AutoBeta(AutoBeta.net)07/11 Report--

On July 9, BAIC New Energy held a cadre adjustment meeting to adjust the main leading cadres of BAIC New Energy: Liu Yu, former deputy general manager of BAIC Group and chairman of BAIC New Energy, will no longer serve concurrently as chairman of BAIC New Energy; Dai Kangwei, former party secretary and general manager of BAIC New Energy, was promoted to deputy engineer of Beiqi Group and chairman of BAIC New Energy. Zhang Guofu, former deputy general manager and deputy general manager of BAIC New Energy Party Committee, was promoted to Party Committee Secretary and General Manager of BAIC New Energy. Liu Guanqiao, former head of Operation and Management of BAIC Group, was transferred to Executive Deputy General Manager of BAIC New Energy.

Data show that Zhang Guofu has more than 20 years of experience in the automotive industry and is a veteran of the Beijing Automobile Department. He has held positions in many companies under the BAIC system, such as BAIC Foton, BAIC Foton Environmental Power, Beijing Automobile, BAIC Penglong, Beijing Hainachuan, Beijing Cross-country, Beijing Automobile shares, and so on. Since 2019, he has served as the executive deputy general manager of BAIC, the executive vice president of BAIC, the general manager of BAIC, and the executive deputy general manager of BAIC New Energy.

This personnel change is the first large-scale personnel adjustment since Zhang Jianyong took the helm of BAIC, and it is an important measure for BAIC to continue to strengthen its independent business at the group level and support the continued development of its polar fox brand.

It is worth mentioning that on the same day that the personnel change was announced, BAIC Blue Valley issued a performance forecast, predicting a net loss of 2.4 billion to 2.7 billion yuan in the first half of 2024, compared with a loss of 1.98 billion yuan in the same period last year. BAIC Langu said that the loss is mainly due to the increasingly fierce competition in the new energy vehicle market and the increasingly fierce price war, squeezing profit margins. At the same time, in order to continuously promote the high-end development of products, the company continues to invest in technology research and development, brand channel construction, brand image sharpening and operational efficiency improvement, which has a certain impact on the company's short-term performance.

According to the annual report, BAIC Blue Valley achieved an operating income of 14.319 billion yuan in 2023, an increase of 50.5% over the same period last year; a net loss of 5.4 billion yuan, compared with a net loss of 5.465 billion yuan in the same period; a net loss of 6.018 billion yuan, compared with a net loss of 5.838 billion yuan in the same period. According to the announcement, Beijing New Energy Automobile Co., Ltd. posted a net loss of 2.243 billion yuan in 2023, while Beijing Langu Jihu Automobile Technology Co., Ltd. lost 3.347 billion yuan.

It is understood that this is the fourth year of BAIC Langu's annual loss, with net losses of 6.482 billion yuan, 5.244 billion yuan, 5.465 billion yuan and 5.4 billion yuan respectively from 2020 to 2023, with a cumulative loss of 22.5 billion yuan over four years. In terms of cash flow, BAIC Blue Valley is also under pressure. the net cash flow generated by operating activities in 2023 is-465 million yuan, while the net cash flow in the same period is 3.522 billion yuan.

In 2024, BAIC Langu's development goal may mainly focus on the "enjoy the world" brand. Hangjie, a car brand jointly built by BAIC Blue Valley and Huawei, is the third car brand under Hongmeng Zhixing, which was previously built with Cyrus and Chery respectively.

The Hengjie S9, the first pure electric car created by Huawei in cooperation with BAIC Blue Valley, is a positioning executive business car with single-motor and dual-motor models on power. it made its debut at the 2024 Beijing Auto Show with an estimated price of 450000-550000 yuan. It will be officially listed in Beijing in early August.

According to the real cars unveiled at the 2024 Beijing Auto Show, the Hengjie S9 adopts a simple design style, with a closed grille design on the front face, a C-shaped headlamp group on both sides, a through light belt in the middle, and the English logo of the "STELATO" brand in the center. In addition, a wide trapezoidal vent is used around the front of the new car to create a certain sports atmosphere. In the rear part of the car, the license plate has a "Hongmeng Zhixing" label, the lower right corner of the rear door is Hangjie S9, the lower left corner is BAIC New Energy, and the center of the rear door is STELATO. In terms of size, the length, width and height of the new car are 5160/1987/1486mm, the wheelbase is 3050mm, and the C-class pure electric car is located.

The birth of Huawei Hongmeng Zhixing undoubtedly brings a new force to China's automobile industry. with its strong technical strength and innovation ability, Huawei accelerates the intelligent upgrading of the automobile industry, making top luxury cars "made in China" a reality. However, it is undeniable that Chinese automakers are facing unprecedented opportunities and challenges. Although BAIC New Energy has not chosen to lie flat, from technology to marketing, from offline channel construction to after-sales, from product power to production capacity, and so on. BAIC new energy needs to make up for too many shortcomings, but how much time does the market leave for these deficiencies?

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