htmlOn November 9, Ideal Auto released its third-quarter financial report.
The first feeling after reading the financial report is: the ideal is really too stable.
first look at the delivery.
Delivery of 20,000+
In the third quarter, Ideal delivered 26,524 vehicles, 31,716 and 28,687 respectively in the first and second quarters.
in October, 10,052 units were delivered, 15,034 units were delivered in November, and a total of 112,013 units were delivered from January to November 2022, basically the average monthly delivery was 10,000+, and the data was very beautiful.
This is not over yet.
Ideal gives the fourth quarter delivery guidance between 45,000 and 48,000 vehicles.
htmlIdeal delivery of 25,086 vehicles in October and November. In other words, the worst thing to do is to pay 20,000 cars in December. That's right, you read it right, you have guaranteed a minimum of 20,000 units.
This will directly refresh the monthly delivery record and quarterly delivery record of new car manufacturing.
At the end of February next year, the big five-seater SUV L7 will also begin delivery. The first ones that will be uncomfortable will be the two good brothers: Li Bin and He Xiaopeng .
And don’t forget that there will be an L6 within 200,000-300,000 next year. Ideal sales will take off directly, and monthly sales of 20,000 will become the norm.
. Regarding future sales expectations, Ideal revealed that the monthly sales of Ideal L9 are around 8,000 to 11,000 units, and L8 is between 10,000 and 14,000 units.
Li Xiang also wrote in today's internal letter: "Ideal L9, L8, and L7 have made Ideal ONE's success from accidental to inevitable. Four consecutive products will become popular products with monthly sales of over 10,000 yuan. will gain an absolute leading market share in the SUV market of 300,000-500,000 yuan in 2023. "
Although this is a bit crazy, Ideal does have such confidence.
sincerely suggest that all new car-making forces and new strengths who are not short of money will learn their ideal product logic and product thinking.
Profit in the fourth quarter?
Dig deeper into the layer, which corresponds to the increase in the average unit price.
Ideal L9 will start delivering in August, and Ideal L8 will start delivering in November.
Before August, Ideal mainly sold Ideal ONE models, priced at 349,800. The main models delivered in September and October will be L9. Note that this car is priced at more than 450,000 yuan (459,800 yuan), which will directly increase the ideal average selling price (PS: Some may still have ideal ONE inventory, but there shouldn't be many).
html Starting from November, Ideal L9/L8 has made joint efforts. Even the cheapest Ideal L8 Pro is 10,000 yuan more expensive than Ideal ONE.
That is to say, in the third and fourth quarters, Ideal's financial report revenue will increase significantly. This is true.
Ideal sold 2,163 cars less than in the second quarter, but the revenue of car sales in the third quarter (9.05 billion yuan) increased by 6.6% compared with the second quarter (8.48 billion yuan).
Ideal vehicle gross profit margin in the third quarter was only 12%, compared with 21.1% in the third quarter of 2021 and 21.2% in the second quarter of 2022.
A large part of the low gross profit in the third quarter is the increase in sales costs of Ideal ONE. If this part of the impact is removed, the vehicle profit margin in the third quarter is almost 20.8%.
So, I am not very worried about ideal gross profit.
L9 and L8 production capacity climbing, and there will be L7 and L6 that continue to do dolls. This is a very high part sharing rate, coupled with the sales volume brought by its very explosive product strength, ideal gross profit will be very high.
Ideal also suffered huge losses in the third quarter, with a net loss of RMB 1.65 billion (US$231.3 million), an increase of 156.7% from RMB 641 million in the second quarter of 2022.
However, there is no big problem.
According to the guidance given by Ideal, the total revenue in the fourth quarter was between RMB 16.51 billion (US$2.32 billion) and RMB 17.61 billion (US$2.47 billion).
, compared with the third quarter, the total revenue was RMB 9.34 billion (US$1.31 billion).
As early as November 1, when Ii Yao announced its October delivery volume, Li Xiang himself said:
"Ii Yao L9 and Ii Yao L8 jointly meet the needs of family users at prices of 300,000-500,000 yuan! We strive to achieve a monthly income of over 10 billion yuan in 2022. When the two products of are delivered at the same time, it is time to say goodbye to the loss-making operation for seven consecutive years. "
In other words, Ii Yao will make a profit in the fourth quarter? It's really worth looking forward to.
This year, the total R&D expenses are about 7 billion
In terms of R&D, the expenditure in the third quarter was RMB 1.8 billion, 1.37 billion in the second quarter, and 1.23 billion in the first quarter.
Ideal said: This year, Ideal Auto's R&D expenses will be about 7 billion yuan, which means that the R&D expenses in the fourth quarter will be around 1.07 billion yuan.
vs. NIO Xiaopeng, the R&D investment is not high.
However, Ideal expects R&D expenditure to be 10 billion to 12 billion yuan in 2023, and future R&D is more at the platform R&D level.
Ideal Auto is actively developing modules of 800V high-voltage pure electric platform, including power chips, power modules , electronic control units, motors, and transmission systems.
Silicon carbide power chip: Ideal built its own SiC power module production base in Suzhou , which was officially put into production in 2024, and will gradually form an annual production capacity of 2.4 million;
High voltage five-in-one drive motor: Ideal built its own electric drive production and manufacturing base in Changzhou , which can achieve an annual production capacity of more than 600,000.
Ideal pure electric vehicle will be equipped with an 800V platform and 480kW ultra-fast charging technology.
As for charging speed, in the quarterly financial report, Li Xiang revealed:
"The current experiment has certainly been able to charge 400 yuan in 10 minutes."
The ideal goal is to become one of the first auto manufacturers to launch high-voltage pure electric vehicles.
This year, Ideal Automobile also launched its own charging map. Obviously, it is to prepare for the upcoming pure electric model next year.
According to the previous plan of Ideal Automobile: will be built nationwide by 2025.
organizational structure major adjustments
Today, another big thing is that Ideal officially announced new process changes and organizational upgrades.
Added five horizontal entity departments based on the original two horizontal entity departments (Strategy Department and Product Department) to support the company's comprehensive matrix organization upgrade and process operations.
These five departments are: Commercial Department, Supply Department, Process Department, Organization Department, and Finance Department. Comprehensively upgrade the process and organization, the seven first-level processes, DSTE, IPD, IPMS, ISC, BT&IT, LTD, and IFS, will be fully implemented in the next three years, continuously optimized, and form the minimum operational closed loop of an ideal automotive matrix organization.
Ideal President and Co-founder Shen Yanan (Kevin) will no longer serve as the company's president from January 1, 2023 due to personal reasons, and will join the Process Change Committee from today.
So the new management division of Ideal is as follows:
President Ma Donghui: Responsible for R&D and supply groups, and manage supply teams (including supply chain, manufacturing, quality);
Chairman Li Xiang: Responsible for product and business groups, and manage business teams (including sales, service, charging network);
CFO Li Tie: Responsible for organization and financial groups, and manage human resources and enterprise system teams;
CTO Xie Yan: Responsible for system and computing groups, and responsible for underlying system research and development.
For this matrix organization, Li Xiang described it as follows:
"The biggest feature of a matrix organization is to ensure the management quality of the entire process, the horizontal team plans roads, builds roads, and operates roads, and the vertical team builds, drives, and operates cars. High-quality roads cooperate with high-level fleets to continuously transport the value of continuous creation to consumers, and achieves commercial success, creating a virtuous cycle."
As for why such adjustments are made, Li Xiang In the internal letter, it said:
"We always believe that we can grow into a trillion-dollar enterprise, so we have started to seriously study the management model of the world's top software and hardware combined with trillion-dollar enterprises, as well as the choices, methods and experiences of organizational upgrades made by enterprises at different scales. We found that enterprises with similar business models have generally upgraded to the management model of matrix organizations after reaching the 10 billion-dollar enterprise in the historical development stage."
has grown into a trillion-dollar enterprise, which is the ideal ambition.
This year, Ideal will achieve revenue of more than 40 billion yuan/year, and next year Ideal will launch an impact on the revenue scale of 100 billion yuan next year.
Ideal has begun to run wild, and NIO and Xiaopeng must keep up as soon as possible.
-end-
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