The foundry went bankrupt, and another new force delivered less than 10 thousand cars to close down？

Friends who pay attention to our new car reviews should know that recently, Qingge brought a zero-run T03, and when I was chatting with my friends in the industry, my colleague’s first reaction was, "Enterprises are going to close down, and dare to buy his car?" I don’t know where to repair the car at that time. " Coincidentally, under the video of Zero Run, there are also netizens who leave a message that the Yangtze River is bankrupt, and Zero Run is going to close down soon, right?

Judging from these two examples, there should be quite a few people who think that zero running is closely related to the Yangtze River, and the two complement each other. Once the situation occurs, it will definitely be cold. In a sense, after the new head forces established their position, they lost confidence in the remaining new forces, or because some new forces fell this year, they also held a pessimistic attitude towards some existing new enterprises. In fact, what is the relationship between the bankruptcy and liquidation of Changjiang Automobile and zero running? Is it okay to run at zero?

What is the relationship between zero running and the Yangtze River?

Zero running is not qualified, so we must find a "surrogate mother". This mother is the Yangtze River passenger car. Changjiang passenger car and Changjiang automobile are not the same thing, the former is not a wholly-owned subsidiary of the latter, and Changjiang automobile holds 33% of the shares in Changjiang passenger car. This is also why Changjiang Automobile went bankrupt and liquidated some time ago, and the zero-run theory did not affect their production.

The relationship between Zero Run and Changjiang Automobile is a bit like the "mother" of surrogate mother. The bankruptcy of Changjiang Automobile has an indirect impact on Zero Run, but it can’t be said that it has no impact. If the "mother" no longer exists, what about the "fetus in the womb"? In order to reduce the unknown uncertainties, from the point of view of zero running, of course, we should keep the production in our own hands. Recently, it was reported that Zero Run is going to buy Fujian Xinfuda Automobile Industry Co., Ltd. to solve the problem of production qualification.

In October, 2018, Zero Run s01 body-in-white rolled off the assembly line at Zero Run Jinhua Factory.

According to previous news, there is a self-built factory in Jinhua, Zhejiang Province, with the first batch of annual production capacity of 50,000 units, and the plan to expand the production capacity to 250,000 units. The first T01 body-in-white was off the assembly line in October 2018. At present, the production mode adopted by the zero-run is to complete welding, painting and other processes in the self-built factory, and then complete the final assembly by the foundry to obtain the certificate of approval. Conversely, once the qualification problem is solved, it is not too difficult to realize independent production.

As an independent new force, Zero Run is not as loud as Tucki, so it is looked down upon by many people. In fact, it has its own "father" and development logic, but it is not necessarily in the same column as Bo County and Baiteng.

Zero run has a "dad" and is also an industry hegemon.

Zero Run was established by Dahua Co., Ltd., which is the head enterprise in the security monitoring industry and ranks second in the world. Based on the saturation of the security industry, Dahua began to enter the automobile, and its advantage is that the image analysis and algorithm processing accumulated over the years can be "seamlessly applied to the field of automatic driving" in Dahua’s view. For this advantage, Zero Run is still very confident. Zhu Jiangming, the chairman of Dahua Co., Ltd. and the main founder of Zero Run, once publicly stated: "Zero Run does not need an integrated supplier like Mobileye."

In this way, it is not difficult for us to understand why the retail T03 costs only 75,000 yuan. If we cut off practical functions like keyless entry, we should also do L2 driver assistance and face recognition.

There is a little difference between zero running and other new forces making cars. After all, there is a "pro-dad", rich and skilled, and full of confidence in doing things. According to the financial report, Dahua’s revenue in the first three quarters of 2020 was 16.166 billion yuan, down 1.59% year-on-year, net profit attributable to its mother was 2.825 billion yuan, up 50.48% year-on-year, and net profit attributable to its mother was 1.736 billion yuan, up 0.39% year-on-year. Haitong Securities’ latest rating in October pointed out that Dahua’s "operating quality continues to improve" and maintained its "superior to the market" rating.

Nevertheless, the money earned from selling security systems is not the same as the scale of investment needed to build cars, and the growth of the company is indispensable for borrowing financing.

Founded in 2015, with a registered capital of 800 million yuan, it has raised 4 billion yuan so far, including 400 million yuan in Pre-A financing, 2.5 billion yuan in A financing, 760 million yuan in A-1 financing and 360 million yuan in A-2 financing. According to the valuation of more than 12 yuan per share in A-2 financing, Zero Run estimates its own valuation of 7.115 billion yuan.

At present, it is preparing to declare the domestic science and technology innovation board IPO in mid-2021, and it is expected to be listed in science and technology innovation board by the end of the same year. At the same time, we are also discussing the B round of financing in the near future, with the goal of financing scale exceeding 3 billion yuan. Wang Ying, vice president of Zero Run Technology, revealed that "a lot of capital has been found, far exceeding expectations".

What’s the chance of surviving by running at zero?

Li Bin said, "There are not 200 individual cars", and Chairman Dyson said, "It may cost 80 billion yuan to build a car, but it may not be successful". From this dimension, there is still a long way to go. It has also been said that Tucki Ideal has completed the delivery of its "first 10,000 units" one after another, speeding up the layout of product camps, increasing the delivery volume, and hitting the break-even point by running. However, like Zero Run, the target delivery of 10,000 units last year was far from being achieved, and the cumulative sales volume in the first 11 months of 2020 was only 8,367 units. No wonder car editors are not optimistic about it.

On the one hand, I personally think there is still hope for zero running for three reasons. First, Zero Run firmly grasps its own advantages. In terms of image equipment, detection instruments and image analysis and processing, these things need data to be fed. Although the car and security are not the same, the accumulated algorithm technology can still help Zero Run to gain a foothold in the automobile industry. From our recent experience, the image recognition ability carried on T03 is still quite good, especially when crossing streets and lanes, which is good for pedestrians and bicycles.

Second, retail definitely adheres to low-price positioning, and the market entry threshold is low. After finding the right sales and spreading the network, it has more advantages in opening sales. Zero Run is also well aware of this. At present, its sales network in China is nearly 100, and it will increase to 150 in 2021. We see that the positioning of T01 is very strange. Although a small sports car is cheap, it is doomed to fail in quantity. However, T03, the second mass production car with zero running, is right. The mini scooter with a price of 100,000 yuan is the lowest among similar products, and its performance indicators are easy to get. It has brought sales growth to this new brand in a short period of time. In November, the sales volume of zero running was 2,032, of which 1,927 were T03. C11 has become larger in size, but this pricing idea continues. Retail money is not much, so we can’t take the service route like children. The current strategy is still pragmatic.

Third, the pace of zero running is slower than that of the new head force and slower than its own expectations. It was originally planned to deliver 10,000 units in 2019, but this goal was actually touched this year. In the rhythm of primitive accumulation, Zero Run stepped on a pit like T01, and it is inevitable that the rhythm will slow down. Next, with the listing of C11, Zero Run has completed the layout of two cars, and the sales volume should be improved, which is why Zero Run is ready to promote IPO.

Between hope and success, there is still a long way to go. As a new car-making enterprise, Zero Run’s products need to be optimized. For example, after the driver gets off the bus, the other doors are still locked, and he often has to run back to reopen the central locking. For example, Bluetooth music and car music can be played simultaneously, and the two sounds interfere with each other; For example, spraying glass water will wet your rearview mirror, which will affect your vision, and the smell of new cars is too strong, which will affect the experience. In addition to these easy-to-optimize usage details, there is a greater challenge for zero running. After all, no one will accept a car with a three-electric system that is much worse than others and the rear of the car swings left and right when running.

After combing it, we can see that the zero-running is slow and a little low-flying, but as a new force, its strategy is very clear from the beginning. In the past 5-6 years, there has been no directional adjustment, and the pits it has stepped on are not too big or too many, and its development quality is still high.

Write at the end:From the outside world, Zero Run is just one of many new forces making cars. The money is not as much as others, the design is not outstanding, the battery life is quite satisfactory, and the intelligence can’t keep up with the level of the head. I can’t figure out why this brand can jump out and attract more people’s attention. It is easy to be lost in the long river of history. However, from a dialectical point of view, zero-running has achieved the marketization of mass production vehicles, completed the construction of the first batch of networks, and established its own short product line. Can it be said that it has the ability to pass the customs? As a private enterprise, Zero Run has some advantages that mainstream car companies don’t have, such as simple structure, strong action, fast product iteration, and it can catch up even though it starts late. It’s still too early to say whether it will succeed or not, so let’s continue to wait and see.