The valuation of China's automotive industry by the capital market is undergoing profound changes.
BYD, with a market value of more than 800 billion yuan;
Great Wall Motor, with a market value of more than 600 billion yuan;
Nio Auto, with a market value of more than 60 billion US dollars.
The valuation of these car companies has increased significantly compared with previous years, and it has also surpassed traditional car giants such as General Motors, Ford, BMW and Nissan. In fact, whether it is Weilai, which sells tens of thousands of vehicles a year, or the Great Wall, which sells more than one million vehicles a year, and BYD, which sells hundreds of thousands of vehicles a year, in terms of absolute sales and profit creation, they are far inferior to GM, Ford, BMW and Nissan. But the capital market gives these Chinese auto companies more valuations than their predecessors because the capital markets no longer see these auto companies as traditional manufacturing industries, but give them valuations of technology companies.
Before that, only Tesla enjoyed this treatment. Although Tesla makes cars, it is a typical technology company, because those familiar with Tesla know that the company's core competitiveness is software research and development, not hardware manufacturing.
<h1 class="pgc-h-arrow-right" data-track="7" > Geely's target of 3.65 million vehicles in 2025</h1>
At the same time as transformation technology companies such as Great Wall, BYD and Weilai, another rapidly rising automotive technology company has issued a declaration of war, which is Geely. In the past two decades, Geely has been the closest comrade-in-arms of Great Wall and BYD, but also the most direct competitor, when Great Wall Motors and BYD have transformed to technology companies, how can Geely Automobile stand by and watch?
On October 31, Geely released smart Geely's 2025 strategy: many of the goals of this strategy are amazing.
5 years of R & D investment of 150 billion yuan; 5 years to launch more than 25 new intelligent new energy products; 2025 the group's total sales to reach 3.65 million vehicles; 2025 overseas sales to reach 600,000 vehicles; 2025 carbon emissions to reduce by 25%; to achieve 100% full-scenario digital value chain......
There is no doubt that this is a grand plan, very bold, and some of the goals in it will even make people feel exaggerated.
For example, the group's sales reached 3.65 million vehicles in 2025, which has caused many questions. By analogy, Geely's sales in 2020 were 1.32 million units; from January to September 2021, Geely's cumulative sales were 921,800 units. These two figures are far from 3.65 million vehicles. Especially considering that the general trend in 2021 has been determined, there are only 4 years from 2025, 4 years Geely sales need to be increased to 2.77 times in 2020, and then considering that the current vehicle market has long been stuck in stagnation, the incremental market space is not large, Geely needs to take food from competitors, the difficulty can be imagined.
<h1 class="pgc-h-arrow-right" data-track="13" > the crazy 2025 target of Chinese brands</h1>
In fact, before Geely, Geely's opponents have long proposed more or even more exaggerated phased goals than Geely, and some companies have even completed it.
Not long ago, the Great Wall proposed its own plan for 2025, and the Great Wall's sales target for 2025 is 4 million vehicles, 10% higher than Geely's 3.65 million vehicles, and Great Wall Motors' current sales are lower than Geely's. As early as 3 years ago, Changan Automobile proposed a sales target of 6 million units in 2025, of which 3.5 million units were sold by its own brands, ranking first in China and entering the top 10 in the world. BYD's proposed goal is to achieve sales of 1,000 billion yuan by 2025. Chery's target sales in 2025 is 2 million vehicles, with sales of 250 billion yuan.
The new forces are even more arrogant. Ideal Expects China to sell more than 8 million smart electric vehicles by 2025, with Ideal getting a 20 percent share, or 1.6 million units. Xiaopeng's goal is 10%, which is also close to 1 million units.
Therefore, compared with the Great Wall, Chang'an, Xiaopeng and the ideals, Geely's target of 3.65 million vehicles is not radical at all, after all, the ideal and Xiaopeng take advantage of the small base, which is an increase of dozens of times, and 2.77 times is what The Geely District is.
More importantly, just when the Great Wall, Chang'an, Xiaopeng, and Ideals signed military orders, some brands have even completed their goals in advance, and this brand is Hongqi. In January 2018, Xu Liuping made a promise at the Great Hall of the People to achieve a sales target of 100,000 vehicles by 2020. Before that, in 2017, Hongqi sold less than 3,000 units a year, and people thought Xu Liuping was bragging. However, by 2019, Hongqi's sales had exceeded 100,000 vehicles, an increase of nearly 40 times in three years.
Therefore, compared with the comrades-in-arms, Geely's goal does not seem to be particularly aggressive, but the target of 3.65 million vehicles is not easy to complete.
<h1 class="pgc-h-arrow-right" data-track="20" > the next technological revolution must be in China</h1>
In this world, "the ideal is very full, and the reality is very backbone." Everyone wants to expand their strength, and in the case of a limited stock market, it is actually "cannibalism". It's a cruel word, but it's true that in order to compete for a limited market, if you want to eat and get rich, you have to rob other people's territory.
In order to obtain the qualification of "robbery", the biggest evolution of the independent camp in recent years is industrial upgrading. This upgrade is not to launch more brands, nor to increase more sales, but to completely transform the company as a whole, "from a manufacturing-based industrial company to a research-and-development-based technology company."
In this regard, the Great Wall, Weilai and BYD have begun to run wildly, their core competitiveness is no longer cost control, no longer quality control management, no longer parts and components overall process, or even advanced lean management methods, these are of course also very important, but the core is actually research and development.
Among them, the most typical is BYD, the blade battery is unique, and the hybrid technology is leading. Now relying on Qin PLUS DM-i and Song PLUS DM-i, BYD has swept the rivers and lakes.
Weilai is Tesla's most valued opponent, along the road opened by Tesla all the way, single-mindedly develop pure electricity and intelligent driving, in terms of intelligent driving experience, in terms of intelligent software and hardware, have come out of their own characteristics, in terms of user operation is unique.
Great Wall Motors has deep roots and has been deeply involved in the automotive industry for more than 30 years, and is the most direct opponent of Geely, as well as a comrade-in-arms who cherishes each other, and the two compete with each other and promote each other. Great Wall Motors has carried out comprehensive research and development in almost all fields. In the field of fuel vehicles, Great Wall's 1.5T engine and 2.0T have reached the mainstream level of joint ventures, the 7DCT gearbox is very mature, the 9DCT is the world's first mass-produced cross-positioned 9-speed dual clutch, and the 9AT directly reaches the world's top. In the field of hybridization, the Great Wall is catching up, and the Haval H6S of Lemon Hybrid has just been listed, and the fuel consumption of 100 kilometers is only 4.9L. In the field of pure electricity, Great Wall independently develops batteries, and fully promotes cobalt-free cathodes, silicon-carbon anodes and solid-state electrolytes. In the field of hydrogen energy, the Great Wall has fully mastered the full set of hydrogen fuel cell industry chain, and the self-developed hydrogen energy heavy truck has been galloping on the easy road from Baoding to Xiong'an. Great Wall Motors released the three major technology brands of "Lemon", "Tank" and "Coffee Intelligence", which directly positioned itself as a travel technology company.
It is precisely because of the comprehensive breakthrough of independent brands in the high-tech field that global investors believe that the next-generation automobile revolution must be in China, so even if the scale and sales of these companies are far from being comparable to giants such as GM Ford, global investors still give valuations that far exceed those of giants.
<h1 class="pgc-h-arrow-right" data-track="28" > debut is the peak, thermal efficiency of 43.32%.</h1>
At the same time that Geely's comrades-in-arms and opponents were transforming in full force, Geely was not idle, and had been preparing for the momentum and running wildly.
The highlight of this Longwan Conference is that Geely Automobile Group officially released the global power technology brand -- "Raytheon Power" at the Geely Research Institute, as well as the world-class modular intelligent hybrid platform - Raishin Intelligence Qing Hi · X, which is also the core product of Thor Power at the moment.
Ray's Mind Hi · X debuted at its peak, standing at the top of the world in many core technology areas.
43.32% thermal efficiency;
The world's highest 3-gear DHT Pro;
Fuel saving rate of more than 40%;
Full power domain FOTA
Wait a minute......
Let's simply sun this performance data to see how dark, how hardcore, and how advanced these technologies really are.
Ray's Mind Hi · X Hybrid Engine is the world's first mass-produced supercharged direct-injection hybrid engine. This engine integrates four advanced technologies of high-pressure direct injection, supercharged intercooling, Miller cycle and low-pressure EGR, creating the highest thermal efficiency record of the world's mass-produced hybrid engine - 43.32%, exceeding the highest level of Japanese hybrid 41%, ranking first in the world.
Ray's Mind Hi · X's other core technology is the highest 3-speed DHT Pro, the world's first mass-produced 3-speed hybrid transmission. DhT Pro integrates dual motors, transmissions, electric controllers, etc. 6 in 1 with a high degree of integration, weighs only 120kg, and has a maximum output torque of 4920N·m! The torque ratio is 41N·m/kg, far exceeding the Japanese brand of planetary gear transmission and 1-speed transmission.
Low fuel consumption is the soul of the hybrid system and the value. Ray's Mind Hi · The core advantage of X is that the fuel saving rate is more than 40%, the comprehensive fuel consumption is as low as 3.6L/100km, and this fuel consumption level is even lower than the Japanese HEV by 0.4-0.6L, and the fuel saving is 9-12%, leading the world.
Another example is Ray's Mind Hi· X's E-drive technology, using high-performance EDU using modular design concept, the overall efficiency of more than 92%, the maximum power of more than 475 kilowatts, the maximum acceleration time of 100 kilometers is less than 3 seconds.
Comprehensive evaluation, any technical indicator of Lei Shenzhiqing is worthy of standing on the global front line, even if it is not the top. At the same time, these technical indicators are fused together, and Ray's mind is in the air. The technical content of X has truly stood at the forefront of the world. Volkswagen currently has no similar technology, Toyota's hybrid is slightly lower than Geely's technical indicators, PSA and Nissan seem to be slightly conservative, Geely has accumulated for many years, and finally achieved catch-up with joint venture competitors in the technical field.
By analogy, just 20 years ago, Geely mass-produced its first homegrown engine, code-named MR479Q. This engine has poor power, high fuel consumption, high noise, and most importantly, this is still a replica of the Toyota 8A, which was at least a decade behind the world at that time. In just 20 years, Geely has been able to come up with the world's most thermally efficient power system than Toyota and Volkswagen.
After 20 years of rapid progress, 20 years of hardships and hardships, and 20 years of revolutionary breakthroughs, Geely has completed the evolution from students to leaders, and completed the growth from grassroots to towering trees.
Presumably, at this moment, Li Shufu must also be full of emotions.
<h1 class="pgc-h-arrow-right" data-track="46" > written at the end</h1>
The greater significance is that, as we mentioned above, while Geely released new technical indicators and transformed technology companies, independent main players including Great Wall, Changan, BYD, Weilai and Ideal have also come up with global leading technology and begun to collectively catch up with and leapfrog the joint venture.
20 years ago, in the face of joint ventures, we can only look up, 20 years later, we have chased the former teachers, and even surpassed in some fields.
Chinese brands, come on!