On September 21, Xiaopeng G9 was launched "successful"!
stocks were subsequently sold in the capital market. On the same day, US stocks Xiaopeng Motors (XPEV.N) fell 11.55%; the next day (September 22), Hong Kong stocks Xiaopeng Motors (9868.HK) closed down 11.57%, and its market value evaporated by more than HK$12 billion.
As of September 30, after the Xiaopeng Motors press conference, US stock XPEV.N fell 24.98%, and Hong Kong stock Xpeng Motors (9868.HK) fell 24.53%.
Of course, the decline in the secondary market may not be entirely due to the storm of the new car G9 launch conference, but it cannot be ruled out that it has played a catalyst for fueling the fire.
The question is here, why is Xiaopeng Motors eager to launch high-end models? What role does high-end play in its valuation? Is it really ready for high-end?
Let’s restore the storm of that press conference first.
01 "Second-listing" highlights Xiaopeng "high-end" anxiety
On September 21, Xiaopeng G9, which is positioned as "ultra-fast charging full-smart SUV", was officially launched. The three battery life versions have a total of six models divided by "G, E, X". The new car is priced at 309,900-469,900 yuan, which is also Xiaopeng's attempt to attack luxury SUVs.
However, most of the subsequent "disappointment" and "question", and some car owners began to "unsubscribe".
First of all, the optional logic of G9 is too complicated. The dazzling selection scheme makes it difficult for customers to start; secondly, the entry-level G9 model does not even have assisted driving, and it cannot add an optional package, so there is no way to see the "smart" that Xiaopeng has always advocated.
So Xiaopeng G9 "re-built", greatly reconfigured configuration, renamed, and significantly reduced prices, and used "secondary listing" to restore reputation. The most obvious thing about the Xiaopeng G9 after the adjustment of
is that the naming method has changed. It no longer distinguishes the models by "G, E, X", but instead uses CLTC range plus "Plus, Pro, Max"; new tricks have been added in the configuration of
. The Plus model is equipped with the Xiaopeng XPILOT assisted driving system standard; the Pro version is equipped with a 5D music cockpit based on Plus; the Max version adds a more advanced full-scene intelligent assisted driving system XNGP on the basis of Pro. In terms of price of
, there are also significant concessions. According to statistics from car owners, after the plan is adjusted, most versions of the models are equivalent to a disguised price reduction of 20,000 to 30,000 yuan. After
"secondary listing", Xiaopeng intends to give an explanation to consumers.
However, the price is easy to change, the software is easy to add, but the hardware is difficult to change, especially the power battery.
In fact, Xiaopeng G9 has reduced the configuration in terms of batteries, and has given up using CATL batteries commonly used by luxury brands, but has used three other battery manufacturers (150,000 Lithium Energy , Zhongchuang Airlines, and Xinwangda ).
02 "De-Ninghua" has set sail
Xiaopeng Motors President Gu Hongdi recently stated that the company has made diversified arrangements for battery suppliers, and CATL is no longer the largest supplier, and has cooperated with other manufacturers, such as Yiwei Lithium Energy and China Innovation Airlines.
"De-Ninghua" is a dangerous move for Xiaopeng, because it is already the norm in the industry to match high-end cars with high-end batteries, and current mainstream high-end models are basically using CATL batteries. Whether it is domestic such as NIO , Gaohe, as well as Zekr , Avita , Questioning World, etc., or overseas high-end brands such as Tesla , Mercedes-Benz , BMW , Audi , Volvo , Lotus , etc., they all choose CATL. The battery life and life of
battery, safety, PPB-level failure efficiency, lighthouse factory certification, global top1 market share and other labels have made CATL gain unique influence around the world.
When consumers buy a car, how much weight will CATL's battery affect the purchase decision? This cannot be calculated, but it is more or less certainly a consumer's consideration.
not only accounts for the higher cost of the whole vehicle, but also directly affects the effectiveness of driving, and also has a deep vanity.
In fact, if you think about it carefully, the creation of "high-end" new energy vehicles is mainly based on intelligence and electrification. Intelligence depends on the richness of functions, and electrification depends on the power battery.
Therefore, at the moment, it is difficult to have support if you don’t use CATL’s batteries and then claim to be high-end cars.
At the beginning of its business, Xiaopeng Motors relied on CATL and made a name for themselves and achieved good results in the sales rankings. So, why is Xiaopeng Motors now alienating CATL?
The maximum possible reason is to reduce costs and save gross profit margin. Although the sales volume of
is sloppy, Xiaopeng Motors has lived a difficult life. As of June 30, 2022, Xiaopeng Motors has accumulated a total loss of 20.593 billion yuan. In the past six months, Xiaopeng lost more than 60,000 yuan per car sold, and fell into a situation of "the more you sell, the more you lose."
gross profit margin was also very embarrassed. According to the second quarter of 2022 financial report, Xiaopeng Motors' gross profit margin was 10.9%, only half of the ideal, ideal was 21.5%, and NIO was 16.7%.
In the supply relationship, CATL is tough. In order to obtain CATL's battery, car companies not only need to passively arrange to produce in sequence, but they even need to pay huge advance payments in advance, which is a heavy burden for Xiaopeng.
Last year, there were rumors that in order to get goods, Xiaopeng Motors founder He Xiaopeng did not hesitate to go to the front line of CATL factory for a week.
With the release of mass-produced cars, the number of batteries required is increasing, and the share that Xiaopeng Motors can get from CATL may not be enough.
In addition, in order to obtain an olive branch from car companies, CATL's competitors (second-tier manufacturers) have also adopted a price reduction strategy, which is in line with Xiaopeng Motors' needs for cost reduction.
For example, China Innovation Airlines disclosed that it was implementing a low-price strategy, and shipped at a price that was basically unprofitable, and it received GAC's "investment in the arms".
The boss of GAC once said bluntly that he didn’t want to work for CATL anymore, so why did he hit He Xiaopeng’s voice?
But the problem is back. On the premise of getting rid of CATL, how can we ensure the high-endness of its products? If you continue to use CATL batteries, how can you achieve cost reduction? This is indeed a headache.
Author Huize Li
