Motor, which sold poorly, plans to go public in Hong Kong after its IPO on the Science and Technology Innovation Board failed.
Recently, WM Motor released a prospectus showing that the company sold 7,476 electric vehicles in the first quarter of 2022.During the same period, the deliveries of Xiaopeng Motors, Li Auto, NIO, Nezha and Leapmotor were 34,600, 31,700, 25,800, 30,200 and 21,600 respectively.WM Motor's sales are not as good as the sales of the top five car companies in a month.
The prospectus also shows that from 2019 to 2021, WM Motor’s three-year total revenue will reach 9.17 billion yuan.Deducting dealer rebates, etc., the company's actual revenue totaled 10.917 billion yuan in three years.
During the same period, the three-year net loss of WM Motor’s parent company totaled 17.435 billion yuan, and the adjusted net loss for three years totaled 13.632 billion yuan.
The IPO of the Science and Technology Innovation Board has collapsed
. WM Motor was established on December 1, 2016.From March 28, 2018, when the first mass-produced car of WM Motor EX5 rolled off the assembly line, to the launch and delivery on September 28, 2018, WM Motor took the lead in breaking the PPT car-building question.
In 2019, WM Motor sold 12,800 vehicles.In the same year, NIO delivered 20,600 vehicles, and Xpeng Motors sold 16,700 vehicles.
In 2020, the cumulative sales volume of WM Motor reached 21,900 units, a year-on-year increase of 71.4%.Although the sales volume has also maintained rapid growth, it is much inferior to its peers.
According to the data, in 2020, NIO delivered a total of 43,700 vehicles, a year-on-year increase of 121%; Ideal ONE delivered a total of 32,600 vehicles throughout the year; Xiaopeng Motors delivered 27,000 vehicles throughout the year, a year-on-year increase of 112%.
The sales growth of WM Motor is not as good as that of leading car companies, and it has already declined.
According to the WM Motor’s prospectus, the company’s facilities in Huanggang and Wenzhou have suspended production from the end of January to March 2020 and from the end of January to February 2020 respectively due to the epidemic.
Entering 2021, WM Motor once "covered the lid" in terms of sales, and finally announced the annual delivery volume of 44,200 vehicles, ranking fifth in the new car-making forces. The top four are Xiaopeng Automobile, Weilai Automobile, The delivery scale of "Weixiaoli" for Lili Auto and Nezha Motor was double that of WM Motor.
In the prospectus, WM Motor confidently stated that the company's electric SUV sales in 2021 will rank first among all pure electric vehicle manufacturers in China's mainstream market, and both electric vehicle sales and smart electric vehicle sales in 2021 will be in China's mainstream market. It ranks third among local automakers.
Moreover, regarding the fact that it is considered to have fallen behind, Shen Hui, CEO of WM Motor, once said that the company is not behind, and the market sales in 2021 are not as good as in 2020, just because WM Motor is still in the silent period of applying for IPO.
In fact, as early as the beginning of 2021, WM Motor launched an IPO impact on the Science and Technology Innovation Board, and successfully passed the listing counseling on January 29, becoming the most promising new car company to land on the Science and Technology Innovation Board that year.
However, after the China Securities Regulatory Commission tightened its regulatory policies, many companies ushered in an intensive "falling off period", and WM Motor was not spared.
On the first construction day after the Spring Festival in 2022, Shen Hui issued a "new letter from home" within the company, which expounded the "way to break the game" of WM Motor in this "promising era" in the next year, and how to deal with the new situation. The view of the energy market said that it is only a "warm-up game for the first half" and that it is "far from over".
In the prospectus, WM Motor said that the company sold 7,476 electric vehicles in the first quarter of 2022.In early 2022, the company has adjusted its production line and reined in electric vehicle sales in preparation for a higher manufacturer's suggested retail price.In addition, the company's sales in the first quarter of 2022 were affected by the continuous industry-wide shortage of key components and raw materials such as chips and batteries caused by the new crown epidemic and geopolitical conflicts and price increases.
Comparing the sales volume of other new car-making forces in the first quarter, the deliveries of Xiaopeng Motors, Li Auto, NIO, Nezha and Leapmotor were 34,600, 31,700, 25,800, and 30,200 respectively. And 21,600 vehicles, WM Motor's sales are not as good as the sales of the top five car companies in a month.
Deeply caught in the "spontaneous combustion" and "locked electricity"
sales, it is difficult to compare with the leading car companies, and the loss of WM Motor is also very serious.
The prospectus shows that from 2019 to 2021, WM Motor’s revenue will be 1.76 billion yuan, 2.67 billion yuan, and 4.74 billion yuan respectively, with a total of 9.17 billion yuan in three years.Considering that the income recognized in the accounting statements needs to deduct the dealer rebates, etc., the actual revenue of the company is 2.107 billion yuan, 2.446 billion yuan and 6.364 billion yuan respectively, a total of 10.917 billion yuan in three years, and a year-on-year increase of 51.6% and 77.5% in the next two years respectively. %.
In the prospectus, WM Motor introduced that for a typical electric vehicle, the battery accounts for 42% of the raw material cost, and the electric motor and motor control unit account for 7% and 6% of the raw material cost, respectively.
In recent years, the cost of batteries has declined, and the average cost of battery packs in China has dropped from 1,885 yuan/kWh in 2016 to 823 yuan/kWh in 2021.
Benefiting from this, WM Motor's gross profit margin has also improved.From 2019 to 2021, the company's gross profit margins are -58.3%, -43.5%, and -41.1%, respectively.
On May 31, Shen Hui said on the Internet that there has been another round of price increases for automotive chips recently, and according to the price after the price increase, the cost of chips for smart electric vehicles has exceeded that of battery packs.
Shen Hui said that in the past, smart electric vehicles, or the biggest cost of electric vehicles, came from power batteries.Batteries with dozens of degrees or even on Baidu add up to a cost of tens of thousands of yuan or even more than 100,000 yuan, which is the most expensive part of an electric vehicle.However, with the increasing intelligence of the car, the specifications of the chips that need to be used in the car are getting higher and higher, and the number is also increasing. Coupled with the lack of cores, the price has risen many times, and eventually the cost of chips has appeared. The phenomenon of exceeding the cost of power batteries.
The data shows that from 2019 to 2021, the net losses of WM Motor were 4.145 billion yuan, 5.084 billion yuan, and 8.206 billion yuan respectively, with a total of 17.435 billion yuan in three years, and the losses showed an expanding trend; the company's adjusted net losses were 4.044 billion yuan, 4.225 billion yuan, and 5.363 billion yuan, with a cumulative loss of 13.632 billion yuan in three years.
Under the huge losses, "spontaneous combustion" and "locking electricity" have become the swords of WM Motor.
In the past two years, there have been many spontaneous combustion incidents encountered by WM Motors.In October 2020, 3 Weimar EX5s spontaneously ignited; in December 2021, 3 Weimar EX5s spontaneously ignited within 4 days.The spontaneous combustion incident in 2020 also directly caused Weimar to recall 1,282 vehicle products, and the reason for the recall was the defect of the power battery.In the first 4 months of 2022, Weimar also experienced 3 spontaneous combustion events, all of which occurred in the warm climate of Hainan Province.
According to the reports of riders, WM Motor will carry out the "New Year's User Special" activity from December 23, 2021 to January 15, 2022.However, many vehicle owners who have undergone a "comprehensive inspection" have found that their cruising range has been greatly reduced, which has seriously affected the car experience.
A Weimar car owner said: "When I bought the car, the advertised battery life was 400 kilometers, but in reality it was only 350 kilometers. After inspection, it became 300 kilometers. In addition to the cold wave in winter, the battery life was further reduced to 160 kilometers." In this way, The 400-kilometer battery life has shrunk to 160 kilometers, which is equivalent to a 40% discount.
