【Introduction: After more than a year of brand independence, GAC Aeon has also made continuous moves in terms of mixed reform. It has not only completed the increase of registered capital, but also promoted employee shareholding and the introduction of strategic investors, and sought to achieve a separate listing at the right time. Compared with the new forces to build cars, GAC Aeon is even one position ahead in terms of sales. According to the current situation, promoting the IPO of Aeon will become the focus of GAC Group's work in the coming period. 】
Written| by Zhang Chi and edited by | Kang Qiao
For GAC Group, like other traditional car companies, it is facing a very embarrassing situation, and its market value is surpassed by new power car companies whose sales are far less than their own. At the global level, Tesla has left Toyota and Volkswagen far behind; in China, GAC Group, which sells more than 2 million vehicles a year, currently has a market value of only one-half of WEILAI's market value, and Weilai's delivery volume in 2021 has not exceeded 100,000 units. In 2021, GAC Security sold more than 123,660 units, an increase of 119% year-on-year. Purely from the perspective of total delivery volume, GAC Aeon surpassed a number of domestic new car companies. How to use the platform of GAC Aeon to maximize benefits has become the top priority of GAC.
The IPO will bring considerable capital to GAC
With the completion of GAC's Aean mixed reform, its next pursuit of IPO has become inevitable. Once the IPO is successful, BYD or Wei Xiaoli, which has already been listed, will become the largest reference standard for Aean's valuation. This means that GAC can get a very substantial income from Aeon's IPO. This money will be a valuable resource for GAC to continue to invest in including the three-electric system and intelligent network connection, helping GAC catch up with the pace of forward-looking technologies in the current market. Tens of billions of dollars are a big burden for any traditional OEMs.
In addition, for GAC Aean, if the IPO is achieved through mixed reform, it can also provide better incentives for the company's core technical employees. At present, with the continuous development of technology, the competition between car companies is ostensibly the competition of technology and business models, and the essence behind this is the competition between talents, especially the competition of talents in software and hardware and customer operation and maintenance. In order to retain these talents and fully stimulate their motivation, the equity incentive that is common in Internet manufacturers is the most direct and common method. Only a competitive pay package that includes stocks/options can truly attract top talent to it.
After the asset replacement, Aeon has a complete system competitiveness
In addition to the funds, GAC Aeon will have independent R&D and production capabilities through mixed reform. According to the relevant restructuring plan, we can find that GAC Group increased its capital to GAC Aean with 7.407 billion yuan in cash, becoming the most important source of funds for GAC EIAN. At the same time, GAC Passenger Vehicles increased its capital to GAC Aean with physical assets such as production equipment of 3.557 billion yuan, helping GAC Aean to establish production capacity. On this basis, GAC Aeon will also invest 500 million yuan to expand the production capacity of its existing plant from 100,000 units to 200,000 units by the end of 2022. In addition, GAC Aeon will also build a new plant with a capacity of 200,000 units, and the company's total production capacity will reach 400,000 units by the end of 2022.
In particular, it is worth mentioning that at the R&D level, GAC Aean, which has been invested by GAC, purchased intangible assets and fixed assets related to the pure electric new energy field of GAC Research Institute and GAC Passenger Vehicles by paying 4.975 billion yuan in cash and bearing liabilities, and accepted the R&D team of GAC Research Institute, as well as the patents and R&D centers of GAC Design New Energy. On this basis, GAC Aean has a leading level in the research and development of electric vehicles and core technologies. Among them, under the condition that AION LX PLUS achieves CLTC in the "sponge silicon anode plate battery", the cruising range of 1008km is the most eye-catching. In addition, the super-speed battery technology and the A480 supercharge pile with the highest charging power in the world, which can achieve "charging for 5 minutes and lasting 200 kilometers", which has previously released by AE, have surpassed Tesla's latest generation of supercharge technology in terms of technical indicators, and are also its eye-catching technical highlights.
Concept updates are even more important
In fact, the most important reason why the valuation of new power car companies has been high, in addition to their previous full investment in electric vehicles, their business philosophy and business model innovation is far from the ability of traditional car companies. Taking the mileage of the biggest pain point of electric vehicles as an example, Tesla has launched supercharge technology, while Weilai has pushed the power exchange mode. At present, these two technical routes have become the object of imitation by other car companies. But in other words, if there is no Tesla and Weilai, how likely it is that domestic independent brands can take the lead in launching these two supplementary strategies when designing and building electric vehicles, which needs to be marked with a big question mark. Weilai also successfully gained a foothold by virtue of the power exchange model and became a mainstream electric vehicle company in China.
In addition, in terms of sales model, direct sales starting from Tesla and Weilai are currently becoming the mainstream in the market. Better customer operation and maintenance, can directly @ high-rise car owners APP, downtown showroom and other concepts, is also being imitated by traditional car companies step by step. However, the Internet genes in the bones of the new power car companies will make them constantly come up with new marketing models and quickly deploy them into practical applications. If traditional car companies only imitate, they will always be in a backward situation. Therefore, while GAC Aean completes the mixed reform and seeks IPO listing, how to update the business philosophy is the top priority.
Comments
Through a series of asset transfers, GAC Group has given AEan the conditions to attract external investors and seek IPO. As the leading electric vehicle brand in China, through the IPO, E-an will certainly be able to obtain a higher price-earnings ratio and valuation than the current GAC. However, if Eian wants to surpass Wei Xiaoli in terms of market value, it not only needs to continue to move forward in terms of sales and technology, but also to get rid of the shackles of traditional car companies and inject more Internet genes in concept. Only in this way can we truly get the pursuit of investors and the favor of consumers.
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