AutoBeta(AutoBeta.net)12/03 Report--

On December 2, Chang 'an Automobile announced that the company plans to invest 1.33 billion yuan to acquire 10.34% equity of Chongqing Chang' an New Energy Automobile Technology Co., Ltd.(hereinafter referred to as "Chang 'an New Energy"). After the completion of the transaction, the shareholding ratio of the Company will increase from 40.66% to 51.00%, the shareholding ratio of Changxin Fund will decrease from 11.08% to 3.37%, and the shareholding ratio of Chengwei Fund will decrease from 8.20% to 5.57%. Chang 'an New Energy will be included in the consolidated statement scope of the Company. It is reported that the transaction does not constitute a major restructuring plan and still needs to be approved by the State Administration of Market Supervision and Administration.

In December 2017, Chang 'an Automobile established New Energy Business Department, which was transformed into Chongqing Chang' an New Energy Automobile Technology Co., Ltd. in the next year to start independent operation to solve the capital demand for introducing strategic partners. In May 2018, Chongqing Chang 'an New Energy Automobile Technology Co., Ltd. was established with a registered capital of RMB 99 million yuan and 100% shares held by Chang' an Automobile.

In December 2019, Chang 'an New Energy plans to introduce Nanjing Runke, Changxin Fund, Liangjiang Fund and South Industrial Fund as strategic investors, and the shareholders of Sifang plan to increase RMB 1 billion, RMB 1 billion, RMB 740 million and RMB 100 million respectively. In January 2020, Chang 'an New Energy completed the industrial and commercial change, and the registered capital was changed to CNY 202 million. After the capital increase, Chang 'an Automobile's equity ratio in Chang' an New Energy was diluted from 100% to 48.95%. In other words, Chang 'an New Energy introduced investors to solve the capital problem, but Chang' an Automobile also lost control.

According to the financial reports of Chang 'an Automobile over the years, Chang' an New Energy suffered continuous losses of 244 million yuan, 481 million yuan, 1.162 billion yuan and 2.772 billion yuan respectively from 2018 to 2021. The net loss in the first half of 2022 was 1.472 billion yuan, and the accumulated net profit loss in 4 and a half years was 6.13 billion yuan.

However, Chang 'an new energy sales ushered in rapid growth. According to Chang 'an Automobile Sales Express, the sales volume of Chang' an Automobile from January to October 2022 was 1,905,600 vehicles, down 1.50% year-on-year, among which the cumulative sales volume of new energy of Chang 'an Automobile's independent brand was 192,900 vehicles, with a year-on-year increase of 133.25%.

Why does Chang 'an Automobile regain the controlling interest of Chang' an New Energy? Almost all investors introduced by Chang 'an New Energy are investment institutions, not enterprises in various industries. This is because Chang' an Automobile wants to maintain its autonomy in the production and operation of Chang 'an New Energy. First, the current new energy vehicles become the main track, grasp the main track Chang 'an automobile to maintain the market competitiveness of the important way; second, seek to split the listing;

At present, Chang 'an Automobile owns two new energy brands, Deep Blue and Avita, among which Deep Blue belongs to Chang' an New Energy. In April 2022, Chang 'an Automobile released a brand-new pure electric brand Chang' an Deep Blue. The first model, Deep Blue SL03, was officially launched on July 25. The new car was built based on Chang 'an's brand-new EPA1 pure electric platform, providing three versions of pure electric version, extended range version and hydrogen electric version, with a price range of 1689 - 699,900 yuan.

However, compared with BYD Seal and other models of the same level, although Deep Blue SL03 has made a breakthrough in the three-electric system, there is still a slight gap in battery management technology, heat pump system air conditioning, solid chassis and other aspects. According to retail data, 879 vehicles were delivered in August, 2708 in September and 6384 in October.

As for Avita, it is jointly built by Chang 'an, Huawei and Ningde Times. It is equipped with Huawei intelligent automobile system. The whole system is equipped with Ningde Times ternary lithium battery as standard. Chang' an is responsible for R & D and production. Avita 11 is positioned as a medium-sized pure electric SUV. The price range is 349,900 - 409,900 yuan, which is a luxury car sequence in the high-end range. It is not difficult to see that the advantage of Avita lies in the support of Huawei and Ningde era, but the core components of Avita 11, the three-electric system and intelligent system, are handed over to Ningde era and Huawei respectively. According to this trend, Chang 'an Automobile may eventually become the foundry of both.

In addition, Chang 'an Automobile regains control of Chang' an New Energy in order to realize spin-off listing. It has been a big phenomenon in the industry that the new energy plate has been split and listed in traditional automobile enterprises, such as Geely's extreme krypton, GAC's Ai 'an, SAIC's Zhiji, etc. In fact, as early as January this year, Chang 'an Automobile once said that after completing Series B financing, Chang' an New Energy plans to complete the public listing around 2025.

On the same day, Chang 'an Ford announced that Yang Dayong had been appointed Executive Vice President of Chang' an Ford Motor Co., Ltd., replacing Zhao Fei, former Executive Vice President, reporting to He Xiaoqing, President of Chang 'an Ford Motor Co., Ltd. At the same time, Zhao Fei, former executive vice president of Chang 'an Ford Motor Co., Ltd., no longer holds any position in the company and is promoted to president and deputy secretary of the party committee of China Chang' an Automobile Group Co., Ltd.

According to the data, Yang Dayong was born in September 1974 and took part in the work in July 1997. He once served as Vice Minister of Chang 'an Automobile Marketing Department, Vice Minister of Commercial Vehicle Business Management Department, Minister of Commercial Vehicle Business Management Department, Minister of Brand Public Relations Department, Secretary of Party Branch, Spokesperson of the Company, Senior Project Director of High-end Vehicle Brand Project Group and Senior Project Director of Intelligent Industry Development Project Group. On July 15,2021, Chang 'an Automobile appointed Yang Dayong as Vice President of the Company. On December 16,2021, Yang Dayong withdrew from the post of General Manager of Chongqing Chang 'an New Energy Automobile Technology Co., Ltd., but still served as Chairman of the Board.

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