On the evening of August 30, ideal automobile went to the U.S. for listing. It opened at $11.5 at the issue price, and rose to 16.46 yuan at the end of the day, with a market value of about 13.9 billion U.S. dollars, which is comparable to that of Weilai automobile, which was listed in the United States two years ago (market value: 14.45 billion US dollars). According to the prospectus, ideal automobile lost 1.532 billion yuan, 2.438 billion yuan and 77 million yuan in 2018, 2019 and 2020 respectively, with an accumulated loss of 4 billion yuan and an average annual loss of 2 billion yuan.
it was not until the end of last year that the ideal car gradually generated 1.136 billion yuan in revenue. In the next three years, the ideal car will need to invest 10.4 billion yuan.
with such large-scale investment, the ideal car has just completed the first step. Wu Shichun, the founding partner of Meihua venture capital, said to fenghuang.com that the road of ideal automobile in the future is still far away. At present, the delivery volume is nearly 10000 units, 30000 units will be delivered by the end of the year, and 100000 units are expected to be delivered next year before it can become a mainstream car factory. ”
in the past few years, there were hundreds of new car manufacturing forces in China. Now, only 8 companies have started to deliver mass production vehicles, and 2 companies have been listed. Whether it’s entrepreneurs or investment institutions, making cars is like a big gamble. If you bet right, you can get super high returns. If you make a mistake, you will lose money.
ideal automobile has raised nearly 14 billion RMB in five years, including many famous investment institutions such as Jingwei China, Yuanjing capital, CICC capital, Mingshi capital, LanChi venture capital, Meihua venture capital, Shanhang capital, etc., and rarely have new economic giants such as meituan, bytecan and didi.
six years ago, musk, 43, came to China for the first time to deliver the keys of model s to the first batch of domestic car owners. Li Xiang paid a deposit a year in advance and signed up to participate in the meeting with Musk’s car owners, becoming the first batch of car owners. The moment he took the key from musk, he felt that he had entered the future ahead of time.
but after half a year, he began to make complaints about his red Model S, and even sent a nearly 10000 word article about driving experience. The final conclusion was “power and suspension is very divine, interior trim and seat are very slags”. He was extremely unaccustomed to the mobile phone and wallet running back and forth in detail, giving the evaluation of “I’m almost crazy”.
in 2015, Li Xiang hung the title of “founder and President” of auto home, a listed company. The company had long been entrusted to Qin Zhi, a professional manager. He looked around projects and made investments, and he was also looking for his next goal in life. The early defects of Tesla made Li want to see the possibility of surpassing.
in the same year, he decided to start the “car building plan”. First, he made a surprising statement on his micro blog and set a goal that could not be achieved. By the end of 2015, he would build an electric concept sports car with 0-100 km / h and actual acceleration within 3 seconds. Soon questioned the network: high school education, PPT car? Is it reliable?
at least in the next three years, the ideal car is not very promising, because the first small car sev miscarried, there was no production qualification to rely on to buy, and the financing scale was far less than that of Weilai automobile. It was not until 2019 that the ideal one, the second car, went on the market and Wang Xing personally invested $285 million to put out the fire. Only then did the ideal car lift the crisis and get better all the way.
at the beginning of 2015, Li Xiang asked Huang Mingming, a good friend of Li Xiang, to have a coffee together in Wangjing SOHO. After three hours of talking about his achievements in the auto home, Huang Mingming finally heard the words he wanted to hear: “I want to start my own auto enterprise.”
in order to build a car, Li Xiang paid 50 million US dollars out of his own pocket. Huang Mingming’s Mingshi capital led Li Xiang to invest more than 10 million US dollars in Fan Zheng, Qin Zhi and other partners of the automobile home. Mingshi capital has become the only angel round investor of ideal automobile.
subsequently, round a and round a +, source capital, LanChi venture capital and meihua venture capital all participated. Wu Shichun, partner of Meihua venture capital, who met Li Xiang as early as 2007, said: “when investing in an ideal car, there is not much data to refer to, and almost all investment experience depends on people.”
his first impression of Li Xiang was that he thought deeply and made a point to the point. He also made progress with each other over the years, so when Li Xiang talked to him about investment, he made a decision in a few minutes.
VC, PE and other institutions in the early stage did not value ideal cars. Huang Mingming once said that whether it’s a heavy asset model like self built factories or the program expansion program, it’s not a good story for many investors, especially the U.S. dollar fund. Therefore, most of them are friends who support ideal cars.
Mr. Zhu Tianyu, managing partner of LanChi venture capital, who has successively followed investment, also mentioned that in 2016, when companies were still in the “ppt car building” stage, Li Xiang began to think about how to build cars through organizational change. Through the product manager, automotive engineers, sales personnel together, work together.
an employee of ideal automobile told fenghuang.com (wechat search: ifeng Technology) that although none of the founders of ideal car had any real car manufacturing experience, it had little impact. The value-added point of new energy vehicles lies in the key technologies such as batteries, artificial intelligence and Internet of things, which requires cross-border talents. On the contrary, people in the traditional automobile manufacturing industry will be limited in their imagination.
Li Xiang started his own business after graduating from high school. He successfully led a company to go public in the United States, realized wealth freedom and accumulated early contacts. From Wu Shichun’s point of view, Li Xiang is just standing at the junction of the Internet and the car. “He is the person who knows the most about cars and the most about the Internet in cars.”.
at the time of the listing of ideal automobile, Liu Yiran, partner of Yuanjing capital, wrote the article “thinking about a new species with 10 billion US dollars from millet to ideal”. So far, Yuanjing capital has invested in three 10 billion dollar level companies, namely, Xiaomi, meituan and ideal automobile.
he thinks that although Li Xiang was born in the internet background of automobile home, he is familiar with the automobile industry. His team also has a complex background of software, supply chain, science and technology. He is very clear about the model specifications, in car experience, charging environment, auxiliary driving and many other planning.
“from 2011 to 2016, from smart phones to smart cars, the wind of the industry is blowing again. As an investor, I feel so familiar with everything, and I really have a sense of deja vu. ” Liu Yiran talked about it.
in the “cloud ringing bell” activity of the listing of ideal automobile, all the senior executives, investors, relatives and friends of ideal automobile were present. In addition to expressing his thanks, Li Xiang did not hide his ambition. The ideal car will also span three industries, including digital transportation, intelligent technology and real estate.
“the distance of intelligent electric vehicles and intelligent driving will be longer and larger than you think. In five or 10 years, we will know why.”
although Wang Xing didn’t attend the meeting, he was still trying to improve his dream again. “Those friends who think that Li Xiang is an ideal car with a hundred billion dollars, you still underestimate an order of magnitude.”
as early as 2016, after completing a round of 780 million RMB financing, he said that the past two windows of the automobile market were related to manufacturing, and there would be a third window from 2015 to 2025. The driving force of this window comes from changes in consumer demand, as well as technological changes – electrification, autonomous driving, and Internet of vehicles, which will bring cars into the intelligent era.
“electrification gives a new brand the biggest opportunity to join the market. Automatic driving makes it the best time for us to read and learn when we are in traffic jam, and the Internet of vehicles will change the business model of the whole car.” Li Xiang talked about it.
for the opportunity of electrification, the ideal car is barely able to land. The first mass production car, the ideal one, will continue to make efforts at the sales end and the service end to prove its value.
according to the data, in 2020, China’s electric vehicle sales accounted for only about 5%, while in 2011, the penetration rate of smart phones was 15%. In other words, electric vehicles are still in the early stage of the industry, far from the time to break out and lead the market.
in terms of intelligent software, the ideal car is also in the research and development of operating system and automatic driving. According to Li Xiang’s previous disclosure, at least 50% of the capital of ideal car is invested in R & D, 30% in factories and less than 20% in personnel and marketing.
the competition in the field of automatic driving is more intense. High tech companies like apple, Google, Huawei and Amazon, and Internet companies like Didi, meituan and Uber want to gnaw into the hard bone of autopilot and seize the leading edge in technology.
the ideal car station has a market value of over one trillion yuan, and is expected to produce a giant of hundreds of billions, but the competition is very fierce. Before the IPO, Li Xiang positioned the company’s development progress as “only 1%”. He knew that the field he was engaged in required decades of investment, and it was a protracted war.
Wu Shichun talked about Fenghuang Technology (wechat search: ifeng Technology), because Li Xiang is never satisfied. “He has the ambition of operating no less than 100 billion market value, and keeps keeping up with musk, Wang Xing and Zhang Yiming. Naturally, he will know his own gap and problems, promote himself to make rapid progress in learning, and can not let his management level become the ceiling of the company.”
the ideal listing “cloud ringing bell” activity is very low-key and simple. In the delivery center in Beijing, there are a car, a bell tower and more than a dozen high foot tables. In fact, it is precisely because of this low-key and even “stingy” culture that the ideal car can be sold to Europe and the United States in 2017 after the abortion of the sev, which was expected to be exported to Europe and the United States, there will be surplus grain to sell the second SUV ideal one again.
at present, there are only more than 3000 employees in the ideal automobile industry, with only two VPS. There are few senior directors. On business trips, they all buy economy class with the lowest discount. The hotel needs two same-sex people to live together.
Wu Shichun explained that the U.S. market is very optimistic about the field of new energy vehicles. There is a special new energy vehicle sector, and it is particularly popular with companies that are “beyond expectations”. Even if they lose money, they can be listed quickly. However, it will take a longer time to list in Hong Kong shares and a shares.
the listing of the ideal car has also caught up with the upsurge in the share price of the new energy vehicle sector triggered by Tesla. Tesla made profits for the first time in four consecutive quarters this year, and sales soared when it built a factory in China, where the epidemic was earlier under control.
in addition, Musk’s SpaceX successfully completed the first manned flight mission of a private company this year, which enhanced his reliable personnel establishment. So this year, Tesla has been rising horribly in the U.S. stock market. It once became the world’s highest car company by market value. At the most ridiculous time, Tesla rose a Ford one day.
since the ideal car was invested by Wang Xing and byte jump after 2019, many American investment companies are also interested in ideal cars. Huang Mingming once received a phone call asking why the next generation of China’s most super enterprises have chosen the ideal car?
as a result, the IPO subscription of ideal automobile was sought after by investors, and the IPO process was one day ahead of the original plan.
in recent years, meituan has been making a lot of money in the fields of bike sharing, online car hailing, and unmanned vehicles, which means that it needs to create a “second growth curve” for meituan. In addition to giving money, Wang Xing also often supports his ideal, and even directly gives “Amway” to netizens.
this round of IP