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As a top student of the new power of car building, ideal car has not performed satisfactorily in the capital market in recent months. In a short period of more than three months, the Hong Kong stock price of ideal Automobile has halved. As of today's close, ideal Motor Hong Kong shares closed at HK $81.20, with a total market capitalization of HK $165.1 billion, a loss of more than HK $170 billion compared with its highest total market capitalization of HK $344.65 billion in June.

The sharp fall in the stock price of ideal Automobile may be affected by the recent storm of stopping production of ideal ONE, President Shen Yanan of ideal Automobile, applying for cancellation of Zhejiang ideal Automobile, operating loss in the second quarter, a record net loss and lower-than-expected total sales in the third quarter and other related events.

On August 15, ideal Automobile announced its second-quarter results. The data show that the revenue of ideal car in the second quarter was 8.73 billion yuan, an increase of 73.3% over the same period last year, of which vehicle sales revenue was 8.48 billion yuan, an increase of 73.0% over the same period last year. The operating loss of ideal Automobile in the second quarter was 978 million yuan, with a net loss of 618 million yuan, a record high. The loss exceeded the loss for the whole year of 2021.

In early September, ideal ONE owners around the country "rose up", and more than 1000 owners filed a collective complaint. The specific reason is that in early September, the ideal car was reported to be sold at the terminal store by 20,000 to 30,000 yuan, and the ideal ONE will gradually withdraw, and the follow-up will be dominated by the production and sales of the ideal L8. As soon as the news came out, many owners of ideal ONE cars were dissatisfied with the original price. For this matter, the ideal car also issued a "description on ideal ONE after-sales guarantee and software upgrade service" in the official App, indicating that after the release of the ideal L8, the basic after-sales protection of the ideal ONE will not be affected, and the ideal car will strictly fulfill the quality assurance commitment for all car owners, and provide original pure accessories for maintenance and quality assurance services in the process of use.

The incident of safeguarding the rights of old car owners has not yet subsided, and then it was reported that Shen Yanan, president of ideal Automobile, sold a large number of his own shares, selling 1 million shares in four days, with a cumulative cash amount of more than 90 million yuan. Shen Yanan sold 400000 shares of ideal Motor Hong Kong shares on Sept. 2, trading at an average price of $13.2221, falling from 1.74% to 1.71%, cashing out $5.2888 million, or about 36.61 million yuan, according to documents on the HKEx's website. On Sept. 6, Shen Yanan continued to sell 600000 shares of ideal Automobile Hong Kong shares, cashing out US $7.875 million, or about 54.52 million yuan, reducing his shareholding from 1.74% to the current 1.68%. A total of 1 million shares were cashed out of US $13.1638 million, or about 91.13 million yuan.

On September 15, according to the national enterprise credit information publicity system, Zhejiang ideal Automobile applied for cancellation. For ideal Automobile President to sell a large number of their own shares and Zhejiang ideal Automobile to apply for cancellation, the ideal related personnel responded: Zhejiang ideal Automobile Co., Ltd. is not in actual operation, while Shen Yanan selling shares is for personal reasons. On October 1st, ideal announced a total of 26524 deliveries in the third quarter, up 5.6 per cent from a year earlier. But it was 2163 fewer than it delivered in the second quarter. And this sales volume is also lower than the ideal car expected. As early as the second quarter of this year, ideal Motor had expected to deliver 27000 to 29000 vehicles in the third quarter. However, ideal Motors announced on the Hong Kong Stock Exchange on Sept. 26 that it expected to deliver about 25500 vehicles in the third quarter due to the impact of the supply chain.

In response to these recent events, the ideal side has made a certain response to them. However, from the perspective of its secondary market, investors have not been reassured. At present, ideal car has three models: ideal L9, ideal L8 and ideal L7, while ideal L9 went on sale on June 21 this year and officially opened national delivery on August 18. Although the ideal car L9 delivered more than 10, 000 units in the first month, its price is as high as 459800 yuan, 100000 yuan higher than the ideal ONE. The higher price also represents a higher threshold for users. Earlier, an institution published a research newspaper that sales of passenger cars worth more than 400000 yuan accounted for about 5% of the car market. At present, they are still dominated by luxury brands such as BMW, Mercedes-Benz and Audi. L9 may be difficult to continue the achievements of the earlier ideal ONE, the market space is limited, it is difficult to support the company's overall sales. In addition, Shanghai New deal from next year, Shanghai plug-in and add-on models will no longer enjoy the green card policy, to a certain extent, will also have an impact on the ideal car, after all, the ideal car's three models are mainly in the add-program hybrid mode.

However, in addition to the above reasons, it is more likely to be affected by external factors, including Xiaopeng Motor, Xilai Motor and other companies listed in Hong Kong have suffered a sharp decline. Some people in the industry said: compared with traditional car companies, ideal cars and other new car-building forces are overvalued, and there will be room for decline in the future. Cui Dongshu, secretary general of the Federation of passengers, said that the decline in stock prices is a normal phenomenon. Global stock markets continue to fall, and new energy car companies are not in a good state because of potential risks such as chips, technology and other controls. It points out that it is difficult for general enterprises to achieve large single product strategy, and multi-products go hand in hand is the current mainstream practice.

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