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

Thank you, Mr. Air, a netizen of CTOnews.com, for your clue delivery! CTOnews.com, June 10, June 9, Lulai released financial data for the first quarter of 2023, showing that revenue in the first quarter of this year was 10.68 billion yuan, lower than market expectations of 12.275 billion yuan, compared with 9.911 billion yuan in the same period last year. The market expects a net loss of 5.156 billion yuan, compared with a net loss of 1.825 billion yuan in the same period last year. In the first quarter of this year, the delivery volume of Xilai was 31000.

In its financial report, Weilai estimated that car delivery in the second quarter ranged from 23000 to 25000 vehicles. CTOnews.com noted that 6658 and 6155 cars were delivered in April and May, respectively, and that delivery in June is expected to reach 12000, returning to the level of 10,000 monthly sales.

On the first-quarter earnings call, Li Bin, CEO of Xilai Automobile, said that the market has changed a lot recently and competition is further intensifying. For example, the market performance of ET7, ES7 and ET5 fell short of expectations. The decline of rights and subsidies this year is equivalent to an average increase of 20,000 yuan. Due to more fierce market competition, a number of target users have been lost in the competition.

Li Bin also admitted that Weilai is not only facing extremely challenging external markets, but also internal competition, such as ES7 users will flow to ES6 and so on.

In the face of the oversupply of new energy vehicles in the market this year, Li Bin revealed that the Volkswagen brand Alps will start delivery in the second half of next year as scheduled, and the pace of investment in the investment cycle, especially at the market end, will be more tight. there will also be more detailed management of efficiency. At present, 8 cars of the second generation technology platform have been developed and launched to the market in the near future.

As of March 31, 2023, the cash reserve of Lulai is 37.8 billion yuan. Li Bin said that the current cash flow is sufficient to support the company's operations and that the current financing channel is unobstructed, but he also stressed that "we will manage our cash carefully". However, in terms of total R & D investment, Weilai still insists on high investment. Li Bin said that R & D will still maintain 3 billion-3.5 billion yuan per quarter this year, because the next few years will still be an important stage for high-performance smart electric vehicle core technology and new product research and development and mass production. Li Bin believes that the external interference factors in the market this year are much less than those of last year, and will be more stable in terms of the quality and rhythm of new car delivery, and is confident of achieving the target of average monthly sales of more than 20,000 vehicles in the second half of the year.

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