AutoBeta(AutoBeta.net)09/29 Report--

On September 29, Weilai announced that it had signed strategic investment agreements with three existing shareholders of Weilai Holdings Co., Ltd., including Hefei Jianheng New Energy Automobile Investment Fund Partnership (Limited Partnership), Anhui High-tech Industry Investment Co., Ltd., and China Investment Investment Management Co., Ltd. According to the agreement, strategic investors will increase their capital to subscribe for the newly issued shares of Weilai China with 3.3 billion yuan in cash, and Lulai will also invest 10 billion yuan in cash to subscribe for the newly issued shares of Weilai China.

As a representative of the new power of car-building, Lulai Motor was founded in November 2014 by Li Bin, headquartered in Shanghai. In April 2016, Xilai reached a strategic cooperation of 10 billion yuan with JAC; in the same month, it invested 3 billion yuan to establish a high-performance motor production base in Nanjing; then, in July, the JAC New Energy vehicle cooperation project was launched, and in November of that year, Ulay officially launched the English brand "NIO", the new LOGO and its first pure electric supercar EP9 in London.

Nowadays, the product matrix of Yulai Automobile has become more and more perfect, and it has formed ES8, ES6, ES7, EC6, EC7, ET7, ET5, ET5T and other models, covering medium and large SUV, medium-sized SUV, medium-sized cars, medium-sized cars, with a price of more than 300000 yuan. And the tail mark of the whole series of models under the company has been changed from "Jianghuai" to "Weilai". In addition, Ledao L60, the first model of Ledao, a brand new brand of Ledao, also went on sale on Sept. 19, launching a total of two models at a price of 20.69-235900 yuan.

Data show that in the first eight months of this year, Xilai delivered a total of 128100 new cars, an increase of 35.77 percent over the same period last year, of which sales from May to August were 20544, 21209, 20498 and 20176, respectively, exceeding 20, 000 for four consecutive months. but it still lags significantly behind the ideal car (288103 for the year).

Although the sales of Weilai have improved, the loss continues to increase. According to the financial report, in the first half of this year, Weilai realized operating income of 27.355 billion yuan, an increase of 40.65% over the same period last year, and a net loss of 10.384 billion yuan, an increase of 4.95% over the same period last year. According to statistics, from 2018 to the first half of 2024, the cumulative loss of Weilai reached 97.01 billion yuan. At present, the financial pressure of Wei Lai is still relatively large. As of June 30, 2024, the balance of cash and cash equivalents, restricted cash, short-term investment and long-term deposits was 41.6 billion yuan, 15.7 billion yuan less than at the end of 2023, and the total asset-liability ratio has reached 79%, of which current assets are 55.5 billion yuan and current liabilities are 50.2 billion yuan.

According to the plan, Ledao, the new brand of Ledao, will undertake the task of boosting sales and market share of Weilai cars, and will help it achieve its annual sales target of 230000 vehicles, with a target completion rate of 55.70% by the end of August. It is obviously not an easy task for Weilai to complete the remaining 44.30% in the next four months.

However, at present, Weilai is still optimistic, and it is expected that this financing may play a role in alleviating the financial pressure in a short period of time. In this announcement, the official said: "the recent business continues to improve, Ledao caused high concern after the release of the market, Ledao L60 after the listing order exceeded expectations." The new round of capital increase in Weilai China shows the high recognition of strategic investors for Weilai's leading position in the industry and their firm support for the high-quality development of the smart electric vehicle industry. Ulai will maintain its continuous investment in technological innovation and rechargeable infrastructure, further enhance its competitive advantage in products, services and communities, and lay a solid foundation for the company's long-term development. "

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