AutoBeta(AutoBeta.net)02/26 Report--

If as a new power of car-building car companies, the latest to achieve the delivery of new cars but the first to "make money" is an ideal car is a bit unexpected, but this is the case. According to the unaudited financial reports released by ideal Automobile for the fourth quarter of 2020 and 2020 up to December 31, 2020, ideal Automobile has made a quarterly turnaround for the first time, becoming the first new force to "make money".

According to ideal's fourth-quarter financial report, revenue during the reporting period was $635.5 million (about 4.15 billion yuan), an increase of 65.2% over the same period last year. This is the ideal first quarterly turnround, of which the quarterly net profit reached 107.5 million yuan.

However, for the whole of 2020, the ideal total revenue is $1.45 billion (about 9.46 billion yuan), still not out of the loss situation. The operating loss in 2020 was 669.3 million yuan ($102.6 million), down 64 per cent from 1.86 billion yuan in 2019. The net loss in 2020 was 151.7 million yuan ($23.2 million), down 93.8 per cent from 2.44 billion yuan in 2019.

At the same time, the ideal gross profit margin also declined, with a gross profit margin of 17.5% in the fourth quarter, down from 19.8% in the previous quarter. It is reported that the decline is mainly due to an one-time rebate reduction by suppliers in the fourth quarter, resulting in a full-year gross profit margin of 16.4%.

In spite of this, the gross profit margin of ideal car is still the highest among the three new power car companies. According to Xiaopeng's third-quarter financial report, Xiaopeng achieved a total income of 1.99 billion yuan, a net loss of 1.149 billion yuan, and a gross profit margin of 4.6%. This is the first time that Xiaopeng's gross profit margin has become a regular car. In the third quarter, the total revenue of NIO reached 4.526 billion yuan, with a gross profit margin of 14.5% and a comprehensive gross profit margin of 12.9%.

At present, Xiaopeng Motor and NIO have not released the fourth quarterly report, and the specific changes in gross profit margin will also wait for the announcement of the two companies. It is reported that on March 2, Xilai released its results for the fourth quarter and the whole year of 2020, while Xiaopeng will release its results for the fourth quarter and the whole year of 2020 before the opening of the US stock market on March 8.

As ideal is currently only one model on sale, ideal ONE, and the ideal main source of income is car sales, so the sales structure is also relatively simple. Ideally, it also said it would accelerate plans for new products to launch a second mass-production model in 2022, based on the second-generation extended-range electric X platform and positioned as a full-size high-end SUV.

Shen Yanan, president of ideal Automobile, pointed out that the policy to be implemented in 2023 will encourage consumers to buy EV, PHEV and EREV in advance. As a result, we expect demand for EREV (incremental electric vehicles) and PHEV (plug-in hybrid vehicles) to peak in 2022.

By 2023, ideal will launch its first pure electric vehicle. According to CEO Li, starting from the second mass production model, ideal car will release at least two new products every year to the market, and will be able to deliver pure electric products to users in 2023. The new products will cover the full range of 15-500000 yuan, involving extended range electric and high voltage pure electric platforms.

Ideal car's fourth-quarter results also show. The company expects R & D spending to reach 6 billion yuan ($1 billion) a year in the next three years, of which more than half is expected to be spent on autopilot. According to the current cash flow of ideal car, the free cash flow is 2.46 billion yuan ($377.7 million) in 2020 and minus 2.75 billion yuan in 2019, achieving a substantial growth.

From the perspective of the current ideal plan, it is very ideal. Li Xiang bravely proposed that the strategic goal of ideal car in 2025 is to gain 20% market share and become the number one smart electric vehicle company in China. But at the current ideal growth rate, this goal is under a lot of pressure.

Data show that the cumulative delivery volume of ideal cars in 2020 is 32624, second only to Ulai. In terms of 30, 000 vehicles, even if the annual sales of ideal cars are doubled, the sales of ideal cars will only be 960000 by 2025 (60, 000 in 2021, 120000 in 2022, 240000 in 2023, 480000 in 2024 and 960000 in 2025). There is still a big gap from 1.6 million.

Of course, it is already a clear advantage that the ideal car can become the first new force to make money with just one model, and as for the influx of models from more and more traditional car companies and technology companies in the future, it is difficult to guess whether the ideal can maintain steady growth. After all, the current ideal only one add-on model to achieve growth, because it has no competitors in the segment, with the emergence of more competitive products and the transformation of the new energy market, the challenge of the ideal car will become greater.

Welcome to subscribe to the WeChat public account "Automotive Industry Focus" to get the first-hand insider information on the automotive industry and talk about things in the automotive circle. Welcome to break the news! WeChat ID autoWechat