Xin Lang Cai Jing·2025-12-29 11:30Crisis - A lawsuit from Weirui Electric Vehicle Technology Co., Ltd. has accused Xinnengda of delivering battery cells with quality issues from June 2021 to December 2023, seeking compensation of 2.314 billion yuan [4][19] - This amount is nearly equivalent to Xinnengda's total net profit for 2023 and 2024 [21] - The lawsuit has led to a significant drop in Xinnengda's stock price, falling by 15.97% and reaching a multi-month low [2][17] Fracture - Xinnengda's major clients include Geely, Li Auto, Xiaopeng, Xiaomi, Volkswagen, and Dongfeng, which dominate the Chinese automotive market [6][22] - The partnership with Li Auto began in 2017, with a 400 million yuan investment in 2020 for R&D [7][23] - Due to quality concerns, Li Auto has faced challenges in maintaining consumer trust, especially after previously offering customers a choice between Xinnengda and CATL batteries [7][24] Survival - Xinnengda has stated that the lawsuit has not yet gone to trial, and the outcome remains uncertain [9][25] - The company is actively seeking reasonable solutions and enhancing communication with relevant parties [10][26] - Financial data shows Xinnengda's battery revenue from 2021 to 2023 was 2.933 billion yuan, 12.687 billion yuan, and 10.795 billion yuan respectively [10][26] Under Currents - The lawsuit highlights the harsh realities behind the booming battery industry, where automakers are highly sensitive to battery costs [14][29] - The conflict between cost reduction and reliability is critical, as automakers prioritize safety and reliability over cost [14][29] - This crisis presents both a survival challenge and a potential transformation opportunity for Xinnengda, emphasizing the need for quality assurance and customer trust [14][30]