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The more cars are sold, the higher the income, but when can the loss stop?

On the evening of April 2, NIO disclosed its delivery performance for March and the first quarter. The next day, NIO’s Hong Kong stock price rose by 2.14%, but it fell by 7.63% and 5.6% respectively in the following two trading days. Its US stock price fell for three consecutive trading days.

Coincidentally, when NIO disclosed its 2022 earnings and February sales in early March, the first feedback from NIO’s dual-stock was equally optimistic. So how did NIO perform in March and the first quarter? What about its performance in 2022?

The first quarter of the first quarter met expectations, and the sales volume was "among the best"

Data show that in March, NIO deliveries were 10,400, an increase of 3.94% year-on-year, down 14.63% month-on-month; among them, 3203 high-end smart electric SUVs were delivered, and 7175 high-end smart electric cars were delivered. In the first quarter of this year, NIO deliveries were 31,000, an increase of 20.46% year-on-year.

In terms of industry level, whether in March or the first quarter, among several new power car companies, NIO’s performance can be regarded as "among the best". In addition to being led by Li Auto, Nezha, Xiaopeng, Zero Run, etc. were all left behind by NIO. It is worth mentioning that the ideal sales volume in March was twice that of NIO.

However, once upon a time, the throne of the new power delivering the championship has been firmly occupied by NIO. Whether the future NIO can regain the championship throne is uncertain, but it seems unlikely this year.

This can be seen from the annual sales target and current sales performance of NIO and Ideal 2023: the former’s goal this year is 250,000 vehicles, the first quarter sales of 31,000 vehicles, to complete the annual sales target of 12.4%; while the latter’s goal is between 250,000 – 300,000 vehicles, the first quarter sales of 52,600 vehicles, to complete the annual sales target of 21.04% -17.53%.

From the current data performance, NIO has suffered a lot.

It is worth noting that although NIO has achieved its sales target for the first quarter of this year, it can only be said to be a near miss.

According to NIO’s previous expectations in the 2022 annual performance report, its delivery volume in the first quarter of this year will be between 31,000 – 33,000 vehicles, an increase of about 20.3% -28.1% year-on-year. It can be said that NIO completed the delivery task in the first quarter.

"The image is from the NIO announcement."

In addition, NIO expects revenue guidance for the first quarter of this year to be 10.62 billion – 11.54 billion yuan, an increase of about 10.2% -16.5% year-on-year. But there is no clear guidance for earnings expectations.

However, it may be reasonable. After all, NIO, which saw a 33.97% year-on-year increase in sales in 2022, has not achieved profitability despite a significant increase in revenue. Instead, its losses have further expanded.

Sales revenue has skyrocketed, so why are there more losses?

According to the financial report disclosed by NIO, in 2022, NIO sales reached 122,500 vehicles, an increase of 33.97% year-on-year; revenue reached 49.269 billion yuan, an increase of 36.34% year-on-year.

From the perspective of sales and revenue data, both have reached new highs, and NIO’s performance last year seems to be good. However, in the face of both sales and revenue growth exceeding 30%, NIO’s overall profitability not only did not rise, but its losses further expanded.

The financial report shows that NIO’s net profit attributable to the parent last year was a loss of 14.559 billion yuan, 10.572 billion yuan from the loss in 2021, an increase of 37.71% year-on-year.

At the same time, NIO’s bicycle net profit also changed from a loss of 115,600 yuan in 2021 to a loss of 118,900 yuan in 2022. That is, in 2022, NIO lost nearly 120,000 yuan for every car sold.

In addition, NIO’s net loss reached 14.437 billion yuan last year, compared with the net loss of 4.017 billion yuan in 2021, and the loss expanded by 2.6 times.

The question is, sales are rising and revenue is increasing, so why are you losing more and more money? Where is the money being spent?

From the financial report, the two largest expenses of NIO are sales costs and research and development expenses, which alone cost nearly 55 billion yuan, directly exceeding revenue.

Specifically, in 2022, NIO’s sales cost reached 44.125 billion yuan, an increase of 50.5% year-on-year. This is not unrelated to last year’s "expensive electricity" and the large-scale laying of replacement stations, charging stations, charging piles, etc., which has become a direct cause of dragging down NIO’s profitability.

In 2022, affected by the skyrocketing price of lithium carbonate, battery costs skyrocketed simultaneously, which also caused the cost of new energy vehicles to rise sharply, which in turn led to a sharp drop in automotive gross profit margins. According to the financial report, NIO gross profit margin has dropped from 20.1% in 2021 to 13.7% in 2022.

"The image is from the NIO announcement."

NIO’s R & D expenses last year were as high as 10.836 billion yuan, up 136% year-on-year from 4.592 billion yuan in 2021, accounting for nearly 22% of revenue. Whether it is from the investment amount or the proportion of revenue, it can be regarded as a big deal in the automotive industry, which shows NIO’s emphasis on R & D.

You know, Li Auto and XPeng Motors invested 6.78 billion and 5.215 billion yuan in research and development last year, respectively, while accounting for 14.97% and 19.42% of revenue respectively.

To sum up, NIO’s sales revenue has increased, but it still loses money "for a reason", but for a for-profit company, this is obviously not "reasonable", but exposes its lack of cost control and profitability.

So, is the NIO that loses money really bad? Please continue to pay attention to "Automotive K Line", and we will look for answers in the next article of the NIO 2022 financial analysis article.

The text is original by [Car K Line], some pictures are sourced from the Internet, and the copyright belongs to the original author. The article of this number may not be reproduced without authorization, and violators will be investigated. At the same time, the content of the article does not constitute investment advice to anyone. The stock market is risky, and investment needs to be cautious.

　　CCTV News(Focus interview): On January 2, the city of Korla in Xinjiang received a sincere thank-you letter from Peixian County, Jiangsu Province, 4,700 kilometers away. The letter thanked Mansour Patar, 38, and Maimaiti Nurdong, 42, of Korla City, for their nearly 10,000-mile "free chauffeur" from Xinjiang to Jiangsu. The letter said: "This kind act of righteousness has almost crossed the whole of China, warmed this winter, and vividly explained the deep friendship between brothers and sisters of all ethnic groups." One east and one west, the journey is long, why is this "free chauffeur" so affectionate and dreamy?

　　Zhao Xulei, a truck driver recovering at home in Peixian County, Jiangsu Province, is video chatting with Mansour and Maimaiti, who are far away in Korla, Xinjiang. They chat like brothers, but they didn’t know each other a few months ago.

　　"My name is Mansour Pattal, I’m 38 years old, I live in Korla, Xinjiang, and I’m a truck driver," said Mansour Pattal.

　　"I am a truck driver from Korla, Xinjiang," says Mr. Nurdon. "We are busiest from July to November. We pull boxes of grapes in July, grapes in August and cotton, cottonseed and husks in November. We usually go to Aksu, Kashgar and southern Xinjiang a little more."

　　Last October, Zhao Xulei, a truck driver from Jiangsu Province, rushed to Xinjiang with his wife, Wang Cui, to join the cotton caravan during the cotton harvest season. During this time, he met local Uighur truck drivers Mansour and Maimaiti, and the three became good friends because of their similar temperaments.

　　However, the accident suddenly happened to Zhao Xulei. On November 17, 2021, Zhao Xulei was hit in the head by an iron chain while unloading, and his eyes were seriously injured. His wife Wang Cui was very anxious. They had no relatives in Xinjiang, only Mansour and Maimaiti, who had just known each other for 11 days. With the idea of giving it a try, Wang Cui asked them for help.

　　Zhao Xulei’s wife, Wang Cui, said: "I called Mansour. He arrived at the scene immediately and arranged for us to stay in the hospital. He also took me to the responsible party and the court.

　　When we first met, our eyes were fine, and Zhao Xulei was also quite handsome. Suddenly, after more than ten days, our eyes could not be seen. We felt very uncomfortable, because we were friends. "

　　With the help of two Xinjiang friends who were very affectionate and righteous, Zhao Xulei was rescued in time. More than half a month later, because his injury was too serious, his treatment encountered new difficulties.

　　Liu Jie, an eye, nose and throat doctor at Korla Hospital of the Second Division of the Corps, said: "When he was brought in, the trauma to his left eye was very serious, and he could no longer see anything in his eye. After our treatment, his vision did not recover. We suggested that he go to a better hospital in Beijing for treatment."

　　It is urgent to go to Beijing for treatment. In addition to the treatment fee, what worries Zhao Xulei is that the source of the family’s livelihood – the large truck bought with a loan – is still in Xinjiang, who can drive it back to Xuzhou?

　　"He’s under a lot of pressure," said Mr. Nurdon. "He has a loan for this car, and he can’t pay it back if he stops. The key is that he has four people in his family and two children."

　　Zhao Xulei said: "At that time, I also called the old watch in my hometown and wanted to ask him to go to Xinjiang. He said that the journey was too long, and he had never run that far by himself."

　　"Zhao Xulei is also in a hurry to use money, and his living conditions are average," said Mansoor Patar. "He also spent a lot of money, more than 100,000 yuan at Korla Hospital."

　　Zhao Xulei’s unfortunate experience made Maimaiti and Mansour anxious in their eyes. If a friend is in trouble, they have to help. They decided on the spot that they would help Zhao Xulei send the car back to Jiangsu no matter what.

　　Zhao Xulei said, "I was very surprised. They directly said that we will drive your truck back, not a penny, but send it to you. When they said this, they were moved to tears.

　　With the help of a good friend, Zhao Xulei, accompanied by his wife, went to Beijing for treatment with peace of mind. Mansour and Maimaiti also immediately began to prepare for this special "driving". This time it was a long journey, and the decision was made in a hurry, and the family was unaware of it.

　　Mansour Pattal said: "I said a word, and my wife also supported me. After that, I called my family. After calling, I was worried that if she didn’t agree, my friend would be embarrassed."

　　"I said of course I agree," said Mr. Mansour’s wife, Patiguri Kurban. "What if it’s not Zhao Xulei or you in this situation? Can I go and fetch you back by myself? Can you handle this by yourself? It’s okay, if you can help, please help, and then I asked him how the travel expenses were solved?"

　　Mansour and Maimaiti’s family are not well-off. This is the time of year in Xinjiang when there are many goods and busy cars to make money. Not only do they not care about making money, but they also post money to send cars to Zhao Xulei. It is estimated that the cost on the road is 10,000 to 20,000 yuan, which is indeed a big burden for them.

　　Because of the delivery to Wuxi, this trip spanned 10,000 miles. He and Maimaiti shared the insufficient freight. The two of them had an idea not to let Zhao Xulei, who was still recovering, add a penny to the burden. On December 9, 2021, they set off. In order to save money and time, Mansour and Maimaiti ate and stayed in the car all the way, using the instant noodles and naan they brought when they left to satisfy their hunger.

　　From Korla, Xinjiang to Peixian County, Xuzhou, Jiangsu, running through most of China. In the early morning of December 17, 2021, after a long journey of 8 days and 8 nights, Mansour and Maimaiti finally delivered the car to the agreed location with Zhao Xulei: Xuzhou, Jiangsu. As agreed, the car was safely delivered to Zhao Xulei’s hometown. Mansour and Maimaiti fulfilled their promise, and then they went to the hotel to have a good night’s sleep.

　　Mr. Mansour’s wife, Patiguri Kurban, said: "My husband said the car has been delivered safely and we should go back to Xinjiang. I said don’t forget that my birthday is next week, and my husband said he will be back on time for your birthday."

　　Just as they were about to buy tickets back to Xinjiang, Zhao Xulei, who was being treated in Beijing, stopped them. Zhao Xulei has not yet healed his eye injury, but he is in a hurry to return to Xuzhou despite the doctor’s dissuasion.

　　Zhao Xulei said: "They put their truck there and drove my car back. During this period of more than half a month, they also lost more than 20,000 yuan. After arriving at their hometown, they called to leave, and I said you can’t leave. We haven’t met yet, and the family hasn’t thanked them yet."

　　"He said never to go back. It would be best to have a meal before leaving. His father, mother and friends all look at their Xinjiang friends," said Mr. Nurdon.

　　Vote for me with a wooden peach, and repay it with Qiongyao. In order to thank the two righteous good friends, Zhao Xulei took them to see his parents.

　　Patiguri Kurban said, "Zhao Xulei’s mother was so moved that she cried. She hugged my husband and his friend Maimaiti and said that you are also my son. My husband was very touched when he said this.

　　Considering their first visit to Jiangsu, Zhao Xulei’s family repeatedly asked them to stay for a few more days to see the scenery of Jiangsu. Zhao Xulei also endured the pain of his eye injury and insisted on guiding them throughout the journey. During his stay in Xuzhou, Zhao Xulei was most worried about the two Xinjiang brothers not having a good time, while the Xinjiang brothers were worried about Zhao Xulei’s injury.

　　Wanli car delivery by Zhao Xulei’s friends after the praise by the media reports, won widespread praise.

　　Huang Houli, director of the Rong Media Center in Peixian County, Jiangsu Province, said: "After the Rong Media Center reported the incident, the county party committee and county government immediately sent a thank you letter and took out rewards from the Peixian Good People Fund to reward the two Uighur brothers for their kind deeds."

　　On December 27, 2021, Mansour and Maimaiti returned to Korla. On December 30, Mansour fulfilled his promise to his wife and celebrated her birthday.

　　The three brothers’ love that spans nearly 10,000 miles has now become the link between the two cities, and the story of ethnic unity and one family continues: on January 12, more than a dozen media from Jiangsu and Xinjiang joined forces to launch a live broadcast to help Xinjiang Ruoqiang red dates sell, and the Peixian Rong Media Center invited the injured driver Zhao Xulei to help on the spot. Zhao Xulei said: "The righteous deeds of the Xinjiang brothers have made me realize the family love that spans thousands of miles. I hope more people can learn about Xinjiang through us. Xinjiang not only has red dates, but also Korla fragrant pears, Aksu apples, Xinjiang cotton, etc., and there are many good people." Seeing the little things, all ethnic groups are tightly hugged like pomegranate seeds, hand-in-hand matchmaking, watching and helping each other, so that we can share a beautiful life.

　　IT Home December 13th news, foreign technology media MacRumors today released a blog post, sharing the relevant information of Apple iPhone 16 standard version models.

　　IT House quoted the media report, Apple iPhone 16
The design and development of the standard version is still in the early stages, and Apple engineers call it "DeLorean", which may differ somewhat from the final retail version.

　　design

　　According to the internal information currently available, Apple has designed a number of iPhone 16 prototypes internally.

　　The yellow prototype has an operation button, and the volume button has a coherent design, and the back has a camera island design similar to the iPhone X.

　　The pink prototype is equipped with an operation button, a separate mechanical volume button; the black prototype is equipped with a larger operation button and a dedicated camera button.

　　Camera Island Adjustment

　　Apple has tested a variety of camera island solutions, and compared with the existing diagonal design, the new model attempts to be designed vertically to enhance device recognition.

　　However, reports say Apple is experimenting with two different camera bump solutions:

　　iPhone 12 style design, square camera island, but the camera adopts vertical scheme;

　　iPhone X style design, using pill shape design.

　　Relative to the iPhone 15, both designs have the same flash position, indicating that Apple does not plan to change the position of the flash.

　　No tactile volume/power button

　　IT House previously reported that Apple is advancing the project internally with "Project Bongo", with plans to redesign the volume and power buttons to bring new interactive experiences in terms of functionality and appearance.

　　And Project Bongo
The volume and power buttons are changed from traditional mechanical buttons to tactile buttons, which detect pressure and simulate the pressing of physical buttons by using a vibration-generating haptic engine (haptic feedback).

　　The feedback mechanism for the Bongo project to press the haptic button is as follows:

　　Below the button is a bend sensor that measures the pressure applied to the button.

　　The strain gauge detects a change in pressure, converts it into a change in resistance, and accurately measures the change.

　　A signal is sent to the main logic board indicating that the button has been pressed.

　　The main logic board issues power commands to the Bongo haptic engine

　　Bongo’s haptic engine uses electromagnetic fields to generate vibrations

　　Then haptic feedback is generated by vibration, and a slight upward movement towards the finger mimics the sensation of a physical button being pressed.

　　The component has two strain gauges, one on each side of the button. The strain gauge detects a change in pressure and converts it into a change in resistance within the circuit. The change in resistance causes a change in voltage, and the potential difference between the two strain gauges is used to determine the position of the pressure origin (volume increase or volume decrease).

　　Apple originally planned to use it on iPhone 15 Pro series models, but it was cancelled earlier this year due to a number of technical issues.

　　The media said Apple did not continue to deepen the project, Apple iPhone 16 models will still be equipped with mechanical buttons.

　　operation button

　　The biggest change in Apple’s iPhone 15 Pro series is to cancel the mute pick and use the operation button instead.

　　The iPhone 16 series models launched next year will also follow, using operation buttons.

　　Apple is working internally on Project Atlas, but is trying to change the operation buttons from mechanical to capacitive.

　　Add a new photo button

　　Apple tried to install a new button on the right side of the iPhone 16, bringing a new capacitive camera button, codenamed Project Nova internally.

　　Not much is known about Project Nova, which will be equipped with force sensors in addition to a "touch toggle" feature.

　　In addition, the photo button is located in the same location as the millimeter wave cutout on iPhone models sold in the United States, so in iPhone 16, the millimeter wave antenna has been moved to the left side of the device.

　　Continue to use Dynamic Island and USB-C ports

　　Without any noticeable changes to the front of the iPhone 16, the opportunity continues with Dynamic Island, and the base model iPhone 16 is expected to feature a similar display to its predecessor, with no major differences. With
iPhone 15, iPhone 16 has a USB-C port on the bottom of the device.

　　color

　　In terms of color, early prototypes were available in three colors: yellow, pink, and midnight.

　　summary

　　iPhone 16 overall appearance will not be much adjustment, the main updates are:

　　Vertical camera arrangement, possibly similar to iPhone 12

　　New capacitive camera button

　　Capacitive operation button

Editor: Qi Shaoheng

Since the birth of the electronic TV in 1927, the global sales crown at every stage has been a leader in new technologies. From CRT to rear projection, from plasma to LED, Sony, Panasonic, and Samsung have taken turns dominating the global TV market.

The TV industry has always been dominated by technology, following the law of technological innovation, technological maturity, and a natural decline in product prices from high to low.

Until Xiaomi TV appeared and bombarded the market with low prices, the market law was once broken. The market trend changed rapidly, and the idea of technological breakthrough was replaced by competition for low prices. Domestic brands were dragged into the quagmire of price wars, which also artificially increased the difficulty for future high-end.

Xiaomi’s entry into the TV industry is not just a product, but a model.

In October 2013, the first Xiaomi TV went on sale, and only 18,000 units were sold until the end of the year. The total sales volume of the domestic color TV market was about 47 million units that year, and the market share of Xiaomi TV was only about 0.03%.

At that time, China’s per capita disposable income was only 18,311 yuan, and the price was still the top consideration for most domestic consumers to buy TVs. In China, rising stars such as Hisense, TCL, and Skyworth have left behind the slightly outdated Changhong technology. Although Japanese and Korean high-end brands have no match in the global market share, they are difficult to maintain the forefront in the Chinese market.

In the hearts of many consumers, Japanese and Korean TV brands are truly high-end. Sony and Samsung entered the industry early, with global leadership in patents and technologies and strong brand power. They have also gained higher premiums from it.

At that time, the technology of domestic brands was still growing, and foreign brands were "high and low", leaving a huge gap in the market.

With the launch of Xiaomi TV 2, Xiaomi TV sales exceeded 300,000 in 2014, entering people’s attention at a growth rate of 16 times. Xiaomi Internet + cost-effective play is suddenly enlightened.

Based on deep customization, MIUI TV transforms not only rice noodles, but the entire traditional TV client base, as well as the "Internet surfing" family.

Ambitious Xiaomi, a TV industry recruit with neither technical expertise nor strong brand appeal, has chosen its usual low-priced approach without suspense.

The first generation of Xiaomi TV has a 47-inch 8.4mm narrow frame, selling for only 2999 yuan. At the press conference, the Xiaomi-style slogan reappeared: "The first TV for young people"; perhaps it was consumers who waited and saw the new brand, which led to the first generation of Xiaomi TV’s listing being cold, while the second generation of Xiaomi TV pushed the price of the 40-inch ultra-narrow frame smart TV to 1999 yuan. This time, Lei Jun quickly made many friends.

In 2013, Internet TVs accounted for less than 1% of the domestic market. In an era when the Internet was developing rapidly and the smart TV industry had a market gap, Xiaomi TV used the Internet model to slash product prices.

The Internet ecosystem can become the main channel for Xiaomi’s TV profits, and the demand for hardware profits can be minimized, which almost replicates the way its mobile phones play and is also the model that Xiaomi is accustomed to.

Opponents have difficulty building an Internet ecosystem that can rival Xiaomi in a short period of time, and there is a relative lack of profit points other than hardware. The reason why first-tier domestic brands such as Hisense and TCL were able to successfully bring Changhong down lies in the great progress of exclusive technology until it surpasses. Xiaomi does not use technology to crush the market, but uses extremely low prices to drag opponents into unfamiliar battlefields.

The price is the appearance, and the support point is the Internet ecology. With Xiaomi TV becoming the domestic sales champion in 2019, the Xiaomi model has become the object of imitation in the industry, and the product price has become the focus of attention in the industry.

This has also indirectly led to an increasing number of peers prioritizing technological research and development over lowering product prices.

A team of domestic traditional TV brands began to make up for their shortcomings, each building a TV OS ecosystem based on it, increasing their profit points, and finally further reducing their hardware prices.

The price war is intensifying, consumers and brands are fixated on product prices, but fewer and fewer people pay for technology, craftsmanship and quality, and TV products are gradually "fast food".

At the same time, due to factors such as the relatively high cost of hardware due to brand identity and configuration of cutting-edge technologies, and the lack of profit points other than hardware in the Chinese market, foreign big-name TVs are gradually marginalized in the domestic low-end market.

According to Aowei Cloud Network data, only two foreign brands, Philips and Sony, ranked 8th and 10th among the top ten domestic TV sales in 2019, with sales of only a few million units, about one-tenth of Xiaomi’s.

Xiaomi TV has not only dragged domestic competitors into a price war, but also allowed foreign brands to further tilt their focus towards the high-end market in China.

With the traditional domestic TV brand Internet ecology, online channel construction and other shortcomings made up, no one has an absolute advantage in this price war, and some "micro-exercises" have begun to prevail. Real and fake 4K, old architecture towing new machines and other mixed industry chaos are frequent.

To some extent, this is a manifestation of manufacturers’ cost compression to the extreme.

In Q3 2022, Xiaomi’s internet service revenue was only 7.10 billion yuan, only about 10% of total revenue, and hovered between 7 billion yuan and 7.30 billion yuan for the sixth consecutive quarter, apparently not helped by hardware growth.

Internet revenue, as a fulcrum for Xiaomi TV to maintain low prices, may not be as strong as expected.

Once imitating the Xiaomi model, no one has succeeded in turning the Internet ecosystem into a revenue driver, while technology research and development has regained attention.

Consumption is under pressure, and brands that once pursued cost-effectiveness have seen an upward demand. The tide of high-end products has swept in, and low-end products have gradually become a painless spray.

Millet-style inner roll once triggered domestic peers to "actively go down", and the price melee undoubtedly solidified the "taste" of some users, and the brand was difficult to get out of trouble for a while.

Nowadays, brands that are proficient in going down have to consider how to go up.

Going high-end also means entering the home court of foreign brands.

Before 2016, Samsung also actively deployed low-end products in the Chinese market. However, as the price war intensified, domestic brand prices further declined, and online channels were already weak. Coupled with the lack of ecosystem in the Tizen system, Samsung TVs gradually fell short of their capabilities and completely withdrew from the price war stage. Since then, they have ranked last in the Chinese market for a long time.

The price war has squeezed Samsung and Sony out of the low-end market, and also stimulated them to completely move towards high-end. The industrial chain behind them also forms a virtuous circle around high-end.

The high premium of high-end products brings higher profits to the industrial chain. Theoretically, the investment in R & D can also be higher than the industry average to create cutting-edge technologies and consolidate high-end positioning. This is the logic of the industrial chain of high-end brands.

The Xiaomi model is completely different. By reducing the price of hardware to the extreme, the profit of the industrial chain is also reduced, which indirectly suppresses the technological progress of the industrial chain.

The cost-effective model is inherently unsustainable, prompting brands to rise; consumption is under pressure, the market is shrinking overall, and it has become more urgent for brands to raise demand.

Omdia data shows that global TV sales in the first three quarters of 2022 were 143 million units, down 4.4% year-on-year. TrendForce released data late last year, expecting global TV shipments to 202 million units last year, down 3.9% from 2021 and the lowest in nearly a decade.

The overall shrinkage of the TV industry has become a foregone conclusion, and domestic brands with an absolute share advantage in the domestic market have not shown a similar one-sided strong performance in the global market.

In the first three quarters of 2022, Xiaomi TV ranked fifth in the world with a 6.5% market share, and Samsung led the global TV sales list with an absolute advantage of over 20% market share.

Obviously, the "three-star model" is better.

The novelty brought to users by TV intelligence has long been gone, and Internet expansion has become a regular standard. As mentioned earlier, Xiaomi, which got up early, and the domestic brands that followed suit, failed to change the situation of low Internet revenue, but instead suffered brand damage in the price war.

Another drawback of the Xiaomi model is the potential for quality control after extreme price compression.

In May 2022, Xiaomi TV was exposed that the screen automatically fell off, and it was launched twice in three days, which once attracted widespread attention. In recent years, problems such as black screen and main board have also been complained by many Xiaomi TV users, and there is even a joke on the Internet: If it is over-insured, it will be bad.

Brands that have participated in the price melee have also frequently encountered similar quality control problems, but some brands can improve the problem to a certain extent by relying on their own production lines. In the fully OEM model, the quality control initiative is divided into two, and the extreme price compression will undoubtedly make things worse.

The frequent occurrence of quality control problems is extremely unfavorable for the brand to rise, and it relies heavily on the integration of third-party resources, and only "micro-innovation" to maintain fast-paced product iteration is not very helpful for technological development.

Comparing the data of the past four years, it is not difficult to find that although the market as a whole continues to shrink, the top ten rankings of global market share have hardly changed. In other words, relying on cost-effective tactics to kill the four parties in China, it is difficult to "eat all the sky in one move" in the global market.

Xiaomi TVs, which have often won sales in the domestic market in recent years, have been suppressed by TCL and Hisense in the global market. In the first three quarters of last year, TCL ranked third with a share of 11.7%, and Hisense ranked fourth with a share of 10.1%, continuing to lead Xiaomi.

The exclusive technological breakthrough has become a stepping stone to the high-end market of Hisense and TCL.

TCL has made technological breakthroughs in quantum dots, Mini LED, etc. to develop new display technologies; Hisense is also a major promoter of Mini LED, and it is a leader in the field of laser TV, accounting for 49.5% of the global laser TV market share in the first half of last year.

In terms of price, the flagship product of Hisense Laser TV is close to 100,000 yuan, the flagship of 8999 yuan flat-screen TV is "only" 85 inches, while the price of Xiaomi’s 86-inch flagship ES Pro is 7999 yuan, and Redmi’s 86-inch EA Pro is 5999 yuan.

The launch of Redmi has not allowed Xiaomi’s own brand to rise confidently, but has instead made Xiaomi’s TV product line slightly bloated and confused.

Redmi A, X, and MAX series are relatively easy to remember, while Xiaomi’s own brand TV models include Transparent, Master, Quantum Dot, Mural, Digital, EA, and ES series. This "machine sea tactic" reveals the chaotic product thinking of Xiaomi TV.

Users are easily confused when purchasing, and even if they recommend it to others, they are prone to misremember the model. It can be said that their ability to distinguish and remember is being tested.

The product line confusion is just a symptom of the Xiaomi model. At most, Xiaomi is not well-prepared to rise, which has limited impact on its high-end.

However, Xiaomi users’ perception of the brand’s value and the "Xiaomi model" that has long relied heavily on the supply chain have led to a relatively lack of exclusive technology, which may drag down the high-end process of Xiaomi TV for a long time.

The aftershocks of the price war have affected the high-end TV industry, which is not special. Manufacturers with comprehensive capabilities have always been the protagonists.

Compared with the "Xiaomi model", the "Samsung model" easily wins because of its advantages in technology, brand, global channels, and long-term important role in the upstream supply chain.

Similarly, domestic leading brands such as Hisense and TCL also place great emphasis on comprehensive development. The difference is that the price war has directly stimulated the traditional domestic brands to make up for the shortcomings of the Internet ecosystem. Their low-end product lines already have a strong cost-effective foundation, while brands with exclusive technical routes are undoubtedly more prominent.

The high and low ends are strong enough, and in the context of consumption pressure, it is undoubtedly a two-handed preparation. The "Hisense, TCL model" seems to be more sustainable.

As products move towards high-end, brand temperament also needs to keep up. Although controversial advertising slogans catch the eye, they run counter to high-end, which is not conducive to growth. In the past four years, global TV sales have been solidified, and domestic brands may need to put more thought into improving their overall strength.

Just like the way it came, it relies on step-by-step technological accumulation rather than loud slogans.

　　Event review:　This week, the Federation announced the sales information in November. The monthly sales volume exceeded 2 million for the first time this year, including 171,000 new energy narrow passenger cars, up 139.2% year-on-year, and doubled for the second consecutive month. It is also worth mentioning that Wuling, Tesla, Great Wall Euler Black Cat, BYD Han EV, etc. have set their own historical records. Click on the picture below to learn more about the sales in November.

　　Details decoding:

　　 EV has become a dazzling new star in the new energy market, with its sales volume reaching an astonishing 33,094 vehicles in November, which explains the product slogan — — People’s scooter. It is worth mentioning that the sales of individual users accounted for more than 96% of the sales of Hongguang EV in November, which means that about 1,100 individual users become owners of Hongguang MINI EV every day.

　　Tesla Model 3 reached the Accord with a score of 21,604 vehicles, ranking 11th in the domestic car sales list in November, up 78% from the previous month, and breaking through the 20,000 mark in the domestic market for the first time. From January to November this year, Model 3 surpassed Scorpio with a cumulative sales volume of 111,645 vehicles, closely following Passat, ranking ninth in the domestic car sales list this year.

　　In terms of new forces, Weilai Automobile delivered a total of 5,291 new cars in November, exceeding 5,000 for the second consecutive month; In November, a total of 4,224 new cars were delivered, up 342% year-on-year, of which 2,732 were delivered in a single month, setting a record for the fastest delivery of a single model of the new power brand. LI, which has only one model of Li ONE, delivered a total of 4,646 new cars in November, an increase of 25.8% from October, and set a new record for monthly delivery. Bicycle sales ranked first among the new forces in China. A total of 3,018 new cars were delivered in November, and the cumulative sales volume has exceeded 40,000 since listing.

　　With the popularity of Wuling Hongguang MINI EV, the popularity of Tesla Model 3 and the efforts of new car-making forces, the sales volume of new energy vehicles in the domestic passenger car market is getting higher and higher, which has become an important force that cannot be ignored.

　　Event review:Recently, the media noticed that the name of the 2021 Frankfurt Motor Show, which was previously announced to be moved from Frankfurt to Munich, was also changed to IAA Mobility. At the same time, software, IT and other technology companies other than automobile manufacturers are also welcome to join us. In addition to displaying new cars, we also welcome various automobile solutions to be displayed here.

　　Details decoding:

　　The official of IAA said in July this year that Munich will replace Frankfurt as the host city of IAA in 2021. The new auto show will be held from September 7 to 12, 2021 in Germany for six days, which is shorter than the 13-day exhibition time of the previous Frankfurt Motor Show.

　　Among the recently revealed information, IAA not only announced the new exhibition name — — IAA Mobility also announced that the 2021 Munich Motor Show will be divided into three parts, including summit meeting, blue path and open space. Exhibitors will not only be limited to car companies, but also welcome technology companies such as software and IT to show their car solutions at the summit.

　　With the development of electrification, intelligence and networking in the automobile industry in recent years, automobiles are not limited to a single means of travel. The brand-new Frankfurt Motor Show changed its name to IAA Mobility, which is also a manifestation of adapting to the changes of future travel scenes. The new auto show will also present the possibility of future traffic through more diversified displays.

　　Previously, in the column "Engineers at Eight o’clock", we also discussed the topic of car companies participating in CES International Consumer Electronics Show and whether auto shows are needed in the future. Interested friends are welcome to click on the link below to watch.

　　Event review:According to Reuters news, Baidu plans to contract or form a joint venture with a traditional automobile manufacturer to produce its own electric vehicles. At present, it has discussed the possibility with FAW Group and has not reached any agreement.

　　Details decoding:

　　Although it has not been officially confirmed, the news that Baidu plans to develop car-making business immediately aroused the enthusiasm of the capital market. On the day of news exposure, Baidu’s share price soared by nearly 14%, and its market value returned to 60 billion US dollars in the past year and a half.

　　In response to this news, Baidu said: "No comment on market rumors". On the other side of the scandal, GAC said that it has signed a strategic cooperation agreement with Baidu, and news of further cooperation will be disclosed to the market; Geely said that it did not know the details; FAW did not respond.

　　Just as people were speculating about one of the three choices, Freeman Shen, chairman and CEO of Weimar Automobile, praised Baidu’s blog post about making cars, which aroused everyone’s association. However, neither Baidu nor Weimar responded to the incident since then.

　　In fact, FAW, Geely, GAC and Weimar have all reached strategic cooperation with Baidu, and cooperated in Baidu Apollo autopilot platform and Baidu car networking system. Among them, the cooperation between FAW and Baidu started as early as 2017 and played an important role in the Apollo project. Weimar brought the third production model of Weimar, which was jointly developed with Baidu Apollo platform, at the "2020 Apollo Ecological Conference" held on December 8, and said that the new car will be officially launched in 2021.

　　Up to now, there is no news that Baidu will carry out the car-making project in what form, but recently Alibaba and SAIC jointly launched a brand-new smart high-end brand Lantu, and Huawei, together with Contemporary Amperex Technology Co., Limited, plans to build a brand-new high-end smart car brand under Changan. In this context, it is logical for Baidu to join hands with car companies to build smart high-end car brands, relying on its own achievements in autonomous driving and car networking for many years.

　　Event review:Recently, some foreign media photographed more than 40 aerial videos of Model Y parked in Tesla’s Shanghai factory. Foreign media speculated that the domestic version of Tesla Model Y had been mass-produced in the Shanghai factory. However, previous news showed that the domestic Model Y is expected to go offline at the Shanghai factory in early 2021.

　　At the same time, a screenshot of the Model Y rear-drive long battery life version was madly transmitted on social media, claiming that the price of the domestic Model Y four-wheel drive long battery life version will be the same as that of the domestic Model 3. At the same time, I also wrote "See you in three weeks", that is, in early January 2021.

　　Details decoding:

　　On foreign social media, Tesla CEO elon musk replied "I am hoping to be back next month! (I hope to go back next month), which confirms the news that the domestic Model Y will be officially released in January, and also implies that Musk will release the scene in Shanghai.

　　At present, Tesla Model Y has been opened for selection, and Model Y will be the first to launch two models, namely the long-life all-wheel drive version and the Performance high-performance version, with a pre-sale price of 48.80-535,000 yuan. The new car is expected to start mass delivery in the first quarter of 2021.

　　Model Y is the first medium-sized pure electric SUV launched by Tesla, and it is also another model that has been given high hopes after Model 3.

　　According to the application information of the Ministry of Industry and Information Technology, the length, width and height of the domestic version of Tesla Model Y are 4750/1921/1624mm and the wheelbase is 2890mm respectively. Equipped with ternary lithium-ion battery, its battery pack capacity is 77kWh, energy density is 161Wh/kg, and NEDC cruising range can reach 594km.

　　As for the information about the suspected selling price of 298,800 yuan circulating on the Internet, it is somewhat different from the pre-sale price of the previous open selection. However, at present, the subsidy for pure electric vehicles in China is limited to the selling price of 300,000 yuan. Judging from the previous strategy of continuous price reduction of Model 3, it is not impossible for the future selling price of Model Y to be less than 300,000 yuan.

　　　　　　　　Event review:Recently, the Management Committee of Lingang New Area of Shanghai Free Trade Zone issued a special plan for intelligent networked automobile industry (2020— 2025), it is mentioned in the plan: promote the first demonstration of highly autonomous driving (above L3 level), promote the conditional opening of highly autonomous vehicles on high-speed and elevated roads for testing and demonstration application, and take the lead in piloting the commercial application of self-driving manned and loaded goods without safety personnel in specific areas.

　　　　　　　　Details decoding:

　　The plan proposes to give full play to the institutional innovation advantages of Lingang New Area, win the support of relevant departments of the state and Shanghai, and declare the national-level vehicle networking pilot zone, national-level quality inspection center, transportation industry R&D center and smart transportation demonstration project; Apply to the relevant departments of the city to study and promote the decentralization of relevant powers, authorize the management committee of Lingang New Area to issue management measures, be responsible for the acceptance, organization and supervision of testing and demonstration applications within its jurisdiction, and guide industrial innovation and development in the fields of industrial development, traffic management, road testing, standards and specifications, and application demonstration; Promote the pilot demonstration of highly autonomous driving (above L3 level), promote the conditional opening of highly autonomous vehicles on high-speed and elevated roads for testing and demonstration application, and take the lead in piloting the commercial application of self-driving manned and loaded goods without safety personnel in specific areas.

    On the same day, the "Open Test Road for the Second Batch of Self-driving Cars in Lingang New Area" was launched. At present, the cumulative total mileage of open test roads in the new area has reached 118.2 kilometers.

　　At present, China has started pilot and open tests related to intelligent traffic-level autopilot in some areas of several cities, and more than 200 autopilot test licenses have been issued in various places. As a special economic functional zone formally established in August 2019, Shanghai Lingang New Area has the first advantage in promoting the development policy of high-tech industries. It will be helpful for the development of our autonomous driving and other industries to take the lead in opening up autonomous driving above L3 level to high-speed and elevated test.

　　At present, the high-speed pilot function launched by brands such as Weilai, Tucki and Tesla can theoretically reach the L3 level of autonomous driving (drivers are still required to be vigilant by holding the steering wheel under the current regulations), and the L4 level autonomous vehicles developed by domestic autonomous driving companies such as Baidu and Wen Yuan Zhixing have also completed considerable tests. Opening high-speed and elevated tests will play a positive role in the development of autonomous driving industry, and it is expected that more cities and regions will follow this policy in the future.

　　　　　　　　Event review:On November 17th, Zhiji Automobile, a high-end intelligent pure electric vehicle project jointly built by SAIC, Pudong New Area and Alibaba Group, released some technical information about its products in the future. At the same time, it is announced that its two new cars will be officially released on January 13 next year. The official said that it will join hands with Contemporary Amperex Technology Co., Limited in depth. The new car will be the world’s first lithium-doped battery technology, with an energy density of 30-40% and a cruising range of 1000km. At the same time, the new car will adopt a redundancy scheme of software and hardware architecture compatible with the upgraded lidar system. Click on the picture below to learn more.

　　　　　　　　Details decoding:

　　In the past, BAIC had ARCFOX and FAW Hongqi, and later, Guangzhou Automobile Ai ‘an, Changan, Huawei and Contemporary Amperex Technology Co., Limited jointly planned to build a new brand, and Great Wall planned to launch a brand-new high-end intelligent electric brand. After the birth of a large number of new car companies, traditional car companies have also created a number of brand-new car brands in the era of smart cars.

　　SAIC, which is rooted in the Magic Capital, is no exception. Recently, it launched a billion-dollar Big Mac project — — "Zhiji", the first round of financing reached 10 billion yuan.

　　What kind of car does Zhiji want to build? On November 17th, Zhiji held the first media sharing meeting more than half a month after the official announcement of the brand. In the artistic center, the official announced the cooperation between Heatherwick Studio, the brand partner of Zhiji automobile, and teamLab, the artistic partner. The former will participate in the design of the appearance, interior and charging pile of Zhiji automobile, and the latter will participate in the design of human-computer interaction and digital cockpit.

　　Of course, Ji Ji announced more than that. The official said that it will join hands with Contemporary Amperex Technology Co., Limited to launch the world’s first battery technology of "silicon-doped lithium battery". The energy density will reach 240Wh/kg, which is 30-40% higher than the industry average. The cruising range will reach 1000km, with 0 attenuation for 200,000 km, which can realize "never spontaneous combustion".

　　At the same time, with the country’s further liberalization of high-precision maps, by 2022, a full-scene continuous "zero-takeover" autopilot experience can be realized in some roads in first-tier cities. Within the scope permitted by policies and regulations, in 2021, some Shanghai core supermarkets will realize the "automatic parking service" function of high-frequency scenes. It can be expanded to more first-tier and new first-tier cities in 2022.

　　Zhiji’s new car can realize the flexible configuration of perception systems such as vision, millimeter-wave radar and lidar, and the first production car can realize the redundancy of software and hardware architecture of lidar system. The new car will adopt a new central computer integrated electronic and electrical architecture, which can realize OTA push update. Through the set of multiple bottom controllers, the chassis suspension can be adjusted in time according to the driving scene. For example, before driving to Panshan Highway in Moganshan, the system can switch to mountain mode in advance.

　　Zhiji officially said that Zhiji Auto A and B products will be released globally in Shanghai Center on January 13th, 2021, among which the first production car is a car. At the Shanghai Auto Show in April, Zhiji Auto will bring three new cars, among which Car A will be pre-sold and delivered at the end of the year. (Text: Pacific Auto Network Micco)

Text |Connecting trip　Zhou xiongfei

Edit | Midnight

Volvo has once again embarked on the road of IPO.

Recently, Volvo announced in its official website that it plans to raise 25 billion Swedish kronor (about 18.4 billion yuan) in an IPO on the Nasdaq Stockholm Stock Exchange. It is expected to complete the listing and start trading this year.

Volvo announced the impact of IPO, from Volvo official website.

This is not the first time Volvo has rushed to the market.

As early as 2016, Volvo began to make an impact on IPO, which was recognized by three Swedish investment institutions, but it did not go public smoothly in the end. At that time, the industry speculated that its parent company Geely did not want to let go; Two years later, Volvo sought IPO listing again, but it was once again opposed by Geely because the valuation given by the relevant investment institutions was too low.

Now, Volvo, which has experienced the previous two unsuccessful IPOs, still hasn’t given up listing and started to attack the IPO again, and behind this insistence, it is actually considered for its own development.

Since Volvo was acquired by Geely in August 2010, with the blessing of the latter channel, it has achieved an increase in sales volume and profitability, but compared with the luxury brands of the same level in BBA, Volvo’s domestic development does not have much advantage.

This disadvantage has been further amplified with the rapid development of the new energy automobile industry, because in the industry’s view, although Volvo has made some moves in the new energy automobile business, it is difficult to occupy a seat on such a highly competitive track as a whole.

For Geely, life is also not easy.

Geely, as one of China’s independent automobile brands, started early after smelling the development trend of new energy vehicles, and chose a multi-brand parallel development style. However, due to factors such as internal friction among brands and insufficient brand power, the new energy vehicle business has been tepid.

Affected by this, Geely Automobile began to fall into the unfavorable situation of high debts. Geely also tried to alleviate this dilemma by merging Volvo and listing in science and technology innovation board independently, but all ended in failure. As a last resort, Geely had to pin its hopes on Volvo’s listing.

After the acquisition ten years ago, Geely and Volvo supported each other, and now both of them are in a development dilemma, which can be described as the "ten-year itch" stage. So, will Volvo succeed in this sprint listing? After listing, can it become an antidote to its development?

1, the twists and turns of the IPO road

Volvo’s IPO, in fact, has long been rumored.

On May 13th this year, Geely Holding Group and Volvo Group successively announced that Volvo’s board of directors decided to start evaluating the possibility of Volvo’s IPO.

A month later, Hanken samuelson, CEO of Volvo, once again said that Volvo’s listing process is progressing smoothly, and an IPO may be held at the end of this year. According to the plan, Volvo will be listed on the Nasdaq Stockholm Stock Exchange.

In addition to the announcement of IPO, some substantive actions are also being carried out at the same time.

In late July, Volvo signed an agreement with its parent company Geely Holding Group to acquire all the shares of Geely Holding in its joint venture in China.

It is understood that Volvo and Geely have two joint ventures in China, namely, Daqing Volvo Automobile Manufacturing Co., Ltd. and Shanghai Volvo Automobile R&D Co., Ltd., both of which are held by Geely Holding and Volvo respectively.

Information on equity penetration of Daqing Volvo and Shanghai Volvo, screenshot from Tianyanchang.

According to the agreement, Volvo will fully integrate its manufacturing, R&D and sales business in China after the acquisition. After the complete acquisition, Volvo’s equity will increase, and its share of net profit will also increase.

In the industry’s view, this move is for Volvo to make itself more attractive for investment, so as to pave the way for its subsequent IPO. After all, Volvo’s previous IPO road can be described as twists and turns.

As early as 2016, Volvo conducted a market evaluation of IPO and was recognized by Swedish investment. Through three Swedish institutional investors, it issued convertible preferred shares and obtained 5 billion Swedish kronor (with a contract of 3.73 billion RMB).

Then the Financial Times reported that Volvo planned to raise $500 million from investors in China to prepare for its future listing. At that time, samuelson, CEO of Volvo, did not explicitly deny these news, and said that IPO was an option, but regarding the listing plan, it would be decided by Geely Holding, the parent company.

Just as everyone was waiting for news of Volvo’s further listing, there was no substantive news. At that time, for the reason why Volvo’s IPO came to an abrupt end, the industry speculated that it was because the parent company Geely refused to let go, because it was the sixth year of Geely’s acquisition of Volvo, and Volvo was also an important endorsement of Geely.

Volvo, which experienced its first failure, did not give up its IPO.

In August 2018, according to the Financial Times, Volvo has hired Citigroup, Goldman Sachs and Morgan Stanley to do listing counseling for it, and the valuation was set at 16-30 billion US dollars that year, and it is planned to set Stockholm as the preferred place for IPO, and then it will consider a second listing in Hong Kong.

In terms of fundraising, according to relevant media reports, Volvo was prepared to raise about 4.5 billion US dollars with 15% shares.

However, at that time, the relevant investment institutions only made a valuation of $12-18 billion for Volvo, which was far from the target valuation expected by Geely, the parent company, so Volvo’s listing plan was put on hold again.

In February last year, Geely Automobile announced that it was planning to restructure its business with Volvo. According to the plan, Volvo’s assets after the reorganization will be included in Geely Automobile’s Hong Kong listed company, and it will consider listing in Stockholm in the future.

Volvo and Geely pre-merger part of the announcement, screenshot from the announcement.

This means that Volvo will be packaged and listed together with Geely Automobile, but just four months later, the variables appear again. At that time, Geely Automobile announced that it planned to go public in science and technology innovation board with the approval of the company’s board of directors.

With the "solo flight" of Geely Automobile, its merger negotiation with Volvo has also undergone some changes. In February of this year, Geely Automobile announced that it had reached the "best" plan for the merger and reorganization with Volvo.

According to the new plan, the two parties will carry out a series of business mergers and cooperation on the basis of maintaining their existing independent company structures, including the merger of powertrain business and related technical cooperation such as electrification, intelligent network connection and automatic driving.

As a result, Volvo has become a single party, and its listing plan has once again run aground.

Unexpectedly, a few months later, Volvo embarked on the IPO road for the fourth time. Different from previous times, Volvo attaches great importance to IPO this time. "Today’s announcement that Volvo intends to list on Nasdaq in Stockholm is an important milestone for the company." Hanken samuelson, CEO of Volvo, told the media.

Hanken samuelson also said, "This IPO marks a new chapter for Volvo, and we invite Swedish and international investors to participate in our future growth and value creation. The IPO will help to strengthen our brand and accelerate our transformation strategy-to achieve full electrification, create a user-direct mode and achieve a higher level of security. "

Geely also expressed support for Volvo’s IPO again. "The global automobile industry is undergoing unprecedented changes, and we are determined to support the transformation and development of Volvo, a legendary Swedish brand." Li Shufu, chairman of Geely Group, said this.

Behind Volvo’s demanding transformation and Geely’s strong support, it is actually the dilemma that both sides have highlighted.

2. Volvo and Geely’s "Ten-year itch"

The value and strength of Geely and Volvo today are in sharp contrast with those of ten years ago.

At that time, Geely Automobile was still a small player in the domestic market. According to public data, its near profit in 2009 was only 1.182 billion yuan. In contrast, the net profit of Geely Automobile in 2020 was 5.534 billion yuan, almost four times that of 2009.

Volvo lived a more miserable life at that time. According to the data of Volvo’s public financial report, its pre-tax loss was as high as $1.5 billion in 2008, and it still owed its parent company Ford $3.5 billion, which once became a "burden" in Ford’s product system.

Although it has fallen into a downturn, Volvo is an old car company after all, and its market value at that time remained at around 13.6 billion yuan. Geely’s market value at that time was only over 3 billion yuan.

Under such a big gap, Geely made a seemingly crazy decision to acquire 100% shares of Volvo and related assets for $1.8 billion. As a result, at that time, the media called this seemingly gambling acquisition "snake swallowing elephant".

Tuyuan Geely Automobile official website

Facts have proved that Li Shufu won the gambling with "small and broad". After Geely acquired Volvo, it took the latter’s technology and experience into the bag, and embarked on the "fast lane" of development.

In 2013, Geely and Volvo established a joint research and development center (CEVT) in Gothenburg, Sweden, and Geely started the pace of overseas expansion. After that, Geely successfully hatched Geely Borui based on KC platform extended from Volvo GMC platform, which is the first model that Geely introduced Volvo safety technology concept.

Since its listing in April 2015, Borui has reached the sales volume of more than 2,000 vehicles in the following month, and in January of the following year, the sales volume of this car continued to rise to the sales volume of more than 6,000 vehicles, making it one of the better models of domestic medium-sized cars at that time.

With such success, Geely also began to have the idea of high-end layout.

In 2017, Geely once again set up a technology joint venture company with Volvo, and jointly developed the CMA architecture of the first mid-level car basic module architecture. Based on this framework, a brand-new car brand "Linke" came into being.

Lingke was positioned as a high-end fuel vehicle at the beginning of its birth. With the subsequent launch of Lingke 01 and Lingke 03, its sales volume has been good, and the cumulative sales volume has exceeded 500,000. So that this brand has become a "sharp weapon" for Geely to impact high-end.

"Volvo’s technology has allowed Geely to build a car into the door." Li Shufu once sighed like this.

As the acquired party, Volvo, with the blessing of Geely, has also made significant growth and explored the domestic market soon.

In 2013, Volvo successively built Chengdu factory, Daqing factory and Zhangjiakou engine factory in China. The landing of these factories gave Volvo an opportunity to explore the local market in China.

The following year, the basic research and development of a new SPA platform (extensible vehicle platform architecture) jointly invested by Volvo and Geely was completed. This platform has greatly revitalized Volvo, and Volvo S90 and XC60 developed based on this platform have been well received by the market.

Volvo S90, source of Volvo Guanwei

In this way, since Geely acquired Volvo in 2010, thanks to the convenience that Geely Automobile brought to Volvo in terms of channels and production capacity, Volvo’s sales in China and around the world have also increased year after year.

In 2017, Volvo’s global sales reached 571,600 vehicles, and its operating profit reached a record of 14.1 billion Swedish kronor, up 27.7% year-on-year. Compared with the operating profit of 2.34 billion Swedish kronor when it was acquired in 2010, it has increased more than six times.

While Borui, Link and other fuel vehicles are successful, Geely’s ambition in the field of new energy vehicles is also growing.

Since 2015, Geely has released the "Blue Geely Plan" in a high-profile manner. After taking the lead in the transformation to electrification, it has successively launched three new energy brands, namely Emgrand, Geometry and Maple Leaf, in the following years. However, due to the fact that the models released later belong to the "oil to electricity" change, they all performed poorly after the launch.

After that, Geely did not give up the new energy field, and found Volvo to jointly develop the new energy brand "Polar Star" and launch polar star 1 and polar star 2 models. Although it was expected for a while, it was too similar to the geometric brand in positioning, and the pricing was too high, so it did not form competitiveness in the market.

Because of this, Geely’s entire new energy vehicle business is silent in the domestic new energy market and has fallen into a dilemma.

According to the data of the Federation, in the Top 10 ranking of domestic new energy vehicle sales in 2020, none of Geely’s models were on the list. In contrast, Chery Automobile, both traditional car companies, and BYD’s new energy vehicles were on the list.

On the other hand, Volvo has been helping Geely to launch new energy brands and models, but its own new energy business has not been done. The XC40 RECHARGE, the first pure electric vehicle, was not officially listed at the Guangzhou Auto Show until November 2020, which was visibly slow.

For Geely, although it has been exploring in the field of new energy vehicles, it has not made any achievements in high-end aspects. Until March of this year, Geely Automobile announced that it had jointly launched the "Extreme Krypton" brand positioned in high-end new energy with Geely Holding Group.

Figure source pole krypton official micro

However, just after the release of the brand, the release and opening of its first model, Krypton 001, it was complained and defended by many consumers, which was a bad start. Connected travel has elaborated on this situation in the article "Being extremely defended, unable to support Geely’s high-end dream of new energy".

It is precisely because of the decline of the new energy vehicle business that the profit performance of Geely Automobile is also affected. In 2020, Geely Automobile achieved revenue of 92.374 billion yuan, down 5.46% year-on-year; The net profit was 5.534 billion yuan, down 32.43% year-on-year. In the first half of this year, although the net profit has turned positive year-on-year, the growth rate is only 3.67%.

In addition to poor profitability, Geely is also facing the dilemma of debt. According to Wind data, the total debt of Geely Automobile in 2020 was 46.6 billion yuan, and by the first half of this year, the total debt had reached 43.2 billion yuan. It is foreseeable that its debt may exceed that of last year by the end of this year.

Looking at it now, although Geely acquired Volvo ten years ago, the two sides experienced the same support and common development for a long time, but because of the unsatisfactory development in the field of new energy vehicles, Geely and Volvo have both fallen into their own difficulties, which can be described as entering the "ten-year itch".

Under this situation, Geely, which rushed to science and technology innovation board without any results, and Volvo, which suffered from twists and turns in listing, pinned their hopes on this IPO of Volvo.

3. Can Volvo rush to IPO again become an antidote for both parties?

To discuss this issue, there is actually a prerequisite-Volvo can successfully go public this time.

Based on the previous twists and turns of Volvo’s listing experience, especially one of its failures was terminated because the parent company was dissatisfied with the valuation of Volvo given by the market, the industry is skeptical about whether Volvo can successfully go public.

"The valuation figure has always been a sensitive tipping point for the stakeholders of this transaction." L.M.Feng, a financial scholar at the University of Illinois, said this in an interview with Interface News.

Volvo did not disclose the valuation of the listing after the official announcement of the listing plan, but according to the estimated value given by foreign media, Volvo’s valuation is about 20 billion to 25 billion US dollars, which is about one-third of the market value of European luxury car manufacturers Daimler and BMW Group.

However, it may be difficult for Geely to be satisfied with this valuation. The Financial Times once quoted people familiar with the matter as saying that according to Li Shufu’s idea, only when Volvo’s valuation exceeds $30 billion, or even reaches $40 billion, will it support its IPO.

From this point of view, whether Volvo can successfully go public this time is still unknown.

However, it should be noted that even if Volvo can successfully go public this time, it will be difficult for it or its parent company Geely to get out of the predicament.

First look at Volvo itself. According to its previously released performance data for the first half of 2021, its operating income in the first half of the year reached 141.1 billion Swedish kronor (about 103.482 billion yuan), up 26.3% compared with the same period in 2020; Earnings before interest and tax was SEK 13.24 billion (about RMB 9.878 billion), compared with a loss of SEK 989 million in the same period last year.

Although revenue and profits have achieved a good picture of both growth, it does not mean that Volvo does not need funds. After all, Volvo, which is a few steps behind in the new energy vehicle business, has made a relatively radical plan.

According to Volvo’s plan, it is expected to realize full electrification in 2025, in which the proportion of pure electric vehicles will reach 50%. In 2030, it will become a pure electric luxury car enterprise, catching up with mainstream luxury car brands such as Audi, BMW and Mercedes-Benz in terms of profit margin.

At the same time, Volvo will adjust its existing sales model and promote the online direct sales model today, when the direct sales model has become widely used by new energy vehicle companies. "Promoting the direct sales model will also enable the company to achieve sustained growth in sales, revenue and profitability." Hanken samuelson once said this.

"For Volvo, RMB 18.4 billion may not be enough, because its new energy vehicle business is still in its infancy in a strict sense, and the sales volume of XC40 RECHARGE is not good after listing. Volvo needs to make great efforts in research and development, technology and channels to achieve its own goals, and these aspects all need money." Sun Hao, head of R&D of a domestic head-end new energy vehicle company, told wired travel.

Volvo XC40 RECHARGE, from Volvo Guanwei

Volvo wants to achieve its goals. Apart from capital, competition in the industry is an aspect that it should carefully examine.

The first thing to face is the BBA, which is also a luxury brand and has also shouted their own electrification goals. According to previous foreign media reports, according to BMW’s plan, in 2023, BMW plans to expand new energy vehicle products to 25 models, half of which are pure electric vehicles; In 2025, it is planned to invest more than 30 billion euros in research and development such as hydrogen fuel cell technology.

Mercedes-Benz also put forward its own goal, and plans to launch 10 pure electric vehicles in 2022, and expects to increase the sales of pure electric vehicles to 15% to 25% of the total sales in 2025. By 2030, it is planned that electric vehicles (including pure electric and plug-in hybrid vehicles) will account for 50% of the sales of new passenger cars.

In addition to BMW and Mercedes-Benz, Audi is not far behind. According to its plan, the total investment in the next five years will be about 35 billion euros (US$ 42.35 billion), half of which will be used for investment in automobile projects and innovative automobile technologies. Specifically, about 10 billion euros ($12.1 billion) will be used for electric vehicles, and 5 billion euros ($6.05 billion) will be used for hybrid power.

It can be seen that the plan proposed by BBA is similar to Volvo’s goal, and they are all ready to accelerate electrification by 2025, which means that Volvo will be hard and hard with BBA after that. With Xiaomi, Jidu, Zhiji and other big manufacturers entering the market to build cars, Volvo is bound to encounter their challenges in the future.

"Volvo’s financing can improve Volvo’s own capital situation to a certain extent to support the development of investment, but to better solve the challenges such as product competition, shareholders need to make more other efforts to obtain more capital resources, so as not to fall behind in the new global competition." Zhang Junyi, managing partner of Oliver Wyman Consulting, said this to connected travel.

Compared with Volvo, its parent company Geely is in urgent need of financing to improve its debt situation.

In November last year, the Standard & Poor’s Index downgraded the long-term issuer credit ratings of Zhejiang Geely Holding and Geely Automobile and the issuance rating of senior unsecured bills to "BBB-", and removed all ratings from the watch list, and the rating outlook remained "negative".

In its latest report in June this year, Standard & Poor’s insisted on its previous view, and said that Zhejiang Geely Holding will continue to face leverage pressure in the next 12-24 months due to high capital expenditure, potential economic fluctuations and the uncertainty of its subsidiary Geely Automobile landing in science and technology innovation board.

In order to solve this dilemma, Geely has done a lot of Plan B while supporting Volvo’s independent listing, including promoting the listing of its electric vehicle brands Polar Star and Extreme Krypton.

At the end of September this year, Polestar, an electric car brand owned by Volvo, officially announced the news of IPO. Like FF, Polestar will land in the US stock market by backdoor, and its market valuation will reach 20 billion US dollars.

At the end of August earlier, Krypton Automobile, which was jointly invested by Geely Automobile and Geely Holding, announced the completion of the $500 million Pre-A round of financing. "After extremely financing, it will be listed on the A-share market or science and technology innovation board in the future, and it will get better results." Some Geely insiders told the interface news.

Extreme krypton financing information, screenshot from Tianyan check.

According to another media report, Geely Holding is also considering an IPO for Lotus or its electric vehicle business as early as 2022. If it goes public, the valuation of the whole business may exceed 15 billion US dollars.

Geely needs to clarify the development route and positioning of its multi-brand business if it wants to truly get out of trouble, because the internal friction between brands has hindered the development of various brands. Wired Insight made its debut in Geely Automobile science and technology innovation board. Can it become "China Volkswagen"? In many reports, such as "",the internal friction of Geely brand has been elaborated in detail.

"In the field of new energy vehicles, Geely has tried various directions and its technical route is comprehensive. However, this comprehensive and rapid iterative method is more suitable for Internet enterprises. If traditional enterprises cannot achieve commercialization in a short period of time after using this method, the overall waste of internal resources will be more obvious. " Wang Xianbin of the Geshi Automobile Research Institute said this about connected travel.

In Zhang Junyi’s view, with Geely promoting the listing of Volvo, Polar Star, Polar Krypton and other brands, it may be possible for Geely to further clarify the problems of its business development and provide favorable help for better transformation and development into a technology and user company.

Now, even if Volvo can successfully go public this time, it may not be able to solve its own and Geely’s respective difficulties on its own. Although Volvo and Geely have been closely linked after more than ten years, how to spend the "ten-year itch" is still the biggest problem that both sides need to consider.

(At the request of the interviewee, Sun Hao is a pseudonym in this article. )

At the beginning of this year, I went to Times Town in Songjiang to test drive the BYD Tang 100 bought by my friend, and later wrote a blog titled "After such a long time, I finally tested the BYD Tang 100". A few days ago, he told me that a new generation of 2018 BYD Tang DM (hybrid version) prototype cars have arrived at various 4S stores. He has been to see it several times and feels very excited. He suggested that I also go and see it. I contacted the BYD direct store near the company (it is said to be the only one in Shanghai), and the clerk replied that although there is no test drive yet, there is a prototype car in the store that can be electrified and ignited. Welcome to see it at any time. So, taking advantage of the relatively empty work this afternoon, I immediately rushed to take a look in the heavy rain.

This is a red BYD 2018 brand new generation Tang DM (hereinafter referred to as’ brand new generation Tang DM’). My first impression is that the color is very bright, and the whole car feels a little "shorter" than the Tang 100 I have experienced before? In fact, the parameters are compared: the length, width and height of this new Tang DM are 4870*1950*1725, while the old one is 4815*1875*1725, so the two are actually the same height. The visual change of "becoming shorter" is actually caused by the new car becoming longer and wider. By the way, among the new energy vehicles I have been paying attention to recently, Weilai ES8(5022*1962*1753mm) is the largest, followed by Tang DM, while Baiteng M-Byte(4850*1940*1650) is the third and Roewe Marvel X(4678*1919*1616) is the third. In addition, Tesla’s Model X is 5037 * 2070 * 1684-so it is longer, wider and flatter than other new cars. …

Before, my family leader was not very satisfied with the shape of my friend’s old Tang 100, and felt that it was too much like Lexus, but she had a good evaluation of the shape of this new generation Tang DM. Personally, I don’t really care about the "dragon face" design or the suspended roof or the currently popular penetrating taillights, as long as the new car looks smooth and doesn’t look too similar to other brands (it’s really not easy for domestic cars to do this). Obviously, the new generation of Tang DM is completely acceptable to us in terms of modeling. On the internet, everyone basically has a positive evaluation of the shape of this new car. Well, it is really necessary to get rid of the "Build Your Dreams”logo on the rear of the car that looks like a" secondary two "!

Because it is a hybrid version, the left rear side of the new generation Tang DM body is the fuel filler and the opposite position is the national standard charging socket. At present, the new generation of Tang DM can still get the Shanghai card for free in Shanghai, but it takes about a month to apply for the green card, such as reviewing the charging position and doing personal credit information. Considering that the subsidy for new energy vehicles in Shanghai may change next year, I also asked about the pure electric drive of Tang EV. However, the clerk said that it is not clear about Tang EV except that it will be launched at the end of the year. He also said that if you only drive in the urban area, or if the radius of activities does not exceed 150 kilometers, it is actually more worry-free to choose the pure electric version-but the car price may be higher.

At present, this brand-new generation of Tang DM in the store is the second top model with a price of 279,900 yuan. The clerk pointed to its 22-inch feet and told me that this car should have only 20-inch wheels as standard, but if it is decided before September, it can be upgraded to this 22-inch wheel and Brembo professional brakes for free. In fact, the upgraded configuration is basically consistent with the flagship (329,900 yuan) whose 0-100 acceleration is only 4.3 seconds, which is quite cost-effective! However, because I am still in the wait-and-see stage for the new car, I still want to wait for Tang EV, although this offer is not small.

The previous Tang 100 car interiors always gave me a little "local" flavor, but this has been obviously improved in the new generation of Tang DM. In the words of my friend in Songjiang, it is "the overall texture has reached a higher level". Although I think there is still a gap between the details (such as material collocation, curve and straight line application) and my XTS, at least it is not easy to pick out the thorns at once: at least the soft parts are soft and the hard parts are hard, and even the red stitching on the leather is true! Moreover, because the central control part uses a large flat plate to solve everything, the "sense of technology" in the carriage is much higher than before. I noticed that there is no seat memory on the door at present, but the clerk immediately told me that because this is a test car, the officially sold sub-top version has three sets of memory linkage (seat, steering wheel and exterior rearview mirror). Well, this function is very important for my family where two people drive alternately.

The steering wheel is good in workmanship and feel, and the big "Tang" logo is more pleasing to the eye than BYD. After sitting in the front seat and adjusting the seat to a lower position, there is still a punch on my head, so the head space is still relatively rich. However, this should also be related to the fact that the sunshade of the panoramic sunroof of this car is a thin sunshade fabric similar to Mercedes-Benz GLC, rather than a whole sunshade.

As early as the first generation of Tang was listed, many media praised BYD for being willing to pile up all kinds of "high-tech" equipment in the car, but on this new car, there are all functions such as keyless entry/one-button start, ambient light, 360-degree panoramic view, ACC adaptive cruise, lane assist, full LCD instrument panel, seat ventilation/heating, internal and external driving recorder and so on. However, to my regret, the HUD head-up display that has been used on XTS has not appeared in any version of the new generation of Tang DM-this is a special configuration that doesn’t matter if it is used, but once it is used, it can never be returned.

The DiLink intelligent networking system of this car is also a big selling point. Of course, in my opinion, it is a large Android tablet (12.8 inches and 14.6 inches) that can be rotated electrically (by operating on the screen or pressing keys on the steering wheel). Two days ago, some media compared it with three mainstream in-vehicle intelligent systems, Zebra and GKUI, and the evaluation was that the other two were not as open and playable as DiLink. In fact, since DiLink is really an Android tablet, theoretically you can install all kinds of third-party apps on it and do whatever you want while driving (co-pilot operation). The operation fluency and response speed (including voice control) of this tablet have indeed improved greatly compared with the previous generation of central control, but to be honest, it has not achieved the experience like iPad.

Many third-party apps have been installed on this new generation of Tang DM that I have experienced (only three or four kinds of music are played), and it feels smooth to open, apply and switch various operations. But the problem is that many apps are displayed vertically by default, so when the screen was originally displayed horizontally, as soon as you click an app (such as Baidu map), it will automatically rotate the screen to an upright position-sometimes you have to press the button again to turn it back. I hope that in the future, the DiLink system will enable all kinds of apps to start on the horizontal screen by default through OTA, otherwise it is inconvenient and unsafe to control the big screen while driving.

Of course, I also listened to the car audio system of the new generation of Tang DM. It is said that the new generation of Tang DM, which is equipped with top and sub-top, adopts a 12-speaker system (no brand name), but to be honest, it sounds far from my XTS. The low frequency is full of sense, but the middle frequency is tight and the high frequency is not very transparent. Perhaps this kind of sound is enough for users who like to "move and hit" when driving, but for me, I may still try to modify it.

This brand-new Tang DM in the store can be electrified and ignited, but it can’t be driven out for a test drive. From the appearance point of view, the new generation of Tang DM is similar to Tang 100 in the layout of gear buttons and has the same function. After pressing the start button, the car driven by pure electricity is silent and completely unaware that the car has started; After the HEV mode is enabled, the engine intervenes, and the noise inside the car is not obvious at this time. According to the clerk, on the one hand, this is because the front window of the new car uses double glass, and there is also a newly designed sound insulation cotton under the engine cover, so the noise introduced into the compartment will be much reduced; On the other hand, the whole power system has also undergone major changes, so the noise of the gasoline engine itself has also decreased. Of course, if you want to enjoy pure quiet driving all the time, it is more suitable to choose EV version.

Finally, there are a few things I want to say:

First of all, I personally don’t need this 7-seat version of the new generation of Tang DM: there are two people at home, plus occasionally taking my colleagues out, five seats are enough. Even if I bought seven seats, I guess I have put the last two positions flat all the year round to increase the luggage storage space. In addition, I heard that 7-seater cars are slightly more troublesome than 5-seater cars in terms of annual inspection, travel tax, etc., so although it is not difficult to get in and out of the third row of this car, I still think it is more accounting to buy the 5-seater version;

Secondly, in my eyes, the new generation of Tang DM has beautiful shape, large space, rich technology configuration, 4.5s acceleration, pure electric drive of 100 kilometers, and mixed fuel consumption of 7-8 words … these are the advantages that make me feel excited; The BYD brand, no HUD, and the need for audio transformation are not intolerable shortcomings. As for the sub-top with less than 300,000 yuan, the pricing of the Shanghai brand is even more "conscience". However, Tang DM actually has a "shortcoming" that I can’t make up my mind: it doesn’t have automatic driving assistance like Tesla or Weilai.

Ok, I admit that L4/L5 is unrealistic for the current domestic traffic situation, but can the L2-level autopilot that can make Li Xiang, a "car and home", endure many shortcomings of Tesla Model X and remain infatuated with it? Besides enabling ACC adaptive cruise and lane keeping at high speed, can I also enjoy the worry-free functions such as automatic lane change overtaking and automatic car following on urban expressways? Yes, even if BYD really has this function, it is not enough for me to trust it like Tesla AP2.0 (in fact, my hand has to be held all the time), but since it is a masterpiece of domestic new energy vehicles, can BYD take a step closer in this respect?

Now it seems unrealistic to expect a new generation of Tang DM to realize this function, so is it possible to surprise me in this respect on the Tang EV to be released at the end of the year?

　　[car home Car Maintenance] Speaking of the most popular self-owned brand car in car home Forum recently, it is BYD Qin, which "kills" a lot of cars in Newbei. We have made various articles on Qin, including a series of articles on shopping guide, test drive, technology and car use. Everyone has learned a lot about it. Let me talk to you about it. What is the maintenance cost of Qin? I want to pay attention to this issue, right?

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　　Regarding the vehicle maintenance cycle and replacement items, the manufacturer will inform the owner of the vehicle through the maintenance manual attached to the vehicle when it leaves the factory. Because the data is based on the ideal design, the actual situation may not be achieved. Therefore, according to the local actual situation (such as fuel quality, air quality, road conditions) and the owner’s use, the repair stations in various places will give adjustment suggestions on the maintenance cycle and projects. In order to give you a more comprehensive understanding of the maintenance information of the repair stations and manufacturers, the following editors will introduce them to you respectively.

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● Official maintenance cycle

　　Needless to say, Qin’s power system is known to all. It uses a combination of 1.5TI turbocharged engine and 110 kW motor. The combined power of the two kinds of power is 295 HP and the combined torque is 479 Nm. It is equipped with a 6-speed dual-clutch gearbox. The manufacturer provided Qin with a normal warranty period of up to 6 years or 150,000 kilometers, which is more reassuring than other BYD models with 4 years and 100,000 kilometers. As for the warranty of the motor, BYD sets the warranty period of Qin’s power battery as a lifetime warranty, while the warranty period of the driving motor and various control modules is the same as that of the whole vehicle.

　　BYD kindly provided Qin with four times of free maintenance, when the vehicle traveled to 3,500 km, 11,000 km, 18,500 km and 26,000 km, and then the maintenance interval was 24 months or 7,500 km. Free maintenance includes the replacement of oil filter, brake fluid and gear oil and the addition of gasoline cleaner.

　　Qin’s engine oil and oil filter are replaced every 7500 kilometers. In addition, the air conditioner filter and air filter shown in the table are replaced once every 20,000 kilometers, the gasoline filter is replaced once every year or 20,000 kilometers, the spark plug replacement cycle is 25,000 kilometers, and the dual clutch gearbox oil is replaced for the first time at 55,000 kilometers, and then every 60,000 kilometers.

● Actual maintenance survey

　　We learned from BYD 4S stores in Chengdu that 4S stores all over the country are implementing the maintenance cycle and maintenance items given by the manufacturers in the maintenance manual, and the expenses are also based on the national unified standards. Let’s take a look at its specific maintenance details.

　　BYD has only provided Qin with one kind of engine oil at present, namely the original SM-class 5W-40 semi-synthetic engine oil, and the price is 282 yuan 4L. It is understood that this kind of engine oil is manufactured by FOSS Engine Oil for BYD, and it should have high reliability. From the table, we can see that the total maintenance cost of BYD Qin from car purchase to 63,500 kilometers is 3,768 yuan, and the price of each maintenance is not the same because of the different things replaced. Because the manufacturer presented some accessories and working hours for the first four routine maintenance, only the price of replacing other accessories was calculated for the first four times, excluding the price of oil, machine filter and working hours. The cost of replacing the oil and oil filter once is 372 yuan, which is the price of a small maintenance.

　　In addition, I need to explain a problem to you. Careful readers may see in the regular maintenance schedule (2) on the previous page that Qin needs to replace the motor coolant, which is the only thing that Qin needs to replace in motor maintenance. The replacement period is every 2 years or 40,000 kilometers. However, because Qin is a new car, after consulting BYD 4S stores in Chengdu, Chongqing, Guangzhou and other places, we all said that Qin had not come to the store to replace the motor coolant for the time being, and the relevant price standards of the manufacturers had not been issued for the time being. Therefore, we didn’t add the related expenses in the detailed maintenance price, and we will add them in time after we improve the information. I hope you will understand.

　　Judging from the price list of Qin’s accessories, the prices of various accessories are not high, and the replacement working hours are also at the average level of independent brands. The following table shows the maintenance price comparison between Qin and BYD Sirui, which uses the same gasoline engine. At the same time, Toyota Prius, which is also a hybrid vehicle, is added as a comparison for reference only. From the results, Qin’s comprehensive cost is the lowest, mainly because the first four maintenance are paid by the manufacturer, while the gasoline model Sirui equipped with the same engine has higher overall cost due to the difference of working hours in different regions.

● More accessories display

Summary:

　　Because Qin is a hybrid vehicle, many friends are worried that its maintenance price will be much more expensive than that of gasoline vehicles, but from our maintenance survey, we can completely dispel this concern, and the overall cost is cheaper than that of gasoline vehicles. The manufacturer has also considered it very carefully. First, the battery module warranty period is set to lifetime warranty, followed by four routine maintenance gifts. These factors make Qin’s later maintenance cost very low. Qin’s car owners, remember to maintain it after running in Niubei. (Text/Figure car home Shen Cheng)

Related links:

Speed up the force/details! Test BYD Qin first
//www.autohome.com.cn/drive/201402/717299.html

Thanks to the dealers who provided maintenance information:

Name:Sichuan shangdian automobile sales co., ltd
Address:Wenchang Section of Wuhou Avenue, Wuhou District, Chengdu
Telephone:400-868-6257

Pickups are rare compared with SUVs and family cars in life. For a long time, everyone only used them as a means of transportation, but the Great Wall never thought so. The launch of the "cannon" series played a role in the pickup market. Up to now, the global sales of Great Wall pickup trucks have exceeded 2 million, which shows that its image as a "tool car" has gradually faded.

Pickup truck is a very popular model in foreign countries. People go to Costco to buy things with big packages and need cars with good loading capacity. At this time, the advantages of pickup truck are more obvious, and people who pursue quality life in China are more and more fond of camping and other lifestyles, so pickup trucks are becoming popular.

At this Guangzhou International Automobile Exhibition, Great Wall also launched the pickup truck of King Kong Gun to enrich its Great Wall Gun series, which is another step towards the goal of global product layout with full lineup, full scene and full price coverage in the future. The Great Wall pushes the "explosive" pickup truck again, and the conductor of 2.0t+5m 6, how much will it cost?

The Great Wall King Kong cannon broke the stereotype of commercial pickup trucks in appearance, and people mostly stayed in the solemn and calm appearance similar to Ford Raptor. The appearance of the Great Wall King Kong Gun is very design-oriented, the overall style adopts the "minimalist" design language, and the front face adopts the blasting launching net, which is very powerful. The headlights are dot-matrix headlights at dawn, and the interior is a combination of LED light sources, which has a good sense of design and practicality. The side waistline is slender and has a sense of movement, especially the hot wheels-shaped wheels give people a bright feeling. A U-shaped dual-magnetic three-dimensional taillight echoes the shape of the front face, further enhancing the overall design sense. The overall feeling of King Kong cannon in appearance can be summed up in the word fashion, because it is very appetizing for young friends.

Sitting in the car, the Great Wall King Kong cannon doesn’t have many decorative elements, so it doesn’t have the gorgeous interior of a luxury SUV. However, the overall texture of the interior of the Great Wall King Kong Gun is still very good. It adopts a double-row seat design, which has the comprehensive ability to pull people and carry goods, and the rear space has been enlarged to further improve the ride comfort.

In terms of internal configuration, the Great Wall King Kong Gun has a car networking system. With the accumulation of lemon platform, a tool pickup truck can also be connected to the network in minutes, which makes young users fall in love instantly. This is the most direct benefit of the intelligent layout and platformization of the Great Wall. Therefore, the Great Wall King Kong Cannon can have rich functions, which is very advantageous compared with other competing pickups and gets rid of the simple and simple state of commercial vehicles in the past.

Let’s take a look at the measurements of this big guy. The length, width and height of the Great Wall King Kong cannon are 5635/1880/1815(1840)mm and the wheelbase is 3410mm respectively. The body is still very huge, and the domineering feeling is very good with some tall car owners, so pickup trucks are also the first choice for many fitness enthusiasts. In terms of details, the Great Wall King Kong cannon is also intimate with pedals, which makes it more convenient to get on and off. The internal dimensions of the container rail are 1820/1500/495(470)mm, respectively. The cargo capacity is also very good. At the same time, the new car will provide 235/65 R17 or 245/65 R17 tyre size for consumers to choose and build their own personalized pickup truck.

In terms of power, the Great Wall King Kong Gun will be equipped with a 2.0T diesel engine with model GW4D20M produced by Great Wall Motor Co., Ltd., and its maximum power is 166 horsepower. There is absolutely no need to worry about power. Not only the pickup truck of the Great Wall King Kong Gun, but all pickup trucks will not have weak power. Consumers can rest assured of this.

In addition, at this auto show, the Great Wall King Kong Gun showed us a special version for professional users in addition to the regular version. For example, the special edition of communication: several kinds of professional communication equipment are added to the cargo box of the vehicle. In some places affected by natural disasters, the original communication equipment may not work normally, and when the mobile phone network on the spot has no signal, weak coverage, network congestion and other conditions, an emergency communication vehicle is needed to provide voice and Internet access functions for disaster relief personnel. In some remote areas, the above support capabilities can be realized by satellite communication equipment. The Great Wall King Kong Gun itself has a strong passability, and it can be more comfortable to deal with areas that need this equipment.

King Kong Cannon Farmer Edition: The Great Wall King Kong Cannon Farmer Edition is a co-created model created by Great Wall and Extreme Flying Technology. The overall carrier of this model adopts aluminum profile structure, which has the characteristics of light weight, durability, good corrosion resistance and stronger bearing capacity. At the same time, there are special fixed card points for drones, unmanned vehicles and battery charging boxes. In addition, the Great Wall King Kong Cannon Farmer Edition is also equipped with a 290L wave tank and a high-pressure water gun, which can clean up pesticide residues in time and avoid corrosion of the car body and equipment. Before the Great Wall King Kong Cannon was introduced, this kind of vehicles were mainly large trucks, but in many cases, large trucks were not suitable for shuttling on narrow ridges. Therefore, in the past plant protection process, large trucks could only be parked on the roadside, and service players often needed to carry drones to narrower roads. Now, replacing the original truck with the Great Wall King Kong cannon can save the manpower for moving and improve the work efficiency.

Generally speaking, the truth of the Great Wall King Kong Gun has opened our eyes, which has broken the stereotype of commercial pickup trucks. Many netizens said that this car exploded after it went on the market, and the appearance of special models also proved the strength of the Great Wall King Kong Gun from the side, which made us look forward to the future Great Wall Gun series.

On December 1st, the xiaomiev.com in official website of Xiaomi Automobile was launched, but there is no information about the new car on the homepage. At the top of the webpage is the product pattern of xiaomi 13 ultra, at the bottom left is the propaganda picture of the bionic robot CyberOne, and at the bottom right is the words "Xiaomi’s self-driving technology made its debut, aiming to enter the first camp of the industry in 2024".

In addition, Xiaomi Auto’s WeChat WeChat official account and official Weibo have not been launched yet. In the third quarter earnings conference call, Lu Weibing, partner and president of Xiaomi Group, said that the target of mass production of Xiaomi Automobile in the first half of 2024 remained unchanged, followed by the second winter test, and the overall progress was in line with expectations.

As the time of release and production approaches, the information of Xiaomi Automobile is increasingly appearing in the public eye. On November 15th, the Ministry of Industry and Information Technology issued the Announcement of Road Motor Vehicle Manufacturers and Products (the 377th batch), and Xiaomi Automobile appeared in the catalogue. According to the announcement, Xiaomi’s new car is a pure electric car, named SU7 series. There are three versions of SU7 and SU7 Pro/SU7 Max, in which SU7 uses BYD battery and SU7 Pro/Max uses Contemporary Amperex Technology Co., Limited battery.

According to Tianyancha information, on the same day, Xiaomi Technology Co., Ltd. also applied for the trademark of "Xiaomi SU7", but the trademark type is "fitness equipment", which is not related to automobiles. At present, the application is waiting for substantive examination.

It is reported that the reason for applying for a trademark with the same name that has nothing to do with automobiles, or preventing other companies from using the trademark in categories that have nothing to do with the goods of the trademark owner, uses the popularity of the trademark to open up sales for their own goods, and thus damages the interests of the trademark and consumers. At this time, trademarks registered in the categories of goods and services that enterprises mainly operate are called "main trademarks", and trademarks registered outside other categories of goods and services are called "defensive trade mark". For example, if a fitness equipment company uses Xiaomi SU7 as its product name and misleads consumers, it will bring risks to Xiaomi Automobile.

Yinshi Finance noticed that Huawei adopted a similar strategy when registering the trademark of AITO. In addition to fitness equipment, it also classified jewelry, watches, leather goods and carpet mats, and all of them were successfully registered.