AutoBeta(AutoBeta.net)12/02 Report--

In December, the major electric car brands released their own delivery data for the first time. Xiaopeng topped the list with 15613 cars, followed by 13485 ideal cars, followed by 10878 delivered by Xilai. Weimar, the second echelon of new energy car companies, also announced its own sales of 5027 vehicles, basically the same as the previous two months. Weima also announced that it had received an investment of US $152 million from D-round, led by Agile Group, with an investment of US $140 million.

A month ago, Weimar also received a $300m investment from Hong Kong, led by the Li Ka-shing family PCCW and the Stanley Ho family Shun Tak Group. According to public information, Weima Motor has carried out no less than 10 rounds of financing since its establishment, which is about 35 billion yuan.

Agile announced on the evening of November 30th that it had signed a joint agreement on the purchase of D-round preferred shares with Weima Motor on November 13 to subscribe for 140 million US dollars of Weimar shares. After the completion of the subscription transaction, Agile also exchanged the Richie shares bought two years ago for $69.43 million of Weimar shares. Agile had subscribed for 50 million yuan of Weimar Wisdom Travel in 2020 and had been converted into Weima shares through restructuring. After the completion of the deal, Agile's stake in Weimar increased to about 4.58 per cent.

The power century mentioned in the announcement is the first new energy car company invested by Agile. In May 2019, Agile bought 400 million new shares of Richie for 204 million yuan. In the past, it was mainly in the jewelry business, and in 2017 it laid out the electric car industry through mergers and acquisitions. According to this Agile announcement, the value of this interest has become 540 million Hong Kong dollars, or about US $69.43 million. Agile withdrew from the LightCentury shareholder series and became 1.45 per cent of Weima shares.

Since the delivery at the end of September 2018, the cumulative total sales of Weimar has been close to 84000, and the gap between Weima and Xiaopeng, Ulai and ideal is growing. First, the delivery volume of the first echelon of new power car manufacturing enterprises has increased significantly, while the delivery volume of most other brands has not changed much. Second, Weimar's own delivery target is mainly for operators, reliability and accelerated braking, as well as self-driving technology failed to show outstanding attractiveness in the end market, so sales opened the gap with the first echelon.

In February this year, it was reported that Weimar would be listed in Science and Technology Innovation Board, and the listing guidance document was published online. Weima Motor disclosed in the guidance summary report that from 2017 to 2019 and from January to September 2020, the revenue was 14.8717 million yuan, 720 million yuan, 1.78 billion yuan and 1.68 billion yuan respectively, and the net profit was-1.696 billion yuan,-2.453 billion yuan,-3,608 million yuan and-3.649 billion yuan, respectively. Lost more than $10 billion in four years.

In terms of sales, Weima sold 39095 vehicles from January to November 2021, an increase of 96.4 percent over the same period last year, with a cumulative sales volume of 22495 vehicles in 2020. In addition to the increase in delivery vehicles, Weimar's financial data have also improved this year due to financing and other reasons. Weima set a sales target of 100000 vehicles in 2019, but although its sales ranking was second only to NIO, reaching 16876 vehicles, the target completion rate was only 16.88%, so the year-end bonus was cancelled. Looking at the sales data in the past two years, Weima's sales performance has improved significantly.

At the beginning of this year, Shen Hui, chairman and CEO of Weima Automobile, wrote on Weibo, "Evergrande needs cars!" According to the pictures posted on Weibo at that time, health management business accounted for 98.82% of Evergrande's main business structure, while new energy vehicles accounted for only 1.18%. At that time, Evergrande was in the stage of soaring share price. The Weibo post came a month after Weimar returned its first direct store at Dongfang Xintiandi, 1 Chang'an Street, Beijing, to Evergrande, and now the story seems to have taken a turn.

"I'll be a car for the rest of my life," Baoneng Yao Zhenhua once said at a high-level meeting. Baoneng took over Qoros. According to the plan, Baoneng has a production capacity of nearly 3 million vehicles today. However, it sold only 13000 vehicles in the whole of last year and only more than 1000 in the first quarter of this year. Layoffs and arrears of wages were also reported. Despite facing difficult times, diluting real estate to regard cars as the first core business is still the original intention of Boss Yao.

Evergrande President Liu Yongzhao said Evergrande is now engaged in a three-month battle to concentrate all manpower and material resources to ensure that Evergrande's first car will be off-line at its Tianjin plant in early 2022. Evergrande Xu Jiayin said at a special meeting on resuming work and production in October that Evergrande would take 10 years to complete the transformation from real estate to new energy car companies. Today, however, Evergrande, which is on the brink of life and death, collapsed again, falling 19% at one point in intraday trading, hitting its lowest level since October 4, falling more than 12% to close at 3.04. Last night, according to the Hong Kong Stock Exchange, China Evergrande reduced its stake in Evergrande at an average over-the-counter price of HK $3 per share, with a total investment of HK $2.7 billion. Obviously, in the view of Mr Xu, paying off debt is more important than building a car.

Chen Zhuolin, chairman of Agile's board, set a similar goal as early as 2017: the non-real estate sector will account for half of Agile's performance in the next three to five years.

In August this year, Agile announced that it would streamline its structure, merging the former housing management group, commercial group and city watchman group into the real estate group to establish a new large real estate group. On November 4th Moody's, a rating agency, downgraded Agile to negative. Moody's believes that the investment market is currently not active and Agile may need to use its own internal funds to repay some of the maturing debt. At the same time, it was also reported that Poly was about to acquire Agile, and Agile immediately responded: "the company has noticed the relevant information, and after verification, the news is completely untrue." Poly, the other party, responded, "you can't say yes or no. If the conditions are met, the company will make an announcement." Obviously, Agile's main business is under some pressure, but for Evergrande and Baoneng, which build cars in person, this investment does not pose too much pressure for Agile, and it can make a profit from the century and turn into holding Weima. As long as Weima's sales can be resolved, then it looks like a good deal, and listing as soon as possible may be the result that Weimar expects.

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