AutoBeta(AutoBeta.net)06/26 Report--

On June 24th, Shenzhen Baoneng announced that its new luxury intelligent new energy vehicle brand is called "Baoneng Automobile" in Chinese and "BAO" in English, and launched a global BAO brand slogan recruitment campaign at the same time. Baoneng said that Slogan can be in both English and Chinese. English slogans give priority to sentence patterns made up of words with the initials B, An and O, similar to BYD BYD's "Build Your Dream". Chinese slogans are unlimited.

According to data, Baoneng Group began to enter the automotive industry in March 2017 and bought a 51% stake in Guanzhi Automobile in early 2018, becoming the controlling shareholder of Qoros Automobile. According to Tianyanchu data, the largest shareholder of Guanzhi Automobile is Hangzhou Chengmao Investment Co., Ltd., which is part of Baoneng Group. After the acquisition of Qoros, Baoneng Group has high hopes for Qoros. Yao Zhenhua, chairman of Baoneng Group, announced at the Qoros Automobile Dealers Conference in 2018 that for five consecutive years starting from 2018, 10 billion yuan will be invested in new car research and development every year, and 26 new models are expected to be launched by 2022.

One year after the acquisition of Quan Motor, Baoneng set its sights on Changan PSA (formerly Changan Peugeot Citroen), successively acquired the shares held by Changan Automobile and PSA Group, and brought Changan PSA under its control. In May 2020, Changan PSA was officially changed into Shenzhen Baoneng Automobile Co., Ltd.

However, Baoneng Group, which makes cross-border cars, has not achieved satisfactory results. In the case of Qoros, for example, it grew 320% to 63000 vehicles in 2018 compared with the same period last year. Although sales have increased sharply, most of them actually come from Baoneng's linked cloud car rental business, rather than the personal consumer market. Then Quan Chi car sales quickly fell to 21900 in 2019 and then to 14600 in 2020. According to the Federation of passengers, there were only 4603 Qoros from January to May this year, which is not only a month's sales of a mainstream model. Let's take a look at the DS brand. Baoneng has launched a new DS 9 model after the acquisition of Changan PSA. However, according to the data released by the understanding car Emperor, the wholesale sales of the DS 9 in May were 175, while the retail volume was only 1, which is really sad.

Against this background, Baoneng plans to develop high-end brands independently. On February 18, Junming Otani, executive vice president of Baoneng Automobile Group, sent an internal email to all employees. Toshiaki Otani revealed in an email that five models of the Qoros brand under Baoneng Automobile will be released and listed in 2021, and the high-end car brand and the first electric car in preparation will be released and put on sale within this year. According to the plan, the BAO brand will launch at least 16 models within five years, including SUV, sedan, MPV, sports car and other models, gradually covering the high-end electric vehicle market segment. In 2021, BAO will launch two models, including an all-electric model and an add-on model. Among them, the first model (internal code GX16) is a pure electric SUV developed based on Baoneng's self-developed large-scale pure electric platform, which will provide rear-drive and all-wheel drive power forms, with expected mileage of 700km and 800km respectively, and the first pure electric product of Biao Kilai and Tesla.

On the eve of launching the BAO brand, Baoneng Group has just reached a strategic cooperation agreement with Guangzhou Development Zone. Baoneng New Energy Automobile Group Co., Ltd. (hereinafter referred to as Baoneng New Energy) is headquartered in Guangzhou, and state-owned enterprises in Guangzhou Development Zone will invest 12 billion yuan in Baoneng New Energy Strategy.

It is worth mentioning that while obtaining strategic investment, Baoneng Automobile and Baoneng Group have been exposed to the news of wage arrears, delayed payment of wages, social security suspension, and so on. So far, Baoneng Automobile and Baoneng Group have not responded to such news.

For Baoneng, which makes cross-border cars, it also plans to launch new brands to compete with other brands in the new energy market, but in the context of national car construction and in the market environment of stock competition, can Baoneng find a way out in the face of doubts? The market will give the answer.

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