text | Yang Wanli
"Green Monday" is coming, and many well-known companies have been smashed by short sellers one after another, and the leaders of new car-making forces have not been spared.
On October 24, Xiaopeng Motors opened low and closed low, falling by more than 9% during the session, and the stock price fell to HK$28.4 at the lowest. As of the time of publication, the company's decline was about 8.45%, its share price was about HK$28.7 and its total market value was about HK$494.7.
Review of the trend within the year, Xiaopeng Motors opened at HK$194.8 at the beginning of the year, and then entered a deep decline channel. The current stock price fell by more than 85% compared with the high point, and the total market value evaporated by more than 285 billion Hong Kong dollars, or approximately RMB 263.4 billion.
At the time when the stock price hits a low, Xiaopeng Motors' management "takes".
According to media reports, on the evening of October 21, Xiaopeng Motors issued an email to all employees, announcing a comprehensive organizational structure adjustment. Industry analysts said that this move may be related to the company's overall poor development status, and management plans to break through reforms.
Judging from sales data, Xiaopeng Motors previously focused on the mass market and relied on the P series hottest products to quickly seize the market. Starting from the third quarter of 2021, Xiaopeng Motors' sales have increased, ranking first in the new car-making forces for four consecutive quarters.
In the first half of 2022, the top five new car-making forces were Xiaopeng , Nezha, Ideal, Zero Run, and NIO , with sales of about 68,900, 63,100, 60,000, 51,900 and 50,800 respectively, Xiaopeng ranked first.
However, since the second half of 2022, new forces in second-tier car manufacturing have begun to overtake.
From January to September 2022, the top five new car-making forces are Nezha, Xiaopeng, Leapmotor, Ideal, and NIO, with sales of approximately 111,200, 98,500, 87,600, 86,900, and 82,400 respectively. Xiaopeng retreated to second place, and Nezha took the lead.
In the process of development, Xiaopeng Motors has encountered product iteration problems. Among them, the third model, , Xiaopeng P5, has poor sales, while the , Xiaopeng P7, has been on the market for a long time and has limited updates.
In order to make the brand develop upward, in late September this year, the G9 launched by Xiaopeng Motors was officially launched, with a price of more than 300,000 yuan. He Xiaopeng said that "G9 is the best SUV within 500,000 yuan."
However, the launch process of Xiaopeng G9 was not smooth, and users complained that it was difficult to choose product configuration and high selection cost.
In the past, Xiaopeng Motors' business idea was to be technology-oriented. With the adjustment of the organizational structure, a situation in which technology and user needs may be carried out in the future.
Judging from the operating data, in the first half of 2022, Xiaopeng Motors' net profit attributable to shareholders was 4.402 billion yuan, and the loss was approaching NIO. In the first half of this year, Xiaopeng Motors' sales were about 68,900 vehicles, which is estimated to be a loss of RMB 4.402 billion, which is equivalent to a loss of more than RMB 63,000 per car sold.
The reasons why new car-making forces are difficult to turn losses into profits include rising main business costs, continuous investment in R&D expenses, marketing expenses, etc. In terms of profitability of
, in the first half of the year, Xiaopeng Motors' gross profit margin was 11.55%, while in the same period, NIO and Ideal Auto gross profit margins were 13.8% and 22.09% respectively, Xiaopeng ranked last. It is understood that in the second quarter of 2022, Xiaopeng Motors' bicycle revenue was less than 202,000 yuan, which was less than 170,000 yuan compared with NIO and over 90,000 yuan compared with Ideal Auto.
2022 is a special year. On the one hand, the new energy vehicle industry is on the rise, while on the other hand, new car manufacturers are collectively falling. There are many reasons. In addition to the tightening of global liquidity due to the Fed's interest rate hike, the continued losses and intensified industry competition are also important factors.
It is worth mentioning that Huawei executive Yu Chengdong predicts that there will be no more than 5 main players in the Chinese automobile market in the future. Who will stand out from the new car-making powerhouse represented by Xiaopeng? We will continue to pay attention.
