AutoBeta(AutoBeta.net)06/03 Report--

On June 1, the major new power manufacturers released the latest delivery data one after another. Among them, ideal car continues to sit firmly in the first place in the delivery of new cars, an increase of 203.4% over the same period last year to 28277, once again setting a new high in a single month. Both Ulai and Xiaopeng cars are less than 10,000, of which 6155 are Lulai cars and 7506 are Xiaopeng cars.

"Tramway report" commented that the former "Wei Xiaoli" is no longer a "brother", the ideal is high above, Xiaopengwei frequently lost his position. Since the beginning of the year, ideal car has released weekly sales lists in a high profile on Weibo many times, causing a lot of controversy. As once fraternal enterprises, Ulai and Xiaopeng always have some indescribable taste.

Some people in the industry believe that the fundamental reason why Wei Xiaoli can coexist is that there is no overlap between products. Xiaopeng mainly focuses on the market of less than 300000 yuan, including P7, P5, and G3; Ulay mainly focuses on the pure electricity market of more than 300000 yuan, and high-end service and power exchange become its label; the ideal is to find another way to start with the mix of incremental programs. mainly hit the household market of more than 300000 yuan.

However, all this will quietly change in 2022. In September 2022, Xiaopeng G9 officially went on sale, with a price of 309900 yuan. A week later, ideal L8/L7 was released and listed at the same time, with prices starting from 359800 yuan and 339800 yuan respectively. So far, "Wei Xiaoli" three enterprises have a layout in the 300000-yuan market, ostensibly to seize the market of the traditional luxury brand BBA, but in fact the three enterprises are competing with each other. Of course, judging from the current results, the ideal car is obviously in the lead, and the hope that the new ES6 is still unknown is still unknown. The performance of the Xiaopeng G9 is very poor from beginning to end.

In Wei Xiaoli, Xiaopeng has stood on the edge of the cliff. At the 2023 Shanghai Auto Show, Xiaopeng CEO he Xiaopeng gave a speech wearing a "no banana green" shirt and unveiled Xiaopeng's "rocking structure", which took five years and invested more than 10 billion yuan in research and development. At the scene, he Xiaopeng was all smiles, but his heart was full of anxiety.

On May 24, Xiaopeng released its Q1 financial report for 2023. During the reporting period, Xiaopeng's total business was 4.03 billion yuan, down 45.9% from the same period last year, of which automobile sales income was 3.51 billion yuan, down 49.8% from the same period last year. The net loss reached 2.34 billion yuan, while the net loss in the same period was 1.7 billion yuan, and the loss increased by 37.4% compared with the same period last year. More dangerously, Xiaopeng's overall gross profit margin plummeted to 1.7% in the quarter, and its car gross profit margin fell to-2.5%, the first negative gross profit margin in Xiaopeng in the past three years. At the same time, Xiaopeng Motor is extremely pessimistic about the second-quarter results, and its revenue is expected to be 4.5 billion yuan to 4.7 billion yuan in the second quarter, down about 36.8-39.5% from the same period last year.

The sharp decline in performance is related to its persistently sluggish market performance. Xiaopeng car sales began to decline in the second half of 2022, falling from 15295 in June to 5101 in October, falling for four consecutive months before returning to the 10, 000 delivery threshold in December. It is understood that the delivery target of Xiaopeng car in 2022 is 250000, while the actual delivery volume is only 120800, and the target completion rate is less than 50%. As a result, Xiaopeng has lost its annual sales title, and the year-on-year growth rate of delivery volume and delivery volume is not as good as that of Ulai.

After entering 2023, Xiaopeng's situation is much worse than expected. In the first quarter of 2023, Xiaopeng accumulated 18230 new cars, down 47.25% from the same period last year. If calculated according to the delivery target of 200000 vehicles, the target completion rate is only 9.1%. It is understood that this is Xiaopeng's fifth consecutive quarter-on-quarter decline.

The results fell far short of expectations, coupled with continued sluggish sales, which eventually triggered a resonance in the capital markets. According to statistics, as of June 3, Xiaopeng's share price fell 15.09% this year, the latest share price is 8.44 US dollars, and the total market capitalization is only 7.286 billion US dollars. According to the Forbes real-time rich list, he Xiaopeng's wealth has shrunk by 75 per cent from its peak in 2021 to $1.4 billion.

In fact, "Wei Xiaoli" three families have different anxieties.

The anxiety of an ideal car is that the products it is currently selling are all add-on hybrids. At the 2023 Shanghai Auto Show, ideal Automobile has announced its entry into the pure electric market. The first pure electric MPV will be released at the end of the year, followed by six pure electric models. Will pure trams be as popular as add-on hybrids?

The worry about Wei Lai is whether the new ES6 can take on the responsibility, and whether the soon-to-be-released travel version of ET5 can take on the responsibility. In addition, the middle and high-end brand "Alps", which is being planned, will also enter a more competitive market. What attitude should it take?

Xiaopeng's anxiety is whether the G6 can carry the banner of sales, even if the market has been optimistic, but at present it is only he Xiaopeng's wishful thinking, whether consumers can pay the bill is the key. If the G6 cannot lead Xiaopeng back to the mainstream, what about Xiaopeng?

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