How the new energy of BAIC fell to the bottom: from unicorn, the first stock, and then to pursuers.

By 2020, BAIC will completely stop selling fuel vehicles in Beijing, and by 2025, it will completely stop selling fuel vehicles nationwide.

—— Xu Heyi, former Party Secretary and Chairman of BAIC Group

The number of words in this article is 8609.

Reading time is 22 minutes.

At the press conference held by BAIC in 2065438+08, Mr. Xu Heyi, then Party Secretary and Chairman of BAIC, proposed:

"BAIC is taking the road of new energy innovation, the fuel car is not playing, and BAIC is not playing, or it is not a big play." At the same time, Mr. Xu Heyi also publicly stated that "by 2020, BAIC will completely stop selling fuel vehicles in Beijing, and by 2025, it will completely stop selling fuel vehicles nationwide.

With such self-knowledge and self-confidence, Li said that he was even more powerful.

However, President Xu must have never thought that his long-cherished wish had not come true. In 2020, if BAIC's grid-connected sales in Beijing do not rely on fuel and new energy, it may sell more than half of Beijing's market. What has BAIC New Energy experienced in just two or three years?

Xu Dong proposed new energy to replace fuel.

Is it arrogance?

BAIC New Energy is one of the earliest domestic automobile companies established in 2009. At the same time, BAIC is the first new energy automobile enterprise to obtain new energy automobile production qualification, the first independent operation, the first mixed ownership reform, and the first batch of pilot state-owned enterprise employee stock ownership reform.

As a senior enterprise in the field of new energy, BAIC's confidence in developing new energy field comes not only from the confidence of "Global Top 500 Enterprises", but also from the accumulated industry experience for many years.

With its excellent strategic vision in Beijing, BAIC New Energy successfully listed on the backdoor on 20 18, becoming the first new energy enterprise listed on A-shares in China. Not only do its own EC and EU series of new energy vehicles dominate the new energy sales list all the year round, but at the same time, BAIC New Energy ranked first in the country for seven consecutive years in 20 14-20 19.

"what do you mean,' standing in the wind, pigs can fly'?"

BAIC New Energy perfectly interprets this sentence. As the first new energy enterprise standing at the forefront, BAIC New Energy has gained a lot in both market and policy. 20191February, the monthly sales can exceed 19000 vehicles!

We should know that in that year, due to the decline in subsidies and the large market environment, the turnover of the domestic new energy market declined by 4.0% instead of increasing, and only 1.206 million vehicles were sold throughout the year.

However, the good times did not last long. In 2020, the wind is less, and there are more wolves in the game. Big fat pig Beiqi New Energy is eyeing it.

BYD and GAC New Energy in the traditional automobile field began to sprint with all their strength, while new brands Weilai, Tucki and Ideality were all fighting Tesla with their sales broadswords. The new energy market has entered a hot period. As a former king, BAIC new energy was abandoned by the market without warning.

In 2020, the cumulative sales volume of BAIC New Energy was 25,900 units, with a cumulative year-on-year drop of 82.79%! From 20 19, it still stood at the peak and fell to the bottom in 2020. Is it so short that BAIC new energy can not stand up? Compared with the monthly sales of 1.9 million vehicles in 2065, 438+09 in 2020 is a joke.

Perhaps in the eyes of discerning people, the decline of BAIC new energy is inevitable, but the speed of decline is so fast and the result of decline is so tragic, but it has added a lot of unexpected joy to the people who eat melons. In order to expose the decline of new energy in The Secret Behind BAIC, the author decided to do hindsight and trace back to the source.

BAIC is probably the most complicated car company in China. After all, it is hard for anyone to say clearly what "BAIC" contains.

Under the framework of BAIC Group, there are more than 10 automobile brands such as BAIC Manufacturing, BAIC Automobile, BAIC New Energy, Extreme Fox Automobile, Beijing Benz, Beijing Hyundai and BAIC Futian, even airlines such as Beijing Tonghang, and tourism-related industry brands such as BAIC Penglong and Huaxia Tourism.

It can be said that the wide range of transportation products covered by BAIC Group is beyond the reach of most domestic automobile groups. What is the relationship between the brands of the Group? What is the status of Beijing Auto? What is the relationship between BAIC and BAIC New Energy? It is necessary for us to interpret the complex BAIC.

Founded in September of 20 10, BAIC is a platform for passenger car resource aggregation and business development of BAIC group co., ltd. This means that from 20 10, BAIC will no longer directly set foot in the vehicle business, and entrust the related business to a subsidiary of BAIC.

In other words, some well-known BAIC joint ventures, such as Beijing Benz and Beijing Hyundai, all have BAIC as their joint venture partners. Although it is a subsidiary, it has a different position from FAW Car in FAW Group. BAIC's position in the group can be described as monopolizing the power of the passenger car sector.

Besides the joint venture company, BAIC also has its own brand business, which is the complexity of BAIC.

For example, the independent brands of BAIC that we see on the road now include models with many logos such as "Beizi" logo, "Beizi" logo and "Beijing" logo, and even some cars have different logos for the same model. Do they belong to the same family or are they independent?

According to the historical development in recent years, the author divides BAIC into four parts: BAIC silicon carbide, BAIC new energy, BAIC off-road and Beijing.

"First of all, talk about" Beiqi off-road "."

Compared with the "Jinggangshan" brand car, the first domestic off-road vehicle "Jing 2 12" swept across the country at 1966, allowing Beijing Automobile Factory to find its own direction. Therefore, the off-road vehicle department has always had a special and important position in BAIC Group. BAIC set up an independent department of BAIC, and naturally transferred the off-road vehicle.

However, if Beiqi off-road and Beijing Auto are put together, their brand status is still unequal. After all, the former has BJ90, a top-class off-road vehicle with a million yuan or more, while BAIC focuses on entry-level vehicles with a price of less than 200,000 yuan, and the two will not help each other. On October 20 18, 1 1 year 10, BAIC group transferred its last existing automobile production license to BAIC off-road.

On 20 19 1.2, BAIC held the inaugural meeting of BAIC off-road vehicle co., ltd, which was formally split from BAIC. Since then, Beiqi Off-Road has become an independent operating company integrating R&D, procurement, manufacturing and marketing.

If you used to buy BJ40, the front of the car was marked "Beijing", but the steering wheel was still marked "North". Buying BJ40 now is a complete "Beijing" sign.

"So what is the relationship between BAIC New Energy and BAIC? 」

According to the introduction of BAIC New Energy official website,

Beijing New Energy Automobile Co., Ltd. (hereinafter referred to as BAIC New Energy, stock name: BAIC Blue Valley, stock code: 600733) is a state-controlled high-tech listed company, and a provider of overall solutions for green and smart travel in the new era.

Note: "Beiqi Blue Valley" is the name of Beiqi New Energy Securities, and the official name is usually used when financial reports and other information are involved. Beiqi Blue Valley includes Beiqi New Energy, Extreme Focus, Lite and many other brands. This paper focuses on the main brands of Beiqi New Energy.

In other words, BAIC New Energy is a relatively independent enterprise focusing on the field of new energy. It was successfully listed on 20 19, so it actually operates independently. Moreover, if it was established, BAIC New Energy was established in 2009, earlier than BAIC.

However, the relationship between BAIC New Energy and BAIC is not as simple as the relationship between two independent companies, and we will focus on the relationship between them later.

"That the rest of the' north' signs and' Beijing' signs? 」

It turns out that by the end of 20 18, BAIC's own brand business includes BAIC automobile (Suibao brand), BAIC off-road, BAIC new energy (including ARCFOX and Lite brands), Changhe and Wang Wei brands.

Beiqi Sic Bao is the core product of its own brand with "North Word" logo (because of design and modeling, people like to call this logo "Pig Nose"). "Beijing" logo is a redesigned brand logo after Beiqi Silicon Carbide Bao and Beiqi New Energy are connected to the grid.

201910/5, BAIC Sic Bo and BAIC new energy officially confirmed the merger, launched a brand-new logo "Jing", and released the first mass-produced pure electric vehicle EU7 and a brand-new concept car. With the integration of BAIC resources, Saab's core intellectual property acquired by BAIC in 2009 for $200 million has entered history.

Why should we merge? In fact, this can be seen from the financial report.

According to BAIC's financial report, in 20 16, the cumulative sales volume of BAIC Sic Bo was 224,500 vehicles, but it dropped to108300,201kloc-0/4400 in 20 17, which was warmer than the same period last year. In 20 18, Beijing's automobile sales volume was 157900, and in 20 19, it was 16700. Although the overall growth, but basically the same as Beiqi New Energy.

Note1:In the second half of 2065438+08, BAIC SIBO successively launched two brand-new cars and SUVs, Zhidao and Zhixing, but it did not bring the expected sales explosion;

Note 2: BAIC Saab is mainly composed of Beiqi Saab and Beiqi Off-road, of which Beiqi Saab accounts for the vast majority of sales;

What is the situation of Beiqi New Energy on the other side? The cumulative sales in 20 18 years are158,000 vehicles, and 20 15 1 10,000 vehicles, which is in sharp contrast with Beijing automobile.

In terms of revenue, the revenue of Beijing automobile brand was 2019.607 billion yuan, up 17.87% year-on-year, and the gross profit was-4.728 billion yuan, with a year-on-year loss of 34.47%. Beiqi Blue Valley's revenue in 20 19 was 23.589 billion yuan, and its net profit attributable to its mother was 92 million yuan, up 25.54% year-on-year.

The former suffered huge losses, while the latter made huge profits, with a huge difference.

In terms of sales network, as of 20 18, there were 503 new energy * * * dealers in BAIC, and 223 were added only on 20 18; By the end of 20 17, there were 420 first-class dealers in BAIC, and there was no obvious growth data in 20 18.

The data is intuitive. No matter from the market influence or business ability, BAIC new energy is not inferior to the existence of BAIC before the reorganization, and it is logical to integrate resources.

The one-on-one closure of BAIC this year seems simple, but it involves many business changes. For example, how is the dealer network distributed?

Before the merger, both BAIC and BAIC New Energy had independent dealer networks. The former products include Sic Bo and off-road vehicles, while the latter focuses on new energy products. The existing car dealers in Beijing are divided into three brands: Beijing, Beiqi New Energy and Beijing. As for the category of products sold, it depends on the authorization authority of their respective networks.

"Since the business integration, BAIC Group has strengthened and upgraded its marketing team and channels, and optimized more than 700 dealers", which was revealed by Mr. Li Yixiu, deputy general manager of BAIC New Energy, after the merger of 20 19.

"I have a friend series"

A friend of the author, the general manager of the dealer who joined 20 16-2020, told the author that the business restructuring was not as ideal as the official said. It turns out that in the past, due to the strategic development of the group, most of the dealers of BAIC and BAIC New Energy were adjacent to each other.

After the brand merger, for dealer outlets, as long as the brand-new "Beijing" brand logo is replaced, they can unconditionally sell fuel and new energy products at the same time. In addition, Beiqi off-road is not completely independent, and the product catalogue is still relatively rich. For a time, many sales networks have changed their new logo.

This has led to the emergence of two adjacent "Jing" brand 4S stores on the streets of many automobile cities across the country. In addition, the sales volume of the merged Beijing Automobile in 2020 is not ideal, and vicious competition has made many dealers retreat.

According to the information consulted by the author on relevant websites, as of press time, the number of 4S stores of BAIC in China is 222, including those of BAIC New Energy, Beijing and Beijing. There is no doubt that quitting the internet on a large scale is fatal to a car brand. What did Beijing Auto do about it?

According to the description of the author's friend, in order to prevent the trend of quitting the network, BAIC has issued a policy for the operation of 4S stores. As long as dealers maintain their operations, some operating costs, such as employees' salaries, will be subsidized by BAIC, and the subsidy ratio is as high as 50%!

The policy is strong, but the market volume is unsustainable, and friends still choose to quit the network in 2020.

BAIC New Energy, which has mastered the development trend of China's new energy vehicle development policy, should have been a lifeline for BAIC.

According to the data of China Association of Automobile Manufacturers, in 2020, the sales volume of new energy vehicles in China will reach1.367 million, a year-on-year increase of 10.9%. Beiqi Blue Valley Production and Marketing Express shows that the cumulative sales volume of Beiqi New Energy in 2020 was 25,900 units, down 82.79% year-on-year. You know, in 20 19, BAIC New Energy created the sales of10.9 million vehicles in a single month.

In 20 18, BAIC New Energy sold158,000 vehicles throughout the year, and in 2009, it won the new energy market champion in China for the seventh consecutive year. By 2020, the name of Beiqi New Energy has disappeared from the major lists, and the sales volume has plummeted like an avalanche.

July 202 1 is a happy month for BAIC New Energy. This month, the sales volume of new energy in BAIC reached 349 1 vehicle, up 73.77% year-on-year and 120.3% quarter-on-quarter, which is the best month so far this year.

From June to June this year, the cumulative sales volume of BAIC New Energy was 6,595 vehicles, with an average performance of 1 100 vehicles per month.

On August 27th, Beiqi Blue Valley disclosed the company's semi-annual report, which showed that the business face of Beiqi Blue Valley continued to deteriorate and has not been improved so far. The company's operating income in the first half of the year was 2.437 billion yuan, a year-on-year decrease of 265,438+0.69%; The net profit was RMB 6,5438+0,865,438+0.3 billion, compared with a net loss of RMB 6,5438+0.863 billion in the same period last year, down 2.68% year-on-year!

To make matters worse,

Naked contrast of its own huge industrial scale

At present, BAIC New Energy has four production bases in Hebei, Qingdao, Jiangsu and Beijing, with a designed annual production capacity of about 250,000 vehicles, but today's sales volume is only 65,438+00% of the production capacity. With such a low capacity utilization rate, it won't be long before BAIC New Energy will sell its assets to subsidy income.

According to the wholesale data of the Federation, from October to July in 2026, the cumulative wholesale sales of Extreme Fox Alpha T and Extreme Fox Alpha S were 1, 1, 9 1, 438+0, respectively, and the cumulative wholesale sales of Extreme Fox Alpha S was 604. Such data is marginalized among many new brands.

From seven consecutive championships to now, it is very difficult. I'm curious about the new energy of BAIC. What is the reason?

"The pig on the tuyere" is a good day with policy support.

"How to quickly obtain subsidies for new energy policies? It was the glorious years of the oil-to-electricity project. 」

As early as in the previous content, the author said that BAIC new energy is actually a "pig standing on the tuyere", and its products have basically been introduced to the market without much R&D investment. Most of the EU/EC/EX/EV series electric vehicles, which are characterized by BAIC new energy, have been simply modified with fuel vehicles of BAIC SICB, and become electric vehicles that can be legally put on the road.

These cars are nicknamed "the elderly are legally on the road" on the Internet. Remember, this is not a compliment.

In other words, BAIC has a long history of new energy development, but its product strength has never been on the table. So how did BAIC New Energy win the sales crown for seven consecutive years? It's simple. Policy.

As an automobile company in Beijing, BAIC has always been in the leading position in controlling and interpreting policies. At the beginning of promoting the development of new energy, the state gave very generous subsidies to enterprises that dared to pilot new energy first.

In 20 17, BAIC new energy received a state subsidy of 277 10/00000 yuan and a local subsidy of 21880000 yuan.

Total 4.959 billion yuan! ! !

In 20 17 years, the new energy income of BAIC is11400 million yuan.

The subsidy ratio is only close to half.

At the same time, in 20 17 years, BAIC's R&D investment in new energy was only150,000 yuan.

Compared with the rich revenue, it is really rare. This is an ironic contrast. In the same year, even poorly managed Haima spent 254 million yuan on R&D. Therefore, there is no better description of BAIC's new energy at this time than "pig standing on the tuyere".

It was not until 20 19 that BAIC New Energy made a decent investment in R&D:

In 20 19, BAIC New Energy invested 654.38+50.6 million yuan in R&D, accounting for 6.55% of its revenue (the annual revenue was 23.589 billion yuan). This year, the experimental center of BAIC New Energy Investment was officially opened.

The 88 laboratories of the test center cover six key core areas: battery, motor, electronic control, intelligent networking, lightweight and vehicle application. In this way, BAIC New Energy finally has the appearance of "China New Energy Leading Enterprise".

No comparison, no harm. Let's look at other domestic enterprises' investments in R&D:

"From 2065438 to 2007, Guangzhou Automobile Group took the lead in developing pure electric platforms in China, with a total investment of 3 billion yuan.

And invested 4.5 billion yuan to build the first pure electricity exclusive factory in China. 」

And invested 4.5 billion yuan to build the first pure electricity exclusive factory in China.

With regard to the Forces nouvelles:

"Weilai Automobile invested 4.4 billion in R&D in 20 19 and 2.488 billion in R&D in 2020;

Xpeng motors invested 2.07 billion yuan in R&D in 2019, and172.6 billion yuan in 2020;

Li invested 654.38+0.2 billion yuan in 2020; 」

The above-mentioned enterprises, even by 2020, cannot be compared with BAIC New Energy in terms of market size and company size. But even under this premise, their R&D investment is not as good as BAIC New Energy. In other words, Beiqi New Energy's investment in product research and development is far from the performance of mainstream new energy brands, and at most it is comparable to Li, an unorthodox new energy vehicle factory.

To sum up, BAIC New Energy can only create such a good revenue if it benefits from policy subsidies for new energy. But for a big pig like BAIC New Energy, only this policy outlet is not enough to make it take off. After all, the subsidy policy will only support you after you sell your car. If there is no production and no sales, why should the policy support you?

BAIC New Energy, which is good at interpreting policies, successfully sold its products and enjoyed the trip through the wind of another outlet.

When the country vigorously advocated the development of new energy vehicles, it clearly put forward the new "four modernizations" of automobiles, "intelligence, electrification, networking and enjoyment", which brought enlightenment to the new energy market of BAIC.

"* * * Enjoy the trip. For BAIC New Energy, which has made great achievements in the taxi market, this operating cost is not high. "

At the end of 20 18, BAIC New Energy sold its green dog car rental at a low price, and then cooperated with Didi Chuxing to make online car rental exclusive to EU5, and also launched a new * * * car platform "Enjoy Travel Lightly".

As the main model of network car, EU5 has also contributed most of the sales for BAIC New Energy. This car sold more than 90,000 vehicles in 2065,438+09, accounting for 59.8% of the annual brand sales (the annual sales volume was 654,380+050,600 vehicles). In other words, under the premise of not directly facing the sales market, BAIC New Energy has achieved most of its sales targets through the "to B" channel.

At a promotion meeting of BAIC New Energy, Bu Hongsheng, assistant general manager, publicly revealed that the ratio of private purchase of company products to unit purchase and lease is 3:7!

With sales, subsidies are naturally easy to get.

Then do you know why Beiqi New Energy's car is called "the old scooter legally on the road"?

Relevant data show that from 20 17 to 20 18, the cumulative sales of A00/A0 vehicles in China's new energy market accounted for 75.44% and 65. 1 1% respectively. In other words, the entry-level pure electric vehicle is an absolute assistant in the new energy market. Taking 20 18 as an example, BAIC EC3 has become the largest electric vehicle with an annual sales volume of 90,600 vehicles.

This is an A00 class car with a length of only 3,684mm and a wheelbase of only 2,360 mm. It is equipped with a 30.66kWh ternary lithium battery, which can achieve a battery life of 26 1km under NEDC working conditions. The market guidance price of this car is 12 19000 yuan, and the subsidy price is 65800 yuan. In the eyes of most consumers, this is no different from the old scooter.

New energy subsidy policy 20 19 ushered in great changes.

1.20 19 The state subsidies for pure electric vehicles decreased by more than 50%;

2. The state compensation for plug-in hybrid electric vehicles has been reduced from 22,000 yuan to 1 10,000 yuan (with a cruising range of more than 50 kilometers);

3. Cancel local subsidies;

The policy change is to encourage major auto companies to upgrade their new energy technologies to meet market demand. Therefore, the requirements for core technical indicators such as cruising range and battery density will only become stricter. By 20 19, many subsidies for entry-level electric vehicles were either cancelled or greatly reduced.

According to the policy directive 20 19, electric vehicles with a battery life of less than 250km will no longer be included in the subsidy list. Fortunately, BAIC EC3 has crossed this threshold and can still get subsidies. However, in 20 18, this car can still get 34,000 state subsidies, and in 20 19, it can only get 180,000 subsidies.

The subsidy scheme for the promotion of new energy vehicles in 2020 and the technical requirements of products require that the driving range of pure electric passenger cars should not be less than 300km. However, BAIC EC3 does not meet the requirements of the 2020 policy, so it will not receive subsidies.

It is not difficult to understand why BAIC new energy can still guarantee a large sales scale in 20 19, but after 2020, it will immediately decline in a halved manner.

Success strategy, failure strategy.

The decline of BAIC new energy can be regarded as a microcosm of the development history of new energy. Is there any chance for Beiqi New Energy, which is now under siege?

The east is not bright, the west is bright, and the tone turns to service.

From the perspective of car companies, Beiqi New Energy and Beijing Auto are quite failures. However, the interpretation and updating of the policy has enabled it to maintain its right to speak in the industry.

In May, 2020, the Government Work Report first proposed that power station construction should be regarded as a part of China's infrastructure construction, and the establishment of independent charging and replacing enterprises should be encouraged. This report is tantamount to opening up a new track for the development of new energy. This time, the tuyere happened to be met by Beiqi New Energy.

Compared with * * *, BAIC's new energy exchange service started earlier.

Before the release of the Government Work Report in 2020, BAIC New Energy had put10.8 million electric taxis in 9 cities nationwide, with more than 200 supporting power stations.

At the end of 2020, Beijing Automotive Version 4.0 Power Station was officially launched. The features of this version of the power station are as follows:

1, the power exchange efficiency is greatly improved, the single power exchange time is 30 seconds, and the whole power exchange process is reduced from 3 minutes to 1.5 minutes;

2.4.0 There are 60 batteries in the power station, which is more than double the 28 batteries in version 3.0.

3. More complete supporting facilities, such as public service facilities adjacent to public toilets, to create a more complete travel service platform;

No matter from the point of view of power exchange efficiency or service capacity, the power exchange station of Beijing Automotive Version 4.0 is far superior to the Weilai Power Exchange Station, which is now in full swing.

According to relevant data, by the end of 2020, there were 555 power stations in * *, of which nearly 250 were built by BAIC New Energy in the national 19 cities. This means that nearly half of the country's power stations are in the hands of BAIC new energy, which has to be said to be a huge right to speak.

However, the development of Beiqi New Energy has always had a big problem, lacking individual users.

Perhaps * * * the field of enjoying travel can help brands accumulate users and markets in the early stage, but the sustained and healthy growth in the later stage must come from the individual user market. In terms of changing power stations, BAIC New Energy is also facing such a dilemma. The taxi and online car market is saturated, and development can only be based on individual users.

In the first half of 200212002, BAIC New Energy made little progress in the update and promotion of version 4.0 power station.

On the other hand, another automobile company, Weilai Automobile, had built 400 power stations nationwide before September 20021year, adding 100 in just two months. According to Weilai's plan, by 2025, 4,000 power stations will be built around the world.

In the development of new energy industry, Beiqi New Energy has been seriously left behind by these younger generations of Weilai. If there is no accident, BAIC New Energy may not be able to wait for the next outlet when it changes the outlet of the power station!

I have to say that BAIC New Energy is too smart and too confident. Whether in Beijing or in the industry, there is capital to be proud of. But it also ignores the development of market economy.

If you don't advance, you will retreat. When you use policy loopholes wisely,

What makes you tall is only your heavy belly, not your healthy feet.

* If you have different views, welcome to discuss; If you find something wrong, thank you for testifying.

Audit: Zhang Jianzhong

Author: Lin

Finishing: Chen Yannan