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2023-06-23

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Lei Jun should decisively stop building cars

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href=\"https://ttm.financial/S/09988\">$Alibaba(09988)$&nbsp;</a> &nbsp;Double up position in portfolio","listText":"<a href=\"https://ttm.financial/S/09988\">$Alibaba(09988)$&nbsp;</a> &nbsp;Double up position in portfolio","text":"$Alibaba(09988)$ Double up position in portfolio","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/190318664011952","isVote":1,"tweetType":1,"viewCount":1083,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":181980963319952,"gmtCreate":1685438204147,"gmtModify":1685438241996,"author":{"id":"4090471294929450","authorId":"4090471294929450","name":"Durian197","avatar":"https://static.tigerbbs.com/5adcdb63896164c444bb385a0b425e4b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090471294929450","idStr":"4090471294929450"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/181980963319952","repostId":"2339421844","repostType":2,"repost":{"id":"2339421844","kind":"highlight","pubTimestamp":1685408363,"share":"https://ttm.financial/m/news/2339421844?lang=en_US&edition=fundamental","pubTime":"2023-05-30 08:59","market":"hk","language":"zh","title":"Lei Jun should decisively stop building cars","url":"https://stock-news.laohu8.com/highlight/detail?id=2339421844","media":"虎嗅","summary":"除非他已经准备好要“血战到底”","content":"<p><html><body><span label=\"备注\">Author: Ren Xueyun, editor: Wang Fangjie, head picture from:<a href=\"https://laohu8.com/S/000681\">Vision china</a></span></p><p>Recently, Xiaomi Group announced its first quarter results. The financial report shows that Xiaomi Group's total revenue in the first quarter was RMB 59.5 billion, and its adjusted net profit was RMB 3.2 billion. R&D expenditure was 4.1 billion yuan, a year-on-year increase of 17.7%; among<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The cost of innovative businesses such as electric vehicles is 1.1 billion yuan.</p><p>Xiaomi's cash reserves have shown signs of shrinking after reaching their peak in 2020. From 2020 to 2021, the total cash will be 108 billion and 104.4 billion respectively, and will drop to 88.1 billion yuan in 2022. By this quarter, the cash reserves will rebound slightly., to 94.6 billion yuan.</p><p>With the decline in performance and cash flow, the market value of Xiaomi Group has fallen from a maximum of 900 billion Hong Kong dollars in 2021 to less than 300 billion Hong Kong dollars at present, and 600 billion Hong Kong dollars have evaporated in two years.</p><p>Building a car has always been a game that tests cash flow.<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>Founder He XPeng once lamented that \"20 billion is not enough to spend\" on building a car.<a href=\"https://laohu8.com/S/NIO\">Nio</a>Founder Li Bin also said, \"To become a competitive and sustainable new car company, at least 40 billion yuan of capital reserves are needed.\"</p><p>At present, after new energy vehicles have entered fierce competition, the capital chips needed for the game of car manufacturing have only increased. Especially since this year, the price war in the new energy vehicle market has essentially started. An automobile industry chain person told \"Best Talk\", in the next three years, the industry will have a round of clearing around prices. In other words,<strong>The new energy vehicle market has now entered a stage of saturated competition. At this time, no matter for industries, local governments or enterprises, it is better to have one less market participant than one more.</strong></p><p>Unless this participant has both the determination to \"fight to the end\" and the corresponding capital reserve that can continue to support heavy asset investment, price reduction, and loss.</p><p>Earlier new car-making forces became increasingly aware of the importance of cash flow, just like when XPeng Motor released its first quarter results, it creatively wrote the 34.12 billion cash flow in its hands into the first sentence of its financial report document.</p><p>For Xiaomi, since Lei Jun once emphasized that Xiaomi's car manufacturing \"will be done in a wholly-owned model, and all the money will be paid by Xiaomi itself\", this means that Xiaomi's auto business will rely entirely on the blood transfusion of the group.</p><p>But the reality is that the mobile phone business, once the backbone of the group's revenue, is experiencing a market downturn. In the first quarter, Xiaomi's mobile phone business revenue was 35 billion yuan, a year-on-year decrease of 21.1%, a decrease of 10.8 billion yuan.</p><p>From March 2021, when Xiaomi officially announced the start of car manufacturing, we can clearly see that the overall trend of single-quarter revenue of Xiaomi mobile phones has begun to decline.</p><p>Compared with the high of 59.1 billion yuan in the second quarter of 2021, the single-quarter revenue of Xiaomi mobile phones has dropped by 24.1 billion yuan, a drop of more than 40%.</p><p>To promote the car manufacturing business through basic business hematopoiesis, for Xiaomi, the sense of load should increase. On the contrary, continued investment in car manufacturing is likely to have an impact on Xiaomi's own business. Fitch mentioned,<strong>Against the backdrop of a global economic slowdown, Xiaomi Group's electric vehicle business may materially weaken its credit profile due to weak consumer sentiment.</strong></p><p>If Xiaomi insists on continuing to build cars and entering the highly competitive electric vehicle market, once it fails, Xiaomi's ability to maintain a leverage ratio below 2.0 times and maintain free cash flow of more than 5 billion yuan will be greatly threatened.</p><p>At that time, it was probably too late for Lei Jun to withdraw from this asset-heavy game.</p><p><p label=\"大标题\">one</p><p>At the beginning of choosing to build a car, Lei Jun must have expected the macro decline of the mobile phone business. Therefore, Xiaomi Automobile is the business he is betting on to undertake the second growth curve of the group.</p><p>As a result, the outside world can see that Lei Jun has shown a great desire to control the automobile business. For example, Xiaomi's car manufacturing will be a wholly-owned model, and another example is a self-built car factory.</p><p>But looking at Xiaomi's corporate development history, even in the mobile phone business, Xiaomi has never had the complete ability to become a manufacturer.</p><p>As mature smart hardware, most of the current mobile phone production models are based on OEM<span label=\"备注\">(OEM production)</span>Mainly, manufacturers can design, develop and produce products according to customer needs and design requirements, and finally sell products to customers.</p><p>Xiaomi's mobile phones have been entrusted to ODM manufacturers for OEM production since their birth. Xiaomi is responsible for design and sales, while ODM manufacturers are responsible for production and then sell them in the name of Xiaomi.</p><p>Compared with mobile phone manufacturing technology, automobile manufacturing technology is the most complex among all consumer goods. For companies that have not accumulated car manufacturing, having complete manufacturing experience and capabilities is itself a more difficult challenge than manufacturing mobile phones.</p><p>Among the new car-making forces,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>, XPeng vehicles and<a href=\"https://laohu8.com/S/NIO.SI\">Nio</a>Automobiles initially chose to enter the market through the OEM model. Huawei, which also crossed the border from mobile phone business to automobiles, also cooperated with established automobile manufacturers<a href=\"https://laohu8.com/S/601127\">Cyrus</a>Cooperation did not choose the path of self-built production.</p><p>It was not until a certain sales scale that XPeng and Ideal began to build their own factories, while Nio so far does not have its own vehicle factory, but only plans to build its own battery factory, which is expected to be put into production in 2024.</p><p>For Xiaomi, which has no manufacturing experience, under the premise that mobile phones are all OEM produced, it is undoubtedly a huge challenge to directly leap to self-built automobile factories and manufacturing automobiles.</p><p>However, after early development, the new energy vehicle industry has entered the second half, and the disadvantages of relying on the foundry model have begun to appear. Car companies are gradually no longer willing to use foundries to build cars, but choose to build their own factories to enhance their supply chain control ability.</p><p>Therefore, since Xiaomi announced the manufacture of cars, self-built factories have become the core path for car companies. Lei Jun, who is betting on the growth of the car business, can only choose to follow.</p><p>On September 1, 2021, Lei Jun established Xiaomi Automobile Co., Ltd., which is registered in Beijing Economic and Technological Development Zone, Beijing. The Xiaomi Automobile project plans to build a Xiaomi Automobile headquarters base, sales headquarters, and R&D headquarters, and build a complete vehicle factory in two phases. The planned annual production capacity of the first and second phases is 150,000 vehicles.</p><p>Some media revealed that Xiaomi Automobile's Beijing factory has completed the initial equipment moving in, including the customized core equipment of the integrated die-casting machine, and trial production will soon begin.</p><p>Financial report data shows that in 2022, Xiaomi will invest 3.1 billion yuan in the automotive business, compared with 1.1 billion yuan in the first quarter of this year. Among them, the specific investment in self-built factories has not been announced.</p><p>However, from the perspective of XPeng, which was the first to invest in its own factory among the new car-making forces, its first factory in Zhaoqing has a cumulative investment of 10 billion yuan. The third factory is located in Wuhan Economic Development Zone, covering an area of about 1,100 mu, with a total investment of about 4.7 billion yuan.</p><p>In this way,<strong>Xiaomi, which chose to build its own factory, is still in its early stages of investment.</strong></p><p>In addition, it is worth mentioning that XPeng Motors, which has three self-built factories, is now under the heaviest pressure. In the past two years, XPeng's net losses in most financial cycles have far exceeded Ideal and Nio.</p><p><p label=\"大标题\">two</p><p>Although the profit of a single mobile phone cannot be compared with that of a single car, the sales volume of mobile phones is dozens of times higher than that of cars. In 2022, domestic smartphone shipments will reach 264 million units, and electric vehicle sales will be nearly 7 million units.</p><p>Therefore, from the perspective of overall profit, although the industry is in a downward range, the overall profit of the mobile phone business is considerable. Looking at the current new energy vehicle brands, they often have to endure long-term losses before they really achieve profitability.</p><p>Among the new car-making force \"Wei Xiaoli\", only Li Auto has made a profit at present. On May 10, 2023, Li Auto announced its financial report for the first quarter of 2023, showing that Li Auto's net profit during the reporting period was 934 million yuan, turning losses into profits compared with a net loss of 10.866 million yuan in the same period.</p><p>XPeng Automobile's loss in the first quarter reached 2.34 billion yuan, a year-on-year increase of 37.6%. Nio's loss in 2022 will reach 14.559 billion yuan.</p><p>In fact, currently only<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>And<a href=\"https://laohu8.com/S/002594\">BYD</a>It can be regarded as a \"money-making\" new energy vehicle company, and in order to break the \"curse\" of profitability of new energy vehicles, Tesla spent seventeen years.</p><p>So for Lei Jun, the current question has become, can Xiaomi really endure long-term losses like Tesla and Wei Xiaoli?</p><p>At least from Xiaomi's past experience, this is a company that has grown up relatively smoothly.</p><p>Xiaomi 1 once sold 400,000 mobile phones in only 37 hours, achieving sales of 800 million yuan. And helped Lei Jun pull the second round of financing up to 90 million US dollars.</p><p>Although in 2015, Xiaomi encountered the biggest crisis in its entrepreneurial journey, failed to achieve its established sales target, and fell out of the top five from the first place in 2016, this is not a test of life and death.</p><p>This is not the case for the new energy vehicle industry. Compared with the more flexible capital turnover of mobile phones, the investment in new energy vehicles is generous and infinitely sustainable. Behind such investment, once the sales volume cannot keep up with expectations, the company will directly face the end of exit.</p><p>In such brutal competition, many new energy vehicle brands have come to an end.</p><p>WM Motor, which was once the first echelon of new cars with Nio, XPeng, and Ideal, has now entered a stage of sluggish sales.</p><p>Public data shows that WM Motor's total financing over the years has exceeded \"Wei Xiaoli\" by about 35 billion yuan. However, from 2019 to 2021, its three-year cumulative losses reached 17.4 billion yuan, and the losses have intensified year by year. The three-year losses are about 4.1 billion yuan, 5.1 billion yuan, and 8.2 billion yuan respectively.</p><p>Cars that cannot be sold and continuous investment have left Weimar in debt.</p><p>According to the prospectus of WM Motor, as of the end of 2021, the asset-liability ratio of WM Motor has reached 202.36%<span label=\"备注\">(\"Wei Xiaoli\" is below 55%)</span>, far beyond the bankruptcy warning line<span label=\"备注\">（100%）</span>。</p><p>Such risks are unbearable for both Xiaomi Group and Lei Jun.</p><p>After all, Lei Jun's original intention is to find a second growth curve to replace the basic mobile phone business through Xiaomi Motors. If he wants to fall into the trap of continuous losses and no possibility of profit, then Lei Jun's future anxiety will only be worse than the current downturn in the mobile phone business..</p><p>Public data shows that in March 2021, when Lei Jun announced his entry into the car manufacturing track, China<a href=\"https://laohu8.com/S/600617\">National New Energy</a>Car retail sales accounted for only 8.49%, but data from the China Association of Automobile Manufacturers shows that the penetration rate of new energy passenger vehicles will reach 27.6% in 2022, leaving less and less time for Lei Jun and Xiaomi.</p><p><p label=\"大标题\">three</p><p>Perhaps, Lei Jun should really stop losses in time.</p><p>In the more than two years since Xiaomi Automobile has been building cars, what has been repeatedly discussed and told by the media is not the actual progress of Xiaomi's car manufacturing, but the investment.</p><p>Statistics have found that Xiaomi has invested in more than 50 automotive supply chain companies, involving various subdivisions such as three-electric technology, autonomous driving, intelligence, and lidar, and has gone deep into various subdivisions of electric vehicle manufacturing.</p><p>This is an important experience that Lei Jun learned from Xiaomi's entrepreneurship.</p><p>In the crisis experienced by Xiaomi in 2015, the failure of the supply chain to keep up was the biggest problem. The bad relationship with suppliers has prevented Xiaomi mobile phones from being delivered as scheduled for a long time.</p><p>Therefore, in July 2016, after Lei Jun personally took over Xiaomi's supply chain business, he sorted out the management system of the entire supply chain and integrated the supply chain for Xiaomi mobile phones through a series of means.</p><p>In the entrepreneurial logic of Xiaomi Motors, Lei Jun is still committed to building a \"Xiaomi ecosystem\" in the automotive field.</p><p>In Lei Jun's view, because Xiaomi does not have a first-mover advantage, if it wants to ensure supply, stabilize production, and reduce costs in the complex automotive industry chain, it needs to establish high-quality and in-depth relationships with suppliers in all links.</p><p>Just like building a mobile phone supply chain system, investing in building an ecological industrial chain of Xiaomi Automobile is a way to quickly achieve its goals.</p><p>However, unlike the mature mobile phone industry chain, car manufacturing itself is an asset-heavy behavior. After choosing the path of obtaining supply chain support through investment, Xiaomi Group is still forced to bear pressure on funds.</p><p>Of course, from the perspective of the deep binding relationship of the supply chain, although Xiaomi was able to control the industrial chain through investment in the early days, thus accelerating the birth of the whole vehicle. However, when car manufacturing enters the real mass production period, the supervision of supply chain companies within the system will also become a major burden for Xiaomi Group.</p><p>Li Auto Ma Donghui said in an interview with Xinhua Finance: Li Auto has a clear judgment on the boundary of vertical integration of supply chain. In other words, based on the difference in importance of parts, the ideal is a parallel strategy of procurement and self-construction.</p><p>For example, for core components such as range extenders and drive motors, Ideal will ensure the stability of quality and supply by building its own factories and establishing holding joint ventures.</p><p>According to the core hardware system plan disclosed by 36 Krypton and other media, Xiaomi decided to use 400V platform + BYD lithium iron phosphate battery for low-end batteries and 800V platform + Ningde Kirin battery for high-end batteries; Electronic control is used<a href=\"https://laohu8.com/S/UMC\">UMC</a>And Inovance.</p><p>In other words,<strong>Although Xiaomi continues to roll out the automotive ecosystem, it does not yet have the ability to independently research and develop the key hardware of Sanden.</strong></p><p>On the contrary, in the currently badmouthed field of autonomous driving, in addition to investment, Xiaomi invested 3.3 billion yuan in research and development expenses in the field of autonomous driving in the first phase, and established a research and development team of more than 500 people, with the goal of entering the field of autonomous driving in 2024. Driving the first camp.</p><p>In Lei Jun's thoughts on Xiaomi's car manufacturing, he once put forward such a remark: \"10 million vehicles per year are considered successful in building cars.\" In fact, only Toyota, which has been established for more than 80 years, has achieved this goal.</p><p>For Xiaomi at present, it may be too early to consider the sales target. After all, Xiaomi Motors is still waiting for the \"birth certificate\".</p><p>In February this year, some media quoted people familiar with the matter as saying that Xiaomi Motors was close to obtaining new energy vehicle production qualifications, but Xiaomi's car manufacturing qualifications may still change before the qualifications are finally awarded. Another source said that the production qualification of Xiaomi Automobile may come from Baowo Automobile.</p><p>Xiaomi did not give any response to this.</p><p></body></html></p>","source":"highlight_huxiu","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Lei Jun should decisively stop building cars</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nLei Jun should decisively stop building cars\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">虎嗅</strong><span class=\"h-time small\">2023-05-30 08:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><span label=\"备注\">Author: Ren Xueyun, editor: Wang Fangjie, head picture from:<a href=\"https://laohu8.com/S/000681\">Vision china</a></span></p><p>Recently, Xiaomi Group announced its first quarter results. The financial report shows that Xiaomi Group's total revenue in the first quarter was RMB 59.5 billion, and its adjusted net profit was RMB 3.2 billion. R&D expenditure was 4.1 billion yuan, a year-on-year increase of 17.7%; among<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The cost of innovative businesses such as electric vehicles is 1.1 billion yuan.</p><p>Xiaomi's cash reserves have shown signs of shrinking after reaching their peak in 2020. From 2020 to 2021, the total cash will be 108 billion and 104.4 billion respectively, and will drop to 88.1 billion yuan in 2022. By this quarter, the cash reserves will rebound slightly., to 94.6 billion yuan.</p><p>With the decline in performance and cash flow, the market value of Xiaomi Group has fallen from a maximum of 900 billion Hong Kong dollars in 2021 to less than 300 billion Hong Kong dollars at present, and 600 billion Hong Kong dollars have evaporated in two years.</p><p>Building a car has always been a game that tests cash flow.<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>Founder He XPeng once lamented that \"20 billion is not enough to spend\" on building a car.<a href=\"https://laohu8.com/S/NIO\">Nio</a>Founder Li Bin also said, \"To become a competitive and sustainable new car company, at least 40 billion yuan of capital reserves are needed.\"</p><p>At present, after new energy vehicles have entered fierce competition, the capital chips needed for the game of car manufacturing have only increased. Especially since this year, the price war in the new energy vehicle market has essentially started. An automobile industry chain person told \"Best Talk\", in the next three years, the industry will have a round of clearing around prices. In other words,<strong>The new energy vehicle market has now entered a stage of saturated competition. At this time, no matter for industries, local governments or enterprises, it is better to have one less market participant than one more.</strong></p><p>Unless this participant has both the determination to \"fight to the end\" and the corresponding capital reserve that can continue to support heavy asset investment, price reduction, and loss.</p><p>Earlier new car-making forces became increasingly aware of the importance of cash flow, just like when XPeng Motor released its first quarter results, it creatively wrote the 34.12 billion cash flow in its hands into the first sentence of its financial report document.</p><p>For Xiaomi, since Lei Jun once emphasized that Xiaomi's car manufacturing \"will be done in a wholly-owned model, and all the money will be paid by Xiaomi itself\", this means that Xiaomi's auto business will rely entirely on the blood transfusion of the group.</p><p>But the reality is that the mobile phone business, once the backbone of the group's revenue, is experiencing a market downturn. In the first quarter, Xiaomi's mobile phone business revenue was 35 billion yuan, a year-on-year decrease of 21.1%, a decrease of 10.8 billion yuan.</p><p>From March 2021, when Xiaomi officially announced the start of car manufacturing, we can clearly see that the overall trend of single-quarter revenue of Xiaomi mobile phones has begun to decline.</p><p>Compared with the high of 59.1 billion yuan in the second quarter of 2021, the single-quarter revenue of Xiaomi mobile phones has dropped by 24.1 billion yuan, a drop of more than 40%.</p><p>To promote the car manufacturing business through basic business hematopoiesis, for Xiaomi, the sense of load should increase. On the contrary, continued investment in car manufacturing is likely to have an impact on Xiaomi's own business. Fitch mentioned,<strong>Against the backdrop of a global economic slowdown, Xiaomi Group's electric vehicle business may materially weaken its credit profile due to weak consumer sentiment.</strong></p><p>If Xiaomi insists on continuing to build cars and entering the highly competitive electric vehicle market, once it fails, Xiaomi's ability to maintain a leverage ratio below 2.0 times and maintain free cash flow of more than 5 billion yuan will be greatly threatened.</p><p>At that time, it was probably too late for Lei Jun to withdraw from this asset-heavy game.</p><p><p label=\"大标题\">one</p><p>At the beginning of choosing to build a car, Lei Jun must have expected the macro decline of the mobile phone business. Therefore, Xiaomi Automobile is the business he is betting on to undertake the second growth curve of the group.</p><p>As a result, the outside world can see that Lei Jun has shown a great desire to control the automobile business. For example, Xiaomi's car manufacturing will be a wholly-owned model, and another example is a self-built car factory.</p><p>But looking at Xiaomi's corporate development history, even in the mobile phone business, Xiaomi has never had the complete ability to become a manufacturer.</p><p>As mature smart hardware, most of the current mobile phone production models are based on OEM<span label=\"备注\">(OEM production)</span>Mainly, manufacturers can design, develop and produce products according to customer needs and design requirements, and finally sell products to customers.</p><p>Xiaomi's mobile phones have been entrusted to ODM manufacturers for OEM production since their birth. Xiaomi is responsible for design and sales, while ODM manufacturers are responsible for production and then sell them in the name of Xiaomi.</p><p>Compared with mobile phone manufacturing technology, automobile manufacturing technology is the most complex among all consumer goods. For companies that have not accumulated car manufacturing, having complete manufacturing experience and capabilities is itself a more difficult challenge than manufacturing mobile phones.</p><p>Among the new car-making forces,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>, XPeng vehicles and<a href=\"https://laohu8.com/S/NIO.SI\">Nio</a>Automobiles initially chose to enter the market through the OEM model. Huawei, which also crossed the border from mobile phone business to automobiles, also cooperated with established automobile manufacturers<a href=\"https://laohu8.com/S/601127\">Cyrus</a>Cooperation did not choose the path of self-built production.</p><p>It was not until a certain sales scale that XPeng and Ideal began to build their own factories, while Nio so far does not have its own vehicle factory, but only plans to build its own battery factory, which is expected to be put into production in 2024.</p><p>For Xiaomi, which has no manufacturing experience, under the premise that mobile phones are all OEM produced, it is undoubtedly a huge challenge to directly leap to self-built automobile factories and manufacturing automobiles.</p><p>However, after early development, the new energy vehicle industry has entered the second half, and the disadvantages of relying on the foundry model have begun to appear. Car companies are gradually no longer willing to use foundries to build cars, but choose to build their own factories to enhance their supply chain control ability.</p><p>Therefore, since Xiaomi announced the manufacture of cars, self-built factories have become the core path for car companies. Lei Jun, who is betting on the growth of the car business, can only choose to follow.</p><p>On September 1, 2021, Lei Jun established Xiaomi Automobile Co., Ltd., which is registered in Beijing Economic and Technological Development Zone, Beijing. The Xiaomi Automobile project plans to build a Xiaomi Automobile headquarters base, sales headquarters, and R&D headquarters, and build a complete vehicle factory in two phases. The planned annual production capacity of the first and second phases is 150,000 vehicles.</p><p>Some media revealed that Xiaomi Automobile's Beijing factory has completed the initial equipment moving in, including the customized core equipment of the integrated die-casting machine, and trial production will soon begin.</p><p>Financial report data shows that in 2022, Xiaomi will invest 3.1 billion yuan in the automotive business, compared with 1.1 billion yuan in the first quarter of this year. Among them, the specific investment in self-built factories has not been announced.</p><p>However, from the perspective of XPeng, which was the first to invest in its own factory among the new car-making forces, its first factory in Zhaoqing has a cumulative investment of 10 billion yuan. The third factory is located in Wuhan Economic Development Zone, covering an area of about 1,100 mu, with a total investment of about 4.7 billion yuan.</p><p>In this way,<strong>Xiaomi, which chose to build its own factory, is still in its early stages of investment.</strong></p><p>In addition, it is worth mentioning that XPeng Motors, which has three self-built factories, is now under the heaviest pressure. In the past two years, XPeng's net losses in most financial cycles have far exceeded Ideal and Nio.</p><p><p label=\"大标题\">two</p><p>Although the profit of a single mobile phone cannot be compared with that of a single car, the sales volume of mobile phones is dozens of times higher than that of cars. In 2022, domestic smartphone shipments will reach 264 million units, and electric vehicle sales will be nearly 7 million units.</p><p>Therefore, from the perspective of overall profit, although the industry is in a downward range, the overall profit of the mobile phone business is considerable. Looking at the current new energy vehicle brands, they often have to endure long-term losses before they really achieve profitability.</p><p>Among the new car-making force \"Wei Xiaoli\", only Li Auto has made a profit at present. On May 10, 2023, Li Auto announced its financial report for the first quarter of 2023, showing that Li Auto's net profit during the reporting period was 934 million yuan, turning losses into profits compared with a net loss of 10.866 million yuan in the same period.</p><p>XPeng Automobile's loss in the first quarter reached 2.34 billion yuan, a year-on-year increase of 37.6%. Nio's loss in 2022 will reach 14.559 billion yuan.</p><p>In fact, currently only<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>And<a href=\"https://laohu8.com/S/002594\">BYD</a>It can be regarded as a \"money-making\" new energy vehicle company, and in order to break the \"curse\" of profitability of new energy vehicles, Tesla spent seventeen years.</p><p>So for Lei Jun, the current question has become, can Xiaomi really endure long-term losses like Tesla and Wei Xiaoli?</p><p>At least from Xiaomi's past experience, this is a company that has grown up relatively smoothly.</p><p>Xiaomi 1 once sold 400,000 mobile phones in only 37 hours, achieving sales of 800 million yuan. And helped Lei Jun pull the second round of financing up to 90 million US dollars.</p><p>Although in 2015, Xiaomi encountered the biggest crisis in its entrepreneurial journey, failed to achieve its established sales target, and fell out of the top five from the first place in 2016, this is not a test of life and death.</p><p>This is not the case for the new energy vehicle industry. Compared with the more flexible capital turnover of mobile phones, the investment in new energy vehicles is generous and infinitely sustainable. Behind such investment, once the sales volume cannot keep up with expectations, the company will directly face the end of exit.</p><p>In such brutal competition, many new energy vehicle brands have come to an end.</p><p>WM Motor, which was once the first echelon of new cars with Nio, XPeng, and Ideal, has now entered a stage of sluggish sales.</p><p>Public data shows that WM Motor's total financing over the years has exceeded \"Wei Xiaoli\" by about 35 billion yuan. However, from 2019 to 2021, its three-year cumulative losses reached 17.4 billion yuan, and the losses have intensified year by year. The three-year losses are about 4.1 billion yuan, 5.1 billion yuan, and 8.2 billion yuan respectively.</p><p>Cars that cannot be sold and continuous investment have left Weimar in debt.</p><p>According to the prospectus of WM Motor, as of the end of 2021, the asset-liability ratio of WM Motor has reached 202.36%<span label=\"备注\">(\"Wei Xiaoli\" is below 55%)</span>, far beyond the bankruptcy warning line<span label=\"备注\">（100%）</span>。</p><p>Such risks are unbearable for both Xiaomi Group and Lei Jun.</p><p>After all, Lei Jun's original intention is to find a second growth curve to replace the basic mobile phone business through Xiaomi Motors. If he wants to fall into the trap of continuous losses and no possibility of profit, then Lei Jun's future anxiety will only be worse than the current downturn in the mobile phone business..</p><p>Public data shows that in March 2021, when Lei Jun announced his entry into the car manufacturing track, China<a href=\"https://laohu8.com/S/600617\">National New Energy</a>Car retail sales accounted for only 8.49%, but data from the China Association of Automobile Manufacturers shows that the penetration rate of new energy passenger vehicles will reach 27.6% in 2022, leaving less and less time for Lei Jun and Xiaomi.</p><p><p label=\"大标题\">three</p><p>Perhaps, Lei Jun should really stop losses in time.</p><p>In the more than two years since Xiaomi Automobile has been building cars, what has been repeatedly discussed and told by the media is not the actual progress of Xiaomi's car manufacturing, but the investment.</p><p>Statistics have found that Xiaomi has invested in more than 50 automotive supply chain companies, involving various subdivisions such as three-electric technology, autonomous driving, intelligence, and lidar, and has gone deep into various subdivisions of electric vehicle manufacturing.</p><p>This is an important experience that Lei Jun learned from Xiaomi's entrepreneurship.</p><p>In the crisis experienced by Xiaomi in 2015, the failure of the supply chain to keep up was the biggest problem. The bad relationship with suppliers has prevented Xiaomi mobile phones from being delivered as scheduled for a long time.</p><p>Therefore, in July 2016, after Lei Jun personally took over Xiaomi's supply chain business, he sorted out the management system of the entire supply chain and integrated the supply chain for Xiaomi mobile phones through a series of means.</p><p>In the entrepreneurial logic of Xiaomi Motors, Lei Jun is still committed to building a \"Xiaomi ecosystem\" in the automotive field.</p><p>In Lei Jun's view, because Xiaomi does not have a first-mover advantage, if it wants to ensure supply, stabilize production, and reduce costs in the complex automotive industry chain, it needs to establish high-quality and in-depth relationships with suppliers in all links.</p><p>Just like building a mobile phone supply chain system, investing in building an ecological industrial chain of Xiaomi Automobile is a way to quickly achieve its goals.</p><p>However, unlike the mature mobile phone industry chain, car manufacturing itself is an asset-heavy behavior. After choosing the path of obtaining supply chain support through investment, Xiaomi Group is still forced to bear pressure on funds.</p><p>Of course, from the perspective of the deep binding relationship of the supply chain, although Xiaomi was able to control the industrial chain through investment in the early days, thus accelerating the birth of the whole vehicle. However, when car manufacturing enters the real mass production period, the supervision of supply chain companies within the system will also become a major burden for Xiaomi Group.</p><p>Li Auto Ma Donghui said in an interview with Xinhua Finance: Li Auto has a clear judgment on the boundary of vertical integration of supply chain. In other words, based on the difference in importance of parts, the ideal is a parallel strategy of procurement and self-construction.</p><p>For example, for core components such as range extenders and drive motors, Ideal will ensure the stability of quality and supply by building its own factories and establishing holding joint ventures.</p><p>According to the core hardware system plan disclosed by 36 Krypton and other media, Xiaomi decided to use 400V platform + BYD lithium iron phosphate battery for low-end batteries and 800V platform + Ningde Kirin battery for high-end batteries; Electronic control is used<a href=\"https://laohu8.com/S/UMC\">UMC</a>And Inovance.</p><p>In other words,<strong>Although Xiaomi continues to roll out the automotive ecosystem, it does not yet have the ability to independently research and develop the key hardware of Sanden.</strong></p><p>On the contrary, in the currently badmouthed field of autonomous driving, in addition to investment, Xiaomi invested 3.3 billion yuan in research and development expenses in the field of autonomous driving in the first phase, and established a research and development team of more than 500 people, with the goal of entering the field of autonomous driving in 2024. Driving the first camp.</p><p>In Lei Jun's thoughts on Xiaomi's car manufacturing, he once put forward such a remark: \"10 million vehicles per year are considered successful in building cars.\" In fact, only Toyota, which has been established for more than 80 years, has achieved this goal.</p><p>For Xiaomi at present, it may be too early to consider the sales target. After all, Xiaomi Motors is still waiting for the \"birth certificate\".</p><p>In February this year, some media quoted people familiar with the matter as saying that Xiaomi Motors was close to obtaining new energy vehicle production qualifications, but Xiaomi's car manufacturing qualifications may still change before the qualifications are finally awarded. Another source said that the production qualification of Xiaomi Automobile may come from Baowo Automobile.</p><p>Xiaomi did not give any response to this.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.huxiu.com/article/1614379.html\">虎嗅</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://img.huxiucdn.com/article/cover/202305/30/083427624529.jpg?imageView2/1/w/720/h/405/|imageMogr2/strip/interlace/1/quality/85/format/jpg","relate_stocks":{"BK1502":"双十一","BK1193":"电脑硬件、储存设备及电脑周边","BK1575":"同股不同权","01810":"小米集团-W","BK1607":"新IT概念","BK1589":"北水核心资产","BK4116":"互联网服务与基础架构","BK1521":"挪威政府全球养老基金持仓","KC":"金山云","BK4526":"热门中概股","BK4563":"昨日强势股","BK1506":"5G概念","BK1523":"武汉本地概念股"},"source_url":"https://www.huxiu.com/article/1614379.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2339421844","content_text":"本文作者：任雪芸，编辑：王芳洁，头图来自：视觉中国近日，小米集团公布了一季度业绩。财报显示，小米集团一季度总收入为人民币595亿元，经调整净利润为人民币32亿元。研发支出为41亿元，同比增长17.7%；其中智能电动汽车等创新业务费用为11亿元。而小米的现金储备规模在2020年达到顶峰后出现了萎缩的迹象，2020年-2021年总现金分别为1080亿、1044亿，2022年下滑至881亿元，到了这一季度，现金储备略有回升，为946亿元。伴随着业绩与现金流的下行，小米集团市值从2021年最高突破9000亿港元，到目前跌至不足3000亿港元，两年时间蒸发了6000亿港元。造车一向是一个考验现金流的游戏，小鹏汽车创始人何小鹏曾感慨造车“200亿都不够花”，蔚来创始人李斌也表示，“要成为一家有竞争力、可持续的新造车企业，至少需要400亿元的资金储备。”当下新能源汽车进入白热化的竞争之后，造车这场游戏需要的资金筹码只增不减，尤其今年以来，新能源车市场的价格战实质上已经打响，一位汽车产业链人士告诉《最话》，未来三年内，行业将有一轮围绕价格展开的出清。换句话说，新能源车市场目前已经进入了饱和竞争阶段，此时，无论对于行业、地方政府还是企业而言，少一个市场参与者，都比多一个要好。除非这个参与者，既有“血战到底”的决心，也有相应的，能够持续支撑重资产投入、减价、亏损的资金储备。早先的造车新势力们愈发感受到了现金流的重要性，就像小鹏汽车在发布一季度业绩时，创造性地将手中握有341.2亿现金流写到了财报文件中第一句。对于小米而言，由于雷军曾对外强调，小米造车“将用全资的模式来干，所有的钱都是小米自己出”，这意味着，小米的汽车业务将全盘依赖集团输血。但现实是，曾经作为集团收入支柱的手机业务正在经历市场的低迷期。一季度小米手机业务营收350亿元，同比减少21.1%，缩水了108亿元。从2021年3月，小米正式宣布造车开始，我们能清楚地看到小米手机的单季营收整体趋势开始向下。相较于2021年二季度591亿元的高点，小米手机的单季营收已经跌去了241亿元，跌幅超过了四成。通过基本盘业务造血来推动造车业务，对于小米而言，负荷感应该增大了。相反，持续投入造车极大可能会对小米自身业务造成冲击。惠誉提到，在全球经济放缓的背景下，由于消费者情绪疲软，小米集团电动车业务可能会实质性地削弱其信用状况。如果小米坚持继续造车，进入竞争激烈的电动车市场，一旦不成功，小米维持在2.0倍以下的杠杆率，以及自由现金流维持在50亿元以上的能力将会遭到极大的威胁。那时的雷军，再要从这场重资产游戏中抽身，恐怕为时已晚。一在选择造车之初，雷军一定对手机业务的宏观下滑有所预料。所以，小米汽车是他押注的承担集团第二增长曲线的业务。于是，外界能看到，雷军对汽车业务表现出了极大的控制欲，比如小米造车会是全资的模式，再比如，自建造车工厂。但纵观小米的企业发展历程，就算在手机业务上，小米都未曾具备过成为一个制造商的完整能力。作为成熟的智能硬件，当下手机的生产模式大都以OEM（代工生产）为主，制造商可以根据客户的需求和设计要求，进行产品的设计、研发和生产，最终将产品销售给客户。小米的手机从诞生至今一直委托ODM厂商代工生产，小米负责设计和销售，而ODM厂商负责生产，然后以小米的名义销售。而相比手机制造技术，汽车制造技术是所有消费品中最为复杂的，对于没有造车积累的企业而言，拥有完备的制造经验和能力，本身是比造手机还要困难的挑战。造车新势力中，理想汽车、小鹏汽车和蔚来汽车在最初都选择以代工模式进入市场，同样是从手机业务跨界到汽车的华为，也是与老牌汽车制造商赛力斯合作，并没有选择自建生产的路径。直到有了一定销量规模后，小鹏和理想才开始自建工厂，而蔚来至今没有自己的整车工厂，只有计划自建电池工厂，预计在2024年投产。这对于没有制造经验的小米而言，在手机都是代工生产的前提下，直接跨越到自建汽车工厂和生产制造汽车，挑战无疑是巨大的。但是经过了早期发展之后，新能源汽车行业走入下半场，依赖代工模式的弊端开始显现，车企们渐渐不再愿意使用代工厂来造车，而是选择自建工厂，以增强对供应链的把控能力。所以，在小米宣布造车起，自建工厂已经成为了车企们的核心路径，押宝汽车业务获得增长的雷军，只能选择跟随。2021年9月1日，雷军成立了小米汽车有限公司，注册地位于北京市北京经济技术开发区，小米汽车项目计划建设小米汽车总部基地和销售总部、研发总部，并分两期建设整车工厂，其中一期和二期规划年产能均为15万辆。有媒体透露，目前小米汽车北京工厂已经完成了初期的设备搬入，包括一体式压铸的压铸机订制核心设备也已经搬入，即将开始试验生产。财报数据显示，2022年，小米在汽车业务上的投入为31亿元，今年一季度为11亿元。其中自建工厂的具体投入并未公布。但从造车新势力中，最早投资自建工厂的小鹏去看，其首家在肇庆的工厂，累计投资达到了100亿元。第三家工厂落户武汉经开区，占地约1100亩，总投资约47亿元。如此看来，选择了自建工厂的小米在投入上尚处在初期。此外，值得一提的是，拥有三家自建工厂的小鹏汽车，如今正背负着最沉重的压力，在过往两年，小鹏在大多数财务周期里净亏损都远超过理想、蔚来。二尽管单台手机的利润不能与单台汽车进行比较，但从手机销量与汽车相比，却要高出几十倍。2022年国内智能手机出货量达2.64亿部，电动汽车销量则近700万辆。所以，从总体利润的角度出发，尽管行业处在下行区间，但手机业务的总体利润是可观的。而看向当下新能源汽车品牌，在真正实现盈利之前，它们往往要忍受长时间的亏损。在造车新势力“蔚小理”中，目前仅有理想汽车取得了盈利。2023年5月10日，理想汽车公布2023年一季度财报显示，报告期内理想汽车净利润9.34亿元，较同期净亏损1086.6万元实现扭亏为盈。而小鹏汽车一季度的亏损达到了23.4亿元，同比增长37.6%。蔚来则在2022年的亏损达到了145.59亿元。事实上，目前只有特斯拉和比亚迪算得上是“挣钱”的新能源整车企业，而为了打破新能源汽车的盈利“魔咒”，特斯拉整整花上了十七年的时间。所以对于雷军而言，当下的问题变成了，小米真的能像特斯拉、蔚小理那样，忍受长期的亏损吗？至少从小米的过往经历来看，这是一家成长起来相对顺利的公司。小米1曾经只用了37个小时，就卖出40万台手机，实现8亿元销售额。并帮助雷军拉动了第二轮高达9000万美元的融资。尽管在2015年，小米曾遭遇过创业历程中最大的危机，没有完成既定的销售目标，在2016年又从第一名跌出前五名，但这都非生死层面的考验。对于新能源汽车行业却非如此，相比手机更为弹性的资金周转，新能源汽车的投入是大手笔、且无限持续的，而这样的投入背后，一旦销量无法跟上预期，企业将会直接面临退出的结局。在这样的残酷竞争之中，当下不少新能源汽车品牌已经走向了终局。曾与蔚来、小鹏、理想同为新造车第一梯队的威马汽车，如今已经进入了销量低迷阶段。公开数据显示，威马汽车的历年融资总额超“蔚小理”达约350亿元。但从2019年到2021年，其三年累计亏损达174亿元，且亏损逐年加剧，三年亏损分别约为41亿元、51亿元、82亿元。卖不出去的车和持续的投入，让威马债务缠身。据威马汽车招股书，截至2021年底，威马汽车的资产负债率已高达202.36%（“蔚小理”均在55%以下），远超破产警戒线（100%）。这样的风险，无论是小米集团还是雷军，都是难以承受的。毕竟雷军的初心在于通过小米汽车找到替代手机基本盘业务的第二增长曲线，如果要陷入持续的亏损和没有盈利可能的陷阱中，那雷军未来的焦虑只会比当下面临手机业务的下行更甚。公开数据显示，在雷军宣布进入造车赛道的2021年3月，中国新能源车零售销量占比只有8.49%，但中汽协数据显示，2022年新能源乘用车渗透率达到27.6%，留给雷军和小米的时间已经越来越少了。三或许，雷军真的应该及时止损。在小米汽车造车两年多的时间中，被媒体反复拿出来讨论和讲述的并非小米造车的实际进展，而是投资。有统计发现，小米已投资50多家汽车供应链企业，涉及三电技术、自动驾驶、智能化、激光雷达等各种细分赛道，深入电动汽车制造的各个细分领域。这是雷军在小米的创业中吸取到的一个重要经验。在2015年那场小米经历的危机中，供应链跟不上是最大的问题。和供应商关系的交恶让小米手机在很长一段时间内都无法如期交付。所以，在2016年7月，雷军亲自接手小米供应链业务后，其梳理了整个供应链的管理体系，并通过一系列的手段为小米手机整合了供应链。在小米汽车的创业逻辑中，雷军依旧致力于打造汽车领域的“小米生态”。在雷军看来，小米因为没有先发优势，要想在复杂的汽车产业链中保障供应、稳定生产、降低成本，就需要与各环节供应商确立优质且有深度的关系。就像搭建手机供应链体系那样，通过投资搭建小米汽车生态产业链，是能够让小米汽车快速达到目的的方式。不过，不同于成熟的手机产业链，造车本身是一件重资产的行为，在选择通过投资获取供应链支持的路径之后，小米集团被迫承压的依旧是资金。当然，从供应链深度绑定的关系去看，尽管早期小米能够通过投资实现对产业链的控制，从而加快整车的诞生。但是，当造车进入真正的量产时期，对体系内供应链企业的监管，也将成为小米集团的一大负担。理想汽车马东辉在接受新华财经采访时表示：理想汽车对于供应链垂直整合的边界有清晰判断。也就是说，基于零部件的重要性差异，理想是采购、自建并行的策略。比如，针对增程器、驱动电机等核心零部件，理想会通过自建工厂、成立控股合资公司两种方式，保障质量和供应的稳定。根据36氪等多家媒体披露的核心硬件体系方案来看，小米决定电池低阶用400V平台+比亚迪磷酸铁锂电池、高阶用800V平台+宁德麒麟电池；电控则使用联电和汇川。也就是说，尽管小米不断铺开汽车生态，但在三电这个关键的硬件上尚未具备自主研发的能力。反而在当下被唱衰的自动驾驶领域，除了投资以外，小米首期在自动驾驶领域投入了33亿元研发费用，并组建了一支超过500人的研发团队，目标是在2024年打入自动驾驶第一阵营。在雷军关于小米造车的思考中，他提出过这样一个言论：“每年1000万辆才算造车成功。”事实上，仅有成立80年有余的丰田实现了这一目标。对于当下的小米而言，考虑销量的目标或许还为时尚早。毕竟小米汽车目前尚处在等待“准生证”的阶段。今年2月份，有媒体援引知情人士言论称，小米汽车接近获得新能源汽车生产资质，但在最终获颁资质之前，小米的造车资质仍有可能存在变化。另有消息称，小米汽车的生产资质或来自宝沃汽车。对此，小米没有给出任何回应。","news_type":1,"symbols_score_info":{"KC":1,"01810":1}},"isVote":1,"tweetType":1,"viewCount":1180,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":190318664011952,"gmtCreate":1687490173702,"gmtModify":1687491186382,"author":{"id":"4090471294929450","authorId":"4090471294929450","name":"Durian197","avatar":"https://static.tigerbbs.com/5adcdb63896164c444bb385a0b425e4b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090471294929450","idStr":"4090471294929450"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/09988\">$Alibaba(09988)$&nbsp;</a> &nbsp;Double up position in portfolio","listText":"<a href=\"https://ttm.financial/S/09988\">$Alibaba(09988)$&nbsp;</a> &nbsp;Double up position in portfolio","text":"$Alibaba(09988)$ Double up position in portfolio","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/190318664011952","isVote":1,"tweetType":1,"viewCount":1083,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":181980963319952,"gmtCreate":1685438204147,"gmtModify":1685438241996,"author":{"id":"4090471294929450","authorId":"4090471294929450","name":"Durian197","avatar":"https://static.tigerbbs.com/5adcdb63896164c444bb385a0b425e4b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090471294929450","idStr":"4090471294929450"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/181980963319952","repostId":"2339421844","repostType":2,"repost":{"id":"2339421844","kind":"highlight","pubTimestamp":1685408363,"share":"https://ttm.financial/m/news/2339421844?lang=en_US&edition=fundamental","pubTime":"2023-05-30 08:59","market":"hk","language":"zh","title":"Lei Jun should decisively stop building cars","url":"https://stock-news.laohu8.com/highlight/detail?id=2339421844","media":"虎嗅","summary":"除非他已经准备好要“血战到底”","content":"<p><html><body><span label=\"备注\">Author: Ren Xueyun, editor: Wang Fangjie, head picture from:<a href=\"https://laohu8.com/S/000681\">Vision china</a></span></p><p>Recently, Xiaomi Group announced its first quarter results. The financial report shows that Xiaomi Group's total revenue in the first quarter was RMB 59.5 billion, and its adjusted net profit was RMB 3.2 billion. R&D expenditure was 4.1 billion yuan, a year-on-year increase of 17.7%; among<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The cost of innovative businesses such as electric vehicles is 1.1 billion yuan.</p><p>Xiaomi's cash reserves have shown signs of shrinking after reaching their peak in 2020. From 2020 to 2021, the total cash will be 108 billion and 104.4 billion respectively, and will drop to 88.1 billion yuan in 2022. By this quarter, the cash reserves will rebound slightly., to 94.6 billion yuan.</p><p>With the decline in performance and cash flow, the market value of Xiaomi Group has fallen from a maximum of 900 billion Hong Kong dollars in 2021 to less than 300 billion Hong Kong dollars at present, and 600 billion Hong Kong dollars have evaporated in two years.</p><p>Building a car has always been a game that tests cash flow.<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>Founder He XPeng once lamented that \"20 billion is not enough to spend\" on building a car.<a href=\"https://laohu8.com/S/NIO\">Nio</a>Founder Li Bin also said, \"To become a competitive and sustainable new car company, at least 40 billion yuan of capital reserves are needed.\"</p><p>At present, after new energy vehicles have entered fierce competition, the capital chips needed for the game of car manufacturing have only increased. Especially since this year, the price war in the new energy vehicle market has essentially started. An automobile industry chain person told \"Best Talk\", in the next three years, the industry will have a round of clearing around prices. In other words,<strong>The new energy vehicle market has now entered a stage of saturated competition. At this time, no matter for industries, local governments or enterprises, it is better to have one less market participant than one more.</strong></p><p>Unless this participant has both the determination to \"fight to the end\" and the corresponding capital reserve that can continue to support heavy asset investment, price reduction, and loss.</p><p>Earlier new car-making forces became increasingly aware of the importance of cash flow, just like when XPeng Motor released its first quarter results, it creatively wrote the 34.12 billion cash flow in its hands into the first sentence of its financial report document.</p><p>For Xiaomi, since Lei Jun once emphasized that Xiaomi's car manufacturing \"will be done in a wholly-owned model, and all the money will be paid by Xiaomi itself\", this means that Xiaomi's auto business will rely entirely on the blood transfusion of the group.</p><p>But the reality is that the mobile phone business, once the backbone of the group's revenue, is experiencing a market downturn. In the first quarter, Xiaomi's mobile phone business revenue was 35 billion yuan, a year-on-year decrease of 21.1%, a decrease of 10.8 billion yuan.</p><p>From March 2021, when Xiaomi officially announced the start of car manufacturing, we can clearly see that the overall trend of single-quarter revenue of Xiaomi mobile phones has begun to decline.</p><p>Compared with the high of 59.1 billion yuan in the second quarter of 2021, the single-quarter revenue of Xiaomi mobile phones has dropped by 24.1 billion yuan, a drop of more than 40%.</p><p>To promote the car manufacturing business through basic business hematopoiesis, for Xiaomi, the sense of load should increase. On the contrary, continued investment in car manufacturing is likely to have an impact on Xiaomi's own business. Fitch mentioned,<strong>Against the backdrop of a global economic slowdown, Xiaomi Group's electric vehicle business may materially weaken its credit profile due to weak consumer sentiment.</strong></p><p>If Xiaomi insists on continuing to build cars and entering the highly competitive electric vehicle market, once it fails, Xiaomi's ability to maintain a leverage ratio below 2.0 times and maintain free cash flow of more than 5 billion yuan will be greatly threatened.</p><p>At that time, it was probably too late for Lei Jun to withdraw from this asset-heavy game.</p><p><p label=\"大标题\">one</p><p>At the beginning of choosing to build a car, Lei Jun must have expected the macro decline of the mobile phone business. Therefore, Xiaomi Automobile is the business he is betting on to undertake the second growth curve of the group.</p><p>As a result, the outside world can see that Lei Jun has shown a great desire to control the automobile business. For example, Xiaomi's car manufacturing will be a wholly-owned model, and another example is a self-built car factory.</p><p>But looking at Xiaomi's corporate development history, even in the mobile phone business, Xiaomi has never had the complete ability to become a manufacturer.</p><p>As mature smart hardware, most of the current mobile phone production models are based on OEM<span label=\"备注\">(OEM production)</span>Mainly, manufacturers can design, develop and produce products according to customer needs and design requirements, and finally sell products to customers.</p><p>Xiaomi's mobile phones have been entrusted to ODM manufacturers for OEM production since their birth. Xiaomi is responsible for design and sales, while ODM manufacturers are responsible for production and then sell them in the name of Xiaomi.</p><p>Compared with mobile phone manufacturing technology, automobile manufacturing technology is the most complex among all consumer goods. For companies that have not accumulated car manufacturing, having complete manufacturing experience and capabilities is itself a more difficult challenge than manufacturing mobile phones.</p><p>Among the new car-making forces,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>, XPeng vehicles and<a href=\"https://laohu8.com/S/NIO.SI\">Nio</a>Automobiles initially chose to enter the market through the OEM model. Huawei, which also crossed the border from mobile phone business to automobiles, also cooperated with established automobile manufacturers<a href=\"https://laohu8.com/S/601127\">Cyrus</a>Cooperation did not choose the path of self-built production.</p><p>It was not until a certain sales scale that XPeng and Ideal began to build their own factories, while Nio so far does not have its own vehicle factory, but only plans to build its own battery factory, which is expected to be put into production in 2024.</p><p>For Xiaomi, which has no manufacturing experience, under the premise that mobile phones are all OEM produced, it is undoubtedly a huge challenge to directly leap to self-built automobile factories and manufacturing automobiles.</p><p>However, after early development, the new energy vehicle industry has entered the second half, and the disadvantages of relying on the foundry model have begun to appear. Car companies are gradually no longer willing to use foundries to build cars, but choose to build their own factories to enhance their supply chain control ability.</p><p>Therefore, since Xiaomi announced the manufacture of cars, self-built factories have become the core path for car companies. Lei Jun, who is betting on the growth of the car business, can only choose to follow.</p><p>On September 1, 2021, Lei Jun established Xiaomi Automobile Co., Ltd., which is registered in Beijing Economic and Technological Development Zone, Beijing. The Xiaomi Automobile project plans to build a Xiaomi Automobile headquarters base, sales headquarters, and R&D headquarters, and build a complete vehicle factory in two phases. The planned annual production capacity of the first and second phases is 150,000 vehicles.</p><p>Some media revealed that Xiaomi Automobile's Beijing factory has completed the initial equipment moving in, including the customized core equipment of the integrated die-casting machine, and trial production will soon begin.</p><p>Financial report data shows that in 2022, Xiaomi will invest 3.1 billion yuan in the automotive business, compared with 1.1 billion yuan in the first quarter of this year. Among them, the specific investment in self-built factories has not been announced.</p><p>However, from the perspective of XPeng, which was the first to invest in its own factory among the new car-making forces, its first factory in Zhaoqing has a cumulative investment of 10 billion yuan. The third factory is located in Wuhan Economic Development Zone, covering an area of about 1,100 mu, with a total investment of about 4.7 billion yuan.</p><p>In this way,<strong>Xiaomi, which chose to build its own factory, is still in its early stages of investment.</strong></p><p>In addition, it is worth mentioning that XPeng Motors, which has three self-built factories, is now under the heaviest pressure. In the past two years, XPeng's net losses in most financial cycles have far exceeded Ideal and Nio.</p><p><p label=\"大标题\">two</p><p>Although the profit of a single mobile phone cannot be compared with that of a single car, the sales volume of mobile phones is dozens of times higher than that of cars. In 2022, domestic smartphone shipments will reach 264 million units, and electric vehicle sales will be nearly 7 million units.</p><p>Therefore, from the perspective of overall profit, although the industry is in a downward range, the overall profit of the mobile phone business is considerable. Looking at the current new energy vehicle brands, they often have to endure long-term losses before they really achieve profitability.</p><p>Among the new car-making force \"Wei Xiaoli\", only Li Auto has made a profit at present. On May 10, 2023, Li Auto announced its financial report for the first quarter of 2023, showing that Li Auto's net profit during the reporting period was 934 million yuan, turning losses into profits compared with a net loss of 10.866 million yuan in the same period.</p><p>XPeng Automobile's loss in the first quarter reached 2.34 billion yuan, a year-on-year increase of 37.6%. Nio's loss in 2022 will reach 14.559 billion yuan.</p><p>In fact, currently only<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>And<a href=\"https://laohu8.com/S/002594\">BYD</a>It can be regarded as a \"money-making\" new energy vehicle company, and in order to break the \"curse\" of profitability of new energy vehicles, Tesla spent seventeen years.</p><p>So for Lei Jun, the current question has become, can Xiaomi really endure long-term losses like Tesla and Wei Xiaoli?</p><p>At least from Xiaomi's past experience, this is a company that has grown up relatively smoothly.</p><p>Xiaomi 1 once sold 400,000 mobile phones in only 37 hours, achieving sales of 800 million yuan. And helped Lei Jun pull the second round of financing up to 90 million US dollars.</p><p>Although in 2015, Xiaomi encountered the biggest crisis in its entrepreneurial journey, failed to achieve its established sales target, and fell out of the top five from the first place in 2016, this is not a test of life and death.</p><p>This is not the case for the new energy vehicle industry. Compared with the more flexible capital turnover of mobile phones, the investment in new energy vehicles is generous and infinitely sustainable. Behind such investment, once the sales volume cannot keep up with expectations, the company will directly face the end of exit.</p><p>In such brutal competition, many new energy vehicle brands have come to an end.</p><p>WM Motor, which was once the first echelon of new cars with Nio, XPeng, and Ideal, has now entered a stage of sluggish sales.</p><p>Public data shows that WM Motor's total financing over the years has exceeded \"Wei Xiaoli\" by about 35 billion yuan. However, from 2019 to 2021, its three-year cumulative losses reached 17.4 billion yuan, and the losses have intensified year by year. The three-year losses are about 4.1 billion yuan, 5.1 billion yuan, and 8.2 billion yuan respectively.</p><p>Cars that cannot be sold and continuous investment have left Weimar in debt.</p><p>According to the prospectus of WM Motor, as of the end of 2021, the asset-liability ratio of WM Motor has reached 202.36%<span label=\"备注\">(\"Wei Xiaoli\" is below 55%)</span>, far beyond the bankruptcy warning line<span label=\"备注\">（100%）</span>。</p><p>Such risks are unbearable for both Xiaomi Group and Lei Jun.</p><p>After all, Lei Jun's original intention is to find a second growth curve to replace the basic mobile phone business through Xiaomi Motors. If he wants to fall into the trap of continuous losses and no possibility of profit, then Lei Jun's future anxiety will only be worse than the current downturn in the mobile phone business..</p><p>Public data shows that in March 2021, when Lei Jun announced his entry into the car manufacturing track, China<a href=\"https://laohu8.com/S/600617\">National New Energy</a>Car retail sales accounted for only 8.49%, but data from the China Association of Automobile Manufacturers shows that the penetration rate of new energy passenger vehicles will reach 27.6% in 2022, leaving less and less time for Lei Jun and Xiaomi.</p><p><p label=\"大标题\">three</p><p>Perhaps, Lei Jun should really stop losses in time.</p><p>In the more than two years since Xiaomi Automobile has been building cars, what has been repeatedly discussed and told by the media is not the actual progress of Xiaomi's car manufacturing, but the investment.</p><p>Statistics have found that Xiaomi has invested in more than 50 automotive supply chain companies, involving various subdivisions such as three-electric technology, autonomous driving, intelligence, and lidar, and has gone deep into various subdivisions of electric vehicle manufacturing.</p><p>This is an important experience that Lei Jun learned from Xiaomi's entrepreneurship.</p><p>In the crisis experienced by Xiaomi in 2015, the failure of the supply chain to keep up was the biggest problem. The bad relationship with suppliers has prevented Xiaomi mobile phones from being delivered as scheduled for a long time.</p><p>Therefore, in July 2016, after Lei Jun personally took over Xiaomi's supply chain business, he sorted out the management system of the entire supply chain and integrated the supply chain for Xiaomi mobile phones through a series of means.</p><p>In the entrepreneurial logic of Xiaomi Motors, Lei Jun is still committed to building a \"Xiaomi ecosystem\" in the automotive field.</p><p>In Lei Jun's view, because Xiaomi does not have a first-mover advantage, if it wants to ensure supply, stabilize production, and reduce costs in the complex automotive industry chain, it needs to establish high-quality and in-depth relationships with suppliers in all links.</p><p>Just like building a mobile phone supply chain system, investing in building an ecological industrial chain of Xiaomi Automobile is a way to quickly achieve its goals.</p><p>However, unlike the mature mobile phone industry chain, car manufacturing itself is an asset-heavy behavior. After choosing the path of obtaining supply chain support through investment, Xiaomi Group is still forced to bear pressure on funds.</p><p>Of course, from the perspective of the deep binding relationship of the supply chain, although Xiaomi was able to control the industrial chain through investment in the early days, thus accelerating the birth of the whole vehicle. However, when car manufacturing enters the real mass production period, the supervision of supply chain companies within the system will also become a major burden for Xiaomi Group.</p><p>Li Auto Ma Donghui said in an interview with Xinhua Finance: Li Auto has a clear judgment on the boundary of vertical integration of supply chain. In other words, based on the difference in importance of parts, the ideal is a parallel strategy of procurement and self-construction.</p><p>For example, for core components such as range extenders and drive motors, Ideal will ensure the stability of quality and supply by building its own factories and establishing holding joint ventures.</p><p>According to the core hardware system plan disclosed by 36 Krypton and other media, Xiaomi decided to use 400V platform + BYD lithium iron phosphate battery for low-end batteries and 800V platform + Ningde Kirin battery for high-end batteries; Electronic control is used<a href=\"https://laohu8.com/S/UMC\">UMC</a>And Inovance.</p><p>In other words,<strong>Although Xiaomi continues to roll out the automotive ecosystem, it does not yet have the ability to independently research and develop the key hardware of Sanden.</strong></p><p>On the contrary, in the currently badmouthed field of autonomous driving, in addition to investment, Xiaomi invested 3.3 billion yuan in research and development expenses in the field of autonomous driving in the first phase, and established a research and development team of more than 500 people, with the goal of entering the field of autonomous driving in 2024. Driving the first camp.</p><p>In Lei Jun's thoughts on Xiaomi's car manufacturing, he once put forward such a remark: \"10 million vehicles per year are considered successful in building cars.\" In fact, only Toyota, which has been established for more than 80 years, has achieved this goal.</p><p>For Xiaomi at present, it may be too early to consider the sales target. After all, Xiaomi Motors is still waiting for the \"birth certificate\".</p><p>In February this year, some media quoted people familiar with the matter as saying that Xiaomi Motors was close to obtaining new energy vehicle production qualifications, but Xiaomi's car manufacturing qualifications may still change before the qualifications are finally awarded. Another source said that the production qualification of Xiaomi Automobile may come from Baowo Automobile.</p><p>Xiaomi did not give any response to this.</p><p></body></html></p>","source":"highlight_huxiu","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Lei Jun should decisively stop building cars</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nLei Jun should decisively stop building cars\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">虎嗅</strong><span class=\"h-time small\">2023-05-30 08:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><span label=\"备注\">Author: Ren Xueyun, editor: Wang Fangjie, head picture from:<a href=\"https://laohu8.com/S/000681\">Vision china</a></span></p><p>Recently, Xiaomi Group announced its first quarter results. The financial report shows that Xiaomi Group's total revenue in the first quarter was RMB 59.5 billion, and its adjusted net profit was RMB 3.2 billion. R&D expenditure was 4.1 billion yuan, a year-on-year increase of 17.7%; among<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The cost of innovative businesses such as electric vehicles is 1.1 billion yuan.</p><p>Xiaomi's cash reserves have shown signs of shrinking after reaching their peak in 2020. From 2020 to 2021, the total cash will be 108 billion and 104.4 billion respectively, and will drop to 88.1 billion yuan in 2022. By this quarter, the cash reserves will rebound slightly., to 94.6 billion yuan.</p><p>With the decline in performance and cash flow, the market value of Xiaomi Group has fallen from a maximum of 900 billion Hong Kong dollars in 2021 to less than 300 billion Hong Kong dollars at present, and 600 billion Hong Kong dollars have evaporated in two years.</p><p>Building a car has always been a game that tests cash flow.<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>Founder He XPeng once lamented that \"20 billion is not enough to spend\" on building a car.<a href=\"https://laohu8.com/S/NIO\">Nio</a>Founder Li Bin also said, \"To become a competitive and sustainable new car company, at least 40 billion yuan of capital reserves are needed.\"</p><p>At present, after new energy vehicles have entered fierce competition, the capital chips needed for the game of car manufacturing have only increased. Especially since this year, the price war in the new energy vehicle market has essentially started. An automobile industry chain person told \"Best Talk\", in the next three years, the industry will have a round of clearing around prices. In other words,<strong>The new energy vehicle market has now entered a stage of saturated competition. At this time, no matter for industries, local governments or enterprises, it is better to have one less market participant than one more.</strong></p><p>Unless this participant has both the determination to \"fight to the end\" and the corresponding capital reserve that can continue to support heavy asset investment, price reduction, and loss.</p><p>Earlier new car-making forces became increasingly aware of the importance of cash flow, just like when XPeng Motor released its first quarter results, it creatively wrote the 34.12 billion cash flow in its hands into the first sentence of its financial report document.</p><p>For Xiaomi, since Lei Jun once emphasized that Xiaomi's car manufacturing \"will be done in a wholly-owned model, and all the money will be paid by Xiaomi itself\", this means that Xiaomi's auto business will rely entirely on the blood transfusion of the group.</p><p>But the reality is that the mobile phone business, once the backbone of the group's revenue, is experiencing a market downturn. In the first quarter, Xiaomi's mobile phone business revenue was 35 billion yuan, a year-on-year decrease of 21.1%, a decrease of 10.8 billion yuan.</p><p>From March 2021, when Xiaomi officially announced the start of car manufacturing, we can clearly see that the overall trend of single-quarter revenue of Xiaomi mobile phones has begun to decline.</p><p>Compared with the high of 59.1 billion yuan in the second quarter of 2021, the single-quarter revenue of Xiaomi mobile phones has dropped by 24.1 billion yuan, a drop of more than 40%.</p><p>To promote the car manufacturing business through basic business hematopoiesis, for Xiaomi, the sense of load should increase. On the contrary, continued investment in car manufacturing is likely to have an impact on Xiaomi's own business. Fitch mentioned,<strong>Against the backdrop of a global economic slowdown, Xiaomi Group's electric vehicle business may materially weaken its credit profile due to weak consumer sentiment.</strong></p><p>If Xiaomi insists on continuing to build cars and entering the highly competitive electric vehicle market, once it fails, Xiaomi's ability to maintain a leverage ratio below 2.0 times and maintain free cash flow of more than 5 billion yuan will be greatly threatened.</p><p>At that time, it was probably too late for Lei Jun to withdraw from this asset-heavy game.</p><p><p label=\"大标题\">one</p><p>At the beginning of choosing to build a car, Lei Jun must have expected the macro decline of the mobile phone business. Therefore, Xiaomi Automobile is the business he is betting on to undertake the second growth curve of the group.</p><p>As a result, the outside world can see that Lei Jun has shown a great desire to control the automobile business. For example, Xiaomi's car manufacturing will be a wholly-owned model, and another example is a self-built car factory.</p><p>But looking at Xiaomi's corporate development history, even in the mobile phone business, Xiaomi has never had the complete ability to become a manufacturer.</p><p>As mature smart hardware, most of the current mobile phone production models are based on OEM<span label=\"备注\">(OEM production)</span>Mainly, manufacturers can design, develop and produce products according to customer needs and design requirements, and finally sell products to customers.</p><p>Xiaomi's mobile phones have been entrusted to ODM manufacturers for OEM production since their birth. Xiaomi is responsible for design and sales, while ODM manufacturers are responsible for production and then sell them in the name of Xiaomi.</p><p>Compared with mobile phone manufacturing technology, automobile manufacturing technology is the most complex among all consumer goods. For companies that have not accumulated car manufacturing, having complete manufacturing experience and capabilities is itself a more difficult challenge than manufacturing mobile phones.</p><p>Among the new car-making forces,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>, XPeng vehicles and<a href=\"https://laohu8.com/S/NIO.SI\">Nio</a>Automobiles initially chose to enter the market through the OEM model. Huawei, which also crossed the border from mobile phone business to automobiles, also cooperated with established automobile manufacturers<a href=\"https://laohu8.com/S/601127\">Cyrus</a>Cooperation did not choose the path of self-built production.</p><p>It was not until a certain sales scale that XPeng and Ideal began to build their own factories, while Nio so far does not have its own vehicle factory, but only plans to build its own battery factory, which is expected to be put into production in 2024.</p><p>For Xiaomi, which has no manufacturing experience, under the premise that mobile phones are all OEM produced, it is undoubtedly a huge challenge to directly leap to self-built automobile factories and manufacturing automobiles.</p><p>However, after early development, the new energy vehicle industry has entered the second half, and the disadvantages of relying on the foundry model have begun to appear. Car companies are gradually no longer willing to use foundries to build cars, but choose to build their own factories to enhance their supply chain control ability.</p><p>Therefore, since Xiaomi announced the manufacture of cars, self-built factories have become the core path for car companies. Lei Jun, who is betting on the growth of the car business, can only choose to follow.</p><p>On September 1, 2021, Lei Jun established Xiaomi Automobile Co., Ltd., which is registered in Beijing Economic and Technological Development Zone, Beijing. The Xiaomi Automobile project plans to build a Xiaomi Automobile headquarters base, sales headquarters, and R&D headquarters, and build a complete vehicle factory in two phases. The planned annual production capacity of the first and second phases is 150,000 vehicles.</p><p>Some media revealed that Xiaomi Automobile's Beijing factory has completed the initial equipment moving in, including the customized core equipment of the integrated die-casting machine, and trial production will soon begin.</p><p>Financial report data shows that in 2022, Xiaomi will invest 3.1 billion yuan in the automotive business, compared with 1.1 billion yuan in the first quarter of this year. Among them, the specific investment in self-built factories has not been announced.</p><p>However, from the perspective of XPeng, which was the first to invest in its own factory among the new car-making forces, its first factory in Zhaoqing has a cumulative investment of 10 billion yuan. The third factory is located in Wuhan Economic Development Zone, covering an area of about 1,100 mu, with a total investment of about 4.7 billion yuan.</p><p>In this way,<strong>Xiaomi, which chose to build its own factory, is still in its early stages of investment.</strong></p><p>In addition, it is worth mentioning that XPeng Motors, which has three self-built factories, is now under the heaviest pressure. In the past two years, XPeng's net losses in most financial cycles have far exceeded Ideal and Nio.</p><p><p label=\"大标题\">two</p><p>Although the profit of a single mobile phone cannot be compared with that of a single car, the sales volume of mobile phones is dozens of times higher than that of cars. In 2022, domestic smartphone shipments will reach 264 million units, and electric vehicle sales will be nearly 7 million units.</p><p>Therefore, from the perspective of overall profit, although the industry is in a downward range, the overall profit of the mobile phone business is considerable. Looking at the current new energy vehicle brands, they often have to endure long-term losses before they really achieve profitability.</p><p>Among the new car-making force \"Wei Xiaoli\", only Li Auto has made a profit at present. On May 10, 2023, Li Auto announced its financial report for the first quarter of 2023, showing that Li Auto's net profit during the reporting period was 934 million yuan, turning losses into profits compared with a net loss of 10.866 million yuan in the same period.</p><p>XPeng Automobile's loss in the first quarter reached 2.34 billion yuan, a year-on-year increase of 37.6%. Nio's loss in 2022 will reach 14.559 billion yuan.</p><p>In fact, currently only<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>And<a href=\"https://laohu8.com/S/002594\">BYD</a>It can be regarded as a \"money-making\" new energy vehicle company, and in order to break the \"curse\" of profitability of new energy vehicles, Tesla spent seventeen years.</p><p>So for Lei Jun, the current question has become, can Xiaomi really endure long-term losses like Tesla and Wei Xiaoli?</p><p>At least from Xiaomi's past experience, this is a company that has grown up relatively smoothly.</p><p>Xiaomi 1 once sold 400,000 mobile phones in only 37 hours, achieving sales of 800 million yuan. And helped Lei Jun pull the second round of financing up to 90 million US dollars.</p><p>Although in 2015, Xiaomi encountered the biggest crisis in its entrepreneurial journey, failed to achieve its established sales target, and fell out of the top five from the first place in 2016, this is not a test of life and death.</p><p>This is not the case for the new energy vehicle industry. Compared with the more flexible capital turnover of mobile phones, the investment in new energy vehicles is generous and infinitely sustainable. Behind such investment, once the sales volume cannot keep up with expectations, the company will directly face the end of exit.</p><p>In such brutal competition, many new energy vehicle brands have come to an end.</p><p>WM Motor, which was once the first echelon of new cars with Nio, XPeng, and Ideal, has now entered a stage of sluggish sales.</p><p>Public data shows that WM Motor's total financing over the years has exceeded \"Wei Xiaoli\" by about 35 billion yuan. However, from 2019 to 2021, its three-year cumulative losses reached 17.4 billion yuan, and the losses have intensified year by year. The three-year losses are about 4.1 billion yuan, 5.1 billion yuan, and 8.2 billion yuan respectively.</p><p>Cars that cannot be sold and continuous investment have left Weimar in debt.</p><p>According to the prospectus of WM Motor, as of the end of 2021, the asset-liability ratio of WM Motor has reached 202.36%<span label=\"备注\">(\"Wei Xiaoli\" is below 55%)</span>, far beyond the bankruptcy warning line<span label=\"备注\">（100%）</span>。</p><p>Such risks are unbearable for both Xiaomi Group and Lei Jun.</p><p>After all, Lei Jun's original intention is to find a second growth curve to replace the basic mobile phone business through Xiaomi Motors. If he wants to fall into the trap of continuous losses and no possibility of profit, then Lei Jun's future anxiety will only be worse than the current downturn in the mobile phone business..</p><p>Public data shows that in March 2021, when Lei Jun announced his entry into the car manufacturing track, China<a href=\"https://laohu8.com/S/600617\">National New Energy</a>Car retail sales accounted for only 8.49%, but data from the China Association of Automobile Manufacturers shows that the penetration rate of new energy passenger vehicles will reach 27.6% in 2022, leaving less and less time for Lei Jun and Xiaomi.</p><p><p label=\"大标题\">three</p><p>Perhaps, Lei Jun should really stop losses in time.</p><p>In the more than two years since Xiaomi Automobile has been building cars, what has been repeatedly discussed and told by the media is not the actual progress of Xiaomi's car manufacturing, but the investment.</p><p>Statistics have found that Xiaomi has invested in more than 50 automotive supply chain companies, involving various subdivisions such as three-electric technology, autonomous driving, intelligence, and lidar, and has gone deep into various subdivisions of electric vehicle manufacturing.</p><p>This is an important experience that Lei Jun learned from Xiaomi's entrepreneurship.</p><p>In the crisis experienced by Xiaomi in 2015, the failure of the supply chain to keep up was the biggest problem. The bad relationship with suppliers has prevented Xiaomi mobile phones from being delivered as scheduled for a long time.</p><p>Therefore, in July 2016, after Lei Jun personally took over Xiaomi's supply chain business, he sorted out the management system of the entire supply chain and integrated the supply chain for Xiaomi mobile phones through a series of means.</p><p>In the entrepreneurial logic of Xiaomi Motors, Lei Jun is still committed to building a \"Xiaomi ecosystem\" in the automotive field.</p><p>In Lei Jun's view, because Xiaomi does not have a first-mover advantage, if it wants to ensure supply, stabilize production, and reduce costs in the complex automotive industry chain, it needs to establish high-quality and in-depth relationships with suppliers in all links.</p><p>Just like building a mobile phone supply chain system, investing in building an ecological industrial chain of Xiaomi Automobile is a way to quickly achieve its goals.</p><p>However, unlike the mature mobile phone industry chain, car manufacturing itself is an asset-heavy behavior. After choosing the path of obtaining supply chain support through investment, Xiaomi Group is still forced to bear pressure on funds.</p><p>Of course, from the perspective of the deep binding relationship of the supply chain, although Xiaomi was able to control the industrial chain through investment in the early days, thus accelerating the birth of the whole vehicle. However, when car manufacturing enters the real mass production period, the supervision of supply chain companies within the system will also become a major burden for Xiaomi Group.</p><p>Li Auto Ma Donghui said in an interview with Xinhua Finance: Li Auto has a clear judgment on the boundary of vertical integration of supply chain. In other words, based on the difference in importance of parts, the ideal is a parallel strategy of procurement and self-construction.</p><p>For example, for core components such as range extenders and drive motors, Ideal will ensure the stability of quality and supply by building its own factories and establishing holding joint ventures.</p><p>According to the core hardware system plan disclosed by 36 Krypton and other media, Xiaomi decided to use 400V platform + BYD lithium iron phosphate battery for low-end batteries and 800V platform + Ningde Kirin battery for high-end batteries; Electronic control is used<a href=\"https://laohu8.com/S/UMC\">UMC</a>And Inovance.</p><p>In other words,<strong>Although Xiaomi continues to roll out the automotive ecosystem, it does not yet have the ability to independently research and develop the key hardware of Sanden.</strong></p><p>On the contrary, in the currently badmouthed field of autonomous driving, in addition to investment, Xiaomi invested 3.3 billion yuan in research and development expenses in the field of autonomous driving in the first phase, and established a research and development team of more than 500 people, with the goal of entering the field of autonomous driving in 2024. Driving the first camp.</p><p>In Lei Jun's thoughts on Xiaomi's car manufacturing, he once put forward such a remark: \"10 million vehicles per year are considered successful in building cars.\" In fact, only Toyota, which has been established for more than 80 years, has achieved this goal.</p><p>For Xiaomi at present, it may be too early to consider the sales target. After all, Xiaomi Motors is still waiting for the \"birth certificate\".</p><p>In February this year, some media quoted people familiar with the matter as saying that Xiaomi Motors was close to obtaining new energy vehicle production qualifications, but Xiaomi's car manufacturing qualifications may still change before the qualifications are finally awarded. Another source said that the production qualification of Xiaomi Automobile may come from Baowo Automobile.</p><p>Xiaomi did not give any response to this.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.huxiu.com/article/1614379.html\">虎嗅</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://img.huxiucdn.com/article/cover/202305/30/083427624529.jpg?imageView2/1/w/720/h/405/|imageMogr2/strip/interlace/1/quality/85/format/jpg","relate_stocks":{"BK1502":"双十一","BK1193":"电脑硬件、储存设备及电脑周边","BK1575":"同股不同权","01810":"小米集团-W","BK1607":"新IT概念","BK1589":"北水核心资产","BK4116":"互联网服务与基础架构","BK1521":"挪威政府全球养老基金持仓","KC":"金山云","BK4526":"热门中概股","BK4563":"昨日强势股","BK1506":"5G概念","BK1523":"武汉本地概念股"},"source_url":"https://www.huxiu.com/article/1614379.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2339421844","content_text":"本文作者：任雪芸，编辑：王芳洁，头图来自：视觉中国近日，小米集团公布了一季度业绩。财报显示，小米集团一季度总收入为人民币595亿元，经调整净利润为人民币32亿元。研发支出为41亿元，同比增长17.7%；其中智能电动汽车等创新业务费用为11亿元。而小米的现金储备规模在2020年达到顶峰后出现了萎缩的迹象，2020年-2021年总现金分别为1080亿、1044亿，2022年下滑至881亿元，到了这一季度，现金储备略有回升，为946亿元。伴随着业绩与现金流的下行，小米集团市值从2021年最高突破9000亿港元，到目前跌至不足3000亿港元，两年时间蒸发了6000亿港元。造车一向是一个考验现金流的游戏，小鹏汽车创始人何小鹏曾感慨造车“200亿都不够花”，蔚来创始人李斌也表示，“要成为一家有竞争力、可持续的新造车企业，至少需要400亿元的资金储备。”当下新能源汽车进入白热化的竞争之后，造车这场游戏需要的资金筹码只增不减，尤其今年以来，新能源车市场的价格战实质上已经打响，一位汽车产业链人士告诉《最话》，未来三年内，行业将有一轮围绕价格展开的出清。换句话说，新能源车市场目前已经进入了饱和竞争阶段，此时，无论对于行业、地方政府还是企业而言，少一个市场参与者，都比多一个要好。除非这个参与者，既有“血战到底”的决心，也有相应的，能够持续支撑重资产投入、减价、亏损的资金储备。早先的造车新势力们愈发感受到了现金流的重要性，就像小鹏汽车在发布一季度业绩时，创造性地将手中握有341.2亿现金流写到了财报文件中第一句。对于小米而言，由于雷军曾对外强调，小米造车“将用全资的模式来干，所有的钱都是小米自己出”，这意味着，小米的汽车业务将全盘依赖集团输血。但现实是，曾经作为集团收入支柱的手机业务正在经历市场的低迷期。一季度小米手机业务营收350亿元，同比减少21.1%，缩水了108亿元。从2021年3月，小米正式宣布造车开始，我们能清楚地看到小米手机的单季营收整体趋势开始向下。相较于2021年二季度591亿元的高点，小米手机的单季营收已经跌去了241亿元，跌幅超过了四成。通过基本盘业务造血来推动造车业务，对于小米而言，负荷感应该增大了。相反，持续投入造车极大可能会对小米自身业务造成冲击。惠誉提到，在全球经济放缓的背景下，由于消费者情绪疲软，小米集团电动车业务可能会实质性地削弱其信用状况。如果小米坚持继续造车，进入竞争激烈的电动车市场，一旦不成功，小米维持在2.0倍以下的杠杆率，以及自由现金流维持在50亿元以上的能力将会遭到极大的威胁。那时的雷军，再要从这场重资产游戏中抽身，恐怕为时已晚。一在选择造车之初，雷军一定对手机业务的宏观下滑有所预料。所以，小米汽车是他押注的承担集团第二增长曲线的业务。于是，外界能看到，雷军对汽车业务表现出了极大的控制欲，比如小米造车会是全资的模式，再比如，自建造车工厂。但纵观小米的企业发展历程，就算在手机业务上，小米都未曾具备过成为一个制造商的完整能力。作为成熟的智能硬件，当下手机的生产模式大都以OEM（代工生产）为主，制造商可以根据客户的需求和设计要求，进行产品的设计、研发和生产，最终将产品销售给客户。小米的手机从诞生至今一直委托ODM厂商代工生产，小米负责设计和销售，而ODM厂商负责生产，然后以小米的名义销售。而相比手机制造技术，汽车制造技术是所有消费品中最为复杂的，对于没有造车积累的企业而言，拥有完备的制造经验和能力，本身是比造手机还要困难的挑战。造车新势力中，理想汽车、小鹏汽车和蔚来汽车在最初都选择以代工模式进入市场，同样是从手机业务跨界到汽车的华为，也是与老牌汽车制造商赛力斯合作，并没有选择自建生产的路径。直到有了一定销量规模后，小鹏和理想才开始自建工厂，而蔚来至今没有自己的整车工厂，只有计划自建电池工厂，预计在2024年投产。这对于没有制造经验的小米而言，在手机都是代工生产的前提下，直接跨越到自建汽车工厂和生产制造汽车，挑战无疑是巨大的。但是经过了早期发展之后，新能源汽车行业走入下半场，依赖代工模式的弊端开始显现，车企们渐渐不再愿意使用代工厂来造车，而是选择自建工厂，以增强对供应链的把控能力。所以，在小米宣布造车起，自建工厂已经成为了车企们的核心路径，押宝汽车业务获得增长的雷军，只能选择跟随。2021年9月1日，雷军成立了小米汽车有限公司，注册地位于北京市北京经济技术开发区，小米汽车项目计划建设小米汽车总部基地和销售总部、研发总部，并分两期建设整车工厂，其中一期和二期规划年产能均为15万辆。有媒体透露，目前小米汽车北京工厂已经完成了初期的设备搬入，包括一体式压铸的压铸机订制核心设备也已经搬入，即将开始试验生产。财报数据显示，2022年，小米在汽车业务上的投入为31亿元，今年一季度为11亿元。其中自建工厂的具体投入并未公布。但从造车新势力中，最早投资自建工厂的小鹏去看，其首家在肇庆的工厂，累计投资达到了100亿元。第三家工厂落户武汉经开区，占地约1100亩，总投资约47亿元。如此看来，选择了自建工厂的小米在投入上尚处在初期。此外，值得一提的是，拥有三家自建工厂的小鹏汽车，如今正背负着最沉重的压力，在过往两年，小鹏在大多数财务周期里净亏损都远超过理想、蔚来。二尽管单台手机的利润不能与单台汽车进行比较，但从手机销量与汽车相比，却要高出几十倍。2022年国内智能手机出货量达2.64亿部，电动汽车销量则近700万辆。所以，从总体利润的角度出发，尽管行业处在下行区间，但手机业务的总体利润是可观的。而看向当下新能源汽车品牌，在真正实现盈利之前，它们往往要忍受长时间的亏损。在造车新势力“蔚小理”中，目前仅有理想汽车取得了盈利。2023年5月10日，理想汽车公布2023年一季度财报显示，报告期内理想汽车净利润9.34亿元，较同期净亏损1086.6万元实现扭亏为盈。而小鹏汽车一季度的亏损达到了23.4亿元，同比增长37.6%。蔚来则在2022年的亏损达到了145.59亿元。事实上，目前只有特斯拉和比亚迪算得上是“挣钱”的新能源整车企业，而为了打破新能源汽车的盈利“魔咒”，特斯拉整整花上了十七年的时间。所以对于雷军而言，当下的问题变成了，小米真的能像特斯拉、蔚小理那样，忍受长期的亏损吗？至少从小米的过往经历来看，这是一家成长起来相对顺利的公司。小米1曾经只用了37个小时，就卖出40万台手机，实现8亿元销售额。并帮助雷军拉动了第二轮高达9000万美元的融资。尽管在2015年，小米曾遭遇过创业历程中最大的危机，没有完成既定的销售目标，在2016年又从第一名跌出前五名，但这都非生死层面的考验。对于新能源汽车行业却非如此，相比手机更为弹性的资金周转，新能源汽车的投入是大手笔、且无限持续的，而这样的投入背后，一旦销量无法跟上预期，企业将会直接面临退出的结局。在这样的残酷竞争之中，当下不少新能源汽车品牌已经走向了终局。曾与蔚来、小鹏、理想同为新造车第一梯队的威马汽车，如今已经进入了销量低迷阶段。公开数据显示，威马汽车的历年融资总额超“蔚小理”达约350亿元。但从2019年到2021年，其三年累计亏损达174亿元，且亏损逐年加剧，三年亏损分别约为41亿元、51亿元、82亿元。卖不出去的车和持续的投入，让威马债务缠身。据威马汽车招股书，截至2021年底，威马汽车的资产负债率已高达202.36%（“蔚小理”均在55%以下），远超破产警戒线（100%）。这样的风险，无论是小米集团还是雷军，都是难以承受的。毕竟雷军的初心在于通过小米汽车找到替代手机基本盘业务的第二增长曲线，如果要陷入持续的亏损和没有盈利可能的陷阱中，那雷军未来的焦虑只会比当下面临手机业务的下行更甚。公开数据显示，在雷军宣布进入造车赛道的2021年3月，中国新能源车零售销量占比只有8.49%，但中汽协数据显示，2022年新能源乘用车渗透率达到27.6%，留给雷军和小米的时间已经越来越少了。三或许，雷军真的应该及时止损。在小米汽车造车两年多的时间中，被媒体反复拿出来讨论和讲述的并非小米造车的实际进展，而是投资。有统计发现，小米已投资50多家汽车供应链企业，涉及三电技术、自动驾驶、智能化、激光雷达等各种细分赛道，深入电动汽车制造的各个细分领域。这是雷军在小米的创业中吸取到的一个重要经验。在2015年那场小米经历的危机中，供应链跟不上是最大的问题。和供应商关系的交恶让小米手机在很长一段时间内都无法如期交付。所以，在2016年7月，雷军亲自接手小米供应链业务后，其梳理了整个供应链的管理体系，并通过一系列的手段为小米手机整合了供应链。在小米汽车的创业逻辑中，雷军依旧致力于打造汽车领域的“小米生态”。在雷军看来，小米因为没有先发优势，要想在复杂的汽车产业链中保障供应、稳定生产、降低成本，就需要与各环节供应商确立优质且有深度的关系。就像搭建手机供应链体系那样，通过投资搭建小米汽车生态产业链，是能够让小米汽车快速达到目的的方式。不过，不同于成熟的手机产业链，造车本身是一件重资产的行为，在选择通过投资获取供应链支持的路径之后，小米集团被迫承压的依旧是资金。当然，从供应链深度绑定的关系去看，尽管早期小米能够通过投资实现对产业链的控制，从而加快整车的诞生。但是，当造车进入真正的量产时期，对体系内供应链企业的监管，也将成为小米集团的一大负担。理想汽车马东辉在接受新华财经采访时表示：理想汽车对于供应链垂直整合的边界有清晰判断。也就是说，基于零部件的重要性差异，理想是采购、自建并行的策略。比如，针对增程器、驱动电机等核心零部件，理想会通过自建工厂、成立控股合资公司两种方式，保障质量和供应的稳定。根据36氪等多家媒体披露的核心硬件体系方案来看，小米决定电池低阶用400V平台+比亚迪磷酸铁锂电池、高阶用800V平台+宁德麒麟电池；电控则使用联电和汇川。也就是说，尽管小米不断铺开汽车生态，但在三电这个关键的硬件上尚未具备自主研发的能力。反而在当下被唱衰的自动驾驶领域，除了投资以外，小米首期在自动驾驶领域投入了33亿元研发费用，并组建了一支超过500人的研发团队，目标是在2024年打入自动驾驶第一阵营。在雷军关于小米造车的思考中，他提出过这样一个言论：“每年1000万辆才算造车成功。”事实上，仅有成立80年有余的丰田实现了这一目标。对于当下的小米而言，考虑销量的目标或许还为时尚早。毕竟小米汽车目前尚处在等待“准生证”的阶段。今年2月份，有媒体援引知情人士言论称，小米汽车接近获得新能源汽车生产资质，但在最终获颁资质之前，小米的造车资质仍有可能存在变化。另有消息称，小米汽车的生产资质或来自宝沃汽车。对此，小米没有给出任何回应。","news_type":1,"symbols_score_info":{"KC":1,"01810":1}},"isVote":1,"tweetType":1,"viewCount":1180,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}