Weekly Indices
Weekly News
XPeng Motors files for IPO
On August 21st, XPeng updated its F-1 prospectus, planning to issue 85 million ADS and granting underwriters an additional 12.75 million ADS for over-allotments, with a price range of $11 to $13 per ADS, aiming to raise a total of $1.075 billion to $1.271 billion, including the over-allotment option. Together with the over-allotment, at the mid-point of the offering price range of $12 per ADS, the company’s valuation is estimated to be approximately $8.613 billion. On August 8th, XPeng officially submitted IPO documents to the US Securities and Exchange Commission, planning to be listed on the New York Stock Exchange under the stock symbol “XPEV”.
Comments:Another new Chinese car company is about to go public on the US stock market. This time, XPeng announced more detailed information about its listing. From Nio and Ideal to XPeng, Chinese intelligent electric vehicle companies are going public in the US one after another. On the one hand, it is due to the booming development of China’s new energy vehicle industry and the urgent need for capital support. On the other hand, it also demonstrates the development and progress of China’s intelligent electric vehicle technology and the courage to go out and face greater competition.
XPeng currently has two models for sale, G3 and P7, and the market reputation for XPeng is good. Let us look forward to XPeng delivering better products and creating more impressive performance after going public.
_20200817152901_20200824194754.jpg)
GAC NIO Reveals BOM Cost of Jointly Created 007
On August 19th, GAC NIO revealed the BOM cost of the jointly created 007 as 300,024 yuan, and the specific unit price of each part was also disclosed. The company claimed that GAC NIO’s hardware comprehensive net profit will not exceed 1%. If it exceeds, the excess will be returned to users. At present, the price range of the models that the jointly created 007 can be pre-ordered is 259,800-303,000 yuan.
Comment:
GAC NIO claimed to be the world’s first company to publicly disclose the BOM cost of the automotive industry. However, regarding the BOM cost data disclosed by GAC NIO, an employee of a certain automaker commented anonymously: “I estimate that all material prices are multiplied by 2.” Obviously, there is still room for imagination among netizens regarding such data, and we make no comment on whether such cost data is credible.
NIO Announces BaaS Program
On August 20th, NIO announced the specific plan of BaaS: a vehicle down payment reduction of 70,000 yuan, monthly rent of 980 yuan for a 70 kWh power battery, plus a battery insurance fee of 80 yuan. Users need to spend 1,060 yuan per month to rent a NIO battery. If choosing the worry-free service package, the 80 yuan/month insurance premium for the battery is not required.
Quick Review:
Regarding the specific plan and content of BaaS, you can read our previous article “Why I Want to Buy NIO BaaS Without a Lifetime Free Battery Swap”. Here we will focus on feedback from netizens concerning the rental aspect mentioned at the press conference.
Although Li Bin explained the specific rental method at the conference, according to the feedback from netizens, many people still have concerns about “rental”.
In addition, compared with the previous battery swap policy, more netizens feel that NIO’s battery swap policy still needs to be optimized and upgraded. Regarding this, NIO co-founder and CEO Qin Lihong also said: “The biggest problem actually comes from the user’s subjective perception. Most Chinese people still have strong attachment to owning something.”
Tesla HW 4.0 hardware information exposed, will use 7nm process chip
According to Taiwan media China Times News, TSMC will manufacture the latest chips for Tesla. The report disclosed the following important information:
-
The chip was jointly developed by IC design leader Broadcom and Tesla.
-
The chip will be manufactured using TSMC’s 7nm process.
-
The chip uses SoW technology for packaging, which can directly integrate HPC chips with heat dissipation modules in a single package without the need for substrates and PCBs.
-
It is expected that the chip will start production in Q4 2020, with an initial wafer scale of 2000 pieces.
Quick Review:
Unless there are unexpected changes, the 7 nm process chip will become the core hardware of Tesla’s next-generation Autopilot, HW 4.0. Looking across the entire industry, both Mobileye EyeQ5 and Nvidia’s Drive AGX Orin, which were released in May this year, use 7nm process technology.Obviously, the 14 nm process is already difficult to meet the requirements of car manufacturers and OEMs for automated driving in terms of computing power and power consumption. Prior to this, in order to meet more severe use conditions and ensure absolute safety, chipsets for automotive-grade applications often use more mature technologies, so automotive-grade chipsets are often several generations behind consumer-grade ones. However, with the acceleration of intelligence, this phenomenon has slowly started to change.
Chinese-made Lotus Lambda SUV to be put into production in 2022
On August 18th, according to the Hubei Province Ecology and Environment Department, the Chinese project of British sports car brand Lotus, which is controlled by Geely Holdings, will start production in Wuhan in 2022.
The first model will be a mid-to-large-size pure electric SUV, named the Lambda, which is also the first SUV model of the brand. It will be divided into pure electric and fuel versions, and the production capacity in 2022 will be 20,000 vehicles. Previously, Geely announced a total investment of 9.044 billion yuan in its Wuhan factory, which started construction at the beginning of 2019 and is expected to be completed by the end of 2021.
Quick Comment:
Lotus Lambda will be based on the Volvo SPA platform and will provide two versions: 4-seat and 5-seat.
In terms of power, the Lambda fuel version is expected to be equipped with a Volvo 2.0T engine. The pure electric version of Lambda will adopt front and rear dual motors, with a comprehensive maximum power of 550 kW and comprehensive peak torque of 710 N·m and 1140 N·m respectively. The NEDC range is 579 km. Let’s look forward to the actual performance of Lambda after it hits the market.
This article is a translation by ChatGPT of a Chinese report from 42HOW. If you have any questions about it, please email bd@42how.com.