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The new energy vehicle market continues to be hot, but Lantu's performance is not good enough.

A few days ago, the Shanghai United property Exchange disclosed Lantu Automotive Technology Co., Ltd. (hereinafter referred to as "Lantu") capital increase project information. The content shows that before the capital increase, 89.66% of Lantu Automobile was held by Dongfeng Group, and the remaining 10.34 shares were held by employees. After the completion of the capital increase, it is estimated that the equity held by Dongfeng Group is not less than 77%, the total equity held by strategic investors is not more than 15%, and the equity held by the employee shareholding platform is not less than 8%. It is understood that Lantu Automobile's fund-raising purpose is "technological research and development, digital system construction, production capacity construction and marketing investment and other issues related to the main business operation and development of the capital-increasing party."

At the same time, Dongfeng Group disclosed Lantu's operating data. Operating data show that in the first half of 2022, Lantu Automobile had an operating income of 883 million yuan and a net loss of 738 million yuan. As of June 30, 2022, Lantu Automobile assets totaled 7.413 billion yuan and total liabilities totaled 6.529 billion yuan.

Sales data show that Lantu sold a total of 5676 cars in the first half of 2022, with an average monthly delivery of 1146 new cars, with an annual sales target of 46000 vehicles with a target completion rate of 13.5%. Geely's high-end new energy brand, extreme Krypton, delivered a total of 19010 new cars in the first half of 2022. In contrast, Lantu, a high-end electric brand owned by traditional automobile companies, has a slightly bleak market performance.

Lantu Automobile was founded on June 26, 2021. As a pioneer of Dongfeng's impact on the high-end new energy market, Lantu has high hopes. Lu Fang, CEO of Lantu Automobile, once said: "Lantu is an important strategic layout for the transformation and upgrading of Dongfeng Company, which bears the dual mission of Dongfeng Company's brand upward and exploring a new model of independent brand development."

At present, Lantu Automobile has two models on sale, namely SUV Lantu FREE and MPV Lantu Dreamer. Among them, Lantu FREE was officially launched in June 2021. According to official data, Lantu FREE delivered 10, 000 vehicles in only 205 days.

After entering 2022, the development of Lantu is not smooth. According to production and marketing KuaiBao released by Dongfeng Group, Lantu sold a total of 13619 vehicles from January to September in 2022, of which 2519 were sold in September. According to the sales target of 46000 units expected at the beginning of the year, 29.6% of the annual target will be achieved; if the sales target of 31000 units is adjusted in the middle of the year, 43.9% of the annual target will be achieved, and 75% of the 2022 timeline has passed.

Compared with the main competitors such as ideal and AITO, Lantu's position for the target consumer group is not clear, which results in the low perception of its recognition and value, and further affects consumers, especially those who have the demand for family cars.

As a new high-end new energy brand, Lantu chose an extremely difficult route from the very beginning, and the price range of 30-400000 yuan belongs to the high-end consumer market. In this price range, consumers considering fuel cars will mostly choose traditional luxury brands such as BBA, while consumers considering new energy vehicles may consider high-end new energy models such as Model Y, Xilai ES6, ideal ONE and so on.

Although Lantu FREE offers both pure electric and add-on power versions, the factors that affect consumers' car purchase are not only the product itself, but also the brand influence. In other words, although Lantu locates high-end new energy vehicle brands, the development of Dongfeng Automobile behind it is mediocre. Its passenger car brands, including Fengshen, Scenic, and Fashion, all focus on the automobile market at the level of 100000 yuan, while Lantu is at the level of 30-400000 yuan, with a huge difference.

Wang Chuanfu, chairman and president of BYD, once pointed out to the "new player" of car building: "it is not much to lose 5 billion yuan, but if we have lost three years, how much will it be worth?" You can't buy it with money. "

On July 19th, Lantu made the biggest personnel adjustment since its establishment: Lantu CEO Lu Fang will no longer serve concurrently as Chief Technology Officer (CTO). The position will be held by Wang Junjun, Deputy Director of the Technology Center of Dongfeng Motor Group Co., Ltd. In addition, Qin Jie served as a member and secretary of the temporary party committee of Lantu Automobile; Liu Mingjiao served as a member of the interim party committee, member of the discipline Inspection Commission, and secretary of the discipline Inspection Commission; and Gong Xuesong and Shao Mingfeng were appointed as assistants to the general manager of Lantu Automobile.

Of course, Dongfeng's expectations for Lantu will not only look at the development of three or five years, let alone require it to reach any new height of the industry in the short term. Perhaps, backed by Dongfeng Group, Lantu does not have much advantage, but the latter two, such as NIO and ideal, may have stronger strength. Therefore, how to make up the deficiency board and take the long board to compact the competitiveness of the product may be the thing that Lantu needs to study in depth.

Lantu's importance to Dongfeng is self-evident, representing Dongfeng's expectation of attacking its own high-end market. Behind the personnel adjustment, Dongfeng's dissatisfaction with the current situation of Lantu tried to inject new blood into the management team and open up a brand-new development situation. As to whether Lantu can seize this opportunity, this may determine whether there will be a place for Dongfeng in the second-line pattern of new forces in the future.

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