Rumors of the suspension of production of Jiewei Power, the seventh company in the industry is facing compensation installments
The father of lithium battery in China"The Jiewei Power founded by Guo Chuntai may not be able to resist.
Recently, an internal notice from Jiewei Power circulated on the Internet, although it was not mentioned in the notice"Layoffs"word, but it has been a fact since December 1st.
With regard to the post-shutdown provisions, the letter states that non-base workers will be entitled to uniform leave and that base workers will be organized to receive training outside the workplace.
According to Phoenix News, the company's employees said that the Jiewei Tianjin factory had actually been closed for three months, and that there were more than 400 employees at the headquarters before the closure, and half of them left after the closure, and the remaining half were on vacation or receiving training, receiving only the minimum wage.
If the workers choose to accept, they will only receive a minimum wage of about 2,000 euros until the company resumes work and production, and it is unknown how long it will take to resume work and production given the current situation at Jetwell.
If you want to leave your job, you must pay the employee as agreed in the redundancy agreement"n+1 "Severance pay, but this money must be paid in 5 installments over a total of 10 months.
In the ranking of Jiewei Power, the shipment of electric batteries in the country ranks seventh, how did they get to this point?Does overcapacity in the battery industry mean that a cold winter is coming?
Money money is still money.
Although in the announcement of the suspension of production, Jiewei said that the company was affected by the market environment and the upstream and downstream industrial chains, but the industry generally believes that the main reason for Jiewei is still two words: lack of money.
The lithium battery industry itself is a capital-intensive industry, and it is basically difficult to play without strong financial support.
Last year, the highest level of lithium carbonate went all the way up, and even exceeded the 500,000 yuan mark at the peak, which also drove the cost of battery power to rise sharply. Although the ** of lithium carbonate has fallen again this year, it is difficult for the ** of the battery to be lowered so quickly before the cost of entry is too high.
Downstream automobile manufacturers are naturally discouraged, which undoubtedly leads to a backlog of upstream production capacity, forming a surplus situation, and Jiewei's performance has plummeted.
According to the financial report, in the first half of this year, the total revenue of Jiewei Company was 4RMB8.8 billion, down 4477% with an installed capacity of only 073 GWh, down 1934%。
In addition, Fosun International, the majority shareholder of Jiewei, is also indisputably responsible for the company's financial condition.
According to Fosun International's 2022 financial report, last year's Gateway's"Related Party Deposits"The total is 3.5 billion, an increase of 500 million from 2021.
According to industry experts, the so-called"Related Party Deposits", that is, Jiewei transferred the funds to the account of Fosun International, a major shareholder.
Fosun International's manipulation of Jiewei is not limited to squeezing the company's cash flow, but also obtaining financing through equity pledges.
For example, a subsidiary of Fosun International used to value 1900 million yuan of shares were pledged to Anhui Zhongchen, and even the major shareholders of Fosun International pledged their shares to Jiewei shares, but Jiewei shares also got into lawsuits and equity freezes.
A series of Fosun"Operation"Undoubtedly, Jiewei's already tight funds have made matters worse.
At that time, Guo Chuntai introduced Fosun Galaxy because of financial difficulties, and wanted to increase support for Jiewei in the capital market through Fosun Galaxy, so as to find help for the company to expand its scale and increase production.
It's just that I didn't expect that after Fosun Galaxy became the major shareholder, it has been in contact with Gatwe, and I don't know if Guo Chuntai, the founder of Gatwe, regrets it.
A big problem that may have just erupted.
The shutdown of Jiewei not only put the company in a difficult position, but also reflected the current situation of the entire battery industry: overcapacity.
As mentioned above, the installed capacity of Jiewei in the first half of this year was only 0073 GWh, but according to its official**, the actual production capacity of Javeway is 10 Gigawatt hours, which means that Javway's capacity utilization rate is less than 10%. The reason is simple: there are no orders.
The most important customer of Jiewei is Chery. In February 2022, Jiewei and Chery signed a large order of 5 billion yuan, and the two parties agreed that in the next three years, Jiewei will continue to provide batteries for Chery New Energy.
Also thanks to Chery's large orders, Jiewei's installed battery capacity reached the 11th place in the industry in 2022.
However, the cooperation between the two parties did not go well, and the 5 billion euro deal eventually fell through due to poor sales of Chery's new energy vehicles, which led to long-term arrears of payments to Jiewei.
In addition, the contradiction between the two sides has also affected Chery's service terminals. Some car owners complained that due to the conflict between Jietu and Chery, and the battery manufacturer did not send maintenance personnel, Chery Automobile could not be repaired.
However, Jiewei did not stop the pace of expansion, in March this year, Jiewei announced the official mass production of the second phase of the 4GWh production line in Yancheng base, only in Yancheng, the total production capacity of the two phases reached 65gwh。
On the one hand, the capacity utilization rate is low, and on the other hand, the new capacity is increasing"Enigmatic operation"In fact, it is just a microcosm of the entire industry.
According to the financial report of CATL, a leader in the battery industry, in the first half of this year, the company's production capacity was 254GWh, the output was 154GWh, and the capacity utilization rate increased from 83 in 20224% down to 605%。
The capacity utilization rate of EVE, another leading company, also increased from 88 last year46% down to 7847%。
However, in stark contrast to the decline in capacity utilization, capacity continues to expand. According to data provided by industry alliances, domestic battery generation capacity will reach 1260 gigawatt hours by 2022.
However, in June of this year, that number rose to 1860 gigawatt hours, an increase of 476%。
The desire of battery manufacturers to expand comes from the best of the dayIs it in short supply to increase production?Apparently not.
The chairman of the Power Battery Innovation Alliance believes that the motivation for battery manufacturers to continue to expand production capacity still comes mainly from high local subsidies.
For many manufacturers, the high subsidy can almost cover the cost of expansion, but the question of whether the capacity can be digested after the expansion has not yet been considered.
If this trend continues, I think the battery industry"The Great Reshuffle"Coming soon.
Nowadays, in response to the overcapacity in the industry, many manufacturers are turning abroad.
From January to October this year, the cumulative export volume of domestic energy and energy storage batteries totaled 115.7 billion kWh, accounting for 208%。
Among them, the cumulative export of electric batteries increased by 105 year-on-year4%, the growth rate is much higher than the overall growth rate of the market in the same period.
However, with the change in foreigners' attitudes towards new energy vehicles, how long can the profits of automotive battery exports last?This is another question worth pondering.
Kunpeng Project.