Auto House this issue of the 51st week of 2024, this week, the new forces, Ji Yue compensation plan landed, the government-led co-management account indemnity Never1, car owners suffer, Geely only guarantee after-sale hardware, Baidu regardless of OTA.
Baidu is just an investor, the focus of the business has shifted, has already informed Xia Yiping no longer invest, Xia misjudgment caused flash collapse.
Tesla FSD V13 released, V13 and rocket engine homologous technology, completely rewrite the code, but completely unsupervised or wait for the V14 version of the stock price to double in four months this year, 2025 will be Tesla’s critical year.
For traditional car companies, for the first time, the central government has put the stock market and the housing market in the same important position, further strengthening the market value performance of listed central enterprises, and then pushing the shabby central car enterprises such as SAIC to be worthy of attention.
Overseas, Malay is dominated by fuel cars, which should not have been a key market at sea, and Chinese car companies have been forced by the price war to lay out one after another.
Honda and Nissan are discussing a merger, and the world’s third-largest auto group is beginning to take shape.
Nissan is in financial trouble, which is the main reason for its partnership with Honda.
As for suppliers, Ningde wants to build its own power station, so it is difficult to break through the ceiling and create a second growth curve even after eating the maximum dividend.
, 1, industry events, 1.
Tesla FSD V13 released, the stock price doubled in four months this year, 2025 will be Tesla’s key year, 1.
FSD and Robotaxi, constitute the majority of Tesla’s current market capitalization of $1.
25 trillion, 2.
V13 with rocket engine homologous technology, completely rewrite the code.
Completely unsupervised or waiting for version V14, 4.
With Trump’s victory and AI deregulation, 2025 will be a critical year for Tesla.
In recent days, Tesla has continued to hit record highs, doubling his share price in four months, with a total market capitalization of $1.
25 trillion.
FSD and Robotaxi make up most of Tesla’s market capitalization of $1.
25 trillion today.
On the other hand, Tesla’s strongest FSD version in history, V13.
2, begins testing and is being pushed to test users.
If all goes well, it is expected to be launched on a large scale to models equipped with Tesla HW 4.
0 hardware before Christmas this year. , 1. The same version as the rocket: according to engineer Tesla, the structure of the new version uses an engineering iterative technology that is homologous to its own rocket engine. , 2. Completely rewrite the code: Tesla autopilot engineer Arek Sredzki pointed out that the improvement of this update is huge.
FSD V13 is completely rewritten.
“the construction of V13 is very similar to the Raptor Raptor engine V3 designed by SpaceX for starships.” 1. FSD V13 summarizes the new changes, a.
But from the basement “from parking spaces to parking spaces”: from the updated introduction to FSD V13.
2, the most intuitive change is the use of the “from parking spaces to parking spaces” one-click departure mode.
You just need to choose your destination, and then start FSD in the garage to achieve fully autopilot to the destination.
This update is a step closer to FSD than before you have to set up navigation before you can use Robotaxi. , B. FSD V13 is 5-10 times more powerful than the previous generation.
FSD V13 is the crystallization of Tesla data, Vision, Compiler, system, firmware, UI, QA, PM and other teams.
Musk pointed out directly on Twitter that the ability of the FSD V13 is 5-10 times that of the previous generation. , c. The structure is becoming more and more efficient and concise.
Tesla FSD V13 can be launched directly from the parking space.
In the video, there are cars blocking the way in front and left, while FSD chooses to back up first and then drive out of the parking space.
, 
, , due to the obvious improvement of Tesla FSD V13 in terms of training volume and numeracy, the current V13.
2 version is still an update for HW4.
0 hardware models.
,
, 2.
The following is a more concrete summary of the 13 major updates of FSD V13.2: a. Support for starting FSD (parking space to parking) from parking state: the vehicle can now start FSD in parked state, as long as you set the destination and press and hold the new “start FSD” button, the vehicle will automatically switch to driving or backing.
From the actual effect, Tesla FSD V13 version is also officially joined the current mainstream “parking spaces” army. , b. Enhanced pure visual reversing function (three-gear seamless switching): FSD can now reverse automatically and seamlessly switch between parking, driving and reversing, and can even perform a three-point U-turn. , c. Enhanced visual auto parking: when you arrive at your destination, FSD will automatically find and park a nearby parking space.
From the video, the switching of vehicles from FSD to autonomous storage is very smooth.
, 
, D.
Higher quality full-resolution HW4.
0 platform ISP (image processor) video input: FSD V13.
2 uses ISP (image processor) based on the HW4.
0 platform for the first time to provide better image quality at higher resolution and 36 frames per second, thereby improving recognition accuracy. , e. Speed configuration for all roads: the new version introduces new speed configurations for urban streets and highways, including the new “speed mode”, which is no longer limited to roads above 50mph (80km/h). , f. Native input and neural network architecture based on HW4.
0 hardware: the hardware features of HW4.
0 optimize the running speed of FSD’s AI model, reduce constraints and improve optimization. , g. Cloud 5 times training computing power: Tesla’s supercomputer cluster “Cortex” in Texas is now online, dedicated to FSD training, and cloud training computing power has been increased five times. , h. Faster local end-to-side decision-making: FSD V13 reconstructs image processing and improves decision-making speed by two times. , i. Allow more audio input data collection to enhance perception: vehicles can collect and share 10-second audio clips to help identify emergency vehicle sounds in the future. , j. For future analysis to improve camera visibility detection: the vehicle will prompt for a visibility problem at the end of the journey and save the camera image for subsequent analysis when a problem occurs. , k. Based on better end-to-end collision avoidance: the improvement of the AI model makes FSD perform better in collision avoidance, especially in T-type collisions in red light events. , l. Support for Robotaxi fleet communications: FSD V13 supports fleet dynamic navigation for vehicles using HW4.
0 hardware to ensure efficient operation of the Robotaxi network once deployed. , m. Safer traffic controller improvements: the redesigned traffic controller improves the tracking accuracy of surrounding vehicles and objects.
At the bottom of the update page, TeslaFuture updates to FSD V13 are also predicted, including upcoming improvements that include a threefold expansion of the model size and context length, increased audio input to better respond to emergency vehicles, and improved navigation reward forecasts. , 3. 100000 supercomputers of H100 were launched in only 122days, a.
Tesla has deployed a 29000 Nvidia H100 computing cluster in the Texas superfactory and started training ahead of time, reaching 50, 000 by the end of October.
Meanwhile, Musk recently built the world’s most powerful AI supercomputer at another company, xAI, consisting of 100000 Nvidia H100 GPU. , b. The full installation takes only 122 days, while an installation on this scale usually takes four years.
This surprised Huang Renxun.
In a recent podcast interview, Huang Renxun said: “GPU clusters of this size often take three years of planning and design cycle, plus one year of construction time before they can be put into use.” , c. Musk transformed the former home appliance manufacturing plant into a data center with the Memphis data center, the world’s largest supercomputer cluster.
,
, 4.
Tesla will become one of the companies with the largest computing power cluster in the world, a.
Tesla now has more than 7 million electric vehicles in the world, and as a front-end data collector, it has the most self-driving scene data.
With the opening of the Memphis data center, Tesla will become one of the companies with the largest computing power cluster in the world.
FSD has been able to accomplish most of the driving tasks, but still can not get rid of manual supervision.
Whether we can get rid of manual supervision is the key to determine whether autopilot can be really realized.
Musk said in November that the FSD would outperform human drivers by early 2025 and plans to launch the Robotaxi in 2025. , b. Whether FSD can become smart enough is related to the timeline launched by Tesla Robotaxi, and it is also the focus of the whole market.
FSD and Robotaxi also make up most of Tesla’s market capitalization of $1.
25 trillion today. , c. But if you want to really achieve unsupervised vehicles (without human remote monitoring), you may have to wait until at least after the V14 version.
Although Tesla has not yet achieved completely unsupervised driving, the iterative speed of FSD is very fast.
At the earnings meeting in October this year, Tesla executives said that for the whole of 2024, FSD V12.
5 successfully increased MPI (the average mileage of continuous driving between two takeovers) by two orders of magnitude.
In addition, with Trump’s victory, regulations on AI and autopilot will continue to be relaxed in 2025, with several Wall Street banks predicting that 2025 will be a critical year for Tesla. , 2. To strengthen the market value management of central enterprises, SAIC and other state-owned enterprises are worth looking forward to.
For the first time, the central government put the stock market and the housing market in the same important position.
To further strengthen the market value performance of listed central enterprises, SAIC and other dilapidated central car enterprises deserve attention.
December 17 news, in order to further promote central enterprises to attach great importance to the market value performance of holding listed companies and carry out market capitalization management in a standardized and orderly manner, enhance the investment value of listed companies, effectively safeguard the rights and interests of investors, and take more effective actions to promote the healthy and stable development of the capital market.
SASAC of the State Council recently issued a number of opinions on improving and strengthening the market capitalization management of listed companies controlled by central enterprises.
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Industry level: central state-owned enterprises in the new energy transformation in the market share, profits and other significant decline, a.
Central state car companies sold 12.
46 million vehicles in the first 10 months of 2024, with a market share of 59 per cent, down about 27pct from 86 per cent at its peak.
In the new energy market, the market share of central state-owned automobile enterprises is only 29% in 2023.
Under the new round of innovation and reform of electrified industry, the market share of central state-owned enterprises has declined significantly.
,
, 2.
Industry level: bicycle profits of joint venture brands of central state-owned enterprises have declined more, a.
With the intensification of market competition, the decline in sales / terminal profits hurt the profitability of the joint venture.
From the 24H1 point of view, SAIC GM / Guangzhou Auto Honda are losing money, SAIC Volkswagen / Guangzhou Automobile Toyota profit decline more. , 3. At the company level: SAIC joint venture brands have fallen sharply, a.
SAIC GM: the launch of the three-cylinder engine in 2017, consumer acceptance is not high-the overall car market is declining, SAIC GM sales GAGR of-9.
8% in 2017-2020.
Chevrolet sales are under pressure, with wholesale sales of 516000 vehicles in 2019 and cumulative sales of just 29000 in the first 10 months of 2024.
,
, b.
SAIC Volkswagen: the impact of the collision test event at the end of 2019, SAIC Volkswagen 2019-2021 three-year sales GAGR of-21.2%. In addition, Skoda’s sales are under pressure, with wholesale sales of 278000 vehicles in 2019 and cumulative sales of only 13000 in the first 10 months of 2024.
SAIC-Volkswagen ID series performed better. , c. Get on the car: the total sales volume of the car in the first 11 months is-25.
9% compared with the same period last year, mainly because the export volume has dropped a lot compared with the same period last year. , d. SAIC GM Wuling: due to the shrinking market of A0-class electric cars, Hongguang MINI sales declined rapidly in 2023, and Wuling colorful fruit / starlight / Baojun cloud / Yueya models performed better.
In 2024, due to the pressure on the sales of oil vehicle models (Wuling Hongguang / Jiachen / Xingchi, etc.
), Wuling’s overall cumulative sales in the first November were-3.
4% compared with the same period last year.
,
, 4.
Company level: SAIC Group deducted 1.
05 billion yuan in net profit in the first three quarters of 2024, down 89% from the same period last year.
The company’s net profit deducted from non-return decreased by nearly 90% compared with the same period last year.
Separate branch main brand profitability: according to the manufacturing company’s net profit for approximate calculation, GM 24H1 bicycle profit is negative, SAIC Volkswagen bike net profit is 1700 yuan.
Wuling profit fluctuates greatly but the whole is still positive.
SAIC autonomy (excluding export profit contribution) is still in a state of loss.
, 
, 5.
At the company level: export is the only bright indicator, Chinese car companies ranked first, a.
SAIC’s export sales ranked first among Chinese auto companies from 2016 to 2023, of which MG was the main export force, b.
At present, SAIC has built the whole value chain of the automobile industry overseas, including innovative R & D centers, production bases, marketing centers, supply chain centers and financial companies, with products and services entering more than 100 countries and regions around the world.
, c.
It has 3 innovative R & D centers, 3 vehicle manufacturing bases and 1 KD factory, more than 100 parts production and R & D bases and more than 2800 marketing service outlets overseas.
SAIC GroupIntensive management turnover,
, 7.
The Shanghai municipal government actively promoted SAIC to deepen its reform.
On the afternoon of November 11, 2024, Chen Jining, secretary of the Shanghai Municipal CPC Committee, and Gong Zheng, deputy secretary of the Shanghai Municipal CPC Committee and mayor, went to SAIC to conduct a special survey and held a forum to deepen research and promote SAIC’s firm transformation and development. , b. All relevant departments in the city should make concerted efforts and make concerted efforts to further form a strong joint force to support SAIC’s firm transformation and development, and ensure the smooth implementation of various reform tasks. , 8. Under the background of low capacity utilization, the joint venture factory carries on the transformation / impairment, a.
SAIC Volkswagen / SAIC GM continued to reduce capacity utilization due to declining sales, with a cumulative capacity utilization rate of only 49% and 19% in the first 11 months of 2024. , b. Capacity transformation and upgrading to a new energy plant: on May 24, 2024, the original site of the second Automobile Plant was renovated, and the ADP intelligent digital platform production base jointly developed by Audi Automobile and SAIC was comprehensively upgraded, which will become the exclusive production base for Audi’s new generation of luxury intelligent electric products.
GM carries out capacity shutdown impairment & cuts in unprofitable models: on December 4, 2024, GM announced that it expected to recognize about $2.
7 billion in additional equity losses as a result of SAIC GM’s restructuring plan in the three months to December 31, 2024.
this includes the costs that the joint venture will recognize in connection with plant closures and cuts in unprofitable models.
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, 9.
Focus on dealing with inventory problems, light, a.
As of October 2024, the effect of going to the warehouse was remarkable.
SAIC-Volkswagen / General Channel went to the warehouse 6.
16 / 215000 vehicles respectively, greatly reducing the terminal pressure and providing a better foundation for the joint venture Xu Li in 2025.
, 
, essay: no matter at the macro level, SASAC has repeatedly asked for market value management, the market value of the central state-owned enterprises whose PB is less than 1 requires more feedback from shareholders, and the Shanghai Municipal Party Committee requires the whole city to help SAIC reform and transformation, or a number of reform policies carried out at the SAIC level.
Changing the management team, actively completing measures such as destocking this year, revamping inefficient capacity plants, SAIC GM restructuring and impairment treatment, etc.
, while joint venture car companies such as Audi and SAIC jointly develop new energy models, we believe that the company is about to usher in a big reversal and should enjoy a higher valuation, which is very much to look forward to next year. , 3. Jiyue compensates the government-led co-managed account to compensate Noble 1, Geely only guarantees after-sale hardware, regardless of OTA,1.
In the first half of 2024, there has been a shortage of funds, banks do not renew loans, Xia Yiping hopes Baidu refinancing, 2.
December 13 Jiyue also informed sales to resume work, but sales work is only to seize car preservation assets, 3.
The more it does not exist, Geely can only ensure that the hardware is sold after sale, and Baidu cannot solve the current OTA usage problem, 4. 5%. The existence of Ji Yue is only one part of the story of “technology and manufacturing work together to build cars”.
Baidu is just an investor.
On the afternoon of December 19th, Luo Gang, COO of Ji Yue Automobile, communicated with employees and explained the compensation plan in Jiading office park in Jiading, Jiading.
Since the “dissolution in place” on December 11, Jiyue Automobile’s compensation plan for its employees has finally been announced.
The compensation plan obtained shows that, 1.
In terms of financial compensation, the company will provide financial compensation in accordance with the standard of “Never1”.
Among them, N is the conversion of the service period from the company age to December 20, 2024, and “1” is the base monthly salary and allowance of the previous month (meal allowance and telephone allowance).
The annual leave and transferred leave that have not been enjoyed as of the date of departure shall be converted. , 2. In terms of wages, social security and provident fund, employees’ wages will be settled until December 20, 2024, and social security and provident fund will be paid until December 2024, and shall be completed before the processing time required by the people’s society department. , 3. For employees who are in pregnancy, childbirth, lactation, industrial injury and medical treatment, the company says that in principle, the job will be retained until the end of the situation.
And a Ji Yue internal employee told Caixin that if the third-phase employee chooses to leave, the compensation is “2N”.
, expand reading: 1.
Under the guidance of government departments, the establishment of regulatory co-management accounts, such as Gaohe have not been realized, a.
Until the morning of December 19, the revised version 9 of the compensation scheme could not be passed, mainly because Baidu did not agree. , b. In terms of how and when the compensation plan will be implemented, the company said it will set up a regulatory co-management account under the guidance and witness of relevant government departments, and pay wages and financial compensation on behalf of Jidu before January 20, 2025.
The advance funds will be entered by Geely and Baidu. , c. Aichi and Gaohe, which had come to a dead end before this, also promised their employees that they would transfer the money to the account at a specified time, but in fact they did not land.
Some employees of Jiyue Automobile have doubts about this plan. , 2. Ji Yue Motor gives a way to protect its rights, saying that there is no need to worry, a.
If the money does not arrive on January 20, this account is jointly managed by the government, labor inspection and labor arbitration departments are all there, and employees can exercise their legitimate rights and interests. , B. on December 19, the company will send channel communications and SMS online protocols to all colleagues.
The agreement will include the salary of each employee, the number of months Number1 should be, and the number of holidays. , 3. Baidu adjusted the focus of its business and said long ago that it would not pay any more money.
The shortage of funds appeared as early as the first half of 2024.
The more senior executives urge Xia Yiping to step up financing, senior executives of Baidu, the controlling shareholder, also reminded Xia Yiping that Baidu is very tight and may not continue to invest any more. , b. But Xia Yiping has been hoping that Baidu can continue to transfer money.
From September to October 2024, the bank’s credit loan to Jiyue matured, failed to see any new financing money into the account, and finally decided not to renew the loan.
The company’s cash flow was tight, began to shrink its business and laid off staff, and finally collapsed. , c. If Baidu continues to invest, Jiyue will be able to continue to operate.
A number of executives believe that Xia Yiping monopolized the channels of communication between management and shareholders, especially with Robin Li, and that his individual misjudged Baidu’s willingness to invest. , d. As Baidu shifted its focus to large models in 2023, the overall investment in the self-driving business, including L2+, decreased, and many new projects were not supported.
After October 2023, a number of people on Baidu have privately suggested that Baidu Xia Yiping may no longer invest in Jiyue. , 4. Xia Yiping misjudged, monopolized information channels, and lied at the last minute that Baidu would refinance. A. In April 2024, Baidu L2 team sent a clear message that Robin (Robin Li) would not go too far, “he said.
” Xia Yiping listened at that time, but he was very confident and didn’t know Baidu.
He had a close personal relationship with Robin, so he thought Robin would support him to the next round.
Even if it’s summerPeople around Yiping do not know the cash flow of Ji Yue.
After Baidu released the information in April 2024, some executives of Ji Yue went to Xia Yiping for confirmation.
Xia Yiping also assured these executives that they had had a good conversation with Robin and would continue to invest.
This is also why many executives who directly connect with Xia Yiping are now so angry that things are now in such a disastrous state.
” In early 2024, management began to urge Xia Yiping to ask Baxter for money, but Xia Yiping was not active about it.
Employees speculate that Xia Yiping may have felt that Li Yanhong’s attitude towards sustained heavy investment is not positive, hoping to sell more cars first, and then report to Robin Li to obtain financial support: “at that time, the amount of capital needed was 10 billion yuan.” , 5. The annual loss in 2024 is expected to reach 7 billion yuan.
Baidu’s cumulative equity investment in Jiyue brand company Jidu is about 5 billion yuan, while Geely’s investment is about 3 billion yuan.
In 2023, Jidu Motor lost about 4 billion yuan for the whole year. , B. in the 2024 budget disclosed by the company’s board of directors at the end of 2023, the annual loss is expected to reach 7 billion yuan, and the actual final loss is about 7 billion yuan. , c. The arrears of the supply chain also include the arrears of two major shareholders, Baidu and Geely, of which Baidu owes 1 billion yuan and Geely currently exceeds 2 billion yuan. , 6. On December 13, Jiyue began to notify the sales to resume work, but the sales were only for the purpose of impounding the car, a.
The resumption of work in the sales department did not really come true, and some of the employees who returned to their posts began to “seize” cars after the collapse of Ji Yue, and the sales staff returned to work mainly for asset preservation. , b. “at present, there are still more than 1000 vehicles on sale in Jiyue,” the middle-level person pointed out.
Since then, including suppliers, they have started actions such as seizing goods.
“even some functions of the OTA system of Jiyue have been suspended by suppliers.” , c. At present, the team of Jiyue is developing an offline version of OTA to ensure that nearly 15000 users can use some features thereafter, but this person pointed out that if Geely does not exist in the company, Geely can only ensure that the hardware is sold after sale, and Baidu basically cannot solve the current users’ problems in using OTA. , 7. Various rumors in the market discuss why the more failed, a.
Some people say that the two investors intervene too much and are controlled in many ways.
Some people say that the two “rich dads” still have a lot of cards in their hands, each with their own “own sons”, Baidu has its own artificial intelligence and self-driving to do, and Geely only hears “extreme krypton” and does not hear “Ji Yue”.
The more he has become the abandonment of the rich and powerful.
Like other brands that are out ahead of time, the failure of Jiyue lies in that there is no positive cash flow at all.
As a car company, Jiyue has never sold enough cars and made enough money.
The existence of Ji Yue is only one part of the story of “technology and manufacturing work together to build cars”.
The biggest “father” of Party An is not the consumer, but the investor, so as long as the investor hesitates about its future, its capital chain will be broken immediately.
Of all the new energy car brands, the sales data of Jiyue is actually not the ugliest.
By November this year, Jiyue had delivered more than 14000 vehicles this year.
In several lists of car brand sales, Jiyue is not particularly low.
This means that in this new energy vehicle market “PLAYERUNKNOWN’S BATTLEGROUNDS”, after witnessing the collapse of Ji Yue, there are more car companies in worse condition than Ji Yue, who need to think about their own way out in this cold winter. , 4. Honda and Nissan discuss merging the world’s third-largest automobile group.
Nissan is in financial trouble, which is the main reason for its cooperation with Honda.
It is unclear how Honda, Nissan and Mitsubishi Motors plan to merge, 3.
European car companies are in reverse joint ventures with Chinese car companies, and the merger is a major trend.
Honda Technology Research Industrial Co., Ltd. (Honda) said in a statement on December 18 that it was discussing cooperation with Nissan and Mitsubishi Motors, including the merger.
But there is no definitive information that can be released.
Honda and Nissan are discussing a merger.
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Nissan is Mitsubishi’s largest shareholder.
Nissan owns 34% of Mitsubishi Motors and is its largest shareholder.
If Honda, Nissan and Mitsubishi Motors merge, the annual sales will exceed 8 million vehicles, making it the third largest automobile group in the world.
The top and second runners-up in global car sales in 2023 are Toyota of Japan and Volkswagen of Germany.
Cooperation has been discussed since March 2024, and Honda and Nissan have discussed strategic cooperation around electrification and intelligence.
In August, Mitsubishi Motors joined and the three parties signed a memorandum of understanding on cooperation in electrified technology and software development.
Nissan said at the time that Mitsubishi could bring new technology reserves and that cooperation between the three companies could further expand its scale and reduce costs. , 3. Nissan is in financial trouble, which is the main reason for the partnership with Honda.
In the third quarter of 2024, Nissan sold 809000 cars worldwide, down 2.
8% from a year earlier, and its operating income also fell slightly, but its operating profit plunged 84.
7% from a year earlier, and its net profit fell 99%. , B. operating income in the second quarter of 2024 was 2.
9984 trillion yen, an increase of 2.
8% over the same period last year, or an increase of 80.
7 billion yen. , c. Operating profit fell 99.
2% year on year to 995 million yen, d.
Total profit fell 60.
9% year-on-year to 65.
1 billion yen, e.
Net profit attributable to shareholders of the parent company fell 72.
9% year-on-year to 28.
6 billion yen, 
, 4. 5%. Nissan has taken measures such as capacity cuts, major layoffs and wage cuts, a.
Nissan announced a response, including cutting 20 per cent of production capacity around the world and cutting 9000 jobs.
selling a 10 per cent stake in Mitsubishi to reduce its stake to 24 per cent.
and voluntary pay cuts of 50 per cent for management members such as Nissan’s CEO. , 5. Honda is slightly better than Nissan, but its profits are down 15% from a year earlier.
Honda’s operating profit fell 15% year-on-year in the second quarter of 2024 (July-September 2024), but its overall performance was robust. , b. Honda maintained its operating profit target of 1.
42 trillion yen (67.
4 billion yuan) for fiscal 2024.
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, 6.
It is unclear how Honda, Nissan and Mitsubishi Motors plan to merge, a.
Honda and Nissan plan to set up a holding company, and the two sides will sign a memorandum of understanding in the near future to determine the shareholding ratio of the holding company, the Nippon Keizai Shimbun reported. , b. The cooperation between Honda, Nissan and Mitsubishi will help them to meet the challenges of the industry.
Electrification and intelligence is recognized as the transformation direction of the automobile industry, Honda and Nissan did not seize the market opportunity, the impact has been reflected in the sales level. , 7. European car companies have made reverse joint ventures with Chinese car companies, a.
Some European car companies are seeking cooperation with Chinese and American car companies in the areas of electrification and intelligence.
Stellantis, an European-based car company, has invested in Zero Auto, a Chinese start-up, taking advantage of its product advantages to jointly explore overseas markets. B. Stellantis also plans to build a battery factory in Spain through a joint venture with Chinese battery company Ningde Times.
Germany’s Volkswagen Group invested in Chinese start-up Xiaopeng Motor, while in the United States it invested in Rivian.
Honda, Nissan and Mitsubishi Motors can have a synergistic effect if they cooperate.
Honda has a deep accumulation in gas-electric hybrid technology and has invested heavily in recent years after a clear shift to electrification.
Nissan used to be a pioneer in pure electric cars, and despite the strategic wobble and the sale of its battery company, it still has a wealth of electric vehicle technology and experience. , 5. Chinese car companies go to sea in Malaysia: fuel vehicles are given priority, electric cars have just started, 1.
Malay established the auto industry in the 1960s, but was later occupied by Japanese cars as a parts center in Southeast Asia.
Malay, which focuses mainly on fuel cars, should not have been a key market at sea and was forced by the price war.
On December 17, at the Malaysia-China Summit Electric vehicle Forum 2024 held in Kuala Lumpur, Azrul Reza Aziz, CEO of the Automobile, Robot and Internet of things Research Institute (MARii) under Malaysia’s Ministry of Investment, Trade and Industry (MITI), said: “A traditional fuel vehicle has about 30, 000 parts on average.
On average, a tram has only 15000 parts, which means that some suppliers may be eliminated, and the transformation of the automobile industry to electrification is crucial to Malaysia.
In the 1960s, Malaysia began to build an automobile industry and own its own brand Proton. , a. Malaysia is the second largest oil and gas producer in Southeast Asia, located in the Strait of Malacca, connecting ASEAN on land and at sea.
Malaysia began to build an auto industry in the 1960s, and the national car brand Proton was founded in 1983 by Tun Dr Mohamed, then prime minister and “father of Malaysian modernization”. , b. However, with the signing of the ASEAN Free Trade area in the 1990s and the reduction of tariffs, a large number of Japanese cars occupied the Malaysian market, and Malaysia became the supply center of auto parts in Southeast Asia. , 2. Malay electric car consumer market is still in its infancy, fuel is cheaper than electricity, there is no power to develop trams, a.
According to MARii, so far, the total sales of plug-in, hybrid and pure electric cars and motorcycles are only about 100000, of which 35900 have been sold since 2024, accounting for only 5.
1% of the total car sales, and there are only 3354 charging piles nationwide. , b. The Malaysian government aims to have 10,000 charging stations by 2025, with electric cars accounting for 20 per cent of total car sales by 2030, in order to achieve the 45 per cent reduction in carbon emissions by 2030. , c. “gasoline in Malaysia is as cheap as mineral water, Peninsula Power relies on coal, there is no internal power to develop electric vehicles, and the electric vehicle industry chain lags behind China at least more than a decade,” a Malaysian auto parts supplier said to Caixin.
Malaysia can only rely on Chinese companies to invest in electric cars and keep new energy supply chain-related technologies locally. , 3. Thailand and Indonesia are better than Malaysia, and Chinese car companies are more team-building in fierce competition.
Throughout Southeast Asia, Malaysia’s automobile and automotive semiconductor industry has a good foundation, while Thailand’s early development of electric vehicles, Indonesia’s large population and great potential for the growth of electric vehicles are better final markets than Malaysia. , b. The competition in the overall electric vehicle market in Southeast Asia is fierce, especially in the Thai market, Chinese manufacturers are competing to reduce prices, which is not conducive to the long-term development of Chinese car companies in Southeast Asia.
“when Japanese cars entered Southeast Asia, several car companies would coordinate prices, and Chinese car companies should be more United.” , 4. The main battlefield for Chinese car companies to enter Malaysia is still traditional oil vehicles, a.
Even if trams enter Malaysia, they prefer to enter the market in the form of full-vehicle imports.
“it’s too slow to throw, and you have to find workers.
It takes a long time and the cost is too high to pay for it.
” At present, there is only a market for low-speed electric vehicles such as scooters and commercial vehicles. B. Sunway, a Malaysian head construction machinery manufacturer, has won the agency of Dongfeng Motor’s electric trucks, BYD’s electric forklifts and other products. , c. BYD’s forklift is located in high-end electric vehicles, and the long-term use of electric forklifts has a cost advantage.
Japanese brands have been in Malaysia for many years with high brand loyalty, and it is difficult for new manufacturers to break through in the traditional fuel car market, but BYD has a better chance in the tram market.
The Malay market is dominated by fuel cars, which is not the focus of overseas expansion of Chinese car companies.
Price war forces a.
In the context of domestic price war and European tariffs on China, Great Wall Motor, Dongfeng Motor, Changan Automobile and BYD are all expanding the Malaysian market.
Geely and Chery have also set up vehicle factories in Malaysia. , b. In June 2024, the first new car was released from Chery’s factory in Shaanan, Malaysia, c.
Walking on the streets of Kuala Lumpur, the most popular car is the local Malaysian brand Perodua,Perodua, which works with Toyota to locate small, ultra-small cars, which can cost as little as 35000 ringgit (56000 yuan).
, 
, D.
According to the Malaysian government website, the Perodua accounts for five of the top 10 models registered on the road since 2024, two for Toyota, two for Proton and one for Honda.
, 
, 6.
7 years ago Geely acquired Proton, the first Chinese car company to layout the Malay market, a.
Geely is the first Chinese automaker to set up a layout in Southeast Asia in recent years.
In 2017, Geely holding Group, Geely’s parent company, acquired a 49.
9 per cent stake in Malaysia’s Proton and exported technology, supply chain and talent to Proton. , b. Proton made a turnaround in 2019, and annual sales climbed from a trough of 6400 to 154000 in 2023.
In December 2023, Geely signed a joint venture agreement with DRB-HICOM Group, which plans to set up a joint venture company to promote the development of AHTV.
DRB-HICOM Group provides relevant land and supporting facilities, and Geely is responsible for trading and operation. , d. In addition to covering the Malaysian market, Proton will also faceOther right rudder car markets.
In addition, Geely will consider introducing Geely brand and Lock brand models to AHTV. , 7. Guangzhou Automobile, Great Wall and BYD have also entered Malaysia, a.
GAC chose to build a joint venture with Warisan TC Holdings Bhd, a local Malaysian company.
In April 2024, the first vehicle production plant of the joint venture plant has a standard annual production capacity of 34400 vehicles, with a maximum capacity of 50, 000 vehicles per year. , b. BYD chose to work with local dealers to launch ATTO 3 and e6 models, while Great Wall licensed Malaysia’s PJVM to produce Harvard H6 and other models.
In the Malaysian market, Proton’s sales are also good.
At present, Malaysia is still dominated by the fuel truck scheme, and there will be more and more trams in the future.
In addition to car companies, domestic supply chain enterprises, because the domestic parts market is too big, originally wanted to go out to sea, and now they are also landing in Malaysia with domestic customers.
For example, some metal parts suppliers can put the upstream electrolysis link in Malaysia and make full use of the local advantages of abundant green electricity and rich mineral resources, while the downstream stamping structure parts can be processed in China to serve customers in the local new energy automobile industry. , 6. If Ningde wants to build its own power station, it will be difficult to break through the ceiling even after eating the maximum dividend, creating a second growth curve.
Ningde Times plans to build 1000 power stations in 2025, which will be invested and operated by Ningde Times itself.
By 2030, power exchange, home charging and public charging piles will be divided into three parts.
Even if the Ningde era can enjoy the maximum dividend, it is difficult to break through the ceiling.
On December 18, 2024, Zeng Yuqun, chairman and CEO of the Ningde era, made a judgment at the Chocolate Power Exchange Ecological Conference: electric vehicles face some special difficulties in practical use, and the power exchange mode can provide a solution.
By 2030, power exchange, home charging and public charging piles will be divided into three parts.
, expand reading: 1.
The power replacement mode can solve the problems of battery life and second-hand salvage, a.
Under the existing battery technology, electric vehicles can only increase their mileage by increasing the number of batteries, which will increase vehicle weight and cost at the same time.
When it comes to the second-hand car transaction, if the battery decays more, it will directly affect the residual value of the vehicle.
In addition, when the new battery technology is applied, the original consumers can not change cars in a short time to use the latest battery, b.
The replacement mode decouples the vehicle from the battery, and consumers do not have to hold the battery themselves, but can subscribe to battery services according to demand and actual usage, which can be easily solved. , 2. It is not easy to popularize the power exchange mode, which is mainly implemented by a.
Better Place, an Israeli start-up, created a power exchange model, but failed.
Tesla once showed the process of changing electricity at the press conference, but also did not launch the actual product. , b. Start-up car company Xilai Automobile mainly focuses on power exchange mode.
According to the China Federation for the Promotion of Electric vehicle charging Infrastructure, as of November 30, 2024, there were 4193 power stations in China, of which 2788 were owned by Ulai.
Other mainstream power exchange operators are Aojin and Yi Yi Interconnection. , 3. Charging is the most mainstream way to replenish energy for new energy vehicles. , a. As of November 30, 2024, there are 3.
46 million public charging piles in China, and 3.
022 million new ones have been added in the first 11 months of 2024. , 4. The key to popularizing the power exchange mode lies in the standardization of battery packs, which is difficult for car companies to be consistent, a.
It’s hard to agree between different car companies and models.
If the number of power-changing models is not enough, it can not support the construction cost of large-scale power stations. , b. The power change mode can easily enter the “chicken or egg first” dilemma spiral.
At present, domestic enterprises engaged in power exchange business are trying to promote their own standards and reach cooperation with as many car companies as possible. , 5. Ningde era has a natural advantage over other car companies.
In 2021, Ningde era launched power exchange products. A. In 2021, Ningde era launched “Chocolate replacement”, the main operator is the wholly-owned subsidiary time Telegraph Technology Co., Ltd. (hereinafter referred to as’ Times Telegraph “). , b. The earliest electric exchange product of the Times is the standard replacement block, and consumers can choose the combination scheme of 1 to 3 replacement blocks to achieve different mileage. , c. After small-scale operation in Xiamen and other cities, on December 18, 2024, Times Telegraph launched a new generation of replacement power stations and standard battery packages. , 6. Gasoline has 92 and 95, chocolate power exchange will also use two standard power changers, a.
“We named it No.
20 and No.
25 power changers,” Zeng Yuqun said.
Provide users with personalized services for on-demand power distribution through different amounts of electricity.
” , B.
the size specifications of No.
20 and No.
25 changers are the largest common divisor reached after extensive discussion with the car company. , c. 20 is suitable for A0 grade products, in which lithium iron phosphate version has an electric capacity of 42 kWh (KWh) and supports a range of 400km, while the ternary battery version has a charge of 52KWh, which can achieve a range of 500km. D. 25 converter block is suitable for A-class and B-class models, lithium iron phosphate and ternary battery versions are 56KWh and 70KWh respectively, and support 500km and 600km service life. , 7. Time Electric Service has cooperated with a number of central car companies, a.
Previously, it has reached power exchange cooperation with Changan Automobile, GAC GROUP), FAW Group, SAIC Group and other car companies.
Starting from the first quarter of 2025, these companies will have ten models that support chocolate replacement. , b. The third brand “Firefly” may consider using chocolate power exchange scheme, 8.
For the power replacement mode to be really successful, 30,000 power stations are needed, a.
In addition to the construction and operating costs of the replacement power station, each exchange power station needs to be equipped with more than 10 batteries, and the operator also needs to hold a large number of battery assets. , b. There are 100000 gas stations across the country.
If the power exchange mode is to occupy 1/3 of the energy supplement market, it is theoretically necessary to build 30, 000 exchange power stations. , c. Time Electric Service plans to build 1000 power stations in 2025, which will be invested and operated by Ningde era itself.
After the successful verification of the business model, Times Telegraph Service will be open to external partners to jointly invest in the construction of the exchange power station network.
The medium-term goal of the Ningde era is to build 10, 000 exchange power stations and the long-term goal is 30, 000 with a total of 33.
6 gigawatt-hours (33.
6 million KWh) of batteries. , 9. How to make a profit in the power exchange mode is the number one problem.
The power exchange mode mainly has two major businesses, one is holding battery assets, and the industry is called “battery bank”, b.
The other part is the construction and operation of exchange power stations.
Consumers who choose the power exchange mode need to pay the battery subscription fee to the “battery bank” and the power exchange service fee to the operator of the power station. , c. Relative holding of battery assetsEasy to make profits, Ningde Times can provide long-life, relatively low-cost batteries, and has a complete battery management system, which can accurately evaluate the status and impairment of these battery assets.
Battery subscription revenue is relatively stable. d. The operation of power exchange stations is relatively difficult, and the market needs to maintain a high number and scale of power exchange. 10. It is easier to start from operating vehicles such as taxis,a.
Operating vehicles are more concerned about car purchase costs and energy replenishment timeliness.
At the same time, they replace electricity more frequently, which can form a foundation to support the operation of power exchange stations.
Power exchange models for the private market will also be launched simultaneously.
Short comment: Ningde era has ranked as the world’s leader in power batteries for seven consecutive years, but batteries are after all only a component of electric vehicles.
The say in how much profits suppliers can make lies in the hands of car companies.
The largest component of batteries is raw materials, and the cost is also severely limited.
As a leading enterprise, even if it could enjoy the greatest dividends in the Ningde era, it would be difficult to break through the ceiling.
Whether it is “100 days of struggle” or rumors of production line production shutdown, these information all imply that the Ningde era has encountered periodic bottlenecks.
In fact, topics related to questions about the Ningde era in the market include: power battery products are not so different, industry price competition is fierce, and it is difficult to maintain market share in the Ningde era.
car company customers are unwilling to be controlled by the Ningde era and develop their own batteries or support second-and third-line battery companies.
Zeng Yuqun often launches platforms for car companies ‘new products.
This is his first time appearing at a business conference in Ningde Times.
In the Ningde era, Zeng Yuqun’s ambition to find a second growth curve was hidden in the layout of the electricity exchange business.
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