电厂 | 强力降本，汽车公司逃离亏损泥潭的另外一种方式

Core Viewpoint - The price war in the new energy vehicle (NEV) sector in China, which has lasted for nearly two and a half years, is showing signs of being called off due to unsustainable practices that have deviated from normal cost reduction paths [1] Industry Overview - In 2022, China's NEV production and sales reached 7.058 million and 6.887 million units, respectively, marking year-on-year growth of 96.9% and 93.4% [1] - By 2024, these figures are projected to rise to 12.888 million and 12.866 million units, with NEVs accounting for 41% of new car sales, nearing 50% [1] - The profit margin in the Chinese automotive industry has dropped to 4.2%, below the average of 5.4% for all industrial enterprises, and further declined to 4.1% in the first four months of the year [1] Company Performance - Changan Automobile's management indicated that their brand Deep Blue achieved breakeven with monthly sales of 30,000 units, while another brand, Avita, is expected to reach breakeven by 2026 [4] - Avita has accumulated losses of nearly 10 billion yuan from 2022 to 2024, with losses of 3.693 billion and 4.018 billion yuan in 2023 and 2024, respectively [4] - Li Auto has successfully implemented a cost reduction and growth model, achieving profitability in 2022, with a vehicle sales average price of 330,000 yuan and a gross margin increase from 12.7% to 20.2% in the fourth quarter [8][10] Pricing Strategies - Avita's pricing strategy has involved significant price reductions, with the starting price of Avita 11 dropping from 349,900 yuan to 309,900 yuan [6] - Lantu, another brand, has seen its starting price for the Lantu Dreamer decrease from 369,900 yuan to 339,900 yuan, while its first mass-produced model, Lantu FREE, has dropped from 313,600 yuan to 228,900 yuan [7] Cost Management - The automotive industry has a historical precedent where achieving annual sales of over 200,000 units significantly reduces fixed costs per vehicle, enhancing profit margins [12] - Xiaomi's automotive division is projected to achieve profitability within two years of launching its first vehicle, with a gross margin reaching 20.4% [12] - Leap Motor has managed to achieve a quarterly net profit of 8 million yuan in Q4 2024, despite a net loss of 2.82 billion yuan for the year [14] Strategic Initiatives - NIO has implemented a CBU (Cell Business Unit) mechanism to enhance cost efficiency rather than directly cutting costs, focusing on return on investment (ROI) for each project [18][20] - NIO's R&D expenses are expected to increase by 15% in Q2, reflecting a commitment to new model launches while aiming for a gross margin of 17-18% [20]