IDEAL Automotive submits a prospectus for Hong Kong stock market listing, which reveals the following key information:

Product Overview

• IDEAL plans to launch a full-size SUV based on the X platform in 2022, with a range-extender powertrain, under the codename X01, which was leaked earlier.
• IDEAL also plans to launch two more range-extended SUVs and two high-voltage pure electric vehicles based on the Whale and Shark platforms in 2023. IDEAL plans to launch at least two pure electric vehicles every year from 2023 onwards.
• Starting in 2022, all IDEAL’s new models will come with L4-level autonomous driving hardware as standard.

Research and Development

• IDEAL’s new research and development center in Shanghai started operation on May 1, 2021, and is currently preparing for the launch of five new models by developing large-capacity power batteries, high-voltage platforms, fast charging technology, autonomous driving, and intelligent cabins.
• As of March 31, 2021, IDEAL’s research and development team had 1,633 employees working in departments such as automotive design, intelligent engineering, and autonomous driving.

Financial Data

• Total revenue
  2020: CNY 9.456 billion

• Deliveries
  2020: 33,457 units

• Gross profit
  2020: CNY 1.549 billion

Sales and Service Network

• As of June 30, 2021, IDEAL has 97 stores located mainly in shopping centers in China.
• As of May 31, 2021, IDEAL has 36 delivery centers and 27 service centers located mainly in suburban areas with convenient transportation. According to a report by iyiou.com, in December 2020, IDEAL achieved an average delivery of more than 100 vehicles per store, while the Chinese average was about 50 vehicles per store.

ConclusionIdeal ONE has established a foothold in the Chinese market. Last month, it sold 7,858 cars, ranking third in the new energy vehicle market and first in the plug-in hybrid market. Ideal plans to launch more models for market share and compete directly with NIO and Tesla in 2023 with the release of its pure electric plan. Although L4 hardware and high-voltage platforms seem advanced, these two technologies may become “elimination criteria” after 2023. To become a leading enterprise, let’s look forward to the product strengths of the future five models that Ideal will release to take up the market share together.

🔗 Source: hkex

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.