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- Durian197Durian197
  ·2023-06-23
  $Alibaba(09988)$ Double up position in portfolio
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- Durian197Durian197
  ·2023-05-30
  Great ariticle, would you like to share it?
  Lei Jun should decisively stop manufacturing cars.
  除非他已经准备好要“血战到底”
  Lei Jun should decisively stop manufacturing 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":2769,"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":[],"title":"","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":"us","language":"zh","title":"Lei Jun should decisively stop manufacturing 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\">This article was written by Ren Xueyun, edited by Wang Fangjie, and the header image is from:<a href=\"https://laohu8.com/S/000681\">Visual China</a></span></p><p>Xiaomi Group recently released its first-quarter results. Financial reports show 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>Expenses for innovative businesses such as electric vehicles amounted to 1.1 billion yuan.</p><p>Xiaomi's cash reserves peaked in 2020 and then showed signs of shrinking. In 2020 and 2021, total cash was 108 billion yuan and 104.4 billion yuan respectively, and declined to 88.1 billion yuan in 2022. In this quarter, cash reserves rebounded slightly to 94.6 billion yuan.</p><p>With the decline in performance and cash flow, Xiaomi Group's market value has fallen from a peak of over HK$900 billion in 2021 to less than HK$300 billion, an evaporation of HK$600 billion in two years.</p><p>Car manufacturing has always been a game that tests cash flow.<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>Founder He Xiaopeng once lamented that \"even 20 billion is not enough to spend\" on car manufacturing.<a href=\"https://laohu8.com/S/NIO\">Nio</a>Founder Li Bin also stated, \"To become a competitive and sustainable new car manufacturer, at least 40 billion yuan in capital reserves is needed.\"</p><p>With the current fierce competition in the new energy vehicle industry, the financial bargaining chips required for the car manufacturing game are only increasing. In particular, since the beginning of this year, a price war in the new energy vehicle market has essentially begun. An automotive industry chain insider told \"Zui Hua\" that in the next three years, the industry will experience a round of price-related clearing-out. In other words,<strong>The new energy vehicle market has now entered a stage of saturated competition. At this time, for the industry, local governments, and 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 reserves that can continuously support heavy asset investment, price reductions, and losses.</p><p>Earlier emerging electric vehicle manufacturers have increasingly realized the importance of cash flow. For example, when XPeng Motor Company released its first-quarter results, it creatively included 34.12 billion yuan in cash flow in the first sentence of its financial report.</p><p>For Xiaomi, since Lei Jun once emphasized that Xiaomi's car manufacturing \"will be done using a wholly-owned model, with Xiaomi paying all the money itself,\" this means that Xiaomi's car business will rely entirely on the group's financial support.</p><p>However, the reality is that the mobile phone business, which was once a pillar of the group's revenue, is experiencing a market downturn. In the first quarter, Xiaomi's smartphone business revenue was 35 billion yuan, a year-on-year decrease of 21.1%, a shrinkage of 10.8 billion yuan.</p><p>Since Xiaomi officially announced its car manufacturing in March 2021, we can clearly see that the overall trend of Xiaomi's quarterly revenue has begun to decline.</p><p>Compared to the peak of 59.1 billion yuan in the second quarter of 2021, Xiaomi's quarterly revenue has fallen by 24.1 billion yuan, a drop of more than 40%.</p><p>For Xiaomi, the burden of driving its car manufacturing business by generating revenue from its core business should increase. Conversely, continued investment in car manufacturing is highly likely to impact Xiaomi's own business. Fitch noted that,<strong>Against the backdrop of a global economic slowdown, weak consumer sentiment could substantially weaken Xiaomi Group's electric vehicle business.</strong></p><p>If Xiaomi insists on continuing to manufacture cars and enter the fiercely competitive electric vehicle market, its ability to maintain a leverage ratio below 2.0 times and its free cash flow above 5 billion yuan will be greatly threatened if it fails.</p><p>By then, it would probably be too late for Lei Jun to extricate himself from this asset-heavy game.</p><p><p label=\"大标题\">one</p><p>When Lei Jun first chose to manufacture cars, he must have anticipated the macro decline in the mobile phone business. Therefore, Xiaomi Auto is the business he is betting on to undertake the group's second growth curve.</p><p>As a result, outsiders can see that Lei Jun has shown a great desire to control the automotive business. For example, Xiaomi's car manufacturing will be a wholly-owned model, and another example is building its own car factory.</p><p>However, looking at Xiaomi's corporate development history, even in its mobile phone business, Xiaomi has never had the full capability to become a manufacturer.</p><p>As a mature smart hardware device, mobile phone production is currently mostly based on OEM (Original Equipment Manufacturer).<span label=\"备注\">(OEM manufacturing)</span>Primarily, manufacturers can design, develop, and produce products based on customer needs and design requirements, and ultimately sell the products to customers.</p><p>Since its inception, Xiaomi's mobile phones have been manufactured by ODM manufacturers. Xiaomi is responsible for design and sales, while the ODM manufacturers are responsible for production and then sold under the Xiaomi name.</p><p>Compared to mobile phone manufacturing technology, automobile manufacturing technology is the most complex of all consumer goods. For companies without car manufacturing experience, having complete manufacturing experience and capabilities is a more difficult challenge than manufacturing mobile phones.</p><p>Among emerging electric vehicle manufacturers,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>XPeng Automotive and<a href=\"https://laohu8.com/S/NIO.SI\">Nio</a>Initially, automobiles all chose to enter the market through contract manufacturing. Huawei, which also ventured from the mobile phone business into the automotive industry, also partnered with established automakers.<a href=\"https://laohu8.com/S/601127\">Seres</a>The cooperation did not choose the path of building its own production.</p><p>XPeng and Li Auto didn't start building their own factories until they achieved a certain sales volume, while NIO still doesn't have its own vehicle manufacturing plant. It only plans to build its own battery factory, which is expected to start production in 2024.</p><p>For Xiaomi, which has no manufacturing experience, the challenge of directly building its own car factory and manufacturing cars is undoubtedly enormous, given that all mobile phones are manufactured by contract manufacturers.</p><p>However, after its early development, the new energy vehicle industry has entered its second phase, and the drawbacks of relying on the contract manufacturing model have begun to emerge. Automakers are gradually no longer willing to use contract manufacturers to build cars, but instead choose to build their own factories to enhance their control over the supply chain.</p><p>Therefore, since Xiaomi announced its intention to manufacture cars, building its own factories has become the core path for automakers. Lei Jun, who is betting on the growth of his automotive business, can only choose to follow suit.</p><p>On September 1, 2021, Lei Jun established Xiaomi Auto Co., Ltd., registered in the Beijing Economic-Technological Development Area of Beijing. The Xiaomi Auto project plans to build a Xiaomi Auto headquarters base, sales headquarters, and R&D headquarters, and to build a vehicle factory in two phases. The first and second phases have a planned annual production capacity of 150,000 vehicles.</p><p>Media reports indicate that Xiaomi Auto's Beijing factory has completed the initial equipment move-in, including the customized core equipment for the one-piece die-casting machine, and is about to begin trial production.</p><p>Financial reports show that Xiaomi invested 3.1 billion yuan in its automotive business in 2022 and 1.1 billion yuan in the first quarter of this year. The specific investment for the self-built factory was not disclosed.</p><p>However, among the emerging electric vehicle manufacturers, XPeng, which was the first to invest in its own factory, has invested a total of 10 billion yuan in its first factory in Zhaoqing. The third factory will be located in Wuhan Economic and Technological Development Zone, covering an area of approximately 1,100 mu, with a total investment of approximately 4.7 billion yuan.</p><p>In this light,<strong>Xiaomi, which has chosen to build its own factory, is still in the early stages of investment.</strong></p><p>In addition, it is worth mentioning that XPeng, which has three self-built factories, is currently bearing the heaviest pressure. In the past two years, XPeng has suffered net losses far exceeding those of Li Auto and Nio in most financial cycles.</p><p><p label=\"大标题\">two</p><p>Although the profit margin of a single mobile phone cannot be compared to that of a single car, the sales volume of mobile phones is dozens of times higher than that of cars. In 2022, China's smartphone shipments reached 264 million units, while electric vehicle sales reached nearly 7 million units.</p><p>Therefore, from the perspective of overall profit, although the industry is in a downward trend, the overall profit of the mobile phone business is considerable. Looking at current new energy vehicle brands, they often have to endure long-term losses before they can truly achieve profitability.</p><p>Among the emerging electric vehicle manufacturers \"Wei Xiaoli\", only Li Auto has achieved profitability so far. On May 10, 2023, Li Auto released its financial report for the first quarter of 2023, showing that Li Auto reported a net profit of 934 million yuan during the reporting period, turning a loss into a profit compared to a net loss of 10.866 million yuan in the same period.</p><p>XPeng Motors reported a loss of 2.34 billion yuan in the first quarter, a year-on-year increase of 37.6%. Nio suffered a loss of 14.559 billion yuan in 2022.</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>Tesla can be considered a \"profitable\" new energy vehicle manufacturer, but it took Tesla a full seventeen years to break the profit \"curse\" of new energy vehicles.</p><p>So for Lei Jun, the current question becomes: can Xiaomi really tolerate long-term losses like Tesla and NIO?</p><p>At least judging from Xiaomi's past experience, it is a company that has grown relatively smoothly.</p><p>The Xiaomi 1 once sold 400,000 phones in just 37 hours, achieving sales of 800 million yuan. It also helped Lei Jun secure a second round of financing of up to $90 million.</p><p>Although Xiaomi encountered the biggest crisis in its entrepreneurial journey in 2015, failed to meet its established sales targets, and fell from first place to the top five in 2016, this was not a life-or-death test.</p><p>The situation is different for the new energy vehicle industry. Compared to the more flexible cash flow of mobile phones, the investment in new energy vehicles is large and continuous. Behind such investment, if sales fail to meet expectations, companies will directly face the outcome of exit.</p><p>In such fierce competition, many new energy vehicle brands have reached their final stage.</p><p>WM Motor, which was once among the top tier of new car manufacturers alongside Nio, XPeng, and Li Auto, has now entered a phase of sluggish sales.</p><p>Public data shows that WM Motor's total financing over the years has exceeded that of \"Wei Xiaoli\" by approximately 35 billion yuan. However, from 2019 to 2021, its cumulative losses reached 17.4 billion yuan, and the losses intensified year by year, with losses of approximately 4.1 billion yuan, 5.1 billion yuan, and 8.2 billion yuan respectively.</p><p>Unsold cars and continuous investment have left WM Motor burdened with debt.</p><p>According to WM Motor's prospectus, as of the end of 2021, WM Motor's debt-to-asset ratio had reached 202.36%.<span label=\"备注\">(Both \"Wei Xiaoli\" and \"Wei Xiaoli\" are below 55%)</span>Far exceeding the bankruptcy warning line<span label=\"备注\">（100%）</span>。</p><p>Such a risk is unbearable for either Xiaomi Group or Lei Jun.</p><p>After all, Lei Jun's original intention was to find a second growth curve to replace his core mobile phone business through Xiaomi Auto. If he falls into the trap of continuous losses and no possibility of profitability, Lei Jun's future anxiety will only be greater than the current decline in his mobile phone business.</p><p>Public data shows that in March 2021, when Lei Jun announced his entry into the car manufacturing industry, China...<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>Car retail sales account for only 8.49% of total sales, but data from the China Association of Automobile Manufacturers shows that the penetration rate of new energy passenger vehicles reached 27.6% in 2022, leaving Lei Jun and Xiaomi with less and less time.</p><p><p label=\"大标题\">three</p><p>Perhaps Lei Jun really should have cut his losses in time.</p><p>During the more than two years that Xiaomi Auto has been manufacturing cars, what has been repeatedly discussed and talked about by the media is not the actual progress of Xiaomi's car manufacturing, but the investment.</p><p>Statistics show that Xiaomi has invested in more than 50 automotive supply chain companies, covering various sub-sectors such as electric vehicle technology, autonomous driving, intelligent technology, and lidar, and has penetrated into various sub-sectors of electric vehicle manufacturing.</p><p>This is an important lesson Lei Jun learned in his entrepreneurial journey at Xiaomi.</p><p>During the crisis Xiaomi experienced in 2015, the biggest problem was that the supply chain couldn't keep up. Deteriorating relationships with suppliers prevented Xiaomi phones from being delivered on schedule for a long time.</p><p>Therefore, after Lei Jun personally took over Xiaomi's supply chain business in July 2016, he streamlined the entire supply chain management system and integrated the supply chain for Xiaomi phones through a series of means.</p><p>Within the entrepreneurial logic of Xiaomi Auto, Lei Jun remains committed to building the \"Xiaomi ecosystem\" in the automotive field.</p><p>According to Lei Jun, Xiaomi lacks a first-mover advantage and needs to establish high-quality and in-depth relationships with suppliers in each link in order to ensure supply, stabilize production, and reduce costs in the complex automotive industry chain.</p><p>Just like building a mobile phone supply chain system, investing in and building Xiaomi's car ecosystem is a way to quickly achieve its goals.</p><p>However, unlike the mature mobile phone industry chain, car manufacturing itself is a capital-intensive activity. After choosing to obtain supply chain support through investment, Xiaomi Group is still forced to face financial pressure.</p><p>Of course, from the perspective of the deep integration of the supply chain, although Xiaomi was able to control the industrial chain through investment in the early days, thereby accelerating the birth of complete vehicles. However, as car manufacturing enters a period of real mass production, the supervision of supply chain companies within the system will also become a major burden for Xiaomi Group.</p><p>In an interview with Xinhua Finance, Li Auto Ma Donghui stated that Li Auto has a clear judgment on the boundaries of vertical supply chain integration. In other words, based on the differences in the importance of components, the ideal strategy is to procure and build in parallel.</p><p>For example, for core components such as range extenders and drive motors, Li Auto will ensure stable quality and supply through two methods: building its own factory and establishing a holding joint venture.</p><p>According to core hardware system plans disclosed by multiple media outlets, including 36Kr, Xiaomi has decided to use a 400V platform + BYD lithium iron phosphate battery for low-end batteries, and an 800V platform + Ningde Kirin battery for high-end batteries. Electronic control uses<a href=\"https://laohu8.com/S/UMC\">United Mobile</a>Hehuichuan.</p><p>In other words,<strong>Despite Xiaomi's continuous expansion of its automotive ecosystem, it does not yet possess the capability for independent research and development in the three key hardware components of electric vehicles (battery, battery, and battery).</strong></p><p>On the contrary, in the currently pessimistic field of autonomous driving, in addition to investment, Xiaomi invested 3.3 billion yuan in R&D in the first phase and assembled a R&D team of more than 500 people, with the goal of entering the first tier of autonomous driving by 2024.</p><p>In his reflections on Xiaomi's car manufacturing strategy, Lei Jun made the following statement: \"Only 10 million vehicles per year can be considered a success in car manufacturing.\" 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 sales targets. After all, Xiaomi Auto is currently in the stage of waiting for its \"birth permit\".</p><p>In February of this year, some media outlets, citing sources familiar with the matter, reported that Xiaomi Auto was close to obtaining a new energy vehicle production qualification, but Xiaomi's car manufacturing qualification may still change before the qualification is finally granted. Other reports suggest that Xiaomi's car production qualifications may come from Borgward Auto.</p><p>Xiaomi has not responded 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 manufacturing 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 manufacturing 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\">This article was written by Ren Xueyun, edited by Wang Fangjie, and the header image is from:<a href=\"https://laohu8.com/S/000681\">Visual China</a></span></p><p>Xiaomi Group recently released its first-quarter results. Financial reports show 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>Expenses for innovative businesses such as electric vehicles amounted to 1.1 billion yuan.</p><p>Xiaomi's cash reserves peaked in 2020 and then showed signs of shrinking. In 2020 and 2021, total cash was 108 billion yuan and 104.4 billion yuan respectively, and declined to 88.1 billion yuan in 2022. In this quarter, cash reserves rebounded slightly to 94.6 billion yuan.</p><p>With the decline in performance and cash flow, Xiaomi Group's market value has fallen from a peak of over HK$900 billion in 2021 to less than HK$300 billion, an evaporation of HK$600 billion in two years.</p><p>Car manufacturing has always been a game that tests cash flow.<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>Founder He Xiaopeng once lamented that \"even 20 billion is not enough to spend\" on car manufacturing.<a href=\"https://laohu8.com/S/NIO\">Nio</a>Founder Li Bin also stated, \"To become a competitive and sustainable new car manufacturer, at least 40 billion yuan in capital reserves is needed.\"</p><p>With the current fierce competition in the new energy vehicle industry, the financial bargaining chips required for the car manufacturing game are only increasing. In particular, since the beginning of this year, a price war in the new energy vehicle market has essentially begun. An automotive industry chain insider told \"Zui Hua\" that in the next three years, the industry will experience a round of price-related clearing-out. In other words,<strong>The new energy vehicle market has now entered a stage of saturated competition. At this time, for the industry, local governments, and 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 reserves that can continuously support heavy asset investment, price reductions, and losses.</p><p>Earlier emerging electric vehicle manufacturers have increasingly realized the importance of cash flow. For example, when XPeng Motor Company released its first-quarter results, it creatively included 34.12 billion yuan in cash flow in the first sentence of its financial report.</p><p>For Xiaomi, since Lei Jun once emphasized that Xiaomi's car manufacturing \"will be done using a wholly-owned model, with Xiaomi paying all the money itself,\" this means that Xiaomi's car business will rely entirely on the group's financial support.</p><p>However, the reality is that the mobile phone business, which was once a pillar of the group's revenue, is experiencing a market downturn. In the first quarter, Xiaomi's smartphone business revenue was 35 billion yuan, a year-on-year decrease of 21.1%, a shrinkage of 10.8 billion yuan.</p><p>Since Xiaomi officially announced its car manufacturing in March 2021, we can clearly see that the overall trend of Xiaomi's quarterly revenue has begun to decline.</p><p>Compared to the peak of 59.1 billion yuan in the second quarter of 2021, Xiaomi's quarterly revenue has fallen by 24.1 billion yuan, a drop of more than 40%.</p><p>For Xiaomi, the burden of driving its car manufacturing business by generating revenue from its core business should increase. Conversely, continued investment in car manufacturing is highly likely to impact Xiaomi's own business. Fitch noted that,<strong>Against the backdrop of a global economic slowdown, weak consumer sentiment could substantially weaken Xiaomi Group's electric vehicle business.</strong></p><p>If Xiaomi insists on continuing to manufacture cars and enter the fiercely competitive electric vehicle market, its ability to maintain a leverage ratio below 2.0 times and its free cash flow above 5 billion yuan will be greatly threatened if it fails.</p><p>By then, it would probably be too late for Lei Jun to extricate himself from this asset-heavy game.</p><p><p label=\"大标题\">one</p><p>When Lei Jun first chose to manufacture cars, he must have anticipated the macro decline in the mobile phone business. Therefore, Xiaomi Auto is the business he is betting on to undertake the group's second growth curve.</p><p>As a result, outsiders can see that Lei Jun has shown a great desire to control the automotive business. For example, Xiaomi's car manufacturing will be a wholly-owned model, and another example is building its own car factory.</p><p>However, looking at Xiaomi's corporate development history, even in its mobile phone business, Xiaomi has never had the full capability to become a manufacturer.</p><p>As a mature smart hardware device, mobile phone production is currently mostly based on OEM (Original Equipment Manufacturer).<span label=\"备注\">(OEM manufacturing)</span>Primarily, manufacturers can design, develop, and produce products based on customer needs and design requirements, and ultimately sell the products to customers.</p><p>Since its inception, Xiaomi's mobile phones have been manufactured by ODM manufacturers. Xiaomi is responsible for design and sales, while the ODM manufacturers are responsible for production and then sold under the Xiaomi name.</p><p>Compared to mobile phone manufacturing technology, automobile manufacturing technology is the most complex of all consumer goods. For companies without car manufacturing experience, having complete manufacturing experience and capabilities is a more difficult challenge than manufacturing mobile phones.</p><p>Among emerging electric vehicle manufacturers,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>XPeng Automotive and<a href=\"https://laohu8.com/S/NIO.SI\">Nio</a>Initially, automobiles all chose to enter the market through contract manufacturing. Huawei, which also ventured from the mobile phone business into the automotive industry, also partnered with established automakers.<a href=\"https://laohu8.com/S/601127\">Seres</a>The cooperation did not choose the path of building its own production.</p><p>XPeng and Li Auto didn't start building their own factories until they achieved a certain sales volume, while NIO still doesn't have its own vehicle manufacturing plant. It only plans to build its own battery factory, which is expected to start production in 2024.</p><p>For Xiaomi, which has no manufacturing experience, the challenge of directly building its own car factory and manufacturing cars is undoubtedly enormous, given that all mobile phones are manufactured by contract manufacturers.</p><p>However, after its early development, the new energy vehicle industry has entered its second phase, and the drawbacks of relying on the contract manufacturing model have begun to emerge. Automakers are gradually no longer willing to use contract manufacturers to build cars, but instead choose to build their own factories to enhance their control over the supply chain.</p><p>Therefore, since Xiaomi announced its intention to manufacture cars, building its own factories has become the core path for automakers. Lei Jun, who is betting on the growth of his automotive business, can only choose to follow suit.</p><p>On September 1, 2021, Lei Jun established Xiaomi Auto Co., Ltd., registered in the Beijing Economic-Technological Development Area of Beijing. The Xiaomi Auto project plans to build a Xiaomi Auto headquarters base, sales headquarters, and R&D headquarters, and to build a vehicle factory in two phases. The first and second phases have a planned annual production capacity of 150,000 vehicles.</p><p>Media reports indicate that Xiaomi Auto's Beijing factory has completed the initial equipment move-in, including the customized core equipment for the one-piece die-casting machine, and is about to begin trial production.</p><p>Financial reports show that Xiaomi invested 3.1 billion yuan in its automotive business in 2022 and 1.1 billion yuan in the first quarter of this year. The specific investment for the self-built factory was not disclosed.</p><p>However, among the emerging electric vehicle manufacturers, XPeng, which was the first to invest in its own factory, has invested a total of 10 billion yuan in its first factory in Zhaoqing. The third factory will be located in Wuhan Economic and Technological Development Zone, covering an area of approximately 1,100 mu, with a total investment of approximately 4.7 billion yuan.</p><p>In this light,<strong>Xiaomi, which has chosen to build its own factory, is still in the early stages of investment.</strong></p><p>In addition, it is worth mentioning that XPeng, which has three self-built factories, is currently bearing the heaviest pressure. In the past two years, XPeng has suffered net losses far exceeding those of Li Auto and Nio in most financial cycles.</p><p><p label=\"大标题\">two</p><p>Although the profit margin of a single mobile phone cannot be compared to that of a single car, the sales volume of mobile phones is dozens of times higher than that of cars. In 2022, China's smartphone shipments reached 264 million units, while electric vehicle sales reached nearly 7 million units.</p><p>Therefore, from the perspective of overall profit, although the industry is in a downward trend, the overall profit of the mobile phone business is considerable. Looking at current new energy vehicle brands, they often have to endure long-term losses before they can truly achieve profitability.</p><p>Among the emerging electric vehicle manufacturers \"Wei Xiaoli\", only Li Auto has achieved profitability so far. On May 10, 2023, Li Auto released its financial report for the first quarter of 2023, showing that Li Auto reported a net profit of 934 million yuan during the reporting period, turning a loss into a profit compared to a net loss of 10.866 million yuan in the same period.</p><p>XPeng Motors reported a loss of 2.34 billion yuan in the first quarter, a year-on-year increase of 37.6%. Nio suffered a loss of 14.559 billion yuan in 2022.</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>Tesla can be considered a \"profitable\" new energy vehicle manufacturer, but it took Tesla a full seventeen years to break the profit \"curse\" of new energy vehicles.</p><p>So for Lei Jun, the current question becomes: can Xiaomi really tolerate long-term losses like Tesla and NIO?</p><p>At least judging from Xiaomi's past experience, it is a company that has grown relatively smoothly.</p><p>The Xiaomi 1 once sold 400,000 phones in just 37 hours, achieving sales of 800 million yuan. It also helped Lei Jun secure a second round of financing of up to $90 million.</p><p>Although Xiaomi encountered the biggest crisis in its entrepreneurial journey in 2015, failed to meet its established sales targets, and fell from first place to the top five in 2016, this was not a life-or-death test.</p><p>The situation is different for the new energy vehicle industry. Compared to the more flexible cash flow of mobile phones, the investment in new energy vehicles is large and continuous. Behind such investment, if sales fail to meet expectations, companies will directly face the outcome of exit.</p><p>In such fierce competition, many new energy vehicle brands have reached their final stage.</p><p>WM Motor, which was once among the top tier of new car manufacturers alongside Nio, XPeng, and Li Auto, has now entered a phase of sluggish sales.</p><p>Public data shows that WM Motor's total financing over the years has exceeded that of \"Wei Xiaoli\" by approximately 35 billion yuan. However, from 2019 to 2021, its cumulative losses reached 17.4 billion yuan, and the losses intensified year by year, with losses of approximately 4.1 billion yuan, 5.1 billion yuan, and 8.2 billion yuan respectively.</p><p>Unsold cars and continuous investment have left WM Motor burdened with debt.</p><p>According to WM Motor's prospectus, as of the end of 2021, WM Motor's debt-to-asset ratio had reached 202.36%.<span label=\"备注\">(Both \"Wei Xiaoli\" and \"Wei Xiaoli\" are below 55%)</span>Far exceeding the bankruptcy warning line<span label=\"备注\">（100%）</span>。</p><p>Such a risk is unbearable for either Xiaomi Group or Lei Jun.</p><p>After all, Lei Jun's original intention was to find a second growth curve to replace his core mobile phone business through Xiaomi Auto. If he falls into the trap of continuous losses and no possibility of profitability, Lei Jun's future anxiety will only be greater than the current decline in his mobile phone business.</p><p>Public data shows that in March 2021, when Lei Jun announced his entry into the car manufacturing industry, China...<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>Car retail sales account for only 8.49% of total sales, but data from the China Association of Automobile Manufacturers shows that the penetration rate of new energy passenger vehicles reached 27.6% in 2022, leaving Lei Jun and Xiaomi with less and less time.</p><p><p label=\"大标题\">three</p><p>Perhaps Lei Jun really should have cut his losses in time.</p><p>During the more than two years that Xiaomi Auto has been manufacturing cars, what has been repeatedly discussed and talked about by the media is not the actual progress of Xiaomi's car manufacturing, but the investment.</p><p>Statistics show that Xiaomi has invested in more than 50 automotive supply chain companies, covering various sub-sectors such as electric vehicle technology, autonomous driving, intelligent technology, and lidar, and has penetrated into various sub-sectors of electric vehicle manufacturing.</p><p>This is an important lesson Lei Jun learned in his entrepreneurial journey at Xiaomi.</p><p>During the crisis Xiaomi experienced in 2015, the biggest problem was that the supply chain couldn't keep up. Deteriorating relationships with suppliers prevented Xiaomi phones from being delivered on schedule for a long time.</p><p>Therefore, after Lei Jun personally took over Xiaomi's supply chain business in July 2016, he streamlined the entire supply chain management system and integrated the supply chain for Xiaomi phones through a series of means.</p><p>Within the entrepreneurial logic of Xiaomi Auto, Lei Jun remains committed to building the \"Xiaomi ecosystem\" in the automotive field.</p><p>According to Lei Jun, Xiaomi lacks a first-mover advantage and needs to establish high-quality and in-depth relationships with suppliers in each link in order to ensure supply, stabilize production, and reduce costs in the complex automotive industry chain.</p><p>Just like building a mobile phone supply chain system, investing in and building Xiaomi's car ecosystem is a way to quickly achieve its goals.</p><p>However, unlike the mature mobile phone industry chain, car manufacturing itself is a capital-intensive activity. After choosing to obtain supply chain support through investment, Xiaomi Group is still forced to face financial pressure.</p><p>Of course, from the perspective of the deep integration of the supply chain, although Xiaomi was able to control the industrial chain through investment in the early days, thereby accelerating the birth of complete vehicles. However, as car manufacturing enters a period of real mass production, the supervision of supply chain companies within the system will also become a major burden for Xiaomi Group.</p><p>In an interview with Xinhua Finance, Li Auto Ma Donghui stated that Li Auto has a clear judgment on the boundaries of vertical supply chain integration. In other words, based on the differences in the importance of components, the ideal strategy is to procure and build in parallel.</p><p>For example, for core components such as range extenders and drive motors, Li Auto will ensure stable quality and supply through two methods: building its own factory and establishing a holding joint venture.</p><p>According to core hardware system plans disclosed by multiple media outlets, including 36Kr, Xiaomi has decided to use a 400V platform + BYD lithium iron phosphate battery for low-end batteries, and an 800V platform + Ningde Kirin battery for high-end batteries. Electronic control uses<a href=\"https://laohu8.com/S/UMC\">United Mobile</a>Hehuichuan.</p><p>In other words,<strong>Despite Xiaomi's continuous expansion of its automotive ecosystem, it does not yet possess the capability for independent research and development in the three key hardware components of electric vehicles (battery, battery, and battery).</strong></p><p>On the contrary, in the currently pessimistic field of autonomous driving, in addition to investment, Xiaomi invested 3.3 billion yuan in R&D in the first phase and assembled a R&D team of more than 500 people, with the goal of entering the first tier of autonomous driving by 2024.</p><p>In his reflections on Xiaomi's car manufacturing strategy, Lei Jun made the following statement: \"Only 10 million vehicles per year can be considered a success in car manufacturing.\" 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 sales targets. After all, Xiaomi Auto is currently in the stage of waiting for its \"birth permit\".</p><p>In February of this year, some media outlets, citing sources familiar with the matter, reported that Xiaomi Auto was close to obtaining a new energy vehicle production qualification, but Xiaomi's car manufacturing qualification may still change before the qualification is finally granted. Other reports suggest that Xiaomi's car production qualifications may come from Borgward Auto.</p><p>Xiaomi has not responded 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":{"01810":"小米集团-W","BK4116":"互联网服务与基础架构","KC":"金山云","BK1589":"北水核心资产","BK4526":"热门中概股","BK1502":"双十一","BK1521":"挪威政府全球养老基金持仓","BK1607":"新IT概念","BK4563":"昨日强势股","BK1193":"电脑硬件、储存设备及电脑周边","BK1523":"武汉本地概念股","BK1506":"5G概念","BK1575":"同股不同权"},"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":{"01810":1,"KC":1}},"isVote":1,"tweetType":1,"viewCount":2972,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"followers","isTTM":true}