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

Recently, the new car-building powers have released the 2022 earnings data one after another, the car is selling more and more, the revenue is also rising rapidly, but the loss continues to expand, which seems to be a common problem faced by the new power manufacturers. Looking at the entire new energy vehicle market, only Tesla and BYD have made a profit. Before that, Tesla had lost money for nearly 17 years.

Zero-running car is the fourth new car-building force to appear on the market after Wei Xiaoli, and its first annual report was released on March 21. According to the financial report, revenue in 2022 was 12.38 billion yuan, an increase of 295.4 percent over the same period last year, and a net loss of 5.1089 billion yuan, up 79.5 percent from 2.8458 billion yuan in 2021.

Revenue has nearly tripled and gross profit margin is about to become positive. Although revenue has nearly tripled in 2022, zero running has not escaped the strange circle of "selling more and more losing". Compared with Wei Xiaoli, such data are not uncommon.

In 2022, Weilai's revenue was 49.27 billion yuan with a net loss of 14.44 billion yuan, Xiaopeng's revenue was 26.86 billion yuan with a net loss of 9.14 billion yuan, and its ideal revenue was 45.29 billion yuan with a net loss of 2.03 billion yuan.

As for the rapidly rising losses, the zero run said that it was mainly due to the increase in the cost of raw materials and consumables, as well as the substantial increase in marketing, administration and R & D expenses.

Zero run continued to increase investment in R & D in 2022, with the annual R & D expenditure of 1.41 billion yuan, an increase of 90.6% compared with 740 million yuan in 2021. However, compared with Wei Xiaoli, the R & D cost of Zero is not high. Weilai, Xiaopeng and ideal, their R & D expenses in 2022 are 10.84 billion yuan, 5.21 billion yuan and 6.78 billion yuan respectively.

In terms of gross profit margin, zero running still did not "become a regular employee" in 2022, but it is gradually improving. It improved significantly from-44.3% in 2021 to-15.4% in 2022, and narrowed to-8.1% in the second half of the year. By contrast, the gross profit margin of Weilai in 2022 is 10.4%, Xiaopeng gross margin is 11.5%, and the ideal gross profit margin is 19.4%.

For the gross profit margin that has not yet become a regular employee, Zero explained that because Zero adopts the dealer model, dealer rebate is deducted from the sales income. After deducting the rebate effect, the zero run has achieved a positive gross profit margin in the second half of 2022 and will continue to improve in the future.

Indeed, Zero currently adopts the model of "direct operation + urban partner". By the end of 2022, Zero had a total of 582 stores, of which 79 were directly operated stores, accounting for only 15% of the total, and 503 channel partner stores.

In the earnings call, Zero Auto executives revealed that the important goal in 2023 is to achieve gross profit to become a regular employee, but as the overall auto market is in drastic changes, the specific time point for Maori becoming a regular employee has not yet been determined.

The price of all models will be reduced, and sales are expected to double in 2023. In terms of delivery volume, zero run delivered 111168 vehicles in 2022, an increase of 154% over the same period last year. Among them, the delivery volume of T03 was 61900, an increase of 58.2% over the same period last year to 44400, and that of 1019.1% to 4815.

On the bright side, the zero-running low-end entry model T03 has fallen from 90% of total sales in 2021 to a little more than 50% of total sales, while sales of mid-range C11 models have risen to nearly 40% of total sales. Zero running has also got rid of the once criticized era of seizing the market by relying solely on low-end cars, which has helped improve the gross profit margin of zero-running cars to some extent. The final sales of the high-end model, the C01 focus, which began to be delivered last September, fell short of expectations in 2022.

However, sales of zero-running cars fell sharply in 2023, with cumulative sales of 4337 vehicles in the first two months, only about half of what they were in December last year. Zero explained that it was mainly due to the iteration of the model, the completion of the 2023 model SOP (small-scale mass production) and the introduction of the production line, and expected sales to grow by 50 per cent in the second quarter of this year compared with the same period last year.

At the beginning of this month, Zero launched an extended range version of the C11 and replaced its entire range of models, resulting in a further reduction in price. Among them, the price of the 2023 T03 is 59900-89900 yuan, down more than 20,000 yuan compared with the previous 82500-99500 yuan; the price of the 2023 C11 pure electric version is 155800-219800 yuan, which is also down by 20,000 yuan compared with the previous 1858-2398 yuan; and the price of the 2023 C01 is 1498-288 thousand yuan, compared with the previous 1938-2868 thousand yuan, a drop of nearly 60,000 yuan The price of the C11 extended range is 14.98-185800 yuan, which is also 10,000 yuan lower than the expected price.

Zhu Jiangming, chairman of Zero Automobile, revealed on the earnings call that Zero Automobile has made a number of optimizations on cost reduction, such as the reduction of luggage racks, front compartment suitcases, electric door handles and other unnecessary configurations in pure electric models. Through cooperation with suppliers to vacate more parts price reduction space, as well as a number of optimization work on the manufacturing side.

For the 2023 forecast, Zero says it has a sales target of 200000 vehicles, double that of 2022. At the same time, the first model based on the new B platform with the internal code name B11 is expected to be unveiled in the third quarter, which is also the first positioning medium-sized SUV under Zero, and the extended range version of Zero C01 will also be released in the third quarter of this year. According to the plan, Zero will launch seven new models in 2023-2025, including 2 cars and 5 SUV, all of which will provide "pure electricity + extended range" dual power scheme.

For zero running, there are three most important things in 2023: first, of course, it is necessary to continue to boost sales. Zhu Jiangming believes that "only with scale can we have a say in the industry and gain the trust of users." the second is the need to turn the gross profit margin into a positive one as soon as possible. the third is to transform to the middle and high end market and complete the brand upward.

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