2020-09-05

What did Xiaopeng Motor go through from”hard pressure” to a market value of 120 billion?

By yqqlm yqqlm

On the evening of August 27, 2020 Beijing time, Xpeng Motors (stock code:XPEV) was officially listed on the New York Stock Exchange . The issue price is US$15/ADS, with a total of 99.73 million depositary shares (ADS) issued, with a pre-market value of US$10.575 billion.

In less than ten minutes after the opening, the share price of Xiaopeng Motors has increased by 66%. The next day, Xiaopeng Automobile continued to rise by more than 12%before the market. As of the close of this Friday, the share price of Xiaopeng Motors has been fixed at US$22.79, with a total market value of US$16.44 billion, or approximately RMB 120 billion.

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Since then, Nio, Ideal, and Xiaopeng three new Chinese car-making power giants finally completed their meeting in the US capital market, and Xiaopeng Motors has also become a new car-making power that has landed in the US stock market. The best performing company.

Meituan CEO Wang Xing once predicted that”In the future, there will be only three new forces in China’s carmaking industry:NIO , Ideals, Xiaopeng”. Regardless of whether the prediction is finally realized, at least from the current stock price and total market value, NIO, ideal, Xiaopeng It is an answer that can satisfy the capital market.

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But don’t just watch Xiaopeng’s launch ceremony In fact, the road to building cars in the past six years has not been smooth. From 2015 to before going public, Xiaopeng Motors has gone through 11 rounds of financing, with a cumulative financing amount of over 18.8 billion yuan. According to the prospectus, before the IPO, Xiaopeng Motors’ management held 40.9%of the shares, of which the chairman He Xiaopeng held 31.6%of the shares. The largest shareholder, Alibaba holds 14.4%of the shares and is the largest external shareholder of Xiaopeng Motors. In addition, it also includes Xiaomi , GGV Jiyuan Capital, Morningside Capital, Hillhouse, Sequoia and other star investment institutions.

Although it has sufficient funds and a solid background, Xiaopeng Motors, like most start-ups, is still in a state of burning money and losing money. According to public information, in 2018, 2019 and the first half of 2020, Xiaopeng Motors net losses were 1.399 billion yuan, 3.692 billion yuan and 796 million yuan respectively. In two and a half years, Xiaopeng Automobile lost a total of approximately 5.886 billion yuan.

The main reason for the loss comes from high R&D expenses. In 2018, 2019, and the first half of 2020, Xiaopeng Automobile’s R&D expenses were as high as 1.051 billion yuan, 2.07 billion yuan and 631 million yuan respectively. Among them, in 2019 and the six months ending June 30, 2020, Xiaopeng Motors’ research and development expenses accounted for 89.2%and 62.9%of total revenue, respectively.

In addition to research and development, Xiaopeng Motors has also spent money on business development. Previously, many car companies claimed that they would not build factories, and that sites, trial workshops, and equipment could even be leased directly, taking the asset-light route, but Xiaopeng Motors directly started the asset-heavy model.

Currently, Xiaopeng Motors has two major production bases, one is Haima Automobile Co., Ltd. (hereinafter referred to as Haima Workshop), a partner in Zhengzhou City, Henan Province, and the other is the Zhaoqing factory built by Xiaopeng Motors. The former can produce 150,000 cars per year, and the latter can produce 100,000 cars per year.

In the prospectus, Xiaopeng Motors revealed that in 2018, 2019 and the first half of 2020, the company’s capital expenditures were 1.0094 billion yuan, 2.0984 billion yuan, and 523 million yuan, respectively. Among them, the most The main capital expenditure is the construction of the Zhaoqing factory.

With the steady sales of Xiaopeng G3 and the delivery of Xiaopeng P7, the overall loss of Xiaopeng Motors has narrowed significantly in the first half of this year. Although it is still difficult for the market to judge when the profit will be realized, this does not affect the popularity of the capital market after the listing of new leading automakers.

● The real”Internet-built car”

Successful people always have similarities, as do new car-building forces. NIO, Ideal, and Xiaopeng have distinctive characteristics, but compared to NIO and ideals, Xiaopeng Motors is, in a sense, China’s true representative case of Internet car manufacturing.

Unlike NIO and ideals, He Xiaopeng, the founder of UC Browser, has not had any contact with It is more than car-related industries, so the characteristics of Xiaopeng Motors are different from traditional cars.

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Speaking of NIO, the first thing we can think of is its high-end brand image and meticulous customer service. From participating in the Formula E competition and achieving excellent results, to creating an electric supercar EP9 that set a lap record in New York North, NIO The brand image of span> can be said to be “the peak when it debuts”. Now consumers who are considering buying pure electric luxury SUVs should think of Mercedes-Benz EQC, Jaguar I-PACE and Audi e-tron.

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Speaking of ideals, the first thing we think of is the product. In addition to the excellent drivability and driving quality of Ideal ONE itself, the current range-extending technology that is rare in the passenger car industry is also a highlight. With external charging conditions, it is exactly the same as ordinary pure electric vehicles, and the battery life can reach 180km; it does not matter if there is no external charging condition, as long as you can add fuel, it will never put you on the road because of”loss of electricity”, and there is no worries. , And the engine does not directly participate in the drive at all, so there is no slight frustration and shifting action of the oil-electric switch. Such technical advantages also make its sales quickly rank among the forefront of the new energy product camp.

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When it comes to Xiaopeng, its brand label must be It is”smart”. In the prospectus, Xiaopeng Motors also stated that its most critical core competitiveness is intelligence, that is, all software and core hardware are independently developed. He Xiaopeng once said publicly:”For the purpose of software self-research, we are involved in everything from large screens, electronic and electrical architecture, embedded, from buses to boards, and the hardware will also participate in the design, because the entire vehicle is OTA.”

Different from other OEMs, Xiaopeng Motors independently designed and developed a full-stack autonomous driving technology and operating system. In the prospectus, Xiaopeng Motors emphasized:“Autonomous driving is the key factor that distinguishes our smart electric vehicles from competing products. A lot of research and development efforts have been invested in this field.” 17%of R&D personnel are focused on Research and development in autonomous driving. Xiaopeng Motors is also the first company to independently develop autonomous driving software and commercialize it.

The persistence in shaping the core competitiveness of intelligence is also related to the team genes of Xiaopeng Motors. Xia Heng and He Tao in the founding team of Xiaopeng Motors graduated from the Department of Automotive Engineering of Tsinghua University. Before founding Xiaopeng Motors, the two were respectively the head of GAC’s new energy control system development and the head of GAC’s smart cars and autonomous driving.

As of June 30, 2020, XPENG Motors has 3676 employees in China and the United States. Approximately 43%(approximately 1,600 people) of employees are R&D positions, 66%, 17%, and 17%of employees are dedicated to automotive design and engineering, autonomous driving and intelligent operating systems, respectively.

After investing such exaggerated R&D personnel and funds, Xiaopeng Motors has already taken a leading position in the industry in terms of patent numbers. According to the statistical analysis list of China’s automobile patent data in 2019, Xiaopeng Motors ranked among the TOP 20 Chinese automobile patent disclosures in 2019 with 742 automobile patent disclosures in 2019, and two classified patent data ranked among domestic automobile companies. first. Among them, invention patents accounted for 76.28%, ranking first among domestic auto companies.

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Xpeng ranked fifth in the number of patent disclosures for intelligent connected cars. Among the top five companies, with the exception of Baidu and Bosch, which are non-complete vehicle manufacturers, the remaining three have more than half For a car company with a history of more than two centuries, Xiaopeng’s outstanding performance is very difficult for a new car company. .

● Software Defined Cars

“Software Defined Cars” has become the current trend of car building, but the platform is the basis for carrying. Xiaopeng is currently the only company among the new car-making forces that develops two platforms at the same time and develops SUV and sedan models based on this.

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In terms of autonomous driving, Xpilot developed by Xiaopeng Motors The 3.0 system has been installed on the Xiaopeng P7, which can realize the functions of fully automatic high-speed navigation pilot, fully automatic valet parking, and assisted driving in urban congested road sections. Its NVIDIA DRIVETM AGX Xavier autonomous driving computing platform has Xavier system-on-chip (SoC), which can achieve 30 trillion operations per second, power consumption 30w, and energy efficiency 15 times that of the previous generation architecture. The hardware can already meet L3 level Demand for autonomous driving functions.

Xiaopeng Motors has been insisting on implementing end-to-end closed-loop capabilities through self-research, and plans to update the Xpilot system to version 3.5 in 2021 and implement Xpilot 4.0 in 2023. Therefore, on the P7’s automatic driving assistance system, Xiaopeng has achieved rapid iteration of functions by learning the user’s driving habits and closing the data loop.

As of June 30, 2020, Xiaopeng Motors has completed 25.1 million km of road test information collection in China, and the lane keeping function has used 11.1 million km of driving. With the continuous iteration of the product, Xiaopeng will then have the autopilot technology most familiar with domestic localized roads.

“The electric vehicle industry is undergoing rapid technological change. The company needs to invest a lot of resources in research and development to lead technological progress while maintaining competitiveness in the market.” Xiaopeng Motors stated in the prospectus , The company will continue to invest funds to improve technology.

● Written at the end

“Three hard work, remembering hard and thinking about change…” On June 6, Xiaopeng Motors CEO He Xiaopeng said A photo was posted on the PO on personal Weibo. In the photo, He Xiaopeng, Li Bin and Li Xiang are smiling and Li Bin is sitting in the middle And put his hands on the other two.

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The three founders are burdened by three After a series of rumors of layoffs, salary cuts, bankruptcies and other rumors, the dream of making a car of 100 million yuan finally came to nothing.

“In the past 6 years, we have done a bold thing. We have always firmly believed that smart cars are the future. Today, Xiaopeng Motors has entered a new level. After this level, we will have more Our food, more trust, and more support will welcome the true arrival of the smart car era. We will definitely lead this era to a new start.” He Xiaopeng said excitedly when the bell was ringing on the evening of August 27.

Listing is not the end, but a new beginning. Congratulations to Xiaopeng Motors and hope it has a bright future.