From the bottom of Hengda Automobile’s car-making puzzle, does Hengchi 5 really produce energy？

As early as February 2018, Hengda officially established Ruichi Intelligent Vehicle Co., Ltd., and in June of the same year also invested in Faraday Future to enter the car manufacturing industry. But now that three years have passed, it is time to build a Nezha, right?

After a series of warm-ups, Schr?dinger’s Hengda car has really moved. Just in early November, the Hengchi 5 LX suddenly appeared on MIIT’s latest public list. Good guy, I didn’t expect that I would be able to wait until the day of Hengda’s mass production!

So the question ****** Hengchi 5 really energy-efficient? Does anyone really buy it? In other words, can Hengchi become a life-saving straw for Hengda Group? Today we will uncover Hengda’s car-making mystery.

Blue is better than blue

We mentioned in the "Jia Yueting" program before that in 2018, Hengda, which was just about to enter the market for new energy vehicles, was shut down. Less than half a year after investing in FF, the two sides parted ways due to equity and capital conflicts. Although Boss Xu was not good at starting out, through this investment, Director Xu of the workshop still gained something – successfully learned secret techniques of Boss Jia’s PPT car making secret skills.

After the official announcement of the car, Evergrande opened the model of "buy buy buy, close, circle, big, good", which is truly breathtaking.

What is buy buy buy? No electric drive system? buy! No hub motor technology? buy! In short, in the eyes of Boss Xu, problems that can be solved with money are not problems.

What is Hehe? Boss Xu personally visited 23 countries and visited 58 leaders in the automotive field, from the top 500 to the studio. If you can’t buy it, you can cooperate!

As a result, Hengda Haotao 24.90 billion used for the acquisition and research and development of core technologies of new energy vehicles worldwide.

With the technology, what about the land? What about the factory? Continue to buy! Buy land to build a factory, this Evergrande is more skilled.

Therefore, Hengda spent 22.50 billion yuan for factory construction, equipment procurement, etc. Now the main factories are concentrated in Guangzhou Nansha, Shanghai and Tianjin. So far, including technology research and development, Hengda has invested nearly 50 billion yuan.

In contrast, NIO, which also burned money and 50 billion in the same period, has three models officially offline for delivery by the end of 2020, and has laid its own charging network across the country.

And what did Hengda bring until now? Hengchi 1, Hengchi 2, Hengchi 3, Hengchi 4, Hengchi 5, Hengchi 6, Hengchi 7, Hengchi 8, Hengchi 9… conceptual graph of nine cars?

And not only is there no production car, but even the two staff members of the exhibition car participating in the event can lift it.

Ah? It can’t be this, can it?

Of course, Evergrande is also a bit reliable, such as Hengchi 5’s "birth permit". Eh, it seems to be about to expire.

After investing so much money, did Hengda’s PPT model make money?

Did the PPT car make money?

If you want to know whether the Hengda PPT car manufacturing model is profitable or not, let’s look at it from two aspects.

Let’s look at the stock price first. At the beginning of this year, Hengda Motor Hong Kong’s highest offer was HK $72.45/share, and the market value once exceeded HK $500 billion, second only to BYD.

Looking at the annual report, the 2020 financial report shows that Hengda Automobile has earned nearly 15.50 billion yuan based on the conceptual graph of several models after experiencing the mode of buying, buying and combining.

Good guy, if this wait until the model is mass-produced, why don’t you punch Tesla? Kick BYD?

But upon closer inspection, I still noticed something fishy.

It can be noted that more than 98% of Hengda’s revenue in 2020 comes from Hengda’s healthy income, and the real new energy vehicle revenue is only less than 200 million yuan.

Health Valley tried its best, brothers, please put the public screen in tears.

What about the stock price?

After the continuous bombardment of various negative news such as model car doors and industry people’s disapproval, Xinhua News Agency’s naming of false high stock prices, Hengda Automobile’s stock price has plummeted, and the stock price has fallen from 72 Hong Kong dollars/share to now hovering at 3 Hong Kong dollars/share, and the total market value has shrunk to less than 40 billion.

From 18 to 21, Hengda Automobile seemed to have made money, but it didn’t seem to.

Although the past few years seem to have been a waste of time, Hengda Automobile has still not reached the point of exhaustion, and in today’s debt crisis of Hengda Group, Hengda Automobile has become a life-saving straw for Hengda Group. So can Hengda Automobile bring Hengda Group back to life?

Children from poor families take charge early

As of the first half of this year, Hengda Group has 1.97 trillion yuan in debt. The real estate bubble burst, and the wealth management products thundered.

But now, it was no longer appropriate to describe Evergrande Group as tearing down the east wall and making up the west wall. Originally, he wanted to sell Hengda properties and Hengda’s automobile business, but in the end, he contacted several buyers to no avail. Boss Xu simply gave up and dedicated himself to building a car!

Hey, wait a minute, doesn’t Evergrande still rely on Health Valley and the Evergrande Group behind it to barely survive? Why do you have to go out to work to subsidize your family now?

As a result, Hengda sold the electric system transmission company e-Traction and wheel hub motor manufacturing company Protean Electric, clearance Hengteng, two rights issues in November, financing 3.20 billion Hong Kong dollars, even the old real estate sales scale is also planned from 700 billion yuan, compressed to 200 billion yuan in ten years, all funds and manpower concentrated in Tianjin factory to ensure the production of Hengchi 5.

It can be seen that Hengda is really determined to bet on Hengchi!

But does Hengchi 5 have the ability to help Hengda turn around? Is Xu Jiayin really so confident in Hengchi’s future?

We asked Dapeng, who knows cars best, to tell us.

First of all, Heng Chi 5 positioning A-class SUV, pricing 200,000 yuan or less. Meaning that in this price range, Heng Chi 5 to face is BYD Song Pro, Weimar EX5, Xiaopeng G3 this level of opponents, in my opinion, whether it is appearance, configuration, or performance and battery life, Heng Chi 5 want to front the just mentioned several cars, there is still a certain degree of difficulty.

As for how much confidence Xu Jiayin has in Hengchi’s future?, this is up to you, I will test the automatic parking 50 times first.

Hurry up and test, the factory manager will be back from a business trip soon.

Cough cough, getting down to business, is Xu Jiayin really so confident in Hengchi’s future?

First of all, over the past 18 years, Hengda has indeed invested a lot in automobiles, but it is not difficult to see that Xu Jiayin intends to give up his car to maintain his position.

Secondly, the current concentration of resources to ensure the smooth commissioning of Hengchi, a large part of the reason is that the production qualification of pure electric vehicles owned by the Tianjin factory is about to expire. And if a model has not completed mass production and entered the market before the expiration date, this qualification will also disappear with the wind.

It seems that Xu Jiayin is also struggling to ride a tiger now. If he has confidence, he will do it, but if he has no confidence, he will do it.

However, it is also understandable. After all, for Evergrande, the best thing to do now is to create a production car while the production qualification is still there, and renew the production qualification. After that, when the opportunity is ripe, the production qualification will be packaged and sold directly with the automobile business. In case the sales of Hengchi 5 are good, you can also take the opportunity to raise the price and sell a good price to repay the group’s debt and renew its life, killing two birds with one stone.

Boss Xu’s wishful thinking is really good.

Manuscript | Cui Qiuyang, Yin Heyan

Editing | Yin Heyan

Dubbing | Ryosuke Takahashi