融资61亿，深蓝汽车与“失血”赛跑

Core Viewpoint - The recent 6.122 billion yuan financing for Deep Blue Automotive, backed by state-owned enterprises and banks, highlights the company's urgent need for capital despite its ongoing financial struggles, including significant losses and debt issues [4][11][24]. Financing Overview - Deep Blue Automotive completed a C-round financing of 6.122 billion yuan, with major contributions from Changan Automobile (3.122 billion yuan), Chongqing Yufu Holdings Group (2.5 billion yuan), and Zhaoshang Financial Asset Investment Co. (500 million yuan) [5][7]. - The financing increased Deep Blue's registered capital from approximately 328 million yuan to 466 million yuan, with Changan maintaining a 50.9959% stake [5][7]. - The financing aims to enhance Deep Blue's capabilities in advanced intelligent driving, electric platform development, and global expansion, especially following its recent achievement of obtaining L3-level autonomous driving licenses [7][21]. Financial Challenges - Despite the financing, Deep Blue Automotive has been in a state of insolvency for three consecutive years, with total assets of 31.474 billion yuan and total liabilities of 35.986 billion yuan, resulting in a negative net asset position [9]. - Cumulative losses since its independent operation began in 2022 have reached 8.899 billion yuan, with 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 [9][10]. Sales Performance - Deep Blue Automotive has failed to meet its annual sales targets for three consecutive years, with a total of approximately 302,000 units sold by the end of November 2025, falling short of the revised target of 360,000 units by nearly 60,000 units [12][13]. - The best-selling model, the S05, accounted for nearly half of total sales, while higher-end models like the S09 and G318 have underperformed significantly [14][16]. Market Position and Competition - The company faces multiple pressures, including unclear market positioning, insufficient product competitiveness, and internal brand overlap with other Changan brands like Avita and Qiyuan [13][17][18]. - The competitive landscape in the Chinese electric vehicle market has shifted from incremental competition to intense rivalry, with leading brands like BYD and Geely dominating through technological advancements and cost control [16]. Future Outlook - The success of Deep Blue Automotive hinges on its ability to convert the recent financing into market competitiveness and to transition from a "burning cash" model to a self-sustaining one [19][24]. - The financing, while significant, does not directly address the company's insolvency and raises questions about how long the funds will last in supporting operational needs [24].