The trough of Beiqi Blue Valley: half-year loss of 2.644 billion
A few days ago, Beiqi Blue Valley released the first three quarters of this year's financial reports, showing that the company achieved revenue of 6.098 billion yuan, an increase of 55.49% year-on-year; net profit loss of 2.644 billion yuan; of which, the third quarter net loss of 830 million yuan.
At the same time, according to its September production and sales announcement, BAIC BJEV sold 2,450 vehicles in September, with a total sales volume of nearly 17,000 units in the first three quarters, down 19.5% year-on-year.
BaicC BJEV's Jihu brand delivered 525 vehicles, 563 vehicles and 614 vehicles in the third quarter of this year, with a total delivery of only 1702 vehicles.
In 2020, Beiqi Blue Valley lost 6.482 billion yuan in net profit, and sold 25,900 new energy vehicles in the whole year, a year-on-year plunge of 82.79%.
Looking at the situation this year, the probability is still a loss, in the case of two consecutive years of operating losses, Beiqi Blue Valley may be st (delisting risk warning) next year.
Under the severe situation, BAIC BJEV recently ushered in an important personnel adjustment again - Fan Jingtao, deputy general manager of Beijing Hyundai, was appointed as the executive deputy general manager of BAIC BJEV. This is another major personnel adjustment after Dai Kangwei was promoted to general manager of BAIC BJEV in June this year.
According to the data, Fan Jingtao's automotive career was mainly in Beijing Hyundai and Beijing Motor. At the end of 2010, baic motor co., LTD. was transferred to BEIJING Motor as sales director, and then promoted to deputy general manager, when his direct leader was Liu Yu, who was then the general manager of Beijing Auto Sales Company. Therefore, the transfer to BAIC BJEV is also considered to be called by Liu Yu, chairman of BAIC BJEV.
However, in the face of loss pressure, can Liu Yu's team usher in a turnaround?
The era of subsidies is gone, and BAIC's sales have collapsed
BAIC BJEV currently has two brands, arcfox and beijing. Among them, the Jihu brand cooperates with Huawei to position itself in the high-end, and its alpha t (αt) and alpha s (αs) models have been listed, and the beijing brand is the upgraded BAIC BJEV brand, and the main products include eu, ex, and ec series.
BAIC BJEV, which has fallen rapidly in the past two years, has also topped the domestic new energy vehicle rankings - BAIC BJEV has maintained the first pure electric vehicle sales in China for seven consecutive years from 2013 to 2019, of which sales in 2017 even surpassed Tesla to become the global pure electric vehicle sales champion. Seeing this past glory, no one could have imagined that today's BAIC BJEV will end up in such a position.
In fact, the era that belongs to BAIC BJEV is the era of policy subsidies. Since 2013, local governments have responded to the call of the state to increase subsidies for new energy vehicles, and BAIC BJEV, which entered the game early, has risen with the trend. And now the sales of BAIC have collapsed, which can also be called the epitome of the subsidy era.
Liu Yu: Pay for the mistakes made in the past
In 2009, Beijing New Energy Automobile Co., Ltd., a subsidiary of Beiqi Blue Valley, was founded and became the first enterprise in China to operate independently and obtain the qualification for the production of new energy vehicles.
As a Beiqi Blue Valley that has long laid out the field of new energy, it has won the champion of pure electric vehicle sales for 7 consecutive years.
In 2017, Beijing New Energy Automobile Co., Ltd. ranked among the best relying on state subsidies. The launch of the ec series models caters to the needs of automobile users in Beijing and surrounding cities, and BAIC BJEV has made a significant profit.
In September 2018, BAIC BJEV successfully landed on the A-share market, becoming the "first new energy vehicle stock in China". Sales peaked that year, with annual sales totaling 158,000 units, up 53% year-on-year.
In 2019, BAIC's overall sales fell slightly to 150,600 units, but the Eu series models still sold nearly 120,000 units, becoming the only single model in China to exceed 100,000 units at that time.
It is worth noting, however, that of the 150,600 sales in 2019, about 70% were sold to the public, and ordinary buyers accounted for only 30%. The profit for the whole year of 2019 was only about 92 million yuan.
Entering 2020, in the face of the decline in subsidies, the lack of its own product strength and other factors, Beiqi Blue Valley ushered in a fiasco, with a loss of 6.482 billion yuan that year.
In the face of this almost dismal performance, Liu Yu, chairman of Beiqi Blue Valley, said, "Admit the gap, have to pay for the mistakes made in the past, and accept punishment." ”
Still want to continue to rely on the Huawei effect?
In the face of the decline of the market, Beiqi Blue Valley has not sat still, it has been building a high-end new energy brand - Jihu. Unfortunately, it seems that the Pole Fox is difficult to become a life-saving straw for Beiqi Blue Valley.
Since the establishment of Jihu Automobile, its sales have not been announced, and it was not announced until July this year. From May to September this year, the sales volume of the Polar Fox brand was 354 vehicles, 400 vehicles, 628 vehicles, 700 vehicles and 614 vehicles respectively. The annual target of 12,000 vehicles is still far from the goal.
Previously, Liu Yu, chairman of Baiqi Blue Valley, had set a target of breaking 12,000 vehicles sold by Jihu in 2021, "bringing BAIC New Energy back to the first camp in three years". Industry insiders said that it is difficult for Polar Fox to achieve annual sales targets.
In order to solve the current dilemma of arcfox, BAIC BJEV will issue an additional 5.5 billion yuan in private placement. The Polar Fox brand and Huawei have cooperated, and the αs Huawei hi version is expected to be delivered in small quantities in the fourth quarter. However, the Polar Fox Alphas is not the only cooperative model of Huawei, and with the increasing number of Huawei's cooperative car companies, the Polar Fox that relies on the Huawei effect may not be too long, and the Pole Fox will need to have the technology to support its own strength.
Industry insiders said, "As a high-end brand of BAIC, Jihu got up early but caught up with a late set, and the current sales, channels and popularity are not as good as Wei Xiaoli, with the technology of partners Huawei and Magna as the selling point, in fact, Jihu itself has no highlights, and has not really achieved independent research and development." ”
BAIC BJEV was not accurate in its positioning when choosing to help itself, and hit the high-end market with a low-end brand, and even threatened to "explode gasoline vehicles within 400,000 yuan".
At the same time, the high-end can not only be the high-end in terms of price, the high-end depends on its own product research and development. However, BAIC BJEV cooperated with Huawei in an attempt to move towards high-end with the help of Huawei-related technologies. As a result, the Arctic Fox series of cars jointly built by BAIC BJEV and Huawei has won attention but not sales, let alone success.
Baic BJEV in the absence of much brand influence and technology accumulation, with the help of Huawei's related technology on the "high-end price", with the current sales data, BAIC BJEV is actually difficult to continue to develop, not to mention "high-end".
Although Huawei can bring traffic and heat to BAIC BJEV, the vast majority of consumers are still more concerned about the quality of the car when buying a car. What BAIC BJEV has been unable to solve is the problem of lack of technical strength, which has also led to a rapid decline in heat after the listing of JibeiQi Fox Automobile.
As a new energy vehicle, there is no accumulation in the fields of three-electric system technology, vehicle networking and assisted driving technology, and this short board of BAIC BJEV can be completely made up by Huawei as a company.
epilogue
BAIC BJEV and BYD are both independent brands that have transformed from traditional automobile manufacturers to new energy vehicle manufacturers, and after years of layout and development, the results are now very different.
BYD's latest performance report mentioned that in the first three quarters of this year, BYD's net profit attributable to shareholders of listed companies was 2.443 billion yuan. Among them, BYD's cumulative sales of new energy vehicles were 337,500 units, an increase of 204.29% year-on-year.
From 2018 to 2020, BYD's R&D expenses were 5 billion yuan, 5.6 billion yuan and 7.4 billion yuan, and Beiqi Blue Valley was 350 million yuan, 430 million yuan and 970 million yuan, respectively.
Excessive emphasis on the online ride-hailing market and taxi market, eating industry development dividends, so that BAIC BJEV's sales exceeded Tesla's when it was brilliant, and now it has declined sharply with the decline of the online ride-hailing and online car rental industry.
Due to the lack of technology accumulation and the effective layout of the mass market in advance, the high-end of BAIC BJEV appears to be unshakable, not to mention Fan Jingtao, even if Zhuge Liang is reborn, he may not be able to return to heaven!
Yanzhao Auto Media Alliance reported