北汽新能源：悬崖边的舞蹈丨车圈脉动 Vol.6

Core Viewpoint - The article discusses the challenges faced by the Chinese automotive industry, particularly focusing on the struggles of Beiqi Blue Valley (北汽蓝谷) amidst fierce competition and financial losses despite increased sales figures [1][2][4]. Group 1: Company Performance - Beiqi Blue Valley's sales in the first half of 2025 increased by 139.73% year-on-year, reaching 67,000 units, but the company is still expected to incur a loss of 2.2 to 2.45 billion yuan [3][5]. - In Q1 2025, Beiqi Blue Valley reported sales of 28,000 units with revenue of 3.773 billion yuan, resulting in a net loss of 961 million yuan after deductions [5]. - The company's R&D investment surged by 48.22% in 2024, totaling 3.191 billion yuan, which accounted for 21.99% of its revenue [5]. Group 2: Market Dynamics - The overall automotive market in China is experiencing intense competition, with companies forced to "fight" for market share [2][8]. - Beiqi Group's total vehicle sales in the first half of 2025 reached 817,000 units, a 6% increase year-on-year, with commercial vehicles performing particularly well [7]. - The sales of joint venture brands are declining, while the growth in domestic fuel and new energy vehicles is insufficient to offset the losses from joint ventures [6][7]. Group 3: Strategic Challenges - Beiqi Blue Valley is undergoing a significant restructuring, with leadership changes and strategic shifts aimed at revitalizing its electric vehicle segment [11]. - The company has faced continuous losses since its IPO in 2018, accumulating over 30 billion yuan in losses, which raises concerns for potential investors [11]. - The reliance on profits from joint ventures and commercial vehicles to support the electric vehicle division indicates a precarious financial situation [11].