2020-09-02

From”remembering hard and thinking about changes” to landing in the US stock market, Xiaopeng Motors’ dream has just begun

By yqqlm yqqlm

Not long ago, I was still”remembering hard work and thinking about change”, and was neither”future” nor”ideal”.Little Peng Motors recently set a record for the highest IPO valuation and largest financing scale in the history of global new energy car companies. In the eyes of investors, this new force that insists on independent research and development of autonomous driving software and core hardware is likely to be the Chinese stock market and Tess Pull the closest family.

“Three hard work, thinking about change…” In June of this year, the founder of Xiaopeng Motor posted a photo on Weibo, sitting on his On the left are NIO car founder Li Bin and ideal car founder Li Xiang matched with a portrait of”Three British Fighting Lu Bu”. And just half a year ago, Meituan Wang Xing, the founder of Meituan.com, locked three possible survivors from no less than 60 new domestic car-building forces, which happened to be the above”three hardships.”

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From left:Xiaopeng Motors founder He Xiaopeng, NIO automobile founder Li Bin, ideal automobile founder Li Xiang

Two months of”remembering hard work and thinking about change” Later, as Ideal and Xiaopeng landed on NASDAQ and the New York Stock Exchange respectively, the”Sanying” finally gathered in the US stock market.

A friend and an opponent. As the only few Chinese new energy vehicle concept stocks in the US stock market,”Sanying” is naturally facing competition. Xiaopeng Motors, as the latest entry into the game, does not have the first mover advantage.

However, the subsequent performance of Xiaopeng Motors exceeded many people’s expectations.

At 0:55 on August 28, Xiaopeng Motors successfully ushered in the first transaction after being listed on the New York Stock Exchange. The opening price was US$23.1, which was an increase of more than 55%from the issue price. The highest intraday increase even exceeded 60%. As of the close, Xiaopeng Motors’ first trading day closed at $21.22, a 41.47%increase from the issue price.

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On August 28, Xiaopeng Motors officially went public

The strength of Xiaopeng Motors in the US stock market is by no means a flash in the pan. On the second day of listing, this new power continued to sing its praises. It rose by nearly 15%during the intraday market, and closed at 22.79 US dollars as of the end of the market, achieving two consecutive days of rising.

In fact, just one day before the listing, Xiaopeng Motors announced the issuance of 99,733,334 American Depositary Shares (ADS) through an initial public offering. Compared with the data disclosed in the previous IPO prospectus, it issued approximately 1,433 additional shares. 10,000 shares of ADS, in addition to the underwriters 14.96 million shares of ADS over-allotment rights, the issue price has also risen from the 11-13 US dollars disclosed in the previous IPO prospectus to 15 US dollars.

For comparison, NIO raised funds of 1 billion US dollars, and the ideal final fund raised is 11.5 Xpeng Motors not only raised US$1.5 billion in IPO financing, but also reached the highest issuance valuation among new car-building forces of US$11.2 billion, making it the IPO with the highest valuation and largest financing scale in the history of global new energy automobile companies This is enough to reflect the strong optimism of the capital market on Xiaopeng Motors.

“Mediocre” is a blockbuster

Many people can’t help asking, why is Xiaopeng who looks”plain”?

After all, its name is neither”future” nor”ideal”. The last one that used the founder’s name as the brand name was”WEY”;

After all,”Sanying”Both were born in Internet companies, not in the automobile manufacturing industry, but Li Bin and Li Xiang have both founded automotive vertical media before, and only He Xiaopeng seems to have nothing to do with automobiles;

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Xpeng Motors founder He Xiaopeng

After all, it has sold a total of 20,700 new cars from the beginning of delivery in late 2018 to the end of July this year. It belongs to the first echelon of all new power car companies, but not at the same time”Big Brother”Half of Weilai;

After all, it still has a loss of more than 500 million US dollars ;

After all, since its first model was launched, the gross profit margin of car sales has never been positive, and ideal and Wei Although coming is also losing money, at least it can make money by selling cars…

But these can’t stop investors’ enthusiasm for Xiaopeng Motors. In the eyes of many investors, they saw the second Tesla from Xiaopeng Motors.

As the world’s number one auto stock today, Tesla, today’s total market value has surpassed Toyota and The sum of Volkswagen, although its sales volume is still less than a fraction of the two giants.

As far as stock market investors are concerned, the definition of a company is not simply based on direct feedback such as market share, sales volume, influence, etc. The prospects brought by technological strength are the primary factors in evaluating them.

This also explains why the new Chinese powers prefer US stocks for listing. In addition to lower entry barriers and higher valuations in the US stock market, more importantly, US stock investors are more optimistic about Internet technology companies. In the U.S. stock market, the top companies in market capitalization are no better.

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Xiaopeng Motors listed on the New York Stock Exchange

and is the subtle change of its company attributes:In the US stock market, Tesla is not a simple car manufacturer, but an Internet technology company.

Even in China, the valuation of listed companies has a similar reference:In July this year, BYD’s A/H shares bucked the trend and the market value exceeded China’s largest automaker SAIC. It ranks first among all Chinese car companies, and it is obviously not sales that support its stock price, but self-developed technologies including batteries and IGBTs.

Although the size and brand influence are still a long way from Tesla, Xiaopeng In terms of technical routes and business models, automobiles may be the closest Chinese auto power to Tesla.

The most like Tesla Chinese concept stock

Since its inception, Xiaopeng Motors has taken”smart electric vehicles” as the foundation of the company. Among them,”smart” is placed before”electric”, and software is placed before hardware.

The last one who put software before hardware was not someone else, it was Tesla. And it is software, not hardware, that supports the high stock price of Tesla.

Even the CEO of Volkswagen Group Herbert Deiss has to admit that TeslaAt the software level, it has led the traditional auto giants by at least one generation. Even through the advantages of software, Tesla can use this to neutralize its lack of hardware, so as to be in line with the same level of first-line Luxury brand cars compete.

The software has also become a magic weapon for Xiaopeng Motors to achieve”overtaking in corners”.

From the previous IPO prospectus submitted by Xiaopeng Motors, it can be seen that in 2019 and the first half of 2020, the company’s R&D expenditures were 2.07 billion yuan and 630 million yuan, respectively, accounting for 90%of the revenue in the same period.%And above 60%, not only significantly surpassing other new power car companies, but also far exceeding the 5%R&D ratio of mainstream traditional car companies such as BMW and Daimler.

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Financial data disclosed in Xiaopeng Motor’s IPO prospectus

And among the total 3676 employees of Xiaopeng Motor, the percentage of employees who focus on R&D It reached 43%. Among them, 66%, 17%and 17%are engaged in automobile design and engineering, autonomous driving and intelligent operating systems respectively. The number of employees directly engaged in autonomous driving is about 300, which is also very rare among new and old forces.

As the core competitiveness of Xiaopeng Motors, the XPILOT automatic driving assistance system has been iterated to version 3.0, and all algorithms from perception, sensor fusion, positioning, to the planning of user driving habits have all been independently developed.

In order to make XPILOT closer to the application scenarios in China, XPENG Motors has accumulated more than 25.1 million kilometers of ACC adaptive cruise mileage through big data, with an average utilization rate of 66%; LCC lanes The total mileage of the maintenance system reached 11.1 million kilometers, and the average utilization rate reached 43%; the number of automatic parking times reached 230,000, and the autonomous parking success rate was as high as 80%.

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Xpeng Auto’s XPILOT Automated Driving Assistance System

Through the accumulation of rich big data, Xpeng Auto is able to compete in China, the world’s most complex More mature autonomous driving algorithms are trained in the road environment, thus gaining the opportunity to overtake the leader.

Not only that, since the end of 2018, Xiaopeng Motors has achieved as many as 8 OTA upgrades. Before the end of this year, Xiaopeng Motors will be one of the first companies to realize high-speed autonomous driving.

At the same time, with the support of Ali applications, Xiaopeng Motors’ intelligent network connection function has obtained a complete APP mall ecosystem, including Alipay, applets, games, KTV and other common functions can be Machine system implementation.

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Xpeng Automotive Internet Ecosystem Supported by Alibaba Applications

As of the end of July 2020, the first mass-produced model Xpeng G3 The cumulative delivery volume of Xpeng P7 has reached 18,741; since the end of June this year, the delivery of Xiaopeng P7 has reached 1966 as of the end of July. The proportion of consumers who purchase the XPILOT automatic driving assistance system for the two models is as high as 50%and 90%, respectively, which is the best proof that Xiaopeng Motors relies on software to support the valuation.

In addition, Xiaopeng Motors has not fallen behind on hardware research and development while consolidating its software capabilities. Xiaopeng Motors is the only company among the new forces that develops two platforms at the same time, and based on this, has developed two models of SUV and sedan. It has also fully realized autonomy at the core hardware level. In the most critical three-electric system of electric vehicles, except for the batteries purchased from the Ningde era, the battery management system (BMS) and battery pack are all developed by Xiaopeng Motors. The electric drive system is designed and developed jointly with the supplier, and the supplier is responsible for manufacturing. Based on this, Xiaopeng P7’s comprehensive working condition cruising range can reach up to 706km, which is currently the highest in the data of the registered model of the Ministry of Industry and Information Technology.

In terms of offline infrastructure construction, Xiaopeng Motors is also one of the few domestic car manufacturers that has self-operated and self-built overcharging stations. As of July, Xiaopeng Motors has signed 200 super charging stations, covering 62 cities, and the number of third-party charging piles connected to more than 200,000.

High valuations prop up a virtuous circle of companies

On the day of landing on the New York Stock Exchange, Xiaopeng Motors also held a grand ceremony at its R&D center in Guangzhou. Listing activities. The audience was full of guests, and there were many familiar faces in the technology Internet circle and investment circle:Alibaba co-founder and director of AutoNavi Group Long Yu Yongfu, founder and chairman of Xiaomi Group Lei Jun, IDG Capital partner Yang Fei, Morningside Capital founding partner Liu Qin, And GGV managing partner Fu Jixun, Jingwei Venture Capital founding managing partner Wan Haoji and others.

Among them, Alibaba, as the largest external shareholder of Xiaopeng Motors, participated as early as 2017 In addition to its A+ round of investment, in the company’s most important rounds of financing, Alibaba was not absent and currently holds shares The proportion reached 14.4%.

“I admire his courage and enthusiasm for continuous entrepreneurship.” As He Xiaopeng’s”big brother”, Xiaomi Group founder Lei Jun invested in the UC he founded as early as 2007. After He Xiaopeng’s second venture , Shunwei Capital under Lei Jun invested in A1 and C rounds, and Xiaomi Group invested 50 million US dollars last year. This IPO continues to participate in subscriptions.

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He Xiaopeng (left) and Lei Jun

can attract a considerable number and quality of investors, besides He Xiaopeng’s own contacts, it is more important Xiaopeng Motors, which is based on independent research and development as its key label, has been supported by sufficient market confidence in smart car companies from China.

“Going public is only a corporate milestone, but as a representative of smart cars, Xiaopeng Motors has just started.” In the speech at the site of the listing event, Xiaopeng He, founder, chairman and CEO of Xiaopeng Motors, once again emphasized the company’s”Ambition”. He said that Xiaopeng Motors has entered a new level by going public, gaining more food, more trust, and more support to welcome the real arrival of the era of smart cars.

It is true that under the support of high stock price and high valuation, Xiaopeng Motors has obtained a large amount of capital reserves, which has laid the foundation for further improving the level of self-developed technology and consolidating product strength, and it is driven by the growth of technical strength The increase in sales of Xiaopeng also makes it possible for Xiaopeng Motors to increase interest rates in the future to achieve profitability, and a new virtuous circle is slowly taking shape.

Tesla did not squeeze out new domestic car manufacturers, but shared Created the high-end growth characteristics of electric vehicles.” Cui Dongshu, Secretary-General of the Travel Association, gave positive comments to Xiaopeng Motors’ listing on the US stock market. He believes that the current world-wide new forces are concentrated in China and the United States. Except for Tesla, only China has The new forces with higher sales also provide them with better valuation enhancement opportunities. With the blessing of Internet genes, the new Chinese forces represented by Xiaopeng, NIO and ideals are similar to IT giants These companies can also stand on the shoulders of giants and obtain greater development opportunities.

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