Wen | Kan Jian Finance
In 2021,DidiOfficially launched the car-building project, code-named "Da Vinci".
According to the media, the "Da Vinci" project was originally planned to be officially released in June 2022, and it was expected to be delivered in June 2023. At the peak, the project team exceeded 1,000 people.
However, surprisingly, this poured intoDidiA lot of money and energy projects were eventually transferred to Xpeng Motors. On August 28, 2023, Xpeng Motors acquired it for a maximum of 5.835 billion Hong Kong dollars (about 5.423 billion yuan).DidiThe assets and research and development capabilities related to the smart electric vehicle project, the "Da Vinci" project officially changed hands.
What is even more unexpected is that this is fromDidiThe project that I took over turned out to be a "lifeline" for Xpeng Motors.
At the end of August, the MONA M03 in Tucki, which was based on the transformation of the Da Vinci project, was officially launched. I didn’t expect it to be an explosion when it was launched. According to the official data released by Xpeng Motors, the number of Mona M03 has exceeded 10,000 within 52 minutes of listing, and it has exceeded 30,000 after 48 hours. In addition, with MONA-M03, Xpeng Motors’s sales in September also exceeded 20,000 vehicles.
For Xpeng Motors, the huge sales volume brought by the listing of MONA-M03 in Tucki is undoubtedly a timely help, so that Xpeng Motors, which has been suffering from sales difficulties, finally sees hope. Of course, it is not uncommon for the sales of new models to be hot after listing. The most important thing is to see if they can continue; At present, what is more worth thinking about is whether MONA M03, which sells explosive products, can bring Xpeng Motors out of the quagmire?
Behind the MONA-M03 sale
In fact, since Xpeng Motors took over the "Da Vinci" project, Tucki MONA-M03 has the potential to become an explosion.
There is no other reason, because even if the retail port is not selling well,DidiIt will also "cover the bottom" for Xpeng Motors-it is reported that when Xpeng Motors took over the "Da Vinci" project, a gambling clause was added to the agreement:
In the 13 months after MONA-M03 is delivered, ifDidiThe sales volume of ecology reaches 100,000-180,000 vehicles, so Tucki has the mostDidiDelivered 14.05 million shares of Class A common stock; Within 12 months after reaching the first phase milestone, ifDidiEcological sales will reach 100,000-180,000 vehicles, and Tucki will once againDidiDeliver up to 14.28 million shares of Class A common stock.
Simply put, this gambling clause is mainly to promoteDidiSell more cars: If the annual sales volume reaches 180,000 and the target is achieved for two consecutive years,DidiThe shareholding in Xpeng Motors will be increased to about 5%.
Of course, with the sale of MONA-M03,DidiThe "bottom" is no longer important, and even the online car has become a label that MONA-M03 wants to draw a clear line. According to media reports, He Xiaopeng once affirmed in the live broadcast that Tucki MONA M03 will not launch a "taxi version"; Yang Guang, the person in charge of MONA series products in Xpeng Motors, also said that "in the order of MONA-M03, there is basically no network car company."
So, why did Tucki MONA-M03 sell so well after listing? There are two key words: "low price+intelligence".
Tucki MONA-M03 positioning intelligent pure electric coupe A-class car is divided into three models according to different battery life and intelligent configuration: 515 long battery life version costs 119,800 yuan, 620 long battery life version costs 129,800 yuan, and 580 long battery life Max version (equipped with high-order intelligent driving assistance) costs 155,800 yuan. According to He Xiaopeng, the M03 Max is equipped with Tucki XNGP, which is not limited to cities, routes and road conditions. It belongs to the same intelligent driving system as other models in Xpeng Motors-the M03max is definitely the only high-level intelligent driving within 200,000. Obviously, the success of Tucki MONA-M03 is mainly due to the fact that the high-order intelligent driving that was originally matched with more than 300,000 vehicles sank to 150,000 vehicles.
Of course, in addition to high-order intelligent driving, other configurations of Tucki MONA-M03 are not weak: although the positioning is only A-class, the length of 4780mm and the wheelbase of 2815mm are quasi-B-class dimensions; Although it is a sedan, it uses a hatchback tailgate and a low-lying design, so the overall design is very sporty and fashionable; 129,800 yuan can have a long battery life of 620KM, and it is the only sedan pure electric car with a battery life of over 600km in the current 150,000 years.
On the whole, Tucki MONA-M03′ s "fire explosion" is not unexpected, but it is worth thinking about-can a Tucki MONA-M03 help Xpeng Motors out of the predicament? The answer is full of uncertainty.
Can you "get out of trouble"?
For Xpeng Motors, the listing of MONA-M03 in Tucki was like a timely help, which eased the sales pressure in Xpeng Motors.
According to official sources, the number of MONA-M03 has exceeded 10,000 within 52 minutes of listing, and it has exceeded 30,000 after 48 hours. In addition, according to the sales data disclosed by Xpeng Motors, in September, Xpeng Motors delivered a total of 21,352 new cars, a record high in a single month, up 39% year-on-year and 52% quarter-on-quarter. Among them, Tucki MONA-M03 delivered over 10,000 sets, accounting for about half of the sales volume.
However, although the sales of MONA-M03 in Tucki are booming, the performance of other models in Xpeng Motors is much weaker. According to public information, there are currently six models on sale in Tucki, including cars, SUVs, MPVs and other models. From January to August this year, the cumulative sales volume in Xpeng Motors was only 77,000, and the average monthly sales volume was less than 10,000. Compared with its annual sales target of 280,000, the completion rate was only 27.5%.
At present, although Tucki MONA-M03 can bring good sales data to Xpeng Motors, it is hard to hide the decline of other models. Moreover, with the increase in the sales volume of MONA-M03 in Tucki, the unit price in Xpeng Motors may decline-according to media analysis, if other income in the third quarter is equal to that in the second quarter, the unit price in Xpeng Motors in the third quarter is expected to be around 190,000 yuan, slightly lower than the market expectation of 200,000 yuan.
You know, at present, Xpeng Motors is still in a state of loss, with a loss of 2.653 billion yuan in the first half of this year. If the unit price drops, Xpeng Motors’s loss in the third quarter may be further aggravated.
In addition, more importantly, with the sale of MONA-M03, it will be more difficult for Xpeng Motors to hit the high-end market in the future. Previously, Xpeng Motors mainly relied on "intelligence" to get out of the circle, and also relied on "intelligence" to support its brand value. However, with Xpeng Motors sinking "advanced intelligent driving technology" to 150,000-class vehicles, the label "intelligent" will become more and more common and less valuable. However, in fact, Xpeng Motors has paid a lot of money to promote intelligence. From 2021 to 2023, Xpeng Motors’s R&D expenditure was 4.114 billion, 5.215 billion and 5.277 billion respectively.
From the current point of view, after the sale of MONA-M03 in Tucki, Xpeng Motors’s sinking of "advanced intelligent driving technology" has indeed brought good results, and the sales pressure in Xpeng Motors has also eased.
However, it is not uncommon for new models to sell well after they are launched. The most important thing is to see whether they can continue to sell well. Therefore, it remains to be seen whether Tucki MONA-M03 can continue to sell well. What makes people worry is that Xpeng Motors has handed over its own technical cards for the sake of sales. If the sales of MONA-M03 in Tucki drop in the future, there may not be many cards that can be played in the future.
