Who is the capital optimistic about? New car companies sell trends

The automobile industry is surging, but in the past four or five years, there have been more than 50 new forces building new forces. It is absolutely impossible for all of these companies to successfully land. The industry generally believes that there will be no more than three successful companies. Lack of money is the biggest difficulty faced by start-up car companies. The pursuit of development has become a road that some new car companies have to choose. While the new car companies are caught in a shortage of money, the capital market is also looking for good investment targets. In the second half of the car build, which companies have financing needs and investment potential? Let's talk together.

30 seconds to read the full text:
1. Lack of money is the biggest dilemma of new car companies. There are already three companies, FF, Hezhong New Energy and Changjiang Automobile, who choose to “sell” and seek development.
2. The car-making movement entered the second half. For the capital that wants to enter the market at this time, it is obvious that the layout from scratch is not keeping up with the rhythm. Finding a suitable target investment acquisition seems to be a better choice.
3. At present, among the 15 enterprises approved by the National Development and Reform Commission for pure electric passenger car projects, the financing needs of the prospective car and land local boat are more urgent, and they also have the potential to be invested.

â–  Lack of money is the core dilemma of new car companies

For the new car companies, money is the first difficulty. Only after the money has a team, products, and qualifications. Li Bin, the founder of Wei Lai, once said that it takes at least 20 billion yuan to build a car. Weilai Automobile is the enterprise that has the most profound understanding of the burning of cars. It is also the most financing company among the newly-created car companies, with a total financing of more than 15 billion yuan. The company with the highest financing amount is planning to seek more capital support, and listing in the US is already undercover. Undoubtedly, the large demand for funds is not necessarily an individual phenomenon of the Weilai automobile family, but the general demand of all new car companies.

『蔚来ES8』

No money to support all the car-making plans can not be carried out. At present, three of the newly created car companies have chosen to “sell” for development. The “selling” here refers to the replacement of the company’s controlling party by the introduction of capital.

Before the Weilai Automobile, LeTV was once the hottest one among the newly-created automakers in China. Later, due to the break of the Leshi system capital chain, Jia Yueting fled to the United States to avoid debts, and LeTV's auto business immediately stopped. In July 2017, after losing all control of the music system, Jia Yueting put his dream of making a car on the FF.

After the debut of FF's first car, the FF 91, which was unveiled at the beginning of 2017, it was well received by the industry, and the lack of money directly caught the mass production process of the FF 91. Jia Yueting, who has been listed on the “Lai Lai” list for many times, has become extremely difficult on the road to obtaining capital support. In desperation, Jia Yueting accepted the proposal of Evergrande Group's holding FF, and accepted the cruel gambling agreement, that is, if Jia Yueting could not fulfill the promise of the first batch of electric vehicle mass production delivery in the first quarter of 2019, he would lose the FF. Actual control.

『FF 91』

Evergrande Group's investment in FF may be a helpless move for Jia Yueting. For Evergrande Group, it is to look at the products, technologies and teams behind FF. FF is the Evergrande Group's entry into the automotive industry by real estate companies. Important chess pieces.

Before and after the acquisition of FF by Evergrande Group, there were two new car companies in China that quietly carried out the replacement of controlling shareholders. At the end of 2017, Wang Xing, chairman of Huaxia Happiness, personally subscribed for a capital contribution of 330 million yuan to acquire nearly 53.4% ​​of Hezhong New Energy. In July 2018, Shenzhou Car Rental announced that it would subscribe for 9 billion shares of Wulong Electric Vehicle for 540 million Hong Kong dollars and hold 22% of its shares. It will gradually expand its shareholding ratio and become the largest shareholder of Wulong Electric Vehicle. Changjiang Automobile, a car-building project of Wulong Electric Vehicle.

Unlike Evergrande Group, which focuses on the technology and team behind FF, Hezhong New Energy and Changjiang Auto have not yet formed a product when they were acquired. The two companies are capital-seeking chips. At present, the competent national authorities are tightening the issuance of vehicle qualifications, so the qualification for building a car is becoming very precious.

"Where is N01"

Taking Hezhong New Energy as an example, at the end of 2017, when it was invested and controlled by the “Knowledge System”, almost no product or team was formed. The most valuable thing was the qualification of building a car, and the exchange of 33.4% of the shares was 330 million yuan. To calculate, the entire company's valuation is more than 600 million yuan, which means that the value of the vehicle qualification may be as high as 600 million yuan.

In the first half of 2018, after receiving the capital support of the “Knowledge Department”, the Hezhong New Energy Vehicle Project was shown to be revitalized. In the past six months, Hezhong New Energy has been moving frequently. While digging executives from various car companies, it launched the first production car, N01.

"Yangtze Motors launched a small electric SUV in Yangtze River in 2016, which has not yet been on sale."

Changjiang Automobile is the second enterprise approved by the National Development and Reform Commission to build a car project. Its parent company Wulong Electric Vehicle has suffered losses for eight consecutive years. In the more than two years after the approval in May 2016, Changjiang Motors had almost no news about financing and talent introduction. In April 2017, Changjiang Automobile had planned to launch a pure electric SUV, but it has not given specific time to market. Until today, whether the car will be mass-produced has disappeared. At this year's Beijing Auto Show, Changjiang Motors released three concept cars in one breath, and has not announced the specific time to market. After the introduction of the capital of China's car rental, whether the Yangtze River will have a new improvement remains to be seen.

In April of this year, the National Development and Reform Commission convened 15 companies that received approval for the pure electric passenger car-making project to exchange bells and clocks for enterprises with slower car-making. If they fail to obtain the essence within two years of obtaining the project approval, Progress, approved vehicle projects will face the possibility of failure. Therefore, new ventures that are not able to promote car-making projects due to lack of money are feeling anxious.

â–  Promising car/land local boat has financing needs and potential

The wave of new energy-making vehicles in China has been concentrated around 2014, but until today, the investment in the new energy vehicle industry has not been reduced. For the capital that wants to enter the market at this time, it is obvious that the layout from scratch is not keeping up with the progress. It seems that it is a better choice to find a suitable target for investment acquisition.

According to the author's incomplete statistics, at present, there are as many as 50 new car companies that have appeared in the public. From the cases of FF, Hezhong New Energy and Changjiang Automobile acquired, it can be found that capital is mainly interested in product technology and vehicle qualification, and enterprises choose to “sell” and suffer from lack of money. Based on the capital market and the needs of both new car companies, we will focus on the analysis of the 15 companies that have been approved by the NDRC, and which companies have investment potential.

"Cloud degree π7"

Among the 15 approved enterprises, BAIC New Energy, Yundu New Energy, Jiangling New Energy, Zhidou, Changjiang Automobile, Qiandao Automobile, Hezhong New Energy, and Volkswagen Jianghuai have officially obtained vehicle qualifications. These eight companies can be regarded as well-established car-making projects. Among them, the top three companies rely on state-owned capital and have little possibility of being acquired. In addition, several companies, behind the Zhidou are the Geely Group, behind the Volkswagen Jianghuai are the Volkswagen Group and Jianghuai Automobile, while Changjiang Motor and Hezhong New Energy have just received capital blessing, these companies will not be suitable acquisitions in the short term. Subject.

On the whole, only the promising car projects relying on the Great Wall Huaguan in the eight companies have large capital needs in the near future. The future car is 100% owned by Great Wall Huaguan. In September 2016, after the approval of the National Development and Reform Commission's car project, the future car has not announced any financing plan. According to an auto industry analyst, it is generally said that a new car with R&D capabilities will need to build a new plant with a capacity of 50,000 yuan. Newly-created car companies often have weak research and development strength in the early stage, and they need more financial support. The registered capital of the prospective car is only 600 million yuan, and its parent company Great Wall Huaguan has been unable to export such a large amount of money to it for three consecutive years. It is expected that after the K50 listing of the future, the prospective car will carry out large-scale financing.

"The future K50"

The other seven of the 15 companies are Chery New Energy, Min'an Automobile, Wanxiang Group, Jinkang New Energy, Guoneng New Energy, Henan Suida and Luzhou Zhouzhou. Chery New Energy is the only company among the 15 companies that has a background in traditional car companies but has not yet obtained independent vehicle qualifications. In 2016, Anhui listed company Conch Profile had planned to acquire Chery New Energy, and chose to give up due to the uncertainty of its independent qualification application. At present, the entire Chery Group is undergoing mixed reforms, and the new energy business may not be sold separately.

Min An Automobile and Wanxiang Group are regarded as the most powerful influx of the 15 new car companies. Now the two companies are making a lot of progress, and the two companies have not released any product information. As the approval of the car-making projects of the two companies will expire in November and December this year, it is expected that there will be clearer actions in the second half of the year.

『SF5』

The “Routines” of Jinkang New Energy and Guoneng New Energy are all obtained through the acquisition of foreign automobile-making projects to obtain products and technologies, and then apply for qualifications through domestic automobile-making projects, and then domestically launch foreign projects. At present, the main focus of the two companies is on the construction of vehicle construction projects, and has not yet entered the stage of mass production.

Jinkang New Energy is a wholly-owned subsidiary of the listed company Xiaokang. In June this year, Xiaokang shares just increased its capital by 3 billion yuan to Jinkang New Energy, bringing its registered capital to 4 billion yuan. At the same time, Xiaokang shares 100% of its equity in the US-made car project SF MOTORS to Jinkang New Energy. The advantage of this is that after Jinkang New Energy gets the qualification for building a car, it can smoothly introduce SF MOTORS into domestic production. SF MOTORS's first car, the SF 5, has been unveiled in China recently and is scheduled to be launched in the third quarter of 2019. With Xiaokang's 3 billion yuan blood transfusion, Jinkang New Energy is relatively well-funded in the short term, and the subsequent financing needs will depend on its product layout.

『NEVS 9-3』

Guoneng New Energy was established in June 2015 with a registered capital of 2.4 billion yuan. Guoneng’s new energy vehicle strategy is to introduce the bankrupt Swedish Saab automotive product technology. On August 31, 2012, Guoneng New Energy Holding Co., Ltd. National Energy Electric Vehicles Sweden Ltd. (NEVS) completed the acquisition of Saab Automotive Co., Ltd., Saab Automotive Powertrain Co., Ltd. and Saab Automotive Mould Co., Ltd. assets, including Saab 9-3 and Phoenix Platform's full intellectual property, tooling molds, factories and test and test equipment. The first electric vehicle of Guoneng New Energy is built on the Saab Saab 9-3 platform. In the future, it plans to produce a variety of electric vehicles and extended series products based on the Phoenix platform.

At present, Guoneng New Energy's factory in Tianjin has not yet been completed, and its chairman Jiang Dalong has announced that it will invest 20 billion yuan in Shanghai to build a new plant with a capacity of 100,000. At present, "Where does the money come from?" is the biggest question about the new energy of the country, and Guoneng New Energy has not yet given a response.

Henan Express is the most controversial enterprise among the 15 approved companies. Some media reports said that Henan Sudar had become a zombie enterprise that relied on the government for many years. After obtaining approval from the National Development and Reform Commission project in March 2017, Henan Speeda is taking the time to promote the construction of the vehicle construction project. According to the China Auto News, in order to maintain the qualification of building a car, the Sanmenxia City Government injected a capital of 1 billion yuan into Henan Express, and tried to apply for acceptance at the Ministry of Industry and Information Technology in September this year. There is no doubt that Henan Suida has financing needs, but in the product technology is a poor and controversial enterprise, who dares to invest?

"Land local boat V5 2013 model"

Luzhouzhou is a typical representative of upgraded passenger car enterprises for new energy commercial vehicles and low-speed electric vehicle enterprises. Under the background of uncertainties in the regulation of low-speed electric vehicles, a number of low-speed electric vehicle companies are seeking an upward transformation. After the approval of the National Development and Reform Commission, the land local boat is actively preparing for the transformation and upgrading of the enterprise. According to insiders, Lu Zhouzhou does not exclude high-quality capital from entering. Another source of investment said that Huaxia Happiness had had contact with Lu Zhouzhou. Combining these seven companies, Luzhouzhou has the financing needs and potential.

Summary of the full text: The new car enterprise car test is about to enter the knockout round. On the one hand, the National Development and Reform Commission has tightened the supervision of the car-making project. On the other hand, the market competition has intensified. No matter what aspect, there is not enough space left for more than 50. Home business. It is foreseeable that enterprises that have already entered the market will face the integration of high-quality resources and the elimination of inferior resources. After the integration and elimination of the screening, the enterprises will enter the next round of examinations, that is, competition with traditional car companies, and ultimately how many winners will win. We still have to wait and see.