On October 26, Tesla's market value crossed the trillion-dollar mark and quickly appeared on the "hot search" list of various platforms. Even if the time is pushed back a year, at this time, some people will stand up and feel embarrassed for traditional car companies.
However, the situation is changing rapidly, and the spark of "market value management" triggered by Tesla has burned into traditional car companies. At the same time that Tesla's market value exceeded $1 trillion, Great Wall Motors' stock price reached a record high of 68.88 yuan. Subsequently, Wei Jianjun, chairman of Great Wall Motors, surpassed Li Ka-shing in value on the Forbes real-time rich list, ranking 38th in the Forbes real-time rich list with a value of 33 billion US dollars (about 210.609 billion yuan).
The value of auto companies is being deeply reconstructed by capital. Many people did not expect that the era of new energy transformation has really changed the capital market's view of the automotive industry. Only by embracing capital can car companies exert their fists in the fields of electric vehicles, software operations, mobility platforms and autonomous driving technology.
So car companies began to collectively pan for gold in the capital market. And the helmsmen who are deeply tied to the car are also worth rising.
According to the data of Forbes Real-time Rich List, as of October 26, 2021, Wei Jianjun ranked 38th in the Forbes Real-Time Rich List with 210.609 billion; Wang Chuanfu followed closely behind, relying on BYD's excellent performance in the A-share and Hong Kong stock markets to achieve a personal wealth of 169.126 billion yuan, ranking 65th; Li Shufu ranked 78th with a value of 150.618 billion; He Xiaopeng, Li Bin and Li Xiang were the leaders of the three major car-making forces with 53.61 billion yuan. 40.207 billion and 38.93 billion, ranking 321st, 486th and 505th respectively in the Forbes Real-Time Rich List.
This becomes another footnote to this automotive value reconstruction movement. The online car market tries to start from the current top three independent private forces Geely, Great Wall, BYD and the new car-making enterprises Weilai, Xiaopeng and Ideal, to explore how capital judges these "net red" car companies with new standards.
01
"Indignant" Wei Jianjun
Traditional car companies are involved in the capital evaluation system for automobiles, and the early stages seem to be very bad. Traditional car companies that have previously realized value through product layout, technological innovation, and scale effect have not been able to figure out the routine of capital for a while.
Wei Jianjun has publicly complained that the current market value of Great Wall Motors is seriously undervalued, and the capital market has not yet discovered our value. Although at that time Great Wall Motors' stock price had begun to soar.
Follow-up facts have proved that the capital market is eyeing the layout of the Great Wall in the core links of the industrial chain supply chain, adding weight in battery and hybrid technology and steadily rising financial report data, which has promoted the second take-off of Great Wall Motors' stock price.
The value of the Great Wall A stock market has increased from 250 billion to 500 billion, and then exceeded the 600 billion mark, and Wei Jianjun's value has also increased from $4.2 billion in the Forbes Global Billionaire List in 2020 to $33 billion, an increase of nearly eight times in less than a year.
The actions of the Great Wall in the past few years have clearly matched the taste of capital. On the basis of consolidating the sales crown of haval H6, it has successively launched the Great Wall Gun, Tank 300, Euler Good Cat, Mocha and other models, which are popular in the consumer market.
In the first half of this year, Great Wall Motor's sales volume was 614,389 units, an increase of 53.68% year-on-year; net profit was 3.529 billion yuan, an increase of 207.87% year-on-year. The thriving sales volume and revenue of the Great Wall are the precursors of this capital feast, and the core technology it masters is the signature dish of capital "coming to fame".
Since 2021, Great Wall Motors' three major technology brands have continuously broken through a number of technical barriers and released a number of core technologies such as 3.0T+9AT/9HAT Super Powertrain, Hydrogen Lemon Technology, Dayu Battery, and Coffee Intelligence 2.0. It is fully rolled out in fuel vehicles, pure electric, hybrid, and hydrogen fuel cell vehicles.
In the supply chain, Great Wall also laid out four major parts companies: Hive Easy Chuang, Nobo Automobile, Seiko Automobile, and Mande Electronics.
Although at present, Great Wall Motors mainly focuses on the field of fuel vehicles, but with batteries and hybrid technology leaning over, it can quickly switch strategies and achieve overtaking in the field of new energy. The ability to shuttle between the two camps of fuel vehicles and new energy vehicles is an important reason for capital to bet on the Great Wall.
02
"By the way" the king of money is blessed
In fact, BYD is the first traditional car company to be faced squarely by capital. In the second half of 2020, BYD's stock price soared from about 60 yuan at the beginning to about 300 yuan. Today, BYD's stock has reached 321.5 yuan, and its market value is approaching 100 billion. Wang Chuanfu's value also rose to 169.126 billion yuan.
The logic of BYD's stock price rise is the same as that of the Great Wall. What the capital market values is THE new energy track that BYD is stepping on and the core technology it has mastered.
At the beginning of 2020, BYD blade batteries turned out. The safety and battery life are also taken into account, which makes the birth of the blade battery full of "epoch-making" meaning.
Mastering battery technology has surpassed many new energy companies in China that are waiting for battery manufacturers to schedule production, but BYD has a second trump card - semiconductor business.
At present, the global auto industry is in a chip panic, and BYD can stand alone in this fluctuation, the core reason is that BYD has achieved a high degree of self-sufficiency in the core car chip. After 17 years of research and development, BYD has realized a vertical operation mode (IDM) that integrates chip design, wafer manufacturing, packaging and testing, and production.
On the evening of October 25, BYD issued an announcement that the Hong Kong Stock Exchange agreed to spin off BYD Semiconductor to be listed on the ChiNext board of the Shenzhen Stock Exchange, taking another key step in development.
It is worth mentioning that BYD also holds DM-i hybrid technology in its hands, and its DM-i model will become an important support for BYD to challenge the next 1 million new energy models.
With only three major technologies of blade batteries, semiconductors and hybrid DM-i, BYD has too many stories to tell in the capital market. BYD has now become a fragrant feast in the capital market, which seems to be a response to Wang Chuanfu's original intention of entrepreneurship. He once said: "My dream is to solve the energy problems facing mankind, and the dream is realized, bringing great wealth, which is certain." But wealth is incidental, not my pursuit! ”
03
Industry serves the country Li Shufu
Li Shufu is a regular on The Forbes Global Billionaire List, and before Wei Jianjun, he was the top ranking chinese auto entrepreneur.
For the accumulation of huge wealth, Li Shufu once said: "I am pursuing scientific and technological breakthroughs, user satisfaction, and the realization of our ideal of serving the country with the industry, and we have not considered anything else." ”
Although Li Shufu is still at a high level from the perspective of personal value ranking, Geely's market value has opened up a gap with the Great Wall and BYD.
Geely's stock price has been maintained above the level of more than 20 Hong Kong dollars, with a market value of 218.91 billion yuan, which is comparable to the newly listed new car-making enterprises Ideal and Xiaopeng. Is Geely undervalued?
The issue was widely discussed late last year. 2020 was supposed to be the final year of Geely's "Blue Geely Action", but it failed to achieve the expected results, and "Blue Geely Action" ended in failure.
In fact, Geely's start in the new energy field is not slow, but until the listing of Extreme Kr 001, Geely has little success in the field of new energy. The sales volume of a single model has been maintained at a low level, and the core three-power coefficient relies on suppliers, which makes the capital market always keep a wait-and-see for Geely.
However, Li Shufu was not flustered by this. In his internal speech at the beginning of 2021, he announced that he would split the Blue Geely action in two, once again reiterating his positive participation in the pure electric market.
In 2021, Geely's voice in the automotive circle is very large, and the Extreme Kr 001 and SEA Haohan Intelligent Experience Architecture have contributed a lot of traffic. In addition to promoting the two plans of hybrid and pure electricity at the same time, Geely has also cooperated with Baidu, Faraday Future and Foxconn to focus on the OEM production of new energy products. In addition, Geely set up a blockchain technology company, launched the low-orbit satellite Internet project, won the first flying car FAA airworthiness certificate, and announced the reverse cross-border start of mobile phones.
Once again in the field of new energy, the layout of cutting-edge technology, Geely's every step is the excitement of capital. It's just that you have to let the bullets fly a little longer.
04
Technology "crazy devil" He Xiaopeng
Unlike traditional car companies, new car-making enterprises have "survived" because of capital entering the automobile industry. They not only actively embrace capital entry, but are even masters of playing tickets.
In the ranking of the Forbes real-time rich list, He Xiaopeng, chairman of Xiaopeng Automobile, pressed Li Bin of Weilai and Li Xiang of Ideal Automobile to become the fourth place. His personal wealth reached 53.61 billion yuan, and the total market value of Xiaopeng Motors, which helmed, reached 262.626 billion yuan in the US stock market and 274.14 billion yuan in Hong Kong stocks.
Stepping on the frenzied period of capital for new car-making enterprises, Xiaopeng Automobile completed the Listing of Hong Kong stocks in July this year, and achieved US stock listing in August 2020, which was highly popular with capital.
In addition to the capital sensing the soaring sentiment of Tesla and Weilai's stock prices, another reason for betting on Xiaopeng Automobile is the smart technology label on Xiaopeng.
He Xiaopeng emphasized in many places that Xiaopeng's label is intelligence, and intelligence is the most core advantage of Xiaopeng. At the "1024 Xiaopeng Automobile Science and Technology Day" held not long ago, Xiaopeng announced the layout in the four major fields of super energy replenishment, intelligent driving, intelligent robots and flying cars.
According to Xiaopeng's planning, it will become the first car company to mass-produce 800V high-voltage silicon carbide platform to solve the charging problem; Xiaopeng XPILOT 3.0 has achieved mass production on Xiaopeng P7, and by 2023, XPILOT 4.0 will have automatic auxiliary driving functions for urban road conditions; the most eye-catching thing is that Xiaopeng promised to mass-produce flying cars in 2024, and the price will be controlled within 1 million.
We can't predict what the automotive world will look like in five years, but Xiaopeng's voice sketches our imagination, which is what capital favors.
05
Hug user Li Bin
Li Bin ranked fifth in the Forbes real-time rich list, and his personal wealth reached 40.207 billion, lower than He Xiaopeng's 53.61 billion.
This does not mean that there has been a gap between Li Bin and Weilai and Xiaopeng behind him, because although Xiaopeng and Weilai are both new car-making forces, they take two different paths.
Xiaopeng focuses on the technology route, while Weilai's route is to embrace users, and the slogan on its official website is: We are a car brand from the future, hoping to create a pleasant lifestyle for users. "Foolishly good to users" is the core value of Weilai, and it has also gained a large number of fans of die-hard fans.
Founder Li Bin will take time to meet and communicate with users, and the management team basically participates in user interactions across the country every weekend, and these activities are dense to hundreds of large and small events a year. The first NIO Day, 8 chartered planes, 60 high-speed rail cars, 19 five-star hotels, has been talked about so far. In the process of using the car, the owner can enjoy the meticulous service of Weilai, such as rapid response to faults, maintenance of door-to-door pick-up, illegal handling agency, etc.
Through user operations at any cost, NIO has created a deep link with users. This link is no longer limited to the manufacturer and the user, but has been transmitted to the investment relationship and even the emotional link.
Because of the support of users, Weilai experienced spontaneous combustion, financing failure, and stock price plummeting to $1 in 2019, and it exploded with huge feedback energy. Li Bin said bluntly that it was the user who saved Weilai.
However, Weilai, who has been rushing to the front to take the lead, has to encounter unpredictable problems. This year is not a good year for Weilai. Sales have been swinging, the trust crisis of autonomous driving, the gross profit margin is not up to expectations, the capital market has also reacted quickly to this, and the stock price has fallen all the way.
In addition to these unpredictable crises, a question that runs through Weilai's development needs Li Bin's answer. That is, with the rise of THEO's user volume, how does WEILAI maintain the same level of user operation as it is now?
06
Temperamental man Li thought
Li wants to be worth 38.93 billion yuan on the Forbes real-time rich list. Li Xiang, who ranks sixth in value, has achieved double listing in the US stock market and Hong Kong stock market behind him. With the good expectations of the capital market for the new energy track and the "predecessors" Tesla and Weilai, the ideal has also experienced a highlight moment in the US stock market.
At present, the market capitalization of Ideal Cars in the US stock market is 337.43 US dollars, which is back from the peak moment. Previously, Ideal Auto was also questioned for its listing in Hong Kong.
As a new force in car manufacturing, it will also be sought after by capital and will be coerced by capital. It is clear that there is a gap between the current operating situation of the ideal and the expectations of the capital. The reason for this is that the track laid out by the ideal car is mainly focused on the extended range electric vehicle, and the extended range electric vehicle is facing the risk of policy tightening.
At present, the policy has further reduced the subsidy for plug-in hybrid passenger cars (including range extenders), down by 20%; consumers in Beijing need to participate in lottery licenses to purchase range extender electric vehicles; in Shanghai, the green card will no longer be given to range extended electric vehicles from January 2023.
In the cracks of the policy, the range extended electric vehicle is not the mainstream track. Although the ideal ONE still maintains its concentration in the consumer market, once the policy changes, consumer confidence will be directly hit.
Therefore, the ideal also shows the determination to enter the field of pure electric power. In its prospectus, it said it would focus on developing pure electric vehicles with ultra-fast charging capabilities, or high-voltage pure electric vehicles. From 2023 onwards, it is planned to launch at least two high-voltage pure electric models per year.
Switching tracks means huge financial spending, but Ideal is not yet profitable and will be under pressure to expand into new business segments. In addition, the spontaneous combustion, broken shaft, mercury door, and semi-finished product delivery that have occurred in the ideal car successively, li wants to "mouth hi" on social media, which is not good news for capital.
point of view:
The transformation of the new four modernizations of automobiles has forced automobile companies to be placed under the logic of the capital market to judge their value. This is a dimension that traditional car companies have never encountered in the process of development in the past, and it is reasonable to ignore, resist and not adapt in the early stage.
However, after experiencing several stock market shocks since 2020, traditional car companies obviously cannot avoid the torture of capital. Every helmsman needs to be prepared for "market value management" and improve the fundraising ability and core competitiveness of enterprises, so as to be able to take the lead in the next "arms race" in COFCO.
For the three strongest new forces in car-making, they have become capital, stepping on the corpses of many peers who have lost to capital, and they must move forward cautiously, quickly landing products to show their development strength, in order to continue to rely on the backers of capital and stride forward.