the designed production capacity of the subsidiary was significantly reduced, and the production capacity of baic blue valley shrank by nearly half in two years
2024-09-25
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baic bluepark's subsidiary has significantly cut production capacity.
on september 23, baic bluepark (600733.sh) released an announcement on the change of production capacity and production address of its subsidiary beijing new energy automobile co., ltd. the announcement showed that the company has moved its vehicle production address from daxing district, beijing, laixi city, qingdao, shandong province, and huanghua city, hebei province to no. 188, xitong road, miyun district, beijing. after the change, baic new energy's original design capacity was adjusted from 320,000 vehicles to 120,000 vehicles.
no. 188, xitong road, miyun district, beijing is the address of the beijing high-end intelligent ecological factory project. the factory was previously the factory of baic foton in miyun and has been acquired by baic new energy. on august 2 this year, baic blue valley stated on the interactive platform that the annual production capacity of the beijing high-end intelligent ecological factory project was approved for filing with an annual capacity of 120,000 vehicles. the first car of huawei hongmeng zhixing and baic new energy, xiangjie s9, was produced here. zhang jianyong, secretary of the party committee and chairman of baic group, revealed at the xiangjie s9 launch conference on august 6 that the xiangjie super factory has officially been put into use in beijing. public information shows that the planned production capacity of the xiangjie super factory in the first phase is 120,000 vehicles, which can be expanded to more than 300,000 vehicles in the future.
baic bluepark said that at present, the planned production capacity of baic new energy miyun plant is 120,000 vehicles, and the planned production capacity of zhenjiang plant is 150,000 vehicles. the company will continuously introduce new products through lean operation of the two major production and manufacturing platforms in miyun and zhenjiang.
previously, baic blue valley had cut its production capacity. according to the information disclosed in baic blue valley's 2022 annual report, baic blue valley owns three major factories: beijing new energy automobile co., ltd., baic new energy automobile changzhou co., ltd. and baic blue valley magna automobile co., ltd. (zhenjiang factory), with designed production capacities of 320,000 vehicles, 50,000 vehicles and 150,000 vehicles, respectively, totaling 520,000 vehicles. on march 14, 2023, baic new energy automobile changzhou co., ltd. signed an asset transfer agreement and transferred its fixed assets and other related assets at a price of 567 million yuan (tax included). after the capacity adjustment of beijing new energy automobile co., ltd., baic blue valley reduced its production capacity from 520,000 vehicles to 270,000 vehicles, a 48.1% reduction in production capacity in two years.
the sluggish sales volume is the main reason for the production capacity cuts of baic bluepark's subsidiaries. baic bluepark once ranked first in the field of pure electric vehicles, and it was also one of the earliest companies in china to develop electric vehicles. however, with the decline in subsidies and the intensification of market competition, baic bluepark's market share has dropped sharply in recent years. in 2018 and 2019, baic bluepark's sales exceeded 150,000 vehicles, and in 2020, sales fell directly to 26,000 vehicles. at present, baic bluepark mainly has three brands, namely, polar fox, enjoy and beijing. in the first eight months of this year, sales were 52,000 vehicles. although it increased by 12% year-on-year, the sales gap with mainstream new energy vehicle companies is large.
the cooperation between baic blue valley and huawei hongmeng zhixing is seen as the key to reversing the situation. at present, the first model of the cooperation between the two parties, xiangjie s9, has been launched on the market. the car is huawei hongmeng zhixing's full-scenario smart flagship sedan with a starting price of 399,800 yuan. the "beijing new energy automobile co., ltd. pure electric passenger vehicle project environmental impact report" released on the official website of baic blue valley shows that within the life cycle (5 years), the sales volume of xiangjie s9 is expected to total 480,000 units, and from 2024 to 2028, it is expected to sell 60,000 units, 120,000 units, 120,000 units, 96,000 units and 84,000 units respectively. baic blue valley has not yet disclosed the sales data of xiangjie s9. according to public information, the sales volume of this model in august was less than 3,000 units.
baic blue valley has been in a loss-making state for many years. the financial report released by baic blue valley (600733.sh) shows that the revenue in the first half of this year was 3.74 billion yuan, a year-on-year decrease of 35.2%, and the net loss reached 2.57 billion yuan, an increase of 29.9% year-on-year, which is the largest loss in the same period in the company's history. as for the reasons for the loss, beijing blue valley stated in the announcement that the competition in the new energy vehicle market is becoming increasingly fierce, and the price war is becoming increasingly fierce, squeezing the profit space; in order to continue to promote the high-end development of products, 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. from 2020 to 2023, baic blue valley lost 6.48 billion yuan, 5.24 billion yuan, 5.47 billion yuan and 5.4 billion yuan respectively, and the cumulative loss in four and a half years reached 25.161 billion yuan.
due to consecutive years of losses, baic blue valley is facing certain debt repayment pressure. as of the end of the first half of this year, baic blue valley's asset-liability ratio has reached 85.02%, a sharp increase from 68.37% in the same period last year. specifically, the company's book cash is 2.304 billion yuan, while its short-term loans amount to 5.689 billion yuan and long-term loans are 1.693 billion yuan. in the first half of this year, baic blue valley's asset-liability ratio was 85.02%, an increase of 7.61 percentage points from the end of 2023.
on september 2, baic bluepark announced that its shareholder, beijing automotive co., ltd. (hereinafter referred to as "baic motor"), plans to increase the capital of its subsidiary beijing new energy automobile co., ltd. (hereinafter referred to as "baic new energy") by rmb 2 billion. at the same time, baic new energy plans to increase capital and expand shares by introducing strategic investors through public listing, with the amount of capital increase not exceeding rmb 10 billion. if successfully implemented, baic new energy will receive a maximum capital increase of rmb 12 billion.
public data shows that in the past six years, the financing and government subsidies obtained by baic blue valley in the capital market have exceeded 50 billion yuan. in terms of capital market financing, baic blue valley raised 28.662 billion yuan when it went public through a backdoor listing in 2018. in 2019, 2021 and 2023, baic blue valley carried out three private placements, with actual fundraising amounts of 1.034 billion yuan, 5.45 billion yuan and 6.03 billion yuan, respectively, totaling 41.176 billion yuan. regarding this capital increase and share expansion, baic blue valley said that this capital increase will help enhance the company's competitiveness, optimize the capital structure, and is in the interests of all shareholders.
(this article comes from china business network)
