Weilai and Tesla are 24 rocs away

市值方面，按照4月29日收盘价计算，特斯拉的市值为6498.21亿美元，威莱的市值为638.86亿美元。威莱和特斯拉之间，有24个小鹏（小鹏市值244.91亿美元）的差价。

In terms of market value, according to the closing price on April 29, Tesla's market value is $649.821 billion, while Weilai's is $63.886 billion. Between Weilai and Tesla, there is a difference of 24 Xiaopeng (Xiaopeng's market value is $24.491 billion).

最重要的是，越来越多的力量试图瓜分这一市场，传统汽车企业已经恢复了理智。他们凭借百年来积累的资金、技术和经验，正在准备一场又一场的大反击。

The most important thing is that more and more forces are trying to carve up this market, and the traditional auto companies have come back to their senses. With their capital, technology, and experience accumulated over the past century, they are preparing for a big counterattack one after another.

2021年的中国市场更危险。你准备好去威莱了吗？

The Chinese market in 2021 is more dangerous. Are you ready for Weilai?

如果你想减少损失，就必须卖出更多

If you want to lose less, you have to sell more

过去，威来一直在努力降低成本，提高效率。

In the past, Weilai was working hard to reduce costs and increase efficiency.

2021年第一季度，威莱实现营收79.82亿元，同比增长481.8%，环比增长20.2%。目前，威来的大部分收入仍依赖于汽车销售。一季度，威来汽车销售额达到74.06亿元，同比增长489.8%，环比增长20.0%。一切都在有序发展。

In the first quarter of 2021, Weilai's revenue was 7.982 billion yuan, up 481.8% year on year and 20.2% month on month. At present, most of Weilai's revenue still depends on car sales. In the first quarter, Weilai's car sales reached 7.406 billion yuan, a year-on-year increase of 489.8% and a month on month increase of 20.0%. Everything is developing in an orderly way.

不难理解，收入大幅增长。如果你想赚更多的钱，你就得卖更多的车。威来销售的汽车价格昂贵，车辆均价已达40万元。更重要的是，威来的逻辑始终不是降价，而是以服务打动消费者。

It's not hard to understand that revenue has risen sharply. If you want to earn more, you have to sell more cars. The cars sold by Weilai are expensive, and the average price of vehicles has reached 400000 yuan. What's more, Weilai's logic has always been not to cut prices, but to move consumers by service.

面对特斯拉的冲动性价格冲击，威莱依然相对稳定。2021年一季度，威莱共交付20060台es8、ES6和ec6，同比增长422.7%，环比增长15.6%。第一节本身就是淡季，现在看来，威莱不仅活了下来，甚至还能上场。这一销量，在同级新车造势中，仍具有相当的优势。一季度，小鹏累计交付13300辆，理想累计交付12600辆。

In the face of Tesla's impulse price impact, Weilai is still relatively stable. In the first quarter of 2021, Weilai delivered a total of 20060 es8, ES6 and ec6, with a year-on-year growth of 422.7% and a month on month growth of 15.6%. The first quarter itself is off-season, and now it seems that Weilai has not only survived, but even been able to play. This sales volume, in the same level of new car building forces, still has a considerable advantage. In the first quarter, Xiaopeng delivered 13300 vehicles in total, while ideal delivered 12600 vehicles in total.

即使是在2月份的低谷期，威莱的销量仍超过5000辆。特别是3月份，威莱共销售7257辆，再创历史新高。4月7日，威莱10万辆量产车下线。首批5万套被伟来使用26个月；第二批5万套只用了9个月。

Even in the low period of February, Weilai still sold more than 5000 cars. In particular, in March, Weilai sold 7257 cars, setting a new record. On April 7, Weilai's 100000 mass production vehicles went off the production line. The first 50000 units were used by Weilai for 26 months; The second 50000 units only took nine months.

来源/公司财务报告

Source / company financial report

威莱目前的战略是以特斯拉为榜样，以用户服务为护城河。前期投入的资金和精力，现在都转化为实际的口碑和销售。而且，威来的新车发展很快。目前已拥有三款车型，在35万元至55万元的高端细分市场占据一定的市场份额。

Weilai's current strategy is to follow Tesla's example and take user service as its moat. The money spent in the early stage and the energy invested are now converted into actual word-of-mouth and sales. Moreover, Weilai's new car is developing very fast. It already has three models, occupying a certain market share in the high-end segment market between 350000 yuan and 550000 yuan.

让我们看看更关键的毛利率。威莱第一季度毛利率为19.5%，去年同期为-12.2%，上季度为17.2%。

Let's look at the more critical gross profit rate. Weilai's gross profit rate in the first quarter was 19.5%, compared with - 12.2% in the same period last year and 17.2% in the last quarter.

来源/公司财务报告

Source / company financial report

一方面，汽车卖的越多，分摊的成本就越少。

On the one hand, the more cars are sold, the less the cost will be shared.

此外，毛利率提升还有一个关键点，就是baas模式，即车电分离。伟来在财报中指出，本季度毛利率上升的主要原因是NiO pilot和100kWh电池组采用率较高。

In addition, there is another key point in the improvement of gross profit rate, which is the baas mode, that is, the separation of vehicle and electricity. Weilai pointed out in the financial report that the increase of gross profit rate in this quarter was mainly due to the high adoption rate of NiO pilot and 100 kwh battery pack.

众所周知，动力电池是新能源电动汽车的"心脏"，占整车成本的30%-40%，这是军事专家必备的。如果能解决电池的成本问题，就可以提高利润率。目前，很多汽车企业的算盘是用成本较低的磷酸铁锂电池替代电池。威莱的做法是把车和电分开。

As we all know, the power battery is the "heart" of new energy electric vehicles, accounting for 30% - 40% of the vehicle cost, which is a must for military experts. If the cost of battery can be solved, the profit margin can be improved. At present, the abacus of many auto companies is to replace the battery with a lower cost lithium iron phosphate battery. Weilai's approach is to separate the car from the electricity.

所谓车电分离，就是车主在买车时可以选择不买电池。威来将汽车卖给消费者，将电池卖给资产管理公司，再由资产管理公司将电池租给消费者。由于电池资产由电池资产管理公司经营，电池的业绩将不包括在威莱的财务报告中。而且，车电分离意味着电池周转率也很高。越来越多的人选择车电分离，威来的收入也会越大。2月份，baas的转化率达到55%。

The so-called separation of vehicle and electricity means that car owners can choose not to buy batteries when they buy a car. Weilai sells the car to consumers, sells the batteries to asset management companies, and then rents the batteries to consumers by asset management companies. As battery assets are operated by battery asset management company, the performance of battery will not be included in Weilai's financial report. Moreover, the separation of vehicle and electricity means that the battery turnover rate is also high. More and more people choose the separation of vehicle and electricity, and the greater the income of Weilai will be. In February, the conversion rate of baas reached 55%.

另一个值得注意的是，本季度，威莱的亏损明显收窄。净亏损4.51亿元，比2020年一季度下降73.3%，比2020年四季度下降67.5%。

Another noteworthy thing is that in this quarter, Weilai's losses narrowed significantly. The net loss was 451 million yuan, down 73.3% compared with the first quarter of 2020 and 67.5% compared with the fourth quarter of 2020.

尽管如此，威莱仍难以盈利。邻家陷入维权泥潭的特斯拉最近公布了财务数据。虽然已经连续七个季度实现盈利，但其中也有不少盈利。例如，在最近一个季度4.38亿美元的净利润中，很大一部分是通过比特币投机和出售碳点获得的。

Nevertheless, it is still difficult for Weilai to make a profit. Tesla, whose family next door is in the quagmire of rights protection, recently released its financial data. Although it has achieved seven consecutive quarters of profits, there is also a lot of profit in it. For example, in the latest quarter's net profit of $438 million, a large part of it is obtained by speculation in bitcoin and selling carbon points.

对于威来来说，虽然业绩有了进一步提升，但要实现盈利还有很长的路要走。

For Weilai, although its performance has further improved, it still has a long way to go to make profits.

下一个，海外？

Next, overseas?

对于与特斯拉的关系，威莱CEO李斌表示："大家都愿意拿我们和特斯拉做比较。我们的主要竞争对手是燃料车。。。当新能源汽车销量占新车销量的50%以上时，电动车企业的竞争或将成为主流。"

As for the relationship with Tesla, Li Bin, CEO of Weilai, said: "everyone is willing to compare us with Tesla. Our main competitors are fuel vehicles... When the sales volume of new energy vehicles accounts for more than 50% of the sales volume of new vehicles, the competition of electric vehicle enterprises may become the mainstream."

李斌看得很清楚——燃油车才是真正的竞争对手。

Li Bin saw this very clearly - fuel vehicles are the real competitors.

但这有点刻意回避竞争。尽管特斯拉受到近期维权事件的负面影响，但其实力不容小觑。

But it's a bit of a deliberate avoidance of competition. Although Tesla has been negatively affected by the recent rights incident, its strength can not be underestimated.

特斯拉的业务已经遍及世界各地。除了美国市场，特斯拉很快发现了海外第二大市场，即中国市场。在中国市场，特斯拉基本上压垮了包括威莱在内的中国玩家。例如，今年3月，美联宣布特斯拉中国批发销量为3.54万辆，而威莱汽车3月份仅销售7257辆。其中，特斯拉的新车y型在中国上市仅3个月，月销量就达到了1万辆，销量极为强劲。

Tesla's business has spread all over the world. In addition to the U.S. market, Tesla soon found the second largest market overseas, that is, the Chinese market. In the Chinese market, Tesla basically crush the players in China including Weilai. For example, in March, the Federation announced that Tesla China's wholesale sales volume was 35400 vehicles, while Weilai only sold 7257 vehicles in March. Among them, Tesla's new car model y sold 10000 vehicles a month only three months after it was launched in China, which is extremely strong.

威来，更不用说把车卖到世界各地，成立几年来，一直在生死线上挣扎。在过去的六个月里，它只在中国建立了自己的公司。

Weilai, not to mention selling its vehicles all over the world, has been struggling on the line of life and death in the past few years since its establishment. In the last six months, it has only established itself in China.

更何况，今年车市的变化格外引人注目。在4月份的上海车展外，有一封写着"拥抱变革"的长信。

More than that, this year, the changes in the auto market are particularly eye-catching. Outside the Shanghai auto show in April, there was a long letter saying "embrace change".

这是不言而喻的。时代真的变了。电气化和智能化是汽车市场的终结。

It's all self-evident. The times have really changed. Electrification and intelligence are the end of the car market.

如今，传统车企正逐渐做出回应，燃料车领域的佼佼者BBA也开始进入竞技场，抢占特斯拉的地盘。在2021年上海车展媒体日前夕奔驰EQ品牌发布前夕，奔驰一次性发布了EQs、EQA、EQB等多款车型。在车展上，宝马还推出了一款大杀手，纯电动SUV BMW IX，续航里程600公里。奥迪推出了两款国产电动车，分别是e-tron Sportback（进口）和一汽-大众奥迪e-tron国产纯电动车，售价区间为54.68-71.88万元

Now, traditional car companies are gradually responding, and BBA, the top player of fuel vehicles, is also entering the arena to seize Tesla's territory. On the eve of the 2021 Shanghai auto show media day and the night of Mercedes Benz's EQ brand, Mercedes Benz released several models at one go, including EQs, EQA and EQB. At the auto show, BMW also offered a big killer, the pure electric SUV BMW IX, with a range of 600 km. Audi has launched two domestic electric vehicles, the e-tron Sportback (imported) and the FAW Volkswagen Audi e-tron domestic pure electric vehicle, with a price range of 546800-718800 yuan

不仅如此，所有大型互联网公司也都陷入了困境。华为是最无情的。一方面，它大喊我们不造汽车。另一方面，它发布了芯片、域控制器、操作系统、上层软件算法、传感器等一整套解决方案，试图抢占汽车行业的命脉。雷军选择进入市场造车，人们为它定下了定位——年轻人的第一辆车。更不用说360和oppo了。

More than that, all the big Internet companies are also in the water. Huawei is the most ruthless. On the one hand, it shouts that we don't build cars. On the other hand, it has released a complete set of solutions, such as chips, domain controllers, operating systems, upper software algorithms, and sensors, in an attempt to seize the lifeblood of the automobile industry. Lei Jun chose to enter the market to build a car, and people have fixed the position for it - the first car for young people. Not to mention 360 and oppo.

从上海车展的布局可以看出，在7号展厅，最受欢迎的产品是华为、北汽冀虎和吉利的氪星。虽然小鹏伟来发布了新策略，但其话语权和关注度相对较弱。

From the layout of Shanghai auto show, you can see that in hall 7, the most popular products are Huawei, BAIC Jihu and Geely's krypton. Although Xiaopeng Weilai has released new strategies, its voice and attention are relatively weak.

面对这样的竞争环境，魏来有什么牌？这么多有实力的车企进入市场，威来如何保持竞争力？

In the face of such a competitive environment, what cards does Wei Lai have? How can Weilai maintain its competitiveness when so many powerful auto companies enter the market?

图片来源/威莱官方网站

Source / official website of Weilai

虽然威莱已经发布了新款et7，但仍然无法交付。威来今年需要靠三辆车生存。2021年，威来最重要的是卖更多更好的车。

Although Weilai has released the new model et7, it is still unable to deliver it. Weilai needs to survive this year with its three cars. In 2021, the most important thing for Weilai is to sell more and better cars.

威莱似乎已经意识到这一点，并加快了进军欧洲的步伐。去年11月，业内有消息称，伟来准备设立海外事业部，内部代码暂定为"马可波罗计划"。现在看来靴子就要落地了。

Weilai seems to have realized this and accelerated its march into Europe. In November last year, it was reported in the industry that Weilai was preparing to set up an overseas business unit, and the internal code was tentatively designated as "Marco Polo plan". Now it looks like the boots are about to land.

目前，欧洲正在实施严格的碳排放政策，新能源汽车需求巨大。数据显示，2020年欧洲新能源乘用车销量将超过136万辆。这对新能源厂商来说也充满了诱惑。

At present, Europe is implementing strict carbon emission policies, and there is a huge demand for new energy vehicles. According to the data, the sales volume of new energy passenger vehicles in Europe will exceed 1.36 million in 2020. This is also full of temptation for new energy manufacturers.

不仅威来，理想汽车也表达了进军海外的意向。此外，小鹏出口到挪威市场的100台小鹏G3已于去年底交付给挪威28个城镇的用户。

Not only Weilai, but also ideal automobile has expressed its intention to enter overseas. In addition, the 100 Xiaopeng g3s exported by Xiaopeng to the Norwegian market were delivered to users in 28 towns in Norway at the end of last year.

看来，除了中国市场外，欧洲已经成为新车制造商竞争的新战场。

Europe, it seems, has become a new battlefield for new car makers to compete in addition to the Chinese market.

*图片来自视觉中国。

*The picture comes from visual China.

Link：https://new.qq.com/omn/20210430/20210430A0D4CT00.html

update time：2021-05-01 10:46:34