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In October, the new power car companies ranked "big reshuffle", Wei Xiaoli was trampled on by car companies such as Nezha and Qijie. Among them, Naha continues to occupy the top of the list of new forces with 18016 cars, with 10056 and 10052 cars delivered by Ulai and 10052 respectively, while zero run and Xiaopeng fell below 10,000, especially Xiaopeng cars, becoming the only car company on the list with a year-on-year decline.

However, in a "comparison of New Power delivery / risk delivery in October 2022," the Tramway report found that the number of cars insured in October was only 9832, which was a far cry from the official delivery volume, of which 6241 were V, 3522 and 69 respectively. As a comparison, the difference between insurance volume and delivery volume in October is 3013 vehicles, 3013 cars in Ulai, 553 cars in Polar Krypton and 370 vehicles in Xiaopeng, while the insurance volume of ideal and zero running is higher than that of delivery.

The delivery volume is basically equal to the retail volume, that is, the quantity delivered by the dealer to the consumer. In contrast, the amount of insurance is closer to the actual quantity delivered to end-users, which is based on the purchase of new car compulsory insurance as a statistical standard. Of course, generally speaking, retail volume will eventually be converted into risky volume, but there will be a certain time lag.

In fact, there has been a large gap between car delivery and insured volume since July, including 2573 in July, 4267 in August, 1510 in September, and as high as 8184 in October. Where are all these extra deliveries? It is probably the B-end market (online car hailing, car rental companies, official cars, etc.).

Zhang Yong, CEO of Nezha Automobile, said frankly in an interview with the media that the main target market of Nezha must be C-end private users, but the to B market can quickly make products available on the market, and Naga will step up efforts to invest in to B market. It is understood that before joining Nahan Automobile, Zhang Yong served as the deputy general manager of BAIC New Energy and general manager of the marketing company, responsible for channel construction, market sales, after-sales service, and brand promotion, etc., during which he led BAIC New Energy to achieve an annual sales breakthrough of 100000 vehicles, while BAIC New Energy won a lot of B-end market share by virtue of the EU series and EX series, and became the top seller of new energy vehicles for many years in a row.

Nashi Automobile officials say they choose to open direct stores in first-tier cities, while traditional low-tier cities choose traditional agency models such as 4S stores. Public data show that as of the first half of the year, there were a total of 495 stores in China, of which 92 were directly operated. Nashi Automobile has said publicly that it plans to increase the number of partner stores in the city to 450 and direct stores to open 150 by the end of this year, realizing 100% coverage of Top30 City, China's new energy vehicle industry.

Much like Weimar, Naha was originally aimed at the B-end market. In July 2018, the first production car Naxi N01 (6.68-139800 yuan) was officially launched in Tongxiang factory, mainly sold to shared travel companies, and the B-end market once accounted for about 50% of the company's sales. Later, in order to move towards the C-end market, Nahu launched the Naxi U and Naxi V, which represent medium and low prices, respectively, focusing on performance-to-price ratio. According to the official website, the official price of Nagai U series is 12.98-201800 yuan after subsidy, while the official price of Naga V series is 7.09-123800 yuan after subsidy, and the official price is 7.09-123800 yuan after subsidy. According to the official website, the official price of Nagai U series is 12.98-201800 yuan, while that of Nagai V series is 300 lite, 400 lite and 400/400Pro respectively.

Low prices are obviously easier to start, but revenue and profits are destined to be thin, and it is not easy to make money in the early days. According to the data, 69674 cars were delivered in 2021, but the revenue was 5.735 billion yuan and the net loss was 2.908 billion yuan. Although the product price was more than 150000 yuan, the average sales price was only 82300 yuan. Based on the total revenue of 5.735 billion yuan and the total sales of 69475 vehicles last year, Naga earned an average of 82312 yuan per vehicle sold last year, which is indeed a gap compared with NIO. In 2021, NIO's auto sales revenue was 33.17 billion yuan, with a total annual sales of 91429 vehicles, with a revenue of 362000 per car sold.

Of course, it is not appropriate to compare Wei with Nezha horizontally, and the more appropriate comparison object is zero running, both of which have high performance-to-price ratio. In 2021, Zero's revenue from car sales was 3.058 billion yuan, with annual sales of 43748 vehicles, with an average income of 69000 yuan per car sold, about 1.2 times that of Nashi.

Of course, Nahan Automobile is also aware of the problem. On July 31st, the new car is located in a large sedan with a price of 19.98-338800 yuan, which has reached the single-gear price of Biadihan and Xiaopeng P7. However, apart from the brands that are not as good as BYD and Xiaopeng, they are still qualified in extended range, 100 km acceleration, seats and other technologies, but there is nothing special in autopilot, electricity, electricity and other technologies.

Brand upward cannot be achieved overnight, but the most urgent thing for Nezha right now is IPO. For the new power of car building, IPO is an important means to obtain sustainable hematopoietic ability. In July 2020, Naha announced that it would start the listing application of Kechuang Board, and planned to complete the listing in 2021. However, under the requirements of Science and Technology Innovation Board's new policy, the censorship of the "science and technology content" of listed companies has been strengthened, causing a number of companies, including Nahan Automobile, to end their plans to list on Science and Technology Innovation Board. In February 2022, it was once again revealed that IPO was listed on the market and plans to list in Hong Kong. However, up to now, the HKEx has not disclosed the specific details of which car IPO, and I am afraid that only which car will know whether the journey of IPO, which has gone through several twists and turns, can proceed smoothly.

However, at present, the Hong Kong stock market is sluggish. In the second half of this year, the share prices of Fulai, ideal and Xiaopeng fell by 49.5%, 54.8% and 74.4% respectively. Even if it was a zero run of the successful IPO, the share price halved.

The battle for new energy has entered the second half, and intelligence is the core, but it is undoubtedly the long-term investment that supports intelligence. Relying on the playing style of the sinking market, Nahu has completed its counterattack and surpassed sales volume, but behind its brilliance, there are also the problems of weak brand strength, weak profitability and low technical barriers, how to adapt to the new competition, and how to tell the new story of technology and brand in addition to sales, which will be the key to break the situation.

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