AutoBeta(AutoBeta.net)11/12 Report--

According to the usual practice, Nahu will release last month's delivery data on the 1st of each month. However, as of press time, Nahu has not yet released October delivery data, and according to data released by the Carriage Branch, Nahu's car sales in October were 6002, down 40.32% from a year earlier.

In terms of specific models, the sales volume of Naxi L is 1990, of which 260 are pure electric vehicles and 1730 are hybrid cars. Nathan L is the main selling model, accounting for more than half of its car sales. but the model has been declining since hitting a new high of 5628 in July, falling to less than 2000 this month. The performance of other models has always been mediocre. Naxi X and Naxi AYA are lower-priced models under Naxi, starting at less than 100000 yuan, with sales of 1948 and 1217, respectively, while Nashi S sells only 847, of which 72 are pure electric vehicles and 775 are added hybrid models.

The new power enterprises, which once attracted attention, are now facing a survival crisis.

On October 29th, it was revealed that Naha Automobile had implemented a salary reduction plan for all R & D staff, with a reduction of 5% and 30%, including a 30% pay cut for employees with an annual salary of more than 1 million yuan. In response to the pay cut news, Naha Automobile responded that "the company is building a more centralized and efficient organizational structure through measures such as streamlining business, focusing on core, organizational optimization and salary performance reform." sub-departments are integrated according to business requirements and future development needs to promote intensive investment of resources and further enhance the competitiveness and operational efficiency of enterprises. "

In addition to pay cuts and layoffs, car pickups have also been delayed. At present, the models that are on sale include the Naxi S hunting suit, the Naxi L, the new Naxi X, the Nathan AYA, the Nathan S and the Negro GT, and so on, among which the Negro L, which went on sale in April this year, and the Nathan S hunting suit, which went on sale in August, are the "hardest hit areas" of delivery delays. In response to the problem of picking up the car, Nahu said, "the delivery delay is mainly due to the lack of supply of some spare parts."

At present, Nahu Automobile is promoting the listing of Hong Kong shares, through listing financing to solve the financial pressure. On June 26, the main body of Nahu car, United New Energy vehicle, submitted its listing application to the Hong Kong Stock Exchange; on July 10, the China Securities Regulatory Commission accepted its listing application. On August 3, regulators asked it to provide supplementary materials, including compliance instructions on foreign investment access policies, compliance statements on insurance business, shareholders and employee shareholdings, and so on. According to the regulations, the period of validity of IPO approval is 6 months, otherwise the IPO application will be resubmitted. This means that United New Energy must complete its listing within the next two months.

As one of the new power companies, Naha has also had a glorious moment. In 2022, Naha will sell 152100 cars a year, making it the first new power enterprise in China. However, delivery fell for the whole of 2023, to 127500 vehicles, down 16% from a year earlier, and only half of the annual sales target of 250000 vehicles. In 2024, with the deepening of the price war and the siege of more domestic new energy brands, Najia cars are still able to maintain more than 10,000 vehicles in most months, but they are slightly bleak compared with other new energy companies. The data show that in the first ten months of 2024, car sales in Nahu were 85900, down 12.13% from the same period last year, and only 28.63% of the 300000 sold in 2024, while the annual target completion rates of car companies such as Ian, Hongmeng Zhihang and ideal Automobile were 40% and 71%. By comparison, the performance of Nashi car is really poor.

At present, the market is generally concerned about how much longer the auto book funds can support. According to the prospectus, the net losses from 2021 to 2023 were 4.84 billion yuan, 6.67 billion yuan and 6.87 billion yuan respectively, with a cumulative net loss of 18.38 billion yuan over the past three years, with an average annual loss of 6 billion yuan. However, by the end of 2023, the cash equivalent of Naha was 2.837 billion yuan. According to the deficit law of 2023, such cash was obviously unable to support nearly a year's loss, and the competitive pressure of the electric vehicle industry in 2024 is obvious to all. Not only Naga cars, even previously arrogant joint venture brands have bowed their heads.

In this context, Naha has to speed up its IPO and seek financial support, but the first thing to wait for is not IPO, but layoffs and pay cuts, and now its sales have suffered a Waterloo, which has added a lot of uncertainty to its IPO. At the same time, Nahu car also faces reminders from suppliers, this series of blows, which car can survive the cold winter is indeed unknown.

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