With regard to the Tesla recall, the supplier Ningbo Tuopu Group Co.Ltd(601689) (601689) issued a situation explanation announcement on December 5. It is confirmed that the steering knuckle of model y electric vehicle involved in the recall is directly supplied to customers by the company, and the probability of defects in suspicious products is about 0.2% - 1.0%; However, the company believes that this recall is not a major event and will not have an impact on the annual operating performance.
In this regard, automotive industry experts told reporters that the steering knuckle is a key auto part, and the number of model y vehicles recalled this time is not large only in terms of magnitude. On the other hand, there are design differences in the steering knuckle, and the recall of a single model does not necessarily mean that other types of models will be affected.
the recall triggered a sharp drop in share prices
Recently, Tesla and Shanghai Tesla submitted recall reports or filing plans for some model y electric vehicles to the U.S. highway safety administration and China's State Administration of market supervision and administration. Among them, Tesla first filed a recall application with the US regulatory authorities.
According to the recall report, Tesla, Inc. filed an application with the U.S. highway safety administration on November 21, 2021 to recall some model y electric vehicles manufactured from June 16, 2020 to November 10, 2021 in the United States, with a total of 826 units. The reason for the recall is that the steering knuckle may be deformed or broken due to insufficient strength, which may cause the suspension link to disengage from the steering knuckle, which may affect the controllability of the vehicle and increase the risk of collision. The report shows that the estimated percentage of defects is 1%.
In addition, according to the recall plan disclosed on the website of China's State Administration of market supervision on December 3, Shanghai Tesla plans to recall some domestic model y electric vehicles from February 4, 2021 to October 30, 2021, with a total of about 21600, exceeding the number recalled in the United States. The same reason for the recall is that the strength of the front and rear steering knuckles of some vehicles may not meet the design requirements, resulting in the deformation or fracture of the steering knuckle during the use of the vehicle. Under extreme stress, the suspension connecting rod may come out of the steering knuckle, affecting the driving and handling of the vehicle, increasing the risk of collision accidents and potential safety hazards.
In terms of market performance, after the State Administration of market supervision and administration disclosed the above recall announcement at 13:47 on December 3, Ningbo Tuopu Group Co.Ltd(601689) share price plunged from about 14:19 to close down by 8.86%, and the auto parts sector was also dragged down.
However, according to the data of securities times and databao, northbound funds bought Ningbo Tuopu Group Co.Ltd(601689) 3541700 shares against the trend on Friday, and northbound funds bought more than Ningbo Tuopu Group Co.Ltd(601689) 490 shares during the week.
However, according to media reports, Ningbo Tuopu Group Co.Ltd(601689) Secretary Wang Mingzhen said on the Tesla recall that the incident was sudden and the company did not obtain any information in advance; The company has started to understand the details of the matter and evaluate the corresponding consequences.
admit that the strength of the steering knuckle is not up to standard
In this announcement, Ningbo Tuopu Group Co.Ltd(601689) acknowledges that the steering knuckle of model y electric vehicle involved in the recall is directly supplied to customers by the company; As for the specific reasons related to the recalled products, the company pointed out that the strength of the steering knuckle may not meet the design requirements due to the insufficient water level of the quenching tank in a heat treatment production line.
According to the company's test results, the probability of defects in this batch of suspicious products is about 0.2% - 1%.
At present, the recalled products only support model y models, and do not involve other Tesla models or models of other customers. As a response measure, Ningbo Tuopu Group Co.Ltd(601689) indicates that the rectification and improvement of the heat treatment production line have been completed to ensure that the products are fully quenched, and the hardness of the products has been tested by 200%. Meanwhile, the company has provided 132 testing instruments for identifying risk parts to service centers around Tesla for testing and replacement of defective products.
Zhang Xiang, an automotive industry analyst, told the securities times · e company that according to the vehicle project requirements of various vehicle enterprises, the steering knuckle structure and working principle are different. Even in the same model, there will be differences in the steering knuckle structure of different configurations. Therefore, this recall of some model y vehicles does not represent other Tesla models, Or other new energy vehicle manufacturers have problems.
"Tesla recalled about 20000 vehicles in China this time. Referring to the recall records of automobile manufacturers in China in the past, it is not a serious event in magnitude," said Zhang Xiang. The general solution to such problems is that manufacturers replace parts of recalled vehicles to solve quality defects; However, there is no public statement on the specific conditions for replacement and specific parts models.
is not expected to affect the annual performance
According to the data of the passenger Association, the cumulative sales volume of Tesla Model y from January to October 2021 was 106200, which means that about 1 / 5 of the vehicles recalled this time.
Ping An Bank Co.Ltd(000001) Zhu Ziqing, a researcher of the automotive Ecology Division, told the securities times · e company that we can not simply look at the proportion of estimated defect values to evaluate the impact degree. The product involved this time is the steering knuckle, which is a very key part on the automobile chassis, which has a great impact on safety. Once there is a problem, the consequences are very serious and will have a great impact on brand strength. At present, the recall is due to the impact of some steering knuckles on the original production equipment, which may lead to safety risks, but the problem is not big; At present, the equipment problem has long been solved, and Tesla has recalled it in a responsible manner.
As for the recall cost, Ningbo Tuopu Group Co.Ltd(601689) said that because the customer's recall action is rapid and the recall work has not been completed, the cost involved in the recall cannot be determined temporarily; According to the estimation of recall quantity and defect ratio, the company believes that this recall is not a major event and will not affect the annual operating performance, and this event will not affect the company's business.
Ningbo Tuopu Group Co.Ltd(601689) as a supplier of automotive core parts, it is a leader in automotive NVH damping system and vehicle acoustic package in China. Its latest business also includes intelligent driving system, thermal management system and lightweight chassis system; The main customers have covered global vehicle manufacturers such as GM, Ford, Fiat Chrysler, Daimler, BMW, Volkswagen, Audi and Honda, as well as China's first-line independent brands. In addition, rivian, Weilai, Xiaopeng, ideal and other new forces of head car manufacturing have cooperated to explore the tier 0.5 cooperation mode and provide synchronous R & D and supply services for the whole product line.
In the first three quarters of this year, Ningbo Tuopu Group Co.Ltd(601689) achieved a net profit of 753 million yuan, a year-on-year increase of nearly doubled, setting a record for the same period in history. In addition, Ningbo Tuopu Group Co.Ltd(601689) also began to expand its production. In November, the company plans to publicly issue 2.5 billion yuan of convertible bonds for the construction project of 4.8 million sets of lightweight chassis system per year.
Citic Securities Company Limited(600030) believes that the third quarterly report of Ningbo Tuopu Group Co.Ltd(601689) exceeded expectations. In 2016, the company began to cooperate with Tesla, starting from supporting aluminum alloy chassis structural parts, and the supporting value of single vehicle has been continuously improved, from the initial 1000 yuan to the maximum 9000 yuan; Tesla sales growth will directly drive the company's revenue and profits. At the same time, as the prices of raw materials such as steel and copper in the upstream tend to stabilize, the price of aluminum even drops slightly, the pressure on the cost side of the company continues to decline, and the performance is expected to continue to rise.
Tesla suppliers admitted that production defects led to the recall, but said "it's not a big problem"
After more than 20000 domestic Tesla were recalled and the market value of 60 billion bull stocks fell sharply, we responded: there is something wrong with our products
(E company)
