How long can the 10 billion yuan invested in the first phase of Xiaomi burn? It's not a big problem until the first car is delivered

众所周知，汽车制造是一项非常昂贵的生意。在外界看来，当年贾跃亭的失败，主要是因为他对造车这个无底洞的不满，即使挪用了其他企业的融资。

As we all know, car building is a very expensive business. In the eyes of the outside world, Jia Yueting's defeat in that year was largely due to his dissatisfaction with the bottomless pit of car building even if he misappropriated the financing of other businesses.

那么，对于刚刚踏入汽车制造领域的小米来说，100亿元的初始投资和未来十年100亿美元的累计投资是什么概念呢？腾讯科技对国内三大汽车制造新势力（威莱、理想、小鹏）在财务报表和招股说明书中公布的数据进行解码。

So, what is the concept of the initial investment of 10 billion yuan and the cumulative investment of 10 billion US dollars in the next decade for Xiaomi, who has just stepped into the field of car manufacturing? Tencent technology decodes the data published in the financial statements and Prospectuses by the three new domestic car making forces (Weilai, ideal and Xiaopeng).

最大烧钱人威来：近两年研发、行政、营销成本年均支出超过100亿元

Weilai, the biggest money burner: the average annual expenditure of R & D, administration and marketing costs in the past two years has exceeded 10 billion yuan

三家公司的成本分布比较相似，主要是研发成本、销售成本、营销成本和管理成本。

The cost distribution of the three companies is similar, and they are mainly R & D cost, sales cost, marketing and administrative cost.

虽然销售成本越高，交车率越高，但在2018年和2019年，威莱汽车的总收入将落后于销售成本，因此这意味着即使小米开始交车，也会继续烧钱。

Although the higher the cost of sales, the higher the delivery of cars, but in 2018 and 2019, the total revenue of Weilai automobile will lag behind the cost of sales, so this means that even if Xiaomi starts to deliver cars, it will continue to burn money.

此外，还有一个值得注意的时间节点：2018年4月，威莱首款量产es8正式交付。也就是说，在2018年第二季度之前，威莱几乎没有收入，处于纯烧钱模式。

In addition, there is another time node worth noting: in April 2018, Weilai's first mass product es8 was officially delivered. In other words, before the second quarter of 2018, Weilai had almost no revenue and was in the pure money burning mode.

伟来招股说明书显示，2016年、2017年和2018年一季度的研发费用分别为14.65亿元、26.03亿元和6.94亿元，合计约47.62亿元；同期的营销和行政费用分别为11.37亿元、23.51亿元和7.7亿元，总额约42.58亿元。

According to Weilai's prospectus, the R & D costs in 2016, 2017 and the first quarter of 2018 were 1.465 billion yuan, 2.603 billion yuan and 694 million yuan respectively, totaling about 4.762 billion yuan; the marketing and administrative costs in the same period were 1.137 billion yuan, 2.351 billion yuan and 770 million yuan respectively, totaling about 4.258 billion yuan.

也就是说，在第一辆车正式交付之前，威莱的研发成本、营销成本和行政成本合计超过90亿元。

In other words, before the first vehicle was officially delivered, Weilai's R & D cost, marketing and administrative cost totaled more than 9 billion yuan.

"小气"理想平衡的小鹏

"Stingy" ideal and balanced Xiao Peng

在造车的新生力量中，威来给人留下的印象是花钱不菲，甚至邀请车主参加活动。相比之下，理想汽车的创始人李翔一直被称为"吝啬鬼"，因此理想的成本控制相对较低。

Among the new forces of car making, Weilai has left the impression that it spends a lot of money and even invites car owners to participate in the activities. In contrast, Li Xiang, the founder of ideal car, has always been known as "stingy", so the ideal cost control is relatively low.

不过，需要注意的是，理想也是三大新车制造力量中车型最少的公司。目前，它只有一种理想的一种模式，这也是它能够控制研发费用的一个重要原因。随着理想开始切入纯电动汽车领域，这一成本是否会迎来一大步增长还需要进一步验证。

However, it should be noted that ideal is also the company with the least number of models among the three new car making forces. At present, it has only one ideal one model, which is an important reason why it has been able to control its R & D expenses. With the ideal starting to cut into the field of pure electric vehicles, whether this cost will usher in a big step growth needs further verification.

到2020年，理想一号将大规模交付，销售成本将大幅增加，达到79.1亿元，三项费用将超过100亿元，未来有望继续增加。

By 2020, ideal one will be delivered on a large scale, the cost of sales will increase sharply, reaching 7.91 billion yuan, and the three expenses will exceed 10 billion yuan, which is expected to continue to increase in the future.

按照威来的同样逻辑，理想一号将于2019年第四季度末正式交付，2018年和2019年研发总成本19.63亿元，营销和行政总成本10.26亿元，合计约30亿元。

Following the same logic of Weilai, ideal one will be officially delivered at the end of the fourth quarter of 2019, with a total R & D cost of 1.963 billion yuan in 2018 and 2019, and a total marketing and administrative cost of 1.026 billion yuan, totaling about 3 billion yuan.

建一个工厂成本最高

Building a factory costs the most

但有一些数据三家公司在财报中并未详细披露，即汽车的生产成本。

But there are some data that the three companies did not disclose in detail in the financial report, that is, the production cost of cars.

汽车生产方式主要有两种，一种是OEM，另一种是建厂。

There are two main modes of automobile production, one is OEM, the other is factory building.

伟来年报显示，截至2019年，已向江淮支付代工费6亿元，这部分费用并不大。

According to Weilai's annual report, as of 2019, 600 million yuan of OEM fees have been paid to JAC, and the expenses of this part are not large.

不过，据媒体报道，小鹏和理想都采取了独立建厂的模式，小鹏披露的投资额已达100亿元，仅一期就需要投资40亿元。如果要建厂，这部分支出可能是小米未来投资的主要部分。

However, according to media reports, both Xiaopeng and ideal have adopted the mode of independent plant construction, in which the amount of investment disclosed by Xiaopeng has reached 10 billion yuan, and 4 billion yuan needs to be invested in the first phase only. If we want to build a factory, this part of expenditure may be the main part of Xiaomi's future investment.

Link：https://new.qq.com/omn/TEC20210/TEC2021033100694400.html

update time：2021-03-31 18:34:34