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Sales first, but the net loss is the largest of the competitors, Xiaopeng Motor achieved an imperfect performance.

On March 28, Xiaopeng released its results for the fourth quarter of 2021 and for the whole year of 2021. According to the financial report, Xiaopeng's annual revenue in 2021 was 20.988 billion yuan, an increase of 259.1 percent over the same period last year, of which car sales were 20.042 billion yuan, up 261.3 percent from the same period last year. The net loss was 4.863 billion yuan in 2021 and 2.732 billion yuan in 2020, an increase of 78.0 percent over the same period last year. In addition, Xiaopeng's gross profit margin is 11.5%, and 98155 new cars are delivered throughout the year.

On February 25th, ideal Motor was the first to release its annual results. According to the financial report, the total revenue of ideal cars in 2021 was 27.01 billion yuan, an increase of 185.6 percent over the same period last year, of which the revenue from automobile sales was 26.13 billion yuan, up 181.5 percent from the same period last year. The net loss in 2021 was 321.5 million yuan, while the net loss in 2020 was 151.7 million yuan, an increase of 111.9 percent over the same period last year. In addition, the gross profit margin of the ideal car is 20.6%, and 90491 new cars are delivered annually.

On March 25, Xilai released its annual results, showing that its total revenue in 2021 was 36.1364 billion yuan, an increase of 122.3 percent over the same period last year, of which car sales were 33.1697 billion yuan, up 118.5 percent from the same period last year, and a net loss of 4.0169 billion yuan in 2021, down 24.3 percent from the same period last year. In addition, the gross profit margin of the whole vehicle of Xilai is 20.1%, and 91429 new cars are delivered annually.

At this point, the new power of car-building brand "Wei Xiaoli" has released all the financial data. By comparison, the three car companies have their own joys and sorrows in all aspects, such as the highest revenue of Lulai Motor, the first delivery volume of Xiaopeng Motor, and the lowest loss of ideal car.

From the delivery volume point of view, Xiaopeng car performance is still very strong, in the fourth quarter strong lead and ideal, won the new power brand MVP. Among them, Xiaopeng delivered a total of 98155 new cars in 2021, leading Xilai to win the annual sales title. Xilai delivered a total of 91429 vehicles, with a sales gap of less than 1000 vehicles compared with the ideal car, but a sales gap of 6700 vehicles with Xiaopeng, ruining the annual sales title. Ideal car delivers 14087 ideal ONE throughout the year, although the data is not as good as Xiaopeng car and Xilai car, but from the point of view of individual data, the performance of ideal car is the best.

Xiaopeng's new car is the most sold, but at the same time, the loss has further expanded, becoming the brand with the highest net loss in Wei Xiaoli. Specifically, in 2021, the net loss of Xilai Automobile also reached 4.016 billion yuan, while the ideal car is the most comfortable, with an annual loss of only 322 million yuan, while Xiaopeng Motor's net loss reached 4.863 billion yuan. Under the background of record delivery volume, its net loss is also the highest, equivalent to a loss of about 50, 000 yuan for each car sold. Of course, the increase in Xiaopeng's loss is also related to R & D investment. Xiaopeng spent 4.114 billion yuan on R & D in 2021, which is lower than 4.591 billion yuan of Lulai but higher than 3.296 billion yuan of ideal car. However, if you look at the proportion of R & D investment in revenue, Xiaopeng's R & D investment ratio is 19.6%, higher than NIO's 12.7% and the ideal 12.2%.

Compared to the sales volume, the gross profit margin of the new power car companies is more worthy of study. Specifically, the gross profit margin of Xiaopeng car in 2021 is 11.5%, which is lower than the 20.1% and the ideal 20.6% of NIO. In other words, Xiaopeng's bicycle profit level is the lowest, only the side of Ulai and the ideal. Of course, there is a reason for Xiaopeng's low gross profit margin. At present, Xiaopeng has G3, P5 and P7 models on sale, of which the G3 and P5 start at less than 200000 yuan, while the P7 starts at 239900 yuan. By contrast, the selling prices of ES6, ES8, EC6 and the latest ET7 and ET5, which are sold by Ulai, start at more than 300000 yuan, and the ideal ONE costs 349800 yuan. He Xiaopeng, chairman of Xiaopeng Motor and CEO, said in a conference call. He said that better cost control would be achieved through a series of advanced manufacturing technologies, and that the medium and large SUV G9, which went on sale in the third quarter of this year, would enter a higher price range and increase overall gross profit margins. However, he Xiaopeng also said that he did not consider making a more high-end brand. "it is enough for an automobile manufacturer to make a main brand. If you want to be a sub-brand, it is best to do it independently by an independent team, not in the main team."

Of course, with the rise in the price of raw materials in the upstream section, it will also restrict the overall profitability of the new power brand. Xiaopeng announced the price adjustment of its models on the evening of March 18. affected by the continuous sharp rise in the price of raw materials upstream, Xiaopeng will adjust the prices of models on sale, ranging from 10100 yuan to 20, 000 yuan before the subsidy. The price adjustment will take effect from 00:00 on March 21. Ideal Motors said on Weibo on March 23 that due to the continuous sharp rise in upstream raw materials, the ideal ONE price will be adjusted from April 1, 2022, and the national unified retail price will be raised to 349800 yuan from the current 338000 yuan, an increase of 11800 yuan. At present, only Xilai has not announced a price increase. Xilai responded that it has no plans to raise prices for the time being.

From the point of view of the price increase, Xiaopeng Motor has an increase of 10100 yuan to 20,000 yuan, which is a large increase in car companies. In an interview with the media at the eighth China Electric vehicle Forum on March 26, he Xiaopeng said that the current price increase is more appropriate for Xiaopeng, and car companies with small increases may have some new ways to cover costs. Xiaopeng will gradually put its main production capacity on models with higher gross margins this year. As to whether the price increase will affect sales, he Xiaopeng said that it has not been affected yet. At this stage, Xiaopeng Motor has maintained cooperation with several major cell suppliers. It is believed that after 1-3 quarters, it will be able to control the battery cost problem caused by the rise in material prices.

At present, Wei Xiaoli has been listed in Hong Kong and the United States. According to the latest market capitalization statistics, the total market capitalization of Hong Kong stocks NIO is 282.6 billion Hong Kong dollars (about 230 billion yuan), second only to BYD in China. Xiaopeng Motor and ideal Motor have a market capitalization of 180.7 billion Hong Kong dollars (147.1 billion yuan) and 217.9 billion Hong Kong dollars (177.4 billion yuan) respectively.

Although according to the sales data of new energy in China in 2021, both production and sales have exceeded 3.5 million, an increase of 1.6 times over the same period last year, but there are more and more competitors in the racetrack of new energy vehicles, accelerating the speed of reshuffling the head of the new energy industry. The former ranking of "Wei Xiaoli" no longer exists, the new energy vehicle market has begun the first round of elimination, and how to get out of losses has become a dilemma that major new energy vehicle companies have to face. Of course, focusing on the domestic market, apart from Tesla and BYD, the best developed brands in the field of new energy vehicles are also on the list of Ulai, Xiaopeng and ideal, but the ratio of new energy cars is a protracted war, which has long been recognized in the industry, while the three car companies are still in a state of loss, where is the turning point for turning losses into profits? This is also a difficult problem for long-term development.

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