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Plunged into Financial Crisis, NIO Fell Over 40% in 5 Days
On September 24, NIO released its Q2 financial report. The data showed that NIO delivered a total of 3,553 vehicles in Q2, with automotive business revenue of US$206.1 million and total revenue of US$219.7 million. The comprehensive gross profit margin was -33.4%, and the operating loss was US$478.6 million, which was higher than the market expectations. After releasing the financial report, NIO canceled the Q2 earnings conference call scheduled on the same day. As of the closing of that day, NIO had fallen by a total of 20%, and its stock price had fallen to US$2.17, hitting a historical low.
Under enormous pressure, NIO held another financial report conference call at 8 pm, Sept. 25 (Beijing time), in order to restore market confidence and clear investors’ doubts about the rumor of “RMB 40 billion losses over the past 4 years”. NIO’s founder and chairman Li Bin publicly stated that the loss was only RMB 20 billion. However, investors didn’t believe in it, and NIO’s stock continued to decline over the next few trading days. As of September 28, NIO’s stock had fallen to US$1.75, with a weekly decline of over 40%.
Comment: Did NIO’s executives expect the stock to plunge after the release of it second-quarter financial report data? Certainly they did. With the point of time where the demand for ES8 is weak and ES6 has not yet been delivered in large quantities, the financial report would not look good at all. However, all the costs of recalling 4803 ES8 were counted in the Q2 financial report, which might be a direct manifestation of giving up on Q2 financial report. Perhaps waiting until Q3 when ES6 starts to be delivered in large quantities, the effect of the previous cost reduction measures would appear, and it would be a good choice to turn the tide on the Q3 financial report.
It’s just that they didn’t expect such a strong market reaction to the Q2 financial report. It can be seen from the fact that the stock kept falling even after the rumor was clarified. How to regain the market’s confidence in NIO is crucially important for Q3 financial report.
New Parameters of Tesla’s Model S Plaid Revealed
Recently, foreign media has exposed some three electric parameters of Tesla Model S Plaid:
– Three permanent magnet synchronous motors, same as the Model 3
– Maximum output power of 597 kW/800 horsepower (current Model S Performance version at 577 kW)
– Battery capacity is 130 kWh, with 117 kWh usable in reality
– Cooling system water pipe layout is the same as the Model 3
Comment: Based on the information currently exposed, the new Model S does not have much surprises other than using 3 permanent magnet motors. After all, the 2170 battery and battery cooling system layout have already been verified in the Model 3, and have greatly improved compared to the current Model S.
However, all 3 motors are permanent magnet synchronous motors, meaning that asynchronous motors are officially replaced. Although I believe that Tesla should not have any problems in terms of energy consumption control, I am still very curious about what the normal driving strategy of these 3 permanent magnet motors will be.
Canoo Releases First “Subscription” Electric Car
US electric vehicle start-up Canoo, established by three former FF executives (CTO Ulrich Kranz, CFO Stefan Krause, and Chief Designer Richard Kim), has released its first pure electric vehicle, with an EPA range of 250-300 miles and L2+ advanced driver assistance system. Hardware includes 7 cameras, 5 radars, and 12 ultrasonic sensors.
In terms of appearance, in order to maximize the interior space, Canoo’s styling feels very much like a traditional van or minibus, but with more round, sleek lines and tech-filled details, it looks a bit like a spacecraft.
In terms of interior, Canoo is unlike other new car manufacturers, as there is no screen inside the car. Users can control the non-driving functions such as navigation and music through their smartphones or tablets. What’s more unique is that the rear seats of Canoo break with traditional design and resemble an integrated sofa, which looks cozy but raises safety concerns.
Besides, Canoo will be the first truly line-controlled car on the market, which means there is no hardware connection between the steering wheel and the tires. The company claims that this will help with autonomous driving, and steering will be more responsive.
Regarding the testing and launch plan of the new car, the official statement says that its beta version will undergo relevant validation testing starting from October this year, and the mass production car is expected to be officially launched in 2021.
Finally, about the price, it is regrettable that Canoo only rents or subscribes instead of selling. Users can drive the car by joining the Canoo membership and paying a reasonable monthly fee.
Quick Comment: Canoo is very avant-garde in terms of exterior and interior design, and I really like how it turned our traditional van into something like this. However, I have some concerns about the safety issues of the rear seat, and the business model of only renting and not selling, so I can only hope that Canoo’s founding team won’t follow in FF’s footsteps.
Recently, Maserati officially announced its development plan for electrification, autonomous driving, new products, and production. In the future, all Maserati models will be equipped with hybrid or pure electric power systems, and their production will remain 100% made in Italy. At the same time, all electric models will integrate Maserati’s dynamic driving experience and a brand new generation of electric driving technology, providing unique driving modes, ultra-long endurance, and ultra-fast charging.
In terms of autonomous driving, all future Maserati models and upgrades of existing models will be equipped with at least level 2 high-speed assisted driving systems.
According to the previous product planning diagram, Maserati will launch a total of eight plug-in hybrid and four pure electric vehicle models in the future. By 2022, six new vehicles will be launched, including the production version of the Alfieri concept car and a new SUV, among which are the electric President and Levante.## Review:
After experiencing explosive growth in 2016 and 2017, the Chinese market became Maserati’s largest single market. However, the growth did not continue. In 2018, Maserati sold about 11,000 new cars in China, a decrease of 32% year on year.
Nowadays, China’s new energy market occupies a pivotal position in the global market. It’s not surprising that Maserati, which is highly dependent on the Chinese market, is turning to the electrification era. On the contrary, Maserati’s shift has been somewhat slow compared to its competitors.
CATL rolls out the world’s first CTP battery pack
On September 26, BAIC New Energy and CATL jointly announced that the world’s first CTP battery pack (cell to pack, a power battery pack without modules) made its official debut. The first passenger car equipped with the CTP battery is BAIC EU5.
The CTP battery pack integrates the battery cells directly into the battery pack, eliminating the battery module assembly process. Compared with traditional battery packs, the volume utilization rate is increased by 15%-20%, the number of parts is reduced by 40%, and the production efficiency is improved by 50%, which can effectively lower the manufacturing cost of battery packs. In terms of energy density, the energy density of traditional battery packs is 140-150 Wh/kg, while that of the CTP battery pack can reach up to 200 Wh/kg.
Review: Currently, battery technology is the most important bottleneck in the development of electric vehicles. Traditional methods usually involve removing impurities, finding new materials or changing material ratios to improve energy density. The appearance of the CTP battery pack has not only increased the energy density of the battery pack but also effectively controlled costs. It is indeed an innovation. However, no matter which technological route is chosen, the safety of the battery pack is the most important thing.
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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.