AutoBeta(AutoBeta.net)12/09 Report--

On December 9, ideal Automobile announced that Shen Yanan had resigned from the board of directors and resigned as executive director and president of the company. the above changes will take effect from January 1, 2023. In order to ensure a smooth transition, Shen Yanan will also resign from other positions in the group, and the final working day is expected to be around the end of June 2023.

Ma Donghui, the chief engineer, will succeed Shen Yanan as president of ideal Automobile and join the board of directors, responsible for the R & D and supply group as a whole. The supply team (including supply chain, manufacturing and quality) managed by Shen Yanan will be managed by President Ma Donghui, while the business team (including sales, service and charging network) will be directly managed by CEO Li. Xie Yan, senior vice president, will be the CTO of ideal Automobile, with full responsibility for the systems and computing group.

Data show that before joining ideal Automobile, Ma Donghui served as director of the Research Institute at Sany heavy Industry body Co., Ltd. from June 2011 to September 2015. In September 2015, Ma Donghui joined ideal Automobile as the Group Chief engineer, responsible for the product R & D group, covering styling design, vehicle electric, smart space, intelligent driving, computing architecture, R & D operations and other business modules. After being promoted to president, Ma Donghui will be responsible for product research and development, procurement and supply, manufacturing, quality and safety, and is responsible for the whole link of product design to production and delivery.

Before joining ideal Automobile, Xie Yan served as Vice President of Software Engineering and head of OS Department at Huawei, responsible for the research and development of Hongmeng OS and other operating system technologies, and reported to Wang Chenglu, the "father of Hongmeng" and president of Huawei terminal BG software department. In August this year, Xie Yan joined ideal Automobile as head of the system research and development department, ranking M11, second only to ideal Automobile founder and CEO Li Xiang's M12. Based on Xie Yan's deep background in computer system technology, combined with the current opportunities and challenges of ideal Automobile in automobile intelligence, Xie Yan joined the core management team and served as CTO, leading the system research and development business.

Shen Yanan has been the ideal president since November 2015, responsible for the company's overall strategy, business development, supply chain management and sales and marketing. Prior to joining ideal, Shen Yanan held a number of positions at Lenovo, up to vice president of Lenovo's global supply chain and chairman of Motorola Mobility (China), responsible for global supply chain operations.

It is worth mentioning that Shen Yanan has sold shares many times before. On Sept. 2, Shen Yanan sold 400000 Hong Kong shares of ideal Automobile at an average transaction price of $13.2221, reducing his shareholding from 1.74% to 1.71%, cashing out $5.2888 million (about 36.63 million yuan). On Sept. 6, Shen Yanan again sold 600000 shares of ideal Motor Hong Kong shares at an average price of US $13.125, cashing out US $7.875 million (about RMB 54.54 million), reducing his shareholding from 1.71% to 1.68%. Overall, Shen Yanan sold 1 million shares and cashed out $13.1638 million (about 91.18 million yuan).

Ideal Automobile is one of the leading car manufacturers in China, which was established by Li Xiang, president of Automobile House, in July 2015. In July 2020, ideal Automobile was officially listed on the NASDAQ stock market in the United States, becoming the second new power company listed in the United States, with a stock offering price of $11.50. the current stock price is $24.10, with a total market capitalization of $25.119 billion. In August 2021, ideal Automobile returned to Hong Kong to be listed, becoming the second new car-building power listed in Hong Kong after Xiaopeng Motors, with an IPO price of HK $118,000. the current share price is HK $94x00, with a total market capitalization of HK $195.9 billion.

Today, ideal Motor released its third-quarter results, showing revenue of 9.34 billion yuan, an increase of 20.2% over the same period last year; a net loss of 1.646 billion yuan, compared with a loss of 215 million yuan in the same period in 2021; and a cumulative delivery of 26524 new cars during the quarter, an increase of 5.6% over the same period last year. According to the announcement, as of September 30, 2022, the company's cash reserves reached 55.83 billion yuan, providing strong support for technology research and development, supply chain and intelligent manufacturing.

By contrast, the net losses of NIO and Xiaopeng were 4.11 billion yuan and 2.376 billion yuan respectively. The reason why the net loss of NIO and Xiaopeng is much higher than the ideal is mainly because the ideal sales management and research and development are relatively "stingy". Data show that in the third quarter, NIO and Xiaopeng spent 2.712 billion yuan and 1,626 billion yuan on sales management, and 2.945 billion yuan and 1.499 billion yuan on research and development, respectively, while the ideal car was 1.507 billion yuan and 1.804 billion yuan respectively, much lower than that of NIO and Xiaopeng.

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