time, he is also optimistic that many great companies actually started to exert force after the economic bubble burst. For example, Google went public in 2003, which was the trough after the dot-com bubble burst in 2000 in the United States. Tesla went public in 2010, just after the subprime mortgage crisis in the United States or around the world.

"The economic downturn will force you to think more cautiously, and it will not make many people blindly confident. Han Wen said.

For the future, Han Wen revealed to Titanium Media App that Weidu Technology's heavy-duty truck products are planned to be officially delivered in the fourth quarter of this year and will be equipped with L2+ level assisted driving systems. In addition, the company plans to complete another round of financing this year to accelerate the process of listing on the U.S. stock market.

(This article was first published on Titanium Media App, author | Han Jingxian, editor - Zhang Min)