AutoBeta(AutoBeta.net)08/12 Report--

On August 12, Xilai announced its latest quarterly results and held a telephone communication meeting. According to official data, revenue from NIO reached 8.448 billion yuan in the second quarter, an increase of 127.2% over the same period last year and 5.8% from the previous quarter. The net loss was 587 million yuan, down 50.1% from the same period last year and an increase of 30.2% from the previous month.

According to the financial report, the gross profit margin of NIO vehicles was 20.3% in the second quarter of 2021, compared with 9.7% in the second quarter of 2020 and 21.2% in the first quarter of 2021. Xilai explained that compared with the second quarter of 2020, the increase in vehicle gross profit margin was mainly due to an increase in vehicle delivery volume, an increase in average sales prices and lower material costs.

Although the loss of Xilai Motor is narrowing, it is still in a state of loss. According to the comprehensive calculation, the losses from 2016 to 2020 are 2.573 billion yuan, 5.012 billion yuan, 9.639 billion yuan, 11.296 billion yuan and 5.304 billion yuan respectively, and the net loss of Lulai Motor in the first half of 2021 is 1.976 billion yuan. However, although Xilai is losing money, it is not short of money at present. As of June 30, Lailai held cash and cash equivalents and restricted cash and short-term investments to 48.3 billion yuan, of which cash and cash equivalents were 38.4 billion yuan.

In terms of new car delivery, Xilai delivered a total of 21896 vehicles in the second quarter, including 4433 for ES8, 9935 for ES6 and 7528 for EC6, an increase of 111.9 per cent over the second quarter of 2020 and 9.2 per cent over the first quarter of 2021. Although the sales volume of Xilai is not outstanding in the domestic automobile market and occupies a small market share, it has a certain say if it is placed in the new energy vehicle market or the new power market of car-building.

It is worth mentioning that in the first month of the third quarter, the delivery volume of Xilai car shrank sharply. In July, the delivery volume of Lulai cars was 7931, while that of ideal cars and Xiaopeng cars were 8589 and 8040 respectively. As the head of domestic car brands, it has three models, but the delivery volume is not as good as the ideal ONE. In a short time, the capital chain of NIO Automobile is basically worry-free, but how to boost delivery volume has become the key. According to its forecast, delivery in the third quarter of 2021 will be between 23000 and 25000, an increase of about 88.4 per cent to 104.8 per cent over the same period in 2020 and about 5 to 14.2 per cent over the second quarter of 2021.

On the conference call after the release of the results, Li Bin, the founder of the company, confirmed for the first time that he would enter the mass market through a new brand and that a core team had been established. On the positioning of Volkswagen brand, Li Bin said, "the relationship between NIO brand and new mass market brands is similar to Audi-Volkswagen and Lexus-Toyota." Our new brand will not enter the Wuling macro market segment, we hope to provide better products and services at a lower price than Tesla. " However, the competitiveness of the Volkswagen market is also very fierce, not only Xiaopeng, Weimar, BYD and many other new energy car companies, traditional car companies are also speeding up the layout of this market.

Although Xilai has more advantages than ideal and Xiaopeng in its products, there is only one model of ideal car and two models of Xiaopeng, but the speed of product renewal has slowed down obviously. The new ideal ONE officially went on sale at the end of May this year, Xiaopeng Motor also launched a medium-term revamped Xiaopeng G3i, Xiaopeng P5 is also expected to be available in October, while compared with ideal and Xiaopeng, the products of Xilai are still relatively quiet and more focused on the optimization of terminal services. It is understood that the third mass production model ET7 will be delivered in the first quarter of 2022. The price before the subsidy for the 70kWh battery version is 448000 yuan, and the price before the subsidy for the 100kWh battery version is 506000 yuan. It is uncertain whether such a high price product can make consumers pay the bill.

However, Li Bin also said on the conference call, "from the second quarter, our research and development began to speed up, because there are three new models to be delivered next year, and we can imagine that more models will be delivered the year after next." Li Bin further said that NIO will not push as many models as traditional cars, but it will not only push two or three models, but it will strike a balance.

In addition to lagging behind in the speed of product updates, NIO also lost on the way to change. On July 7, Xiaopeng Motor officially listed on the Hong Kong Stock Exchange at an offering price of 165 Hong Kong dollars per share, becoming the first new car-building force to be listed on the Hong Kong Stock Exchange. Ideal Motor was also officially listed on the Hong Kong Stock Exchange on August 12 at an offering price of HK $118 per share, and executives said they were exploring the possibility of listing A shares. As the first Chinese car brand to be listed in the United States, the "two brothers" have completed a dual listing, while there is still no definite news of Xilai Motors.

In the future, the competition in the electric vehicle market will be more and more fierce, and the differentiation of car brands such as NIO will be intensified. In recent years, more and more companies have entered the bureau to build cars, including Baidu, Xiaomi, 360, Foxconn, Apple and so on, while traditional car companies are also speeding up the launch of their independent high-end brands, such as Dongfeng Lantu, BAIC Jihu and so on. In an interview in May, Li Bin said, "maybe we have just played two games, and now there are a lot of strong peers coming in. The industry is becoming more and more interesting, and the competition must be getting fiercer and fiercer."

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