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Acquisition of a new force for new energy vehicles Can Nissan win with it?

May 15, 2019 13:08
Author: Ding Yuxin
source: Billion euro

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The profitability problem of the new power of the car has been plaguing the entire industry. Nowadays, the “landing” of new car companies seems to have a new way.

According to Bloomberg News, Nissan intends to acquire about 25% of the shares of Chinese electric car manufacturers. Potential targets include the Weimar Automobile,HezhongCars and cars and homes. The billion-euro reporter immediately confirmed with the heads of the three new energy vehicles, and the other party responded with unclear, no comment, no comment.

Due to poor performance in FY 2018, Nissan will cut its profit forecast for FY 2019 by 45% year-on-year, while the main reason for the downgrade is the decline in Nissan's sales in China and the US. In contrast, in China's auto market, the production and sales of new energy vehicles in 2008 exceeded 1.25 million units, a year-on-year increase of 60%.Obviously, the rapid increaseGuoxin EnergyThe auto market is undoubtedly full of temptations for international giant car companies. The acquisition of potential new energy auto stocks is an important part of Nissan's new energy strategy and investment layout.What's more, once this move comes true, it is expected to achieve a win-win situation for both parties.

But is this all happening?

 Nissan's new energy vehicle has a bright history and the status quo is worrying

Nissan's pure electric car Leaf (Nissan Leaf) launched in December 2010. Thanks to the technological advantages and time advantages of preemptive strikes, its total sales volume has exceeded 400,000 in the past nine years, making it the best-selling model in the field of new energy vehicles.

As early as 2007, Nissan began to quietly deploy the electric vehicle business, providing lithium manganate batteries for electric vehicles planned for mass production. However, due to cost control, Nissan decided to sell a 51% stake in the battery manufacturer in 2016. The process has been twisted and twisted until the successful completion of the battery business to Envision Group last year, retaining 20% ​​of its shares.

At the same time, with the launch of the new energy vehicle market worldwide, the specifications and types of power batteries have become more diversified, and the head effect of power battery companies has gradually emerged. The top companies in the world can not see the vision of the Group, in contrast, Samsung, LG, Panasonic,Ningde era,BYDOccupy significant capital and technological advantages.

Not only that,Nissan’s pure electric vehicle launched in China’s electric vehicle market is lacking.Only the joint venture brand Kaichen Chenfeng and pure electric version Nissan Sylphy. At the beginning of the establishment, the morning wind benefited from Nissan's technology "inheritance", such as production system, quality control, etc., and achieved good sales at the beginning. However, due to the lack of technological breakthroughs in the long run, it is difficult to stand out from the new forces of making cars. As the only electric joint venture model, the performance of the pure electric version of Nissan Sylphy is not outstanding. In December 2018, the sales of pure electric sylphy was 2,110 units, and this monthWeilaiThe ES8 sold 2,692 units. You know, the price of the latter is nearly three times that of the former.

In addition to the model,Nissan is also inferior in intelligent network. In China, the development of cross-border technology has provided strong support for the intelligence and networking of new vehicles. The synergy effect of the government, enterprises and R&D institutions makes the new energy vehicle power have a great advantage in the development and production of smart devices compared with the few pure electric vehicles in Nissan.

In the intelligent interconnection system of Nissan Sylphy·Pure Edition, in addition to common positioning navigation, audio-visual entertainment and car Wi-Fi, it is also equipped with ECO DRIVE energy-saving driving assistant and ISS intelligent automatic start-stop system. The Weimar EX5, which is mainly used by Zhixing, has the Living Pilot and the Living Engine interactive system developed for complex road conditions in China. It is the first to support L2 autopilot.

To break through the above situation, Nissan needs to improve the supply support of its supporting facilities and make technological breakthroughs.Completion of the equity acquisition of new Chinese car manufacturing forces may be necessary for Nissan to control R&D and production costs.

 Joining hands with local new energy vehicles or helping to fill the short board

To complete the acquisition of potential targets in China, Nissan will be expensive, as the valuation of these new vehicles has already reached tens of billions of yuan.

Weimar Automobile completed the C round of financing on March 8 this year, and the accumulated accumulated financing amounted to nearly 23 billion yuan. Since 2016, the participating companies haveBaidu, SIG Heiner Asia, Sequoia Capital, Tencent, etc.HezhongThe car was completed by the government industry at the end of last month.fundLeading round of B round financing, the historical accumulated financing amount of more than 7 billion yuan. The car and the home almost completed the B+ round of financing, with a total financing of 5.755 billion yuan. Throughout its financing history, there is no shortage of Jingwei China, source capital and so on.

The acquisition of any of the potential targets means a huge expense.Although Nissan suffered a sales winter in the fourth quarter of 2018, it has a net profit of 319.1 billion yen (about 20 billion yuan) and a cash and cash of 135.91 billion yen (about 85.282 billion yuan) from the 2018 annual report. From the point of view of cash and cash equivalents at the end of period, Nissan is still able to cope with this acquisition.

Nowadays, intelligent network and new energy have become the key words for the transformation of the automotive industry in the past century. From the perspective of Nissan itself in the layout of new energy vehicles, it is necessary to increase investment in order to cater to this trend. At the same time, the new forces of making cars are younger and more technologically savvy. Joining hands with new domestic power-building forces will help Nissan improve in the middleGuoxin EnergyThe competitiveness of the automotive market.

In addition, as domestic new energy vehicle companies go overseas, it has become a trend.Even as a financial investment, the acquisition is a good opportunity for Nissan.The CEO of Weimar Automobile, Zeng Shenhui, publicly expressed his openness to the IPO in the United States, while Li Xiang, the founder and CEO of the car and home, said that the IPO is a matter of course.

From the perspective of these three car companies, the combination with the world's top auto manufacturers can promote the maturity of the production system to a certain extent, especially the Nissan's perfect dealer system for the delivery of new forces. It will be a big plus.

However,Nissan is sinking into the worldPerformanceAt the same time as the dilemma, the acquisition of three new power-building forces that have not yet achieved self-hematopoietic capacity may increase the possibility of short-term performance concerns.. For the local new car companies, everyone is still in the early stage, and the focus of the work is basically on the product side. If equity transfer occurs during this period, the management team's control over the company will be marginal. therefore,How to coordinate power structure and coordinate company management will be the challenges faced by new power-building forces.. Therefore, is it willing to accept new forces that want to break the traditional pattern?

In 2019, IGuoxin EnergyThe automobile subsidy has fallen sharply, and the fuel vehicle enterprises have lowered the price by deducting the value-added tax. After the fuel vehicle has dominated the market for more than a hundred years, when will the new energy automobile industry accumulate?

On June 14th, at the “2019 Global New Economy Annual Meeting” held by Yiou Company in Shanghai Hongqiao World Trade Center, Yiou Automobile will host the new energy automobile industry summit as an important part of this annual meeting. At this summit, we will discuss with the top-level big coffee from the upstream and downstream of the new energy vehicle industry, such as mainstream automakers, core three-electric system suppliers, and head-and-charge service companies. Automotive industry transformation and innovation opportunities."

(Article source: billion euros)

                (Editor: DF134)

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