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Evergrande Automobile: lingering on the Eve of the Battle of New Energy

2025-01-28 Update From: SLTechnology News&Howtos shulou NAV: SLTechnology News&Howtos > IT Information >

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Shulou(Shulou.com)11/24 Report--

Original title: "Evergrande: on the eve of the New Energy Armageddon?" "

About 40 days ago, Liu Yongzhao, president of Evergrande New Energy Automobile, appeared at Evergrande's production base in Tianjin Binhai New area. He took the car keys and flowers from the etiquette lady in turn and presented them to the first Hengchi 5 owners. In the open space in front of the rostrum, other car owners sat neatly, and the scene was so simple that it was complained by netizens that it was almost the same as Jiaolou.

Note: on October 29, Hengchi 5 officially opened the delivery event site. (photo: Hengchi's official Wechat official account) Evergrande went from PPT to mass delivery for the first time in five years, but that didn't make it recognized by the market.

Recently, Evergrande Motor was reported to be laid off and the factory was acquired. Evergrande is once again on the brink of danger. I wonder if it can still achieve its mission of leading Evergrande from a real estate company to a new energy company.

At the same time, this year's new energy vehicle industry can be regarded as a brilliant year for immortals to fight. In October, the penetration rate of new energy vehicles reached 29.4%, exceeding the target of "20% of new energy vehicles by 2025" three years ahead of schedule.

Changan, Geely and other traditional car companies, Nezha, zero running second-line new forces began to come into force, and finally in October this year, the retail share of mainstream independent brands of new energy vehicles was 63%, and the new power share was 11.4%. Domestic cars that lag behind in the fuel vehicle market have finally counterattacked in the new energy market.

The year 2025 is mentioned in almost every national plan related to the development of the automobile industry. This year, many car companies, such as Haima Automobile, BAIC and Changan Automobile, will collectively stop selling fuel vehicles, the cost of ownership of new energy vehicles will be lower than fuel vehicles, and Chinese new energy vehicle brands will enter a decisive moment.

The development of the market is beyond imagination, and BYD even advanced its plan to stop selling fuel vehicles in 2025 by three years, creating the first miracle of new energy vehicle sales in the world this year. Now, China's new energy vehicles will enter the decisive moment ahead of time. However, it is doubtful whether the tottering Evergrande will have a chance to participate in the fight, and its top priority is to survive.

On the morning of December 1, an employee at Evergrande's Tianjin production base was turned away by his own company-he couldn't brush off the face recognition machine at the company's gate.

He went to ask his monitor, who was turned away until more and more colleagues had a similar experience. They found that they had been laid off without prior notice.

On November 28, according to media reports, Evergrande is laying off staff at its Tianjin plant. It is said that it plans to lay off 60% of its employees. In addition, some employees are on leave.

The production base in Tianjin is the only production base of Evergrande with vehicle production qualification at present. An Evergrande car employee told Tech that the factory had fewer than 2000 employees, and that if it were to cut 60%, it would be less than 1000. For manufacturing enterprises, layoffs mean insufficient capacity.

On December 2, Evergrande Guangzhou Nansha base was rumored to be in talks with GAC GROUP about the acquisition, but the news was denied by both sides. A local in Zhengzhou revealed that the Evergrande production base in Zhengzhou is now in a state of shutdown.

Then came the news of layoffs. According to the China Securities News, on December 2, media sources said that in order to reduce costs, Evergrande Automotive Group headquarters will be disbanded, its personnel structure will be adjusted, most people will face layoffs, and a small number of people will sink to the factory. In response, people close to Evergrande said the news was not true.

On December 1, the sales staff of several Hengchi showrooms across the country revealed that they had recently been told that they would stop work and pay. Tech Planet made an appointment on Hengchi official account on December 5, but there has been no response so far. On the other hand, other car companies usually give feedback by phone the next day.

As for the optimization of personnel, Hengchi insiders once told China Newsweek that the overall proportion of phase-out was 10%, some business lines or higher, and another 25% of employees were suspended from work for one to three months.

In August 2020, Hengchi released six models in one go, and then expanded to nine models, covering medium-sized cars (two models), medium-and large-sized coupe sports cars, medium-and large-sized cars, compact SUV, compact sedan SUV, medium-sized SUV, medium-and large-scale SUV, seven-seat MPV and other subdivisions.

The above-mentioned people believe that prior to this, Hengchi's personnel structure was configured according to the simultaneous development of nine models, but in view of the current epidemic and market reasons, the company made strategic adjustments, reduced costs and efficiency, and concentrated resources to ensure the production and delivery of Hengchi 5. and the R & D and mass production of Hengchi 6 and 7.

A former employee of Evergrande's Songjiang Research Institute told Tech that they seldom work overtime, are free of charge for three meals a day, go to work at 08:30, get off work at 05:30, have dinner in the canteen at 6 o'clock and are closed on Saturdays and Sundays. However, according to another on-the-job employee, this situation is now a thing of the past, and there is still a free lunch from nine to six, but there is not much overtime.

This is one of the reasons why most employees are reluctant to leave easily. But now frequent adjustments make many employees have plans to leave. An employee of Evergrande Songjiang Research Institute is sending a resume. Employees of Songjiang Research Institute and Tianjin factory have reported to Tech that they have not yet received a 10-month salary.

Evergrande's difficulties have become clear, and it has begun to slim down rapidly to gain breathing space.

Evergrande's budget for the car-building plan was to invest 45 billion yuan in three years to achieve the annual production and sales target of 1 million vehicles in 2025. By the first half of 2021, Evergrande had invested more than 50 billion yuan, according to public statistics.

But this does not solve all the problems. Cars are comparable to the pearls of manufacturing, and it takes more than 10000 parts to produce a car. There is only an hourly inventory of parts on the edge of the car production line, and the car company issues orders to the parts manufacturers at any time.

Evergrande also uses 200 top suppliers at home and abroad, such as Ningde-era lithium iron phosphate battery, Bosch IPB intelligent integrated braking system, Adak vehicle development, Baidu high-precision map and so on.

But building a car is not a simple assembly, and Evergrande may have underestimated the difficulty of building a car.

Known by Evergrande executives as "the best pure electric SUV in 300000", Hengchi 5 has been exposed many times since its delivery, with text stacked on the vehicle's central control screen, abnormal brakes, a discount on driving range, no driving assistance, no warm air in air conditioners, and so on. This makes many consumers complain: Hengchi 5 is a semi-finished product?

Apart from the delivery of 100 units in October, Hengchi 5 has not been heard from since. Some Hengchi 5's intended car owners have run out of patience. "Hengchi has been fixed, but the car has been delayed. Customer service just asks you to wait for notice and ask them if they have a delivery schedule, and they say no. Ask them when they can hand it in, and their answer is from October 1 to March 31 next year." A Hengchi 5 owner complained to Tech Planet.

He wanted to wait, but when he asked again about the production of Hengchi 5, such as how many cars a month, the other party could not answer at all. "it was agreed that the car should be delivered in a fixed order, and the delivery form should always be arranged. I booked a car in early August, but there was no news at all." In the end, he decided to refund.

An employee at Evergrande's Tianjin factory told Tech that they produced almost 60 cars a day in October this year. However, due to the rush period, sometimes the parts of the supplier are not delivered, in order to ensure the output, some other parts are put on.

According to this calculation, Evergrande produced more than 1000 Hengchi 5s in October, but the publicly disclosed figure is that it was delivered in October.

In this regard, Tech asked Evergrande about the matter, and the other side said that they did not know the daily production capacity, and sent a link to an article.

According to the above linked article, on December 8, Gao Jingshen, chief executive of Hengchi Automobile, introduced the situation of the Tianjin factory. Gao Jingshen said that at present, more than 1100 production and technical personnel at the Tianjin factory are going all out to ensure that Hengchi 5 is delivered to car owners one after another. At present, Tianjin factory production is normal, suppliers are also fully cooperating, Hengchi 5 delivery work is basically carried out as planned, there is no so-called "shutdown due to external factors" as rendered by individual media, "many of our customers' orders need to be delivered as soon as possible, and the company will do its best to complete the order delivery in quality and quantity."

Production lines such as Great Wall Motor and BYD usually require 24-hour work, with workers working two or three shifts. But employees at Evergrande's Tianjin plant told Tech that although they occasionally work overtime at night, they do not work 24 hours a day and there are no two shifts. "capacity is not full, which means a waste of resources."

A spate of negative news has made it difficult for Hengchi 5, which claims to have booked more than 37000 units, to continue to be sought after by consumers. After all, no one wants to buy a car that may be difficult to maintain after-sale.

Can we still wait for the knight in white? It is almost impossible to expect Evergrande to be responsible for its own profits and losses in the short term. Wei Xiaoli, which has delivered 100000 units this year, is still in huge losses-- Weilai and Xiaopeng Motor lost 8.6 billion and 6.8 billion respectively in the first three quarters of this year. In the third quarter of this year, Weilai even set a record loss in a single quarter, losing 4.1 billion yuan in one quarter alone. Ideal cars, which strictly control profit margins, also lost 650 million in the first half of the year.

Evergrande also continues to lose money, losing more than 20 billion yuan from 2018 to the first half of 2021. Evergrande's plant in Tianjin was shut down in October last year because of funding problems. At that time, Xu Jiayin had already issued the news that "after three months of hard work, the first car of the Tianjin factory was off the line."

Obviously, Evergrande needs continuous blood transfusion to run stably. Evergrande wanted to sell its car business to raise money. In August 2021, Evergrande announced that it was "in contact with several potential independent third-party investors to discuss the sale of some of its assets", including Evergrande.

Evergrande has repeatedly reported that it has been acquired, and the latest is that GAC GROUP is about to acquire Evergrande's production base in Nansha, Guangzhou. Subsequently, it was immediately denied by GAC GROUP, GAC GROUP official said: there is no such thing.

According to Tianyan check, Evergrande New Energy Automobile Investment holding Group Co., Ltd. has been executed with a total amount of more than 360 million yuan.

At present, only its parent company, Evergrande Group, can give blood transfusion to Evergrande, but Evergrande Group is now unable to protect itself, and its top priority now is "Baojiaolou".

The only good news is that from January to July this year, Evergrande delivered a total of 140000 units today and 256000 units from January to November, which means that the average monthly delivery of more than 30,000 units from August to November, which is more than the monthly average of 20,000 units in the first half of this year, and the delivery efficiency is improving.

According to Pacific Automotive, it has learned from sources close to Hengchi's auto financing that at present Hengchi has not made any clear progress in financing. "supply chain financing and equipment mortgage financing are also being discussed, but landing is more difficult and slow."

No one knows when Evergrande will be able to wait for its white knight. At the moment, it can only rely on itself.

This article is from the official account of Wechat: Tech (ID:tech618), by Wang Lin

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