AutoBeta(AutoBeta.net)11/14 Report--

On November 14, the new force of car-building zero-running cars released its third-quarter 2022 results, showing that its revenue in the third quarter was 4.288 billion yuan, an increase of 398.5 percent over the same period last year and 38.8 percent month-on-month. The net loss in the third quarter was 1.34 billion yuan, compared with 720 million yuan in the same period in 2021 and 1.402 billion yuan in the second quarter of 2022. In addition, the gross profit margin for the third quarter was-8.9%, compared with-44.5% for the same period in 2021.

Data show that Zero Automobile was established in December 2015, jointly invested by Zhejiang Dahua Technology Co., Ltd. and its main founders. It is a new energy automobile company focusing on the R & D, design, production and sales of new energy vehicles and auto parts and accessories. At present, Zero has four models on sale: zero running S01, Zero running T03, Zero running C11 and Zero running C01. A total of 76563 new cars were delivered from January to August in 2022, including 44769 T03 and 31174 C11.

This is not a proud figure, because compared with Wei Xiaoli, the majority of zero-running car sales rely on the low-end zero-running T03. It is understood that the Zero run S01 is the first production car launched by Zero running. It was officially launched in January 2019, and the current price is 11.99-150900 yuan. Zero run S01 is not a mature product, official publicity includes low-speed follow, lane maintenance and other functions, but the actual delivery does not carry the relevant functions, resulting in complaints and complaints. After missing the opportunity, the zero-running car quickly launched the second model, the zero-running T03, in May 2010. the current price is 7.95-96500 yuan. This mini electric car has brought good sales performance to zero running. The data show that the total delivery volume of zero-running cars in the third quarter was 35608, of which 17790 were delivered for zero-running T03 and 17257 for zero-running C11.

Although it is in the limelight in the new forces, compared with Wei Xiaoli, Zero is still far behind in terms of revenue scale, profitability and R & D investment. The financial report shows that from 2019 to 2021, zero-running cars achieved 117 million, 631 million and 3.132 billion revenue respectively, although the growth momentum is obvious, but it has not yet reached the same order of magnitude as Wei Xiaoli. In terms of gross profit margin, although Wei Xiaoli has not got rid of losses, the gross profit margin has become positive, while the gross profit margins of zero-running cars from 2019 to 2021 are-95.7%,-50.6% and-44.3%, respectively. In addition, in terms of current reserves, as of September 31, 2022, the cash reserves of zero running is 11.8 billion yuan, NIO is 53.3 billion yuan, ideal is 51.2 billion yuan, and Xiaopeng is 36.2 billion yuan. I have to admit that the lack of money is one of the reasons why Zero is eager to go public.

According to the prospectus, the operating losses of Zero Motor from 2019 to 2021 are 730 million yuan, 869 million yuan and 2.868 billion yuan respectively, and the losses attributable to equity holders are about 901 million yuan, 1.1 billion yuan and 2.846 billion yuan respectively, with a total loss of 4.374 billion yuan in three years. Zero said the company expects to continue to incur a net loss in 2022 due to research and development of new models and smart electric vehicle technology, as well as the expansion of production facilities and sales network.

On September 29th, Zero was officially listed for trading on the Hong Kong Stock Exchange under the symbol "9863". The final offering price of IPO was set at HK $48 per share, but it was broken at the beginning of trading, opening lower at 14.58%. After the opening, the share price continued to fall, falling more than 30% at one point to as low as HK $32.80. As of the close of the day, zero-running cars closed at HK $21.00, with a total market capitalization of HK $23.997 billion, down 48.78 per cent from the peak.

From the perspective of the current market, although new energy vehicles are the future investment direction, after the stock prices of mainstream electric vehicle manufacturers such as Tesla, Lailai, ideal and Xiaopeng have suffered a sharp pullback, the capital market is still more cautious about the investment in new energy vehicles, especially the second-line car brands that mainly sell low-cost products, and Zero is also the case, if they lack enough competitiveness, it is difficult to arouse the interest of investors. For zero running, you may have to rely on products to prove your value.

Welcome to subscribe to the WeChat public account "Automotive Industry Focus" to get the first-hand insider information on the automotive industry and talk about things in the automotive circle. Welcome to break the news! WeChat ID autoWechat