A report released by Deutsche Bank in September pointed out that with the support of large technology giants and local governments, a number of new forces of car making in China will subvert the automobile industry, and call Weilai, ideality, Xiaopeng and Weima as fabfour.
Who can win the wager between Wang Xing and Shen Hui? Compared with the other three, lets see how big Weima wins.
Founding team with the most genes in automobile industry
Shen Hui, the founder of Weima, was once a director and vice president of Geely Holding, and one of the members leading Geelys acquisition of Volvo. In this largest overseas M & A case in the history of Chinas auto industry, Shen Hui has made remarkable contributions. Later, he became the global senior vice president and chairman of China region of Volvo cars, and was responsible for restructuring the global governance structure of Volvo.
Under the leadership of Shen Hui, Weima implemented a three-step strategy. According to the plan, the first step of Weima is to become a popularizer of intelligent electric vehicles and spread the sales in a large scale nationwide; the second step is to become a data-driven intelligent hardware company to make the whole vehicle better and easier to iterate; the third step is to grow into a new service provider of intelligent travel.
Weima automobile has been following the people-friendly route mainly including Ex5 and EX6, which is positioned as the mid end electric vehicle market of 140000-250000 yuan. In December 2017, Weima automobile released the first SUV mass production vehicle Ex5, which was delivered in September 2018.
According to the official sales volume data of Weima automobile, the companys sales volume in September 2020 will reach 2107, with a year-on-year increase of 38.8%, realizing the seven consecutive increase month on month; the cumulative sales volume in the third quarter reaches 6200, with a year-on-year strong increase of 79.3%, setting a record high in single quarter sales; Weima Ex5 has delivered about 36000 vehicles, which is the single model with the largest sales among new car manufacturers. Weima expects sales this year to surpass last years 17000 vehicles.
Data source: Official Website of automobile enterprises
From the perspective of market performance, Weima Ex5 is quite popular at the same level, one of the reasons is that the pricing strategy is popular, and less than 200000 before subsidy is better than any panacea. However, at present, Weima is still in the fourth place in the total sales list of new forces, and Weima still needs to continue to work hard to reach the goal of top3.
Backed by state-owned assets and Baidu, the financing ability is excellent
Before the IPO, the shares directly held and indirectly controlled by Shen Hui, the founder, chairman and CEO of Weima motor, were 16.57%, which was the actual controller of the company; Wang Lei and Du Ligang (co founder of Weima automobile) were the persons acting in concert.
On September 22 this year, Weima automobile announced that it had completed the d-round financing with a total amount of 10 billion yuan, which is also the largest single round financing in the history of new forces of car making. By the end of round D financing, the accumulative financing amount of Weima automobile has reached nearly 33 billion yuan. The financing amount of Weilai, Xiaopeng and ideal is 33.1 billion yuan, 15.5 billion yuan and 12.7 billion yuan respectively.
Looking at the current list of shareholders of Weima automobile, we can say that it has become one of the most diversified investors in the new forces of car making, including Internet giants of Baidu and Tencent; first-line VC such as Sequoia China and SIG; industrial funds in Shanghai, Kunshan, Hubei, Hunan, Hefei and other places; and national team such as national survey fund.
From the new round of financing of Weima, Weima has formed a multi capital matrix. At present, Weimas core industrial partners, such as Qualcomm, Baidu, Ziguang, Xinxin and other industrial chain partners, have achieved deep integration with Weima. This is different from Tencent + Weilai, Ali + Xiaopeng, meituan + ideal, which are more inclined to cooperate in financial layout. Weima + Baidu is the enterprise with the deepest integration of the new forces of Internet and car making.
Weima and Baidu have reached a long-term strategic partnership in the field of L3 and L4 level automatic driving solutions, and jointly set up Weima & Apollo intelligent vehicle joint technology research and development center to jointly develop automatic driving solutions. Compared with competitors who buy mature solutions, Weima has a more forward-looking view on the layout of the industrial chain, and also has the ability to fight a decisive battle with competitors in the future.
What is the level of Wima automatic driving?
Weima officially released the livingpilot intelligent auxiliary system in 2019. Weima EX6 adopts this system, and its automatic driving is at L2 level. Weimas livingpilot system is mainly derived from the scheme provided by Bosch, and it is specially customized for the road environment in China. The core hardware of the system includes a front monocular HD camera, three millimeter wave radars, four panoramic cameras and twelve ultrasonic radars. In terms of chip selection, livingpilot also uses Bosch. Under the support of these hardware, Weima livingpilot intelligent travel assistant system carries a total of 12 core functions.
Source: Soochow securities
Weima recently released the ide-al4 technology strategy. It plans to spend 20 billion and spend 3-5 years to build the future travel tools into an EC travel intelligent terminal with the interconnection of adult, vehicle and environment, and has released the AVP autonomous parking technology jointly developed with Baidu. So far, Weima has become the worlds fastest landing, the fastest mass production of L4 automatic driving technology car brand. Weima said that it will mass produce L3 intelligent driving solutions in 2020, and gradually implement L4 automatic driving technology in different scenes.
In terms of differentiated competitive advantages, Weilai, ideality and Xiaopeng are different. Weilai focuses on user experience, ideal increases program plug-in hybrid to solve mileage anxiety, and Xiaopeng focuses on intelligent driving technology. In contrast, Weima automobile emphasizes the intelligent interconnection property of its products. According to its three-step strategy for enterprise development, its ultimate goal is to become a smart travel service provider. According to reports, in the next 3-5 years, Weima will gather 3000 top engineers around the world, rapidly apply forward-looking technology to mass production products and services at mainstream prices, and produce cars with the ability to connect everything.
For IPO, it is only a new stage of new energy vehicle manufacturing. In the secondary market, investors pay more attention to the core technical ability and cash flow self-sufficiency. However, Weima has not disclosed relevant financial data at present, but CEO Shen Hui has proposed more than once that Weima is the first new force in the world to realize positive gross profit rate.
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