Recently, two pieces of news have completely unveiled the prelude to a new round of cruel reshuffle in the new energy vehicle industry!
One news is that on February 18, the first day of the resumption of work during the Spring Festival in the Year of the Dragon, Gaohe Automobile held an internal meeting and announced that it would suspend work and production for 6 months from now on (news from interface news); Another piece of news is on February 19, shouting "Electricity is lower than oil, glory strikes again" BYD announced the launch of its two plug-in hybrid models, the Qin plus Honor Edition and the destroyer 05 Glory Edition, with a starting price of 7980,000 yuan, compared with the previous version of the champion version of the model, the two new versions of the model** have decreased by 20,000 yuan.
At this point, the chill instantly swept the new energy vehicle industry. Especially the second news, which immediately triggered a new round of ferocious ** war. In just a few days, many car companies such as Wuling Starlight, Changan Qiyuan, Nezha Automobile, Beijing Hyundai, and SAIC-GM have announced price cuts.
As we all know, the penetration rate of new energy vehicles in China will reach 35 in 20237%, and even exceeded 40% in the last two months. Under the new consensus of the future industrial slowdown, the ferocious war is almost inevitable, and it is foreseeable that more and more car companies will participate in the war in the future.
At present, the transformation of the automobile industry has entered the deep water area, the electrification transformation continues to drive in the fast lane, the intelligent transformation has begun to shift gears and speed up, and the development of new energy vehicles will only run faster and faster, and will not give us the opportunity to stop, slow down and take a breath. On February 18, Wang Chuanfu, chairman and president of BYD, said at the Guangdong Provincial High-quality Development Conference.
Nowadays, with its strong product cost performance, the strong rise of China's new energy vehicle industry has brought strong pressure and challenges to traditional European and American automakers. But in any case, the automobile industry has been the pillar industry of China, the United States, Europe and other countries, no one will give up lightly, the future around the global new energy vehicle industry dominance and pricing power, at the enterprise level, and even the national level of the competition and game may be further escalated, the competition between global car companies will become more fierce, and the comprehensive competition between car companies has just begun.
Throughout the history of modern business development, in the past 20 years, China's economy has gone through several cycles, large and small, and the energy strategy at the national level has undergone adjustment and evolution. In such a growth, change and cyclical industry as new energy vehicles, in each round of cycle ups and downs, there will be star enterprises with "deep shareholder background, strong capital strength and luxurious management team" that collapse, collapse, and finally disappear in the long history of the industry.
However, there are only a handful of enterprises that successfully respond to cyclical changes and continue to grow and develop, and the success or failure of enterprises is often superimposed by chance and inevitability. If we observe and analyze from the dimensions of cost control and strategy, international barriers and pioneering force, R&D investment and continuous innovation, capital structure and strength, etc., the elements and support for the development and growth of enterprises must have traces. This article is intended to lead the way and work with readers and friends to ** What kind of enterprises have the genes of sustainable development and growth in the future competition of the new energy automobile industry", this article is for reference only and does not constitute investment advice.
It is undeniable that the speed reduction is becoming the consensus of more and more people in the new energy vehicle industry.
According to the National Passenger Car Market Information Association (Passenger Car Association), the domestic retail sales of new energy passenger vehicles in 2023 will be 77360,000 units, a year-on-year increase of 362%, with an annual penetration rate of 357%, an increase of 81 percentage point; According to the data, in November, the domestic sales of new energy vehicles were 8410,000 units, a year-on-year increase of 398%, an increase of 89%, the penetration rate exceeded 40%, and the penetration rate of domestic new energy vehicles exceeded 40% again in December, reaching 402% compared to 29 in the same period last year6% penetration rate increased by 106 percentage points.
The Minmetals Economic Research Institute previously issued an analysis saying that the penetration rate of new energy vehicles in China will reach 25 in 20226%, if the growth rate is maintained at 100% every year, 100% penetration will be basically achieved in 2024; If the annual growth rate drops to 50%, it will also achieve 100% penetration by 2026.
24 Chao Industry Research Institute (TTIR) analysis believes that with the continuous improvement of the penetration rate, the slowdown of the new energy vehicle industry is reasonable and inevitable.
In such an industrial context, the fierce competition of new energy vehicles and even the entire automobile industry has become a high probability event. In times of economic and industrial downturn, Musk's strategy is usually to "lower**, increase sales, maintain stability, and seek to grow as quickly as possible without putting the company in danger." This means that during a recession, profit margins will be low or even negative, and the cash position will remain good. ”
BYD also expressed a similar view in an investor survey: "In the current market environment, what is most needed is 'fast', and 'fast fish eat slow fish' is more appropriate than 'big fish eat small fish', so auto companies must give priority to speed." ”
Therefore, this first-class war is not an accident, but more like a long-planned strategic means for leading companies to seize market share.
From the perspective of business competition, the best and cost will undoubtedly be the key to the success or failure of the future new energy vehicle war.
The data shows that with a strong cost-effective advantage, Chinese car companies have occupied a leading position in the industrial competition. According to a study by automotive industry analyst Jato Dynamics, since 2015, the average electric vehicle in Europe has increased from 4€90,000** to €560,000 euros, the average electric car in the United States ** from 5€30,000** to €640,000 euros, while the average Chinese electric car** is from 670,000 euros down to 320,000 euros, which is lower than the price of a gasoline car**.
Another industry insider publicly said that according to statistics, the average ** of China's exports of electric vehicles to the EU in 2022 will be about 30,000 euros, and Tesla's cheapest Model 3 will also reach 450,000 euros, on average, Chinese electric cars in the EU are 20% lower than those made in Europe.
A few months ago, UBS** Research disassembled the BYD Seal for the first time, and its research report said that the overall cost of the BYD Seal was 15% lower than that of its competitor in the same class, the Tesla Model 3 produced by the Shanghai Gigafactory, and 35% lower than the cost of Volkswagen's similar specifications produced in Europe.
Tesla's latest financial report also shows that the gross profit margin of Tesla's car business in the first half of 2023 will be 1790%, a decrease of 991 percentage points, the lowest value in the same period since 2010; On the other hand, the gross profit margin of BYD's automobile business in the first half of the year was 2067%, an increase of 437 percentage points. The profitability of the two is high.
According to the analysis of the 24 tide team, the forward-looking integrated layout is one of the core factors for BYD's leading profitability. According to a UBS** report, about 75% of BYD's seal parts are produced by BYD and are cost-competitive. At the beginning of this year, some industry insiders analyzed that "with reference to the head battery company CATL, the net profit margin is 12%, and the sales expense rate is 3%, so theoretically speaking, BYD battery self-supply can save a total of about 15% of the battery cost." ”
About a month ago, BYD's Fodi Battery also notified internally, urging the team to continue to reduce costs: in 2023, the procurement team will maximize benefits through layers of screening, eliminating the inferior and retaining the good, and fully bidding and bidding. The market speculates that under BYD's strong push to reduce costs, the power battery may further fall below "0."3 yuan wh", which may further enhance BYD's core competitive advantage.
As we all know, power batteries have always been known as the "heart" of new energy vehicles, and in the past for a long time, the sharp fluctuations of lithium batteries have caused great challenges to the cost control and profitability of car companies. As Zeng Qinghong, chairman of GAC Group, publicly said at the 2022 World Power Battery Conference, "The cost of power batteries has accounted for 40%, 50%, or even 60% of new energy vehicles, so am I not working for CATL now?" ”
Nowadays, in order to ensure the safety and stability of the battery, as well as enhance cost control, more and more car companies are accelerating the production capacity layout in the field of power batteries.
In fact, powerful Tesla is also trying to gradually get rid of its dependence on external batteries. At present, Tesla has a relatively in-depth production capacity layout for 4680 batteries, including 10GWh at the Kato Road plant in California, 60GWh at the Texas battery plant in the United States, and 20GWh at the Glenheide plant in Germany. On June 17, 2023, Tesla announced through its official Twitter that its Gigafactory in Texas, USA, produced the 10 million 4680 battery cells. It is understood that 10 million 4680 battery cells can meet about 120,000 Model Y power batteries are required. Tesla's large cylindrical battery plan is ambitious, and the future production capacity of 4680 batteries will be increased to more than 1000GWh, and its long-term production capacity target will even reach 2TWh and 3TWh.
In addition, according to Soochow**'s estimates, the sales volume of the top ten customers in 2022 will account for about 60% of CATL's domestic market, and among the top three customers, in addition to Tesla, the largest customer, Geely Automobile and NIO have also had their own power battery expansion plans.
According to incomplete statistics from the 24 tide team, Geely has announced at least 15 major investment plans in the past four years, with a power battery production capacity of more than 400GWh and a total investment budget of more than 200 billion yuan. NIO was also revealed by foreign media that it plans to build a new battery factory in Hefei, Anhui Province, with a planned production capacity of 40GWh. In addition, old auto giants such as GAC Group and SAIC Group have also invested tens of billions of funds into power batteries - on December 11, 2022, the Inpai battery project jointly invested by GAC Aion, GAC Passenger Vehicle and GAC Commerce and Trade officially started, with a total investment of 10.9 billion yuan and an area of about 4440,000 square meters, the factory can add more than 180 billion yuan of output value.
On December 28, 2023, Xiaomi's automotive technology conference was held in Beijing, and Lei Jun, founder, chairman and CEO of Xiaomi Group, said in the introduction of battery technology that Xiaomi Auto is determined to be the king of electric vehicles in winter, and battery packs account for 40% or even 50% of the cost of electric vehicles. At the same time, Lei announced that Xiaomi Auto has built its own battery pack factory. Up to now, Xiaomi Auto's technological innovation in the field of batteries has applied for 132 patents and 65 patents have been authorized.
In fact, at present, European and American car companies represented by Volkswagen, Stellantis, Tesla, and Mercedes-Benz are building their own battery factories, seeking to master battery production capacity, and their self-built production capacity is expected to be concentrated after 2024, bringing more uncertainty to the power battery competition pattern after 2025.
Carlos T**ares, CEO of Stellantis Group, the world's fourth-largest car company with brands such as Peugeot, Maserati and Chrysler, has publicly said that competition with Chinese manufacturers will be "extremely brutal". In September last year, the Stellantis Group's first battery technology center recently opened in Turin, Italy, according to Stellantis' "Dare Forward 2030" strategic plan, the group's annual global sales of pure electric vehicles will reach 5 million units by 2030, and according to Stellantis Senior Vice President Micky Bly, the company plans to expand its annual battery production capacity to 400GWh by 2030. At the same time, the company is working to ensure the long-term availability of critical materials and chemicals to meet battery capacity expansion.
Looking back on the turbulent decades of China's automobile industry, China has gone from an industry follower to a leader, although there is no doubt about the strong market combat effectiveness, it is still difficult to get rid of the market's doubts about our "big but not strong".
The reason for this is that we are still a long way from truly building a "global business ecosystem". For example, according to data from the China Association of China, China's new energy vehicle exports will be 120 in 202330,000 units, a year-on-year increase of 772%, accounting for only 12 percent of new energy sales67%。As the "king" of the global new energy vehicle field, BYD's overseas sales of new energy passenger vehicles in 2023 will only be 24280,000 units, accounting for only 8 percent of its overall car sales03%。
The real dilemma is that in Europe and the United States, where the market is also highly concentrated, there are still few Chinese-funded car companies in the top 10 list of new energy vehicle sales.
Taking the U.S. new energy vehicle market in August 2023 as an example, the total sales volume of the top 10 new energy vehicle sales companies in the U.S. is 12430,000 units, a year-on-year increase of 556%, accounting for 921% of the market share, of which Geely has only one Chinese-funded car company, accounting for only 29% market share.
In the past two years (2021 to January-April 2023) of electric vehicles in Europe, there are almost no pure Chinese brands.
Compared with foreign auto giants, Chinese auto companies still have shortcomings in terms of international production capacity layout. Take industry leaders Tesla and BYD as examples. Tesla has a total of four major vehicle factories in the United States, Germany and China, thanks to the industrial advantages of the three leading countries and the company's own high-end manufacturing capacity, Tesla's single factory production capacity is in the leading position in the world, Fremont and Shanghai factories in 2022 after the production line upgrade, the production capacity has risen to 65 750,000 units, which is the main supply of Tesla's products**, Berlin and Austin factories will be put into operation in 2022, and the current production capacity will reach 5000 Model Y Zhou and 3,000 Model Y weeks, production capacity ramp-up rapidly.
The BYD factory is mainly concentrated in the automobile town in the southeast of China, there are currently nine factories, due to its early construction time, the area and production level of a single factory are more backward than Tesla, and the production capacity is not as good as the latter, but the total production capacity has reached about 3 million vehicles, and the production capacity is expected to reach 4.3 million vehicles by the end of 2023.
The impact on the internationalization of domestic new energy vehicle companies is more far-reaching, or the biggest challenge facing the industry may be policy barriers. In particular, Europe and the United States, which almost dominated the era of fuel vehicles, were not willing to be surpassed by China, and in order to protect their strategic position, they practiced protectionism, which further intensified the fierce competition in the global new energy vehicle industry, which also caused great challenges for Chinese car companies to go overseas.
For example, the passage of the Inflation Reduction Act in the United States** stimulated the manufacturing of electric vehicles and batteries in North America, opening the floodgates for new investment by automakers. Since the bill was passed, automakers and companies have announced more than $50 billion to invest in electric vehicles and batteries in North America. Toyota announced on June 1, 2023 that it will invest an additional USD 2.1 billion in a battery plant for electric vehicles that is scheduled to start production in the U.S. in 2025. Toyota said the battery for the SUV will come from Toyota's new battery plant in North Carolina. The new facility, currently under construction, will receive an additional $2.1 billion in investment to support the company's efforts to become carbon neutral. It is reported that the plant will have six battery production lines, four for hybrid vehicles and two for electric vehicles. With the announcement of the new investment, Toyota's total investment in North Carolina also increased to $5.9 billion.
Driven by policies and markets, a new wave of investment in new energy vehicles is also emerging in Europe. As early as March 2021, Spain** announced a public-private partnership plan for electric vehicles, with ** and local ** shares, covering electric vehicles, power battery manufacturing and charging infrastructure to support the development of the Spanish electric vehicle industry. Immediately after May, Spain** announced again that it plans to invest 4.3 billion euros to support the production of electric vehicles and batteries, of which 1 billion euros will be used to improve the charging infrastructure for electric vehicles.
Coincidentally, the electrification layout of car companies is also increasing. In May 2022, the Volkswagen Group will increase its investment in Spain from 3 billion euros to 10 billion euros in the field of new energy, including the production of electric vehicles and power batteries.
At the policy level, in early October 2023, the European Commission officially launched a countervailing investigation against China's imports of electric vehicles. According to the EU Countervailing Regulation, a preliminary decision will be made within 9 months and a final determination will be made within 13 months after the formal opening of the investigation, and the investigation will be conducted against the current imports, and the imports before the investigation is initiated will not be retrospective.
Mr. Lei Song, senior counsel at Zhong Lun Law Firm, told Caijing 11 that the subsidies in the EU countervailing investigation are not limited to fiscal allocations and tax deductions, and whether Chinese enterprises can provide detailed identification and classification of subsidies is the basis for responding to the investigation. The EU countervailing investigation process is very tight, and once it is launched, Chinese companies will be in an intensive response for the next 12 to 13 months, and they need to prepare in advance. At the same time, the support at the ** level, the cooperation of European importers and downstream users, all play an important role in responding to the investigation.
Lei Song suggested that Chinese automakers should actively participate in the countervailing investigation, that a professional advisory team should intervene as soon as possible, and that the strength of local partners in the EU must be taken seriously. If the results of the investigation are unsatisfactory, the company may seek judicial remedies from the European Court of Justice. "According to the previous 'double dumping and anti-subsidy) cases, the difference between the tariff rates imposed by enterprises that actively respond to the lawsuit and those that do not respond to the lawsuit can reach 8 times. Chinese automakers can also learn from domestic industries with rich experience in responding to "double reversal" lawsuits, such as textiles, light industry, photovoltaics, etc.
Based on the promotion plan of new energy vehicles of European car companies, the analysis of "Finance Eleven" believes that the next two to three years is a critical window period. During this period, how much market share Chinese automakers can seize will determine the success or failure of Chinese auto brands in the European market. The countervailing investigation is one of the few effective means in Europe that can deal with Chinese automakers during this critical window.
Under the multiple encirclement and infiltration of policies and industrial giants, it is foreseeable that China's new energy vehicles still have many tough battles to fight if they want to establish a dominant position in the world.
At present, more Chinese-funded car companies have recognized the industrial situation, and domestic new energy car companies led by BYD are accelerating the pace of "going overseas". For example, on the product side, BYD's multi-model has sounded the horn of going overseas: in February 2022, Yuan PLUS will be launched simultaneously in China and Australia; In July, Yuan Plus entered the Singapore market; In September, BYD launched three models for the European market: BYD Han, Tang and Yuan Plus. Other new EV manufacturers are also deepening their presence in the European market. For example, NIO has already delivered the ES8 in Norway, introduced new models such as the ET7 in 2022, and opened up markets in other European countries such as Germany, the Netherlands, Sweden, and Denmark. Xpeng started G3 exports in 2020, and P5 has already started pre-orders in Denmark, the Netherlands and other countries.
At the level of industrial layout, Chinese-funded car companies are also accelerating the strategy of building overseas factories. At the Munich Motor Show held in early September 2023, Zhu Jiangming, founder, chairman and CEO of Leapmotor, said that "the globalization of Leapmotor will be the globalization of products and technologies", and according to a number of ** reports, Indian steel energy group JSW is negotiating with Leapmotor to obtain a technical license to manufacture electric vehicles.
In July 2023, Yu De, Assistant to the President of SAIC, General Manager of the International Business Department, and General Manager of SAIC International, also announced that SAIC Motor plans to establish a new energy vehicle plant in Europe to better promote SAIC's business development in Europe and other overseas markets. Yu De said in an interview that when SAIC's decision-makers decided to focus on the European market at the end of 2019, they formulated a plan to "consider establishing a factory in Europe when the annual sales volume in the European market exceeds 100,000 units". He further said: "In the automotive field, localization and localization are very important, just like Volkswagen, Tesla and other car companies, entering the Chinese market and doing a good job of localization, in order to win a broader market and have a more stable business environment, enterprises need to leverage localization to improve their ability to resist risks." ”
Earlier, on March 10, 2023, the groundbreaking ceremony of BYD's passenger car production base in Thailand was held in Rayong, Thailand; In May of the same year, according to France, citing the local government, BYD was negotiating with the authorities on the possibility of building a factory in France.
At the end of 23, BYD announced that it would build a new energy vehicle production base in Szeged, Hungary, and in January 2024, the company officially signed a pre-purchase agreement with the local ** passenger car factory land, which is expected to be completed and put into operation within 3 years; Around the same time, BYD's Uzbekistan plant started production in January, and the company plans to invest in Indonesia. (News from Caitong**).
Also on March 10, 2023, Nezha Automobile's Thailand Eco-Smart Factory laid the foundation stone in Kannayao District, Bangkok. Chery Automobile is also rumored to be setting up factories in Thailand and other Southeast Asian countries.
It is foreseeable that the success or failure of the "going overseas" strategy of Chinese car companies in the next 3-5 years will have a profound impact on the global new energy vehicle pattern. However, it is necessary for domestic enterprises to pay attention to the fact that overseas factories also face higher production costs and labor costs. For example, due to the incomplete overseas power battery industry chain, the main raw materials and production equipment still need to be imported from Asia, and the product manufacturing cost is high. In addition, overseas factories should increase personnel training and provide a compliant working environment in accordance with the requirements of local trade unions, which will cost more labor. On the other hand, European, American, Japanese and South Korean companies have been deeply involved in overseas markets for many years, while Chinese companies have insufficient overseas experience.
To sum up, the overseas journey of China's new energy vehicle companies is by no means a smooth road, considering the risk of violent fluctuations in the global economy and market demand, enterprises should also do what they can when they have in-depth overseas layout and fierce expansion. As Ren Zhengfei said in "Not a Short-lived Hero": "If you don't have a solid foundation and expand without authorization, it can only be suicide." ”
Looking back on the history of China's new energy vehicle development, from an industry catch-up to an industry leader, this is not only a history of indomitable struggle, but also a history of never-ending innovation.
It can be said that the key to success is driven by new technologies brought about by innovation - new technologies promote the industry to continue to reduce costs and increase efficiency, the cost decline brings up demand, and the increase in sales volume feeds back technology research and development.
Nowadays, the new energy vehicle industry has entered a new round of technological iteration, and it has reached a historical critical node that will determine the new pattern of the industry in the next decade. There is no doubt that whoever can solve the pain points of the industry in the future will have the power and historical opportunity to change or reshape the new pattern of the industry.
Tesla is still a good research sample, according to 24 tide statistics, in the 18 years from 2006 to 2023, Tesla has invested a total of 1236 in R&D9.9 billion yuan, accounting for 5 percent of the total operating income in the same period36%。
The data fully proves that Tesla continues to invest its main energy and resources in the core research and development, and constantly improves the hard core strength of its products, so that consumers can spend every penny on product power.
Musk said in his recent earnings report that Tesla has made great progress in the research and development of the next-generation platform. "The new platform will be revolutionary and impactful, not only in terms of the design of new models, but also in the design of production systems, which will be more advanced than other systems and will be significantly ahead. ”
In China, the only one that can compete with Tesla in terms of R&D and investment may be BYD, according to 24 tide statistics, in the past 18 years (2006-September 2023), BYD has invested a total of 1115 in R&D1.1 billion yuan, accounting for 5 percent of the total operating income in the same period30%。
Especially in the first three quarters of 2023, BYD's R&D investment surpassed Tesla's in an all-round way, reaching 2493.8 billion yuan.
A strong R&D team and continuous R&D investment have also brought fruitful R&D results to BYD. For example, in recent years, BYD has successively launched blade batteries, DM-i super hybrids, and e-platform 30. Disruptive technologies such as CTB battery-body integration and DM-P king hybrid have helped their business achieve leapfrog development and promoted technological change in the new energy vehicle industry.
In the field of new energy passenger vehicles, BYD officially released the Yi Sifang technology in January 2023. Yi Sifang technology takes the four-motor independent drive as the core, and comprehensively reconstructs the characteristics of new energy vehicles from the three dimensions of perception, control and execution, and officially releases a new million-level high-end brand "Yangwang" based on this technology.
Last year, BYD held the "Cloud Wheel System" press conference, and this press conference alone received tens of millions of hits, and its influence was almost unmatched.
In terms of the construction of the core component resource platform, starting from the strategic starting point of vertical integration, BYD has gradually entered a new stage of market-oriented strategic layout and development, and has always controlled the independent research and development and production capacity of core product components of the whole industry chain of new energy vehicles, such as batteries, motors, electronic controls and chips.
On January 16, 2024, BYD held a dream day press conference, at which it released a new strategy for the intelligent development of "vehicle intelligence" and the "Xuanji" intelligent architecture. Among them, the Xuanji architecture integrates BYD's current electrification and intelligent technologies, including Yi Sifang, DMO, E platform, Yunyuan, three-electric system, chassis system, body system, intelligent cockpit and intelligent driving technologies, BYD will integrate relevant technologies according to different price points and brand models. BYD is expected to realize that the hardware, software, and algorithms are all self-developed by BYD in the full stack.
Ten days ago, according to the American "Wall Street**" on January 3**, Chinese automaker BYD surpassed Tesla in quarterly sales for the first time to become the world's largest electric vehicle seller, which marks China's emerging strength in the global electric vehicle market. According to reports, BYD sold more than 5260,000 pure electric vehicles, while Tesla's sales in the same period were close to 4850,000 units.
In 2022, Ren Zhengfei published a "chill theory", in which he said: "The next ten years should be a very painful historical period, and the global economy will continue to recession. Now, due to the impact of the war and the continued blockade and suppression by the United States, the world's economy is unlikely to improve in the next three to five years. ”
Ren Zhengfei believes that it is necessary to "take survival as the most important program and pass on the cold to everyone." To this end, Ren Zhengfei asked for an internal change in thinking and business policy, from the pursuit of scale to the pursuit of profit and cash flow, to ensure that the next three years of the crisis will be surpassed.
Under the influence of a series of factors, the automobile industry has also entered the era of "gold is king" - that is, whoever has stronger capital strength may live longer and become the industry leader in the next decade.
At present, the best benchmark for China's new energy vehicle companies may still be Tesla, according to 24 tide statistics, Tesla's asset-liability ratio at the end of 2023 is 4034%, down 392 percentage points; Capital reserves (cash and cash equivalents, other short-term investments, etc.) 20606.4 billion yuan, a year-on-year increase of 3337%；Excluding short-term interest-bearing debt, its net worth of funds amounted to 1,8925.7 billion yuan, an increase of 3138%。It can be seen that Tesla's overall financial structure is very stable, and its capital reserves are also very strong.
In order to find out the current capital strength of China's major car companies, the 24 Chao team counted the core financial data such as total liabilities, asset-liability ratio, capital reserves, net fund value, accounts payable and notes payable of 11 major car companies in the latest financial reports (third quarter of 2023).
The overall asset-liability ratio of the 11 automakers was 6575%, an increase of 242 percentage points, of which 5 companies have an asset-liability ratio of more than 70%, followed by Cialis (83.).336%), NIO (80.).78%), BYD (77.37%), BAIC Blue Valley (72.).12%), Zotye Auto (7049%)；
The total net operating cash flow of the 9 companies was 16880.3 billion yuan, a year-on-year increase of 5379%, among which the operating cash flow of Great Wall Motor, Seris, BAIC Blue Valley and other car companies has deteriorated significantly (Note: Xpeng Motors and NIO did not disclose cash flow data).
11 car companies have capital reserves of 57931.6 billion yuan, a year-on-year decrease of 062%, of which, only ideal, BYD, Guangzhou Automobile Group and Changan Automobile four car companies achieved positive growth, while Great Wall Motor, Seris, Zotye Automobile three car companies fell by more than 30%;
After excluding short-term interest-bearing debts, the net capital value of these 11 car companies is 44899.8 billion yuan, a year-on-year decrease of 092%, SAIC, Li Auto and Changan Automobile ranked the top three in terms of capital strength, while Zotye Automobile and BAIC Blue Valley had negative net capital, that is, the capital reserves were insufficient to cover short-term interest-bearing debt, and the financial pressure was relatively large.
To sum up, in the context of the global economic downturn or slowdown in growth, coupled with many factors such as "crazy expansion and overcapacity, supply and demand game and sharp fluctuations in raw materials, global development and protection", are intensifying the differentiation of the new energy vehicle industry, and the comprehensive competition between global new energy vehicle companies has just begun. Technology meets reading
The 24 tide team believes that under the new competition of the future industry, enterprises that realize integration and globalization layout earlier, as well as have strong R&D foundation and capital strength, are more likely to survive in the cruel industrial competition, and such enterprises also have the genes and strength to go through the cycle and continue to grow and grow.