Recently, at the 2021 annual performance conference of Weichai Power Co.Ltd(000338) ( Weichai Power Co.Ltd(000338) . SZ), Tan Xuguang, chairman and CEO of Weichai group, said that there would be a disastrous overcapacity of new energy vehicles.
Weichai Power Co.Ltd(000338) is an important engine manufacturer in China, with a total operating revenue of 203.55 billion yuan in 2021, a year-on-year increase of 3.2%; The net profit attributable to the parent company was 9.25 billion yuan, a year-on-year increase of 0.3%.
In terms of new energy, Weichai Power Co.Ltd(000338) has been involved in hydrogen fuel cells since 2018, and initially formed fuel cell engine products with a wide coverage, which are mainly used in commercial vehicles. At this performance conference, Tan Xuguang pointed out in response to the topic of the new energy industry that in recent years, the new energy industry has been “busy, swarming and disorderly competition”. Many companies have participated in private activities and expanded their wealth through the capital market, resulting in the disorderly capital expansion of new energy in the capital market. This will lead to a catastrophic overcapacity of new energy vehicles, especially passenger cars.
Subsequently, Tan Xuguang said that the above expression was “carefully considered, not nonsense, which is a phenomenon that can be seen and understood by the industry.”
Coincidentally, on March 26, Lin nianxiu, deputy director of the national development and Reform Commission, said at the 2022 China electric vehicle hundred people’s forum that the development of Shanxi Guoxin Energy Corporation Limited(600617) vehicles in China has achieved a new breakthrough and become a new bright spot, but the problems of blind investment and disorderly development of new energy vehicles still exist in varying degrees.
As the new energy track continues to be hot, a lot of capital is accelerating into the industry.
According to the enterprise investigation data, the number of financing events of new energy vehicle track in 2021 was the highest in previous years, with a total of 239, with a total disclosure of 363.9 billion yuan, a year-on-year increase of 181.66%, reaching a record high. In 2020, the total annual financing disclosure of the new energy vehicle track has just exceeded 100 billion yuan, while it took only one year from 100 billion yuan to 300 billion yuan.
With the continuous influx of capital into the new energy vehicle track, the industry has a structural overcapacity problem. “While solving the problem of overcapacity of traditional vehicles, the automotive industry should also prevent overcapacity of new energy vehicles.” The passenger Federation pointed out in the analysis of China’s passenger car production capacity in 2021.
The passenger Federation also pointed out that in 2021, 3.326 million new energy passenger vehicles were sold, while the special capacity of new energy passenger vehicles has reached 5.695 million, with a capacity utilization rate of 58.4%. In addition to the overcapacity of new energy, the capacity under construction is still expanding significantly.
It is reported that there are 10.46 million enterprises with production qualification under construction, and most of the capacity under construction will be new energy vehicles. The existing capacity of traditional automobile enterprises can also produce new energy vehicles on the same line.
At the same time, the leading enterprises of new energy have insufficient capacity, of which four have a capacity utilization rate of more than 100%, including Tesla.
“Double carbon, including new energy, cannot be divorced from reality, be eager for success, engage in sports carbon reduction and step on the emergency brake.” Tan Xuguang pointed out at the performance conference.
In view of this disorderly expansion, Lin nianxiu also proposed that vehicle enterprises should highlight the key layout and rely on the agglomeration and development of existing production bases. Before the existing base reaches a reasonable scale, there will be no new capacity distribution.
Lin nianxiu also said that it is necessary to strictly implement the regulations on the investment management of the automobile industry, strengthen the clean-up and rectification of illegal projects of new energy vehicles, and investigate and deal with illegal acts such as construction without approval, wholesale and retail construction and consolidation, and construction while approval according to laws and regulations; Standardize the merger and reorganization of vehicle enterprises, vigorously promote the withdrawal of backward enterprises and ineffective production capacity, and build an industrial pattern with reasonable layout, orderly development and efficient operation.
In addition to attacking the overcapacity of new energy vehicles, Tan Xuguang also expressed his personal views on the hot driverless technology. He believes that driverless is deception, assisted driving is hope and can be realized in a specific environment. The heavy truck is an assistant driver. It can’t be empty.
