| Bullet Finance
Author | Homer
Edited by | Egg Total
Art editor | Qianqian
The "National Golden Week" has just passed, and major automakers have successively issued "Golden Nine War Reports", among which the sales of new energy vehicles have attracted much attention.
According to the latest data from the China Passenger Car Association, the wholesale sales of new energy passenger cars in September reached 675,000 units, a year-on-year increase of 94.9%. BYD once again topped the sales championship, leaving other car companies far behind with a monthly sales of 200,000 units. Chery Auto, one of the representatives of traditional car companies, ranks eighth with sales of 20,508 units, and new car-making forces such as Ideal, Leapmotor, , NIO, , etc. are ranked behind. When did
Chery start to focus on new energy vehicles? On September 16, Chery officially released the "Yaoguang 2025 Strategy". Its chairman Yin Tongyue said that in the next five years, Chery plans to invest 100 billion yuan in technological innovation and train more than 20,000 R&D personnel, of which the proportion of software talents exceeds 50%. It seems that after the automobile industry enters the era of new energy and intelligence, Chery has to "add up its power".
However, compared with these generally talked about 100 billion figures, what is even more surprising is that Chery pushes the timeline of its listing plan before 2025. Why is Chery, which was not in a hurry to go public before, now has rush to sound the charge for listing?
1. Where does the investment of 100 billion yuan originate?
This time, the "Yaoguang 2025 Strategy" mentioned that Chery will invest 100 billion yuan in technological innovation in the next five years. As for whether it is R&D investment, it is no longer very important. The key question is where the 100 billion yuan investment comes from?
If calculated simply based on an average annual investment of 20 billion yuan, for a car company, 100 billion yuan in five years does not seem to be too much. But if it is on Chery, there is still some pressure.
According to the "e company " under the " Securities Times ", in 2021, Chery Group achieved operating income of 105.6 billion yuan in the whole year, a slight increase of 1.2% from 104.3 billion in 2020. The investment of 100 billion yuan has almost consumed Chery Group's annual operating income. According to public data, Chery Auto's operating income in 2020 was only 34.762 billion yuan.
Considering that Chery Automobile is only one of the six major businesses of Chery Group, if you invest 100 billion yuan in Chery Automobile, this pressure will probably be even greater. What makes the outside world even more ridiculous is that when Chery Auto contributed 34.762 billion yuan in revenue in 2020, it only generated 7.3718 million yuan in net profit. According to Chery Auto's sales data of 449,000 units in 2020, the net profit of each car is 16.42 yuan.
Of course, one or two years of not making money or even losing money does not mean that you have never made money. After all, Chery Automobile has been in 25 years since its inception.
"Bullet Finance View" found from the Enterprise Warning APP that as of the end of 2020, Chery Automobile's total assets were 88.418 billion yuan and its net assets were only 25.546 billion yuan. , not to mention how much money can be made, even selling assets cannot reach a five-year investment of 100 billion yuan. As for why it is mentioned like this, it is probably to show its ambition to enter the capital market in the future, and to show the outside world the determination to transform from fuel vehicles to new energy.
In addition to the investment of 100 billion yuan, Chery's "Yaoguang 2025 Strategy" is more worthy of attention to the countdown to listing in 2025. This is not the best time to go to market for Chery Automobile, but the more you drag on this listing plan, the smaller the advantage over Chery.
As we all know, Chery's highlight moment was in 2005. At that time, Chery's car manufacturing level was not necessarily very strong, but it was also a "leader" in the Chinese automobile manufacturing industry in the industry. It can be regarded as the first independent brand that dares to get a piece of the market monopoly of joint venture car , and eventually becomes one of the few car brands that can survive being surrounded by many joint venture car brands.
followed by 2015. The independent brand of "surrounding the city from the countryside" has begun to strode to the forefront.In addition to the Chery brand, independent brands such as Geely , Great Wall, Changan , BYD and Trumpchi have appeared in the market. At this time, Chery relied on its own engine technology to sell domestic cars overseas... If Chery can enter the capital market at this time, there may be some stories to tell.
To this day, Chery is talking about the launch again, and it seems to be a bit of using "big swords and cannons". The core of the new energy track is not the three major components of engine, gearbox and chassis, but instead it is a three-electric system, plus intelligence. Chery's new energy business seems to have a certain market share, just like today's SAIC-GM-Wuling , but lacks certain technical reflections and differentiated advantages.
2, Chery's "illusion" of new energy
Compared with Chery's performance in the fuel vehicle era, the specific progress of its new energy business is more curious. Since the production and sales data of various manufacturers in September have not been released yet, we can find out from the data in August.
"Bullet Finance View" found from the data of the "Automotive Manufacturer Wholesale Sales Ranking" released by the China Passenger Car Association that Chery Automobile ranked third on the August list with a single-month wholesale sales of 132,000 units, second only to BYD's 174,000 units and FAW-Volkswagen 's 162,500 units. At the same time, it became the ultra-high-speed growth car manufacturer second only to BYD with a year-on-year growth rate of 120.7%, ranking second in the top 10 sales list.
Of course, the data for a single month may be somewhat accidental, but judging from the data in the first eight months of 2022, Chery Automobile ranked seventh in the TOP10 list with a total of 694,400 manufacturers wholesale sales. At the same time, it ranked second in the top 10 sales list with a year-on-year growth rate of 36.2%.
In this way, Chery Automobile's sales data are still very considerable. As a second-tier car company with independent brands, it is somewhat surprising that it can achieve such results under the dual pressure of joint venture car companies monopoly and independent brands breaking through.
However, these glory just exists in the fuel vehicle field, and Chery's voice seems not that strong in today's new energy market.
"Bullet Finance View" noticed from the segmented data of the China Passenger Car Association that in August 2022, Chery's Chery's Chery's Little Ant model ranked sixth on the August list with a single monthly sales of 10,000 units, and Chery's QQ ice cream model ranked eighth on the August list with a single monthly sales of 8,616 units.
In the first eight months, Chery QQ ice cream model ranked fifth on the cumulative list with a total sales of 72,100 units, and Chery Little Ant model ranked seventh on the cumulative list in the top eight months with a total sales of 67,100 units.
Thanks to the hot sales of new energy vehicles such as Chery Little Ant and Ice Cream, Chery Auto ranked sixth on the new energy manufacturer sales list in August with a sales volume of 26,600 units. In the first eight months of 2022, Chery Automobile ranked fifth in the cumulative sales list of new energy manufacturers with a total sales volume of 159,400 units.
It is not easy to see from these three sets of ranking data that Chery Automobile's overall sales data is still very good, and new energy models have a certain market share. can be carefully observed and found that in the first eight months, the sales data of new energy vehicle models accounted for 22.96% of Chery Automobile's total sales, while the sales of the two models, Chery Little Ant and QQ Ice Cream, accounted for 87.20% of the new energy vehicle models.
For Chery, which mainly uses traditional fuel vehicles, new energy accounts for more than 20%. However, considering that its new energy sales are mainly supported by QQ ice cream priced at 30,000 to 60,000 yuan and Chery Ants priced at 60,000 to 90,000 yuan, it is inevitable that people will worry about its future development space.
After all, QQ Ice Cream is a scooter that is benchmarked against Hongguang mini, while Chery Little Ant is an entry-level electric vehicle and both seize the market at low prices. It is difficult to see its product advantages in the new track, which is supported by both.
Even though it has occupied a place in the new energy market, Chery is still one of the few car companies in the era of fuel vehicles that can have independent intellectual property rights in the core engine field. Unfortunately, the development of its new energy vehicles and corresponding technical capabilities have not met everyone's expectations.
3, Chery's bumpy journey
"There are more than 10 million car owners around the world, including 2 million overseas users, ranking first in the export of Chinese brand passenger cars for 19 consecutive years." This is the confidence shown by Chery Auto's official website. However, such an independent brand has even worse presence in the new energy track in recent years.
It should be noted that in the past 25 years, Chery has experienced struggles, hesitation and rise, which are also the 25 years since the rise of its own brand.
In the 1990s, a village-run factory in Wuhu City, Anhui Province achieved a profit of nearly 100 million yuan. I have a "huge investment" in my hand but I don't know what to do. It just so happened that the "car-making dream" of Wuhu Municipal Government has not yet been realized for many years. Therefore, under the leadership of the Wuhu Municipal Government, this unknown village factory opened a road to building a car with this huge profit.
In January 1995, the car manufacturing team of Wuhu City went to Europe for inspection and by chance, they introduced an engine production line of Ford Automobile in the UK. However, due to the strict restrictions on automobile production by the country at that time, the car manufacturing project of Wuhu could only be carried out in secret. This car manufacturing project is internally called the "Ninth Five-Year Project", which is the number one project of 's ninth five-year plan.
Chery Automobile was officially established in 1997. Two years later, Chery's first car, " Fengyun ", was officially launched, but because it did not obtain relevant production qualifications, the mass production of Fengyun models almost became "deadly in the womb".
Chery team first asked FAW to cooperate, but FAW did not like Chery for the time being. In the end, Chery could only compromise and obtained a " birth certificate " from SAIC in the form of "selling oneself".
Chery Automobile was renamed SAIC Chery in 2001, and Chery's first model Chery Fengyun was officially mass-produced. However, with the rise of Chery, the dark horse, and the popularity of models such as Chery QQ and Oriental Son , Volkswagen and General could not sit still, and successively launched commercial lawsuits against Chery for the supply chain and technology use rights of the automobile.
Under the pressure of disputes over various intellectual property rights, SAIC had to choose GM between GM and Chery. In 2004, SAIC Chery was renamed Chery again.
After this failed "marriage", SAIC and Chery embarked on two different development paths. SAIC has become more firm in the development positioning of joint venture brands, and Chery realizes that if you want to build a car, you have to break the Western technology blockade and brand monopoly.
pic/photo.com, based on the VRF protocol
In 2005, Yin Tongyue, chairman of Chery Automobile, was selected as the "CCTV Top Ten Economic Person of the Year". This is the fourth helmator of the Chinese auto company to win such an honor after Zhu Yanfeng (then Chairman of FAW), Yu Miao (then General Manager of Dongfeng ) and Hu Maoyuan (then Chairman of SAIC).
On this CCTV stage, Yin Tongyue also won the annual "Independent Innovation" single award on behalf of Chery. At this point, this intellectual property dispute originated from SAIC, Chery, GM and Volkswagen has come to an end.
Then Chery conquered the city and soared straight up. By August 2007, Chery's 1 millionth car was officially launched. By May 2022, Chery announced that it had achieved a total sales of over 10 million units.
Looking back now, Chery Automobile's "difficulty in the beginning" and "marriage setbacks" are not only the bitterness of the growth path of its own brand, but also a portrayal of the hardships of China's automobile industry development.
Because of this, the market monopolized by overseas automobile brands and the rules of the industrial chain have also made independent brands led by Chery realize that private automobile brands that do not have the support of "background" and "friends", if they want to base themselves on the market, they can only seek breakthroughs in independent intellectual property rights. This is also the fundamental reason why Chery was able to write its own legend in the era of fuel vehicles.
4, and finally
In the era of fuel vehicles, Chery relied on technical accumulation to break the barriers of the West, which is worthy of praise from all domestic car companies, but in the era of new energy vehicles, Chery undoubtedly needs more proof.
Whether in terms of model design, core three-electric system, brand marketing and offline channel layout, Chery will face a more cruel competition than the fuel vehicle era, let alone explore the capital market at this time.
In fact, since the third quarter of this year, the market value of domestic automobiles, , SAIC Group, , has shrunk by 16.52%, the market value of BYD, the leader of new energy vehicles, has dropped by 24.50%, and the market value of Seris, the dark horse in the car manufacturing industry, has dropped by 32.53%. Geely Auto 's market value has been directly "halved"...
Chery, who is lying on the credit card of fuel vehicles, sounded the charge for listing in the new energy era. Chery's opponent seems to be no longer Geely or SAIC, but BYD and the new car-making forces.
* The title picture in the article comes from: Visual China, based on RF protocol.
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