AutoBeta(AutoBeta.net)10/06 Report--

Weimar has raised money again! On Oct. 5, the new power brand Weima announced that the company is expected to receive about $500 million in new round of financing. Among them, the D1 round of financing is led by PCCW and Shun Tak Group, and the dollar investment institutions of Guangfa Sindh participate, with a financing amount of more than 300 million US dollars. Subsequently, Weimar will sign D2 round financing agreements with other internationally renowned dollar investment institutions.

In fact, as a brand of new power in car building, financing is not big news. Data show that Weima Motor has experienced a total of 11 times of financing since its establishment. In round A financing in August 2016, the investors were Yuema Capital, raising a total of US $1 billion; in December 2017, investors included Baidu Capital and Baidu Group, raising a total of US $1 billion; and in March 2019, round C financing, investors including Baidu Capital, Sequoia, Kuipai, etc., raised a total of 3 billion yuan D-round raised a total of 10 billion yuan in September 2020, with investors including Shanghai State-owned Investment, SAIC, Baidu and Hainer Asia. It is understood that PCCW and Shun Tak Group, which participated in Weimar's D1 round of financing, also have a long history, which are the families of Hong Kong tycoon Li Ka-shing and Macau gambling king Stanley Ho.

Is Weimar going downhill? In 2019, Meituan founder Wang Xing said on social media: "the pattern of Chinese car enterprises is basically the next two rounds of competition. In addition to three central enterprises, three local state-owned enterprises and three private enterprises, the three new forces are ideal, NIO and Xiaopeng." According to Wang Xing's view, Wei Ma founder Shen Hui said that "Weima will definitely be one of the TOP3". "Weima firmly believes that it can become the first new car manufacturer in the world to make a profit all year round, and hopes to be ahead of Tesla."

At that time, Weimar did rank second in the brand, with a total sales of 16876 vehicles in 2019, second only to Lulai. However, a year later, Weimar obviously failed to keep up with the pace. The annual sales of Weimar reached 43728. With the ideal ONE model, the ideal car delivered 32624 vehicles, Xiaopeng delivered 27041 vehicles for the whole year, and Weimar only 22495, obviously lagging behind in sales. The latest data show that in the first three quarters of 2021, the number of vehicles delivered by Weimar, Xiaopeng and ideal are 66395, 56404 and 55270 respectively, while Weima's cumulative sales volume is 29043, which exceeds the annual sales in 2020, but has an obvious disadvantage compared with Wei Xiaoli. At the same time, both Nashi cars and zero-running cars, both new car-building forces, are also speeding up to catch up, with a total of 41427 cars delivered in the first three quarters.

Sales are mediocre and lose a lot of money. As we all know, NIO, Xiaopeng and ideal are all listed in the United States, among which Xiaopeng and ideal are listed in Hong Kong, while the listing process of Weimar has been delayed. According to the listing guidance report of Weima Automobile, Weima Automobile achieved operating income of 14.8717 million yuan, 720 million yuan, 1.78 billion yuan and 1.68 billion yuan respectively from 2017 to the first three quarters of 2020, with net losses of 1.696 billion yuan, 2.453 billion yuan, 3,608 million yuan and 3.649 billion yuan, respectively. It is not difficult to see that Weimar's loss is much higher than its operating income, with a loss of 10 billion yuan in less than four years. Industry insiders said that car brands urgently need to get "tickets" for the second half, and if they fail to get on the market, it will be difficult to meet the demand for funds, and there will be no exits to exchange for capital. In addition, even listing does not mean "safe landing", whether it is Lai, Xiaopeng or ideal, are currently in a state of loss, to a large extent or rely on capital exports, to achieve self-hematopoiesis may be able to get out of the crisis.

Why is the performance of Weima not as good as that of Wei Xiaoli? It is generally believed that the price range of 10-200000 yuan is the largest market for automobile consumption, but the market in this range is not easy to fight, because most consumers buy the first car at home, mainly to solve the travel problem, and most consumers will give priority to fuel cars, so whether it is Weimar's EX5 or Xiaopeng G3, sales in the market are not very good. In this context, new car-building forces will avoid this price range. For example, Xiaopeng P7, the second model of Xiaopeng car, has reached a market of more than 200000 yuan, while Ulai and ideal mainly focus on the 300000-yuan market to avoid market conflicts.

There are not many events left to Weimar, and products, services and product competitiveness are also the main factors supporting the later development, although Weima has carried out many financing. It shows that the market is quite optimistic about it, but if the product sales can not keep up, no matter how much financing will be wasted in the end. Of course, the final market results still need to be tested. After all, NIO was once on the verge of delisting, but it is really getting better now!

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