61亿融资难掩困局，深蓝汽车的“输血”与“失血”赛跑

Group 1 - The core point of the article highlights that despite the significant financing of 6.122 billion yuan, Deep Blue Automotive is still facing severe financial challenges, including continuous losses and an inability to meet sales targets [2][5][12] - Deep Blue Automotive completed a Series C financing round with contributions from Changan Automobile, Chongqing Yufu Holdings, and China Merchants Bank Financial Asset Investment Co., totaling 6.122 billion yuan, which increased its registered capital from approximately 328 million yuan to 466 million yuan [3][12] - The financing structure includes 3.122 billion yuan from Changan Automobile, which consists of 2.079 billion yuan in cash and 1.043 billion yuan in intangible assets, while Chongqing Yufu and China Merchants contributed 2.5 billion yuan and 500 million yuan in cash, respectively [3][12] Group 2 - Financial data reveals that as of October 31, 2025, Deep Blue Automotive has total assets of 31.474 billion yuan and total liabilities of 35.986 billion yuan, indicating a negative net asset position for three consecutive years [5][12] - Since its independent operation in 2022, Deep Blue has accumulated losses of 8.899 billion yuan, with annual losses of 3.196 billion yuan in 2022, 3.107 billion yuan in 2023, and 1.571 billion yuan in 2024, alongside a loss of 1.025 billion yuan in the first ten months of 2025 [5][12] - Despite achieving a monthly sales volume of around 30,000 units, which is considered the breakeven point, Deep Blue has not managed to stop its financial bleeding, indicating deeper issues in cost structure, product pricing, and operational efficiency [5][12] Group 3 - Deep Blue Automotive has failed to meet its annual sales targets for three consecutive years, with a reported global sales volume of 33,060 units in November 2025, representing an 8.2% year-on-year decline [6][12] - The best-selling model, the Deep Blue S05, accounted for nearly half of the total sales in November, highlighting a reliance on lower-end models rather than the higher-end offerings [6][12] - The performance of higher-end models like the Deep Blue S09 and G318 has been disappointing, with monthly sales below 2,000 units and only a few hundred units, respectively [7][12] Group 4 - Deep Blue Automotive's brand trust has been severely impacted due to consumer dissatisfaction, particularly following an incident involving mandatory full-screen advertisements during vehicle startup [9][12] - The slowdown in sales growth and ongoing losses create a vicious cycle, making it difficult to dilute high R&D and manufacturing costs, while insufficient profits hinder ongoing technological innovation and market expansion [9][12] - The competitive landscape in the domestic new energy vehicle market has shifted from "incremental competition" to "stock competition," with leading brands like BYD and Geely exerting pressure on second-tier players like Deep Blue [9][12] Group 5 - The recent financing is seen as a "timely rain" for Deep Blue, especially following its achievement of obtaining L3-level autonomous driving licenses, marking a significant technological milestone [11][12] - However, the capital market's patience with new energy vehicle companies is waning, and while the financing is substantial, it remains uncertain how long it will sustain Deep Blue's operational needs [12] - The financing will primarily support high-level intelligent driving, electric platform development, and global expansion, but it does not directly address the company's negative financial status [12]