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in recent times, the baic bluepark team has been feeling mixed emotions.

the good news is that the polarfox brand, supported by the whole group, has finally ushered in a new breakthrough: in august, polarfox's monthly sales exceeded 10,000 for the first time, reaching 10,001 vehicles. the cumulative sales in the first eight months reached 35,861 vehicles, a year-on-year increase of 198%.

the worry is that the company is in urgent need of new capital injection. on september 3, baic bluepark issued an announcement that its wholly-owned subsidiary beijing new energy plans to increase capital and expand shares by introducing strategic investors through public listing. the capital increase price shall not be lower than the registered evaluation result, and the capital increase amount shall not exceed 10 billion yuan.

at the same time, the company's shareholder beijing auto plans to increase its capital to baic new energy by 2 billion yuan. if both plans are successfully implemented, baic new energy will receive a capital injection worth 12 billion yuan.

with an increase in capital and shareholding of up to 12 billion yuan, baic blue valley is recovering

"burning money" seems to be the inevitable fate of all car companies when they transform to new energy, including baic new energy and its parent company baic bluepark.

from 2021 to 2023, baic new energy's net profit losses were 3.738 billion yuan, 2.543 billion yuan, and 2.184 billion yuan, respectively. in the first half of this year, the company's performance still showed no signs of recovery, and continued to lose 1.124 billion yuan.

continuous losses over the years have kept baic new energy's asset-liability ratio at a high level for a long time. from 2021 to 2023, the asset-liability ratio was 82.87%, 69.55%, and 75.06%, respectively. in the first half of this year, this figure remained at 78.08%.

baic new energy 2024 first half financial report

correspondingly, baic blue valley was also implicated. from 2021 to 2023, baic blue valley also suffered losses of 5.244 billion yuan, 5.465 billion yuan, and 5.4 billion yuan respectively. in the first half of this year, baic blue valley's current operating income was 3.741 billion yuan, and the net profit attributable to shareholders of the listed company was -2.571 billion yuan.

baic bluepark gave two explanations for this performance: on the one hand, competition in the new energy vehicle market is becoming increasingly fierce, and price wars are becoming increasingly intense, squeezing profit margins; on the other hand, in order to continuously promote the development of its products towards high-end, the company continues to invest in technology research and development, brand channel construction, brand image sharpening, and operational efficiency improvement, which has a certain impact on the company's short-term performance.

under the pressure of operation, baic blue valley has been raising funds in the capital market in exchange for hematopoietic capacity. in addition to the 28.662 billion yuan raised through backdoor listing in 2018, baic blue valley has successively carried out three private placements in 2019, 2021 and 2023, with actual fundraising amounts of 1.034 billion yuan, 5.45 billion yuan and 6.03 billion yuan respectively, with a cumulative financing amount of more than 50 billion yuan.

for baic blue valley at present, the huge investment brought by the new round of capital increase and share expansion is like timely rain, which can greatly alleviate the long-term financial difficulties of baic blue valley and baic new energy.

but thinking from another angle, baic blue valley has repeatedly been favored by baic group or investors. there seem to be many factors to consider behind this, and arcfox and enjoy are the most important.

polar fox's monthly sales finally exceeded 10,000

in fact, from the moment baic bluepark completed independent operation, baic's determination to transform has been clear. as baic's high-end smart electric car brand, arcfox shoulders the responsibility of the entire group's new energy transformation.

in early february this year, the company held a special meeting on polar fox, aiming to "use the group's strength to support polar fox's development." this means that polar fox is no longer just a simple electric car brand, but has extended to a strategic level.

at this time, baic group welcomed a new leadership team. on march 27, zhang jianyong returned and was promoted to the party secretary and chairman of baic group. immediately afterwards, zhang jianyong carried out drastic reforms on the entire new energy department, transferring personnel within baic new energy while focusing the work center on the polar fox brand.

on april 12, during a research trip to arcfox, zhang jianyong gave two guiding directions for brand development: first, baic new energy must have firm confidence in development and go all out to fight the tough battle of arcfox's market breakthrough; second, marketing must work hard to make arcfox products popular.

in order for polar fox to make a comeback, baic group has provided a lot of technical support. in addition to huawei's technical support, baic has also launched a new platform for the darwin 2.0 system - the polestar platform.

zhang jianyong also stated: "we will go all out to fight this tough battle for polar fox's market breakthrough."

hard work pays off, and polar fox finally got the long-awaited sales increase. in the second half of this year, the monthly sales exceeded 8,000 units for two consecutive months in june and july, and then officially exceeded the "10,000" mark in august.

specifically, the sales volume of the pure electric suv alpha t5 was 4,260 units, the sales volume of the pure electric sedan alpha s5 was 2,752 units, and the sales volume of the compact pure electric suv koala s was 2,757 units.

breaking the “1” mark is of great significance to arcfox. it not only proves that arcfox automobile is gradually gaining recognition from users in the consumer market, but also restores baic’s confidence in betting on the new energy vehicle market.

the first car of xiangjie is released, is it another weight for baic blue valley?

to some extent, the monthly sales of polar fox exceeding "1" is indeed enough to boost morale, but it is still some distance away from being a hit. what baic blue valley needs to do is to continue to roll out products on a large scale, cover more market segments, and exchange more sales for market profits, and the xiangjie brand comes from this.

it took nearly a year from mid-august last year when baic bluepark officially announced its smart selection cooperation with huawei to the official launch of its first model, xiangjie s9, on august 6 this year.

with the support of huawei and baic, xiangjie is the hope of baic for more high-end development. zhang jianyong once said that the cooperation with huawei this time is at the height of core strategy and first priority strategy, gathering the advantages of baic's entire industrial chain including vehicle r&d, production, and parts.

as hongmeng intelligent driving's first luxury flagship sedan, xiangjie s9 is available in two versions. the official suggested retail price of xiangjie s9 max is 399,800 yuan, and the official suggested retail price of xiangjie s9 ultra is 449,800 yuan.

the attention aroused by the new car has highlighted the potential of the xiangjie s9 to be a hit. on the afternoon of august 26, the official announced the good news that the number of pre-orders exceeded 8,000 within 20 days of its launch.

looking back, huawei has been involved in the process of baic motors in creating high-end new energy vehicles, whether it is arcfox or enjoy s9. baic motors' trust and confidence lies not only in huawei's powerful intelligent network technology, but also in the fact that wenjie, also a member of hongmeng intelligent driving, has helped seres out of trouble. baic motors' "all in enjoy s9" is an attempt to replicate the success of its predecessors.