Another group of carmakers is eager to take action. What's the logic behind the restart of the "survivor game"?
Since the beginning of this year, the enterprises newly joining the car - making ranks have diverse backgrounds. Some are in the business of making sweeping robots, some are battery manufacturers, some are from the real - estate industry, and some are engaged in charging and battery - swapping services. Currently, the elimination competition in the automotive industry shows no sign of stopping. Why are there still so many latecomers flocking in?
New car - making forces like Evergrande, HiPhi, Nezha, Hechuang, Yuanhang, and Jiyue are still fresh in people's memories, and now another batch of new car - making forces has emerged.
On August 28th, Dreame Technology, a sweeping - robot company, announced its entry into the car - making business. Its first car is claimed to be a pure - electric super - luxury product benchmarked against the Bugatti Veyron. On August 25th, Yunjie Intelligent Automobile (Chengdu) Co., Ltd. (hereinafter referred to as "Yunjie Automobile") was established with the intention of producing battery - swapping cars for ride - hailing services. In July, Shengqi Automobile, invested in by Chaowei Battery, launched its first photovoltaic - powered car. In June, Henan Jinyu Automobile (hereinafter referred to as "Jinyu Automobile") launched a two - door electric sports car. In April, Tianjin Gongjiangpai Automobile Technology Co., Ltd. (hereinafter referred to as "Gongjiangpai") quietly launched the "Sports Car SC01".
Ten years ago, the first wave of new car - making enthusiasm emerged in China. NIO, Li Auto and other companies started their businesses and have survived to this day. However, more have been eliminated. More than 30 brands, such as Singulato, Byton, and WM Motor, have fallen. Around 2021, Xiaomi Auto, Wenjie (led by Huawei), Jishi Auto and other companies set off another wave of car - making, mainly led by technology companies.
Since the beginning of this year, the enterprises newly joining the car - making ranks have diverse backgrounds. Some are in the business of making sweeping robots, some are battery manufacturers, some are from the real - estate industry, and some are engaged in charging and battery - swapping services. Currently, the elimination competition in the automotive industry shows no sign of stopping. Why are there still so many latecomers flocking in?
Multiple Enterprises Are Related to Xiaomi
Dreame's first car, which is benchmarked against the Bugatti Veyron, is positioned as a super - luxury pure - electric product and is planned to be unveiled in 2027. Last year, it was reported that Dreame Technology had launched a car - making project, and the first model was an extended - range SUV, which was expected to go into mass production and be launched in 2027. Obviously, the positioning of this yet - to - be - launched car has secretly changed.
Like Dreame Technology, the first models of Jinyu Automobile and Gongjiangpai are also sports cars. In June, Jinyu Automobile participated in the 13th Zhengzhou New Energy Vehicle and Photovoltaic Energy Storage and Charging Exhibition, where it unveiled its first pure - electric sports car. It plans to launch two models in 2026, with a target sales volume of 50,000 units, and a target sales volume of 200,000 units in 2028.
On April 26th, Gongjiangpai quietly launched a two - door electric sports car called the "Sports Car SC01" at a price of 229,800 yuan. It can accelerate from 0 to 100 km/h in just 2.9 seconds.
Dreame Automobile's parent company, Dreame Technology, and Roborock Technology, the parent company of Jishi Auto, which has previously held a brand launch event, are both enterprises engaged in the production of smart home products such as sweeping robots, and they are also both part of the Xiaomi ecosystem. Currently, Xiaomi Technology still holds 2.93% of the equity of Roborock Technology through Tianjin Jinmi Investment. In the multiple rounds of investment in Dreame Technology, Xiaomi Group and Shunwei Capital, founded by Lei Jun, have both participated.
Gongjiangpai was originally a creator in the field of automobile modification on the Bilibili platform. It was founded by Feng Xiaotong in Tianjin. In 2023, it launched a convertible - modified ORA Black Cat and participated in the Guangzhou Auto Show. According to Qichacha, Gongjiangpai's headquarters is located in Tianjin. Feng Xiaotong holds 34% of the shares of Gongjiangpai and is the largest shareholder. Hanxing Venture Capital Co., Ltd., a wholly - owned subsidiary of Xiaomi Technology, holds 12% of the shares and is the second - largest shareholder.
It is worth noting that in September 2023, with the introduction of Xiaomi's strategic investment, Gongjiangpai Automobile's headquarters was located in Xiantao, Lei Jun's hometown, and a personalized customization factory for new - energy super - cars was established.
The other two new car - making forces are quite different from the previous ones. Shengqi Automobile does not follow the traditional pure - electric or extended - range technology routes. The Shengqi Automobile SOLARKYC11A is positioned as an A00 - class SUV, and its feature is that it is equipped with a super - efficient photovoltaic energy - supplement system on the roof. Shengqi New Energy said that the vehicle can automatically achieve "charging while driving", and users within the Tropics of Cancer and Capricorn can enjoy 50 kilometers of "zero - cost" travel every day.
Yunjie Automobile focuses on the ride - hailing and battery - swapping scenarios. Its parent company, Yunjie Intelligent Automobile (Chengdu) Co., Ltd. (hereinafter referred to as "Yunjie Chengdu"), has a registered capital of 24.8 million yuan. The second - largest shareholder of Yunjie Chengdu is Sichuan Yema Automobile Co., Ltd. (hereinafter referred to as "Yema Automobile"), with a shareholding ratio of 25%. Yema Automobile has the production qualifications for passenger cars, special vehicles, and special - purpose vehicles.
The controlling shareholder of Yema Automobile is Yunying New Energy Group. On July 18th, Yunying New Energy Group held a promotion and exchange meeting for ride - hailing vehicles at the Yema Automobile factory, introducing the preferential and support policies of Yunying New Energy Group in car purchasing and sharing the construction plan and layout ideas of battery - swapping stations.
Not Selling in the Domestic Market, Focusing on Overseas Markets?
The target markets of the above - mentioned new car - making forces are not in the domestic market but in overseas markets. Dreame Technology aims at the European market, while the other new car - making forces focus on less - developed countries and markets in Asia, Africa, and Latin America.
Dreame told the Economic Observer that it hopes to replicate its past success in the automotive field, adopting the model of "Chinese supply chain + global high - end channels". Relying on China's supply chain, technology, and engineer reserves, it aims to create a "Chinese brand" that can occupy a high - end position in the global market. Currently, it has 6,000 offline channels in more than 100 overseas countries.
The official website of Shengqi Automobile shows that "through cooperation and joint - venture models, we will jointly build KD factories to promote green travel globally." According to a news release from "Jiujiang Economic Development Zone", on March 22nd this year, a prototype of the Shengqi C11A photovoltaic electric vehicle rolled off the production line.
Shengqi Automobile said that on April 8th, the Shengqi C11A passed all 11 mandatory safety tests in the European Union. This certification indicates that the C11A has met the market access requirements of most regions in Southeast Asia and Africa. Currently, the first batch of certified vehicles has been officially shipped to overseas markets, and the first stop is to start the local adaptability verification and production consistency review in the Thai market.
The Economic Observer noticed that Shengqi New Energy has started recruiting overseas sales personnel for the Southeast Asian and African regions. Their main job responsibilities include developing cooperation channels and key accounts. Those with experience in exporting two - wheeled vehicles are preferred.
Although Yunjie Automobile is positioned as a ride - hailing and battery - swapping car company, its main target market is also overseas. On August 5th, the official WeChat account of Yunying New Energy released a message that a meeting on "Overseas Cooperation Discussion in Armenia" was held at the Yema factory. The meeting focused on the market situation, business direction, and financing channels, drawing a preliminary blueprint for the group to expand into the Armenian and surrounding markets. In the overseas cooperation segment, Yunying New Energy has successfully cooperated with many countries such as Pakistan, obtaining financial support and resource preferences from local governments through the export of new - energy products, investment, and asset acquisition. In addition, due to the strong regional radiation of the Armenian market, Yunying Group will also go to Armenia for in - depth cooperation discussions to promote the implementation of various matters.
Feng Xiaotong also told the Economic Observer that 350 units of Gongjiangpai's Sports Car SC01 have been pre - ordered by Japanese customers, and 50 units have been pre - ordered by Chilean customers.
The Need of Local Governments to Revitalize Idle Production Capacity
"The fundamental reason why these new forces have emerged is that currently, it is a critical stage of industrial upgrading and economic structural adjustment. Investors are eager to find ways to expand new business formats to break through the growth bottleneck of traditional businesses," Cui Dongshu, the secretary - general of the China Passenger Car Association, told the Economic Observer. There is a large amount of idle automotive production capacity in various regions, and local governments hope to revitalize the idle production capacity within their regions.
Data from the Gasgoo Automotive Research Institute shows that in 2024, the overall capacity utilization rate of Chinese automakers was only 49.5%. Some data shows that currently, nearly 20 million units of automotive production capacity in China are idle.
Jinyu Automobile, Gongjiangpai, and Shengqi Automobile are all related to the idle automotive production capacity in local areas in terms of production. Gongjiangpai's Sports Car SC01 is produced by Jiangxi Jiangling Group New Energy Vehicle Co., Ltd. located in Nanchang. Jiangling New Energy has a production capacity of tens of thousands of pure - electric passenger vehicles and produces models such as the Xiaoqilin and Yizhi EV3. However, the cumulative sales volume of these two models was only about 25,000 units last year.
On May 26th, Jinyu Automobile said on its official WeChat account: "In 2025, Jinyu Automobile and Haima New Energy will combine their advantages and carry out all - around cooperation in new - energy vehicle product definition, styling design, product experience, marketing management, and channel construction." However, on June 11th, Haima New Energy issued a statement saying that it had no such cooperation with Jinyu Automobile.
Although Haima New Energy stated that it had no cooperation with Jinyu Automobile, it has cooperated with another new car - making force. In November 2023, the first batch of trial - production vehicles of the Haima EX00 (Intelligent Travel Box) rolled off the production line at the third intelligent factory of Haima Automobile in Zhengzhou Economic Development Zone. On June 20th this year, Haima Automobile said that Box Auto had successfully obtained the product announcement catalog and was promoting the product to the market. Small - scale verification and delivery had been achieved within the company.
Box Auto is a brand under Beijing Box Intelligent Travel Technology Co., Ltd., which was established in 2013 and focuses on the B - end travel market for taxis, ride - hailing vehicles, and car rental services. In December 2021, it held a brand launch event in Beijing, unveiling two models, the BM - 400 and the BM - 600.
Haima Automobile was once a star enterprise in Henan Province, and models such as the Haima M3 were very popular. However, after mainstream self - owned brands launched compact SUVs in 2017, Haima Automobile declined rapidly. In February 2024, the Zhengzhou government established Zhengzhou Airport Economic Zone Company to take over Haima New Energy. The Zhengzhou Federation of Industry and Commerce issued an article in June this year, saying that Zhengzhou is making every effort to build a trillion - level new - energy vehicle industrial cluster. On the one hand, it is guiding companies such as Yutong Bus to transform into the new - energy field and encouraging companies such as Haima Automobile to revitalize idle production capacity through equity cooperation and joint research and development. On the other hand, it is accelerating the introduction of new - energy vehicle production projects such as BYD.
Zhu Zhifang, the executive deputy - secretary - general of the Henan Automobile Industry Chamber of Commerce, told the Economic Observer that when the Henan Automobile Industry Investment Group was established, it shouldered the mission of creating a well - known local automotive brand in Henan. The group introduced Box Auto and is committed to producing new - energy vehicles under its own brand. In March 2023, the Henan Automobile Industry Investment Group Co., Ltd. and Haima Automobile jointly invested 1 billion yuan in Box Auto, and then the headquarters of Box Auto was moved from Beijing to Zhengzhou.
The production of Shengqi New Energy is also aimed at solving the problem of local automotive production capacity. The prototype of the Shengqi C11A photovoltaic electric vehicle is produced by Jiangxi Zhicheng Automobile Co., Ltd. (hereinafter referred to as "Zhicheng Automobile"). Zhicheng Automobile was established in 1995 and has several factories, including vehicle factories in Jingdezhen and Jiujiang and an engine factory in Jiujiang. It has a production capacity of 250,000 vehicles and 150,000 automobile engines per year.
After Suzuki Motor Corporation of Japan took a stake in Jiangxi Changhe Automobile in 2001, it was renamed Changhe Suzuki. Changhe Suzuki once had popular small - car models such as the Alto, Liana, and Landy. However, after 2013, Changhe Suzuki gradually declined. By 2018, the Japanese shareholders, including Suzuki Motor, transferred all their equity in Changhe Suzuki. At the same time, BAIC Group also wanted to get rid of Changhe Suzuki. In November 2013, BAIC Group reorganized Jiangxi Changhe and held 70% of the shares. In 2018, it wanted to transfer the shares for 1.05 billion yuan, but no one was willing to take over. Changhe Suzuki was then renamed "Jiangxi Zhicheng Automobile". Now, the emergence of Shengqi New Energy aims to revitalize the resources of Zhicheng Automobile.
The Cross - border Impulse of Charging, Battery - swapping, and Real - estate Enterprises
The second - largest shareholder of Shengqi Automobile is Zhejiang Xinhuo Energy Co., Ltd. Xinhuo Energy invested 1.76 million yuan to obtain 13.8% of the shares of Shengqi Automobile. The parent company of Xinhuo Energy is Chaowei Power Group Co., Ltd. Chaowei Power has always wanted to enter the field of new - energy vehicle power batteries but has never succeeded.
In March 2018, Chaowei Group signed a comprehensive strategic cooperation agreement with the new car - making force Electric Café Automobile (later renamed "Neta Auto"). In September of the same year, it signed a strategic cooperation agreement with Karry New Energy under Chery. However, neither of these two automakers used Chaowei batteries. Now, by becoming a shareholder of Shengqi New Energy, Chaowei Group has finally reached a cooperation with an automaker.
The establishment of Yunjie Automobile is related to Reading Auto, Yema Automobile, and Beijing Automobile Works. On August 5th, at the "Overseas Cooperation Discussion in Armenia" meeting held at the Yema factory, the background wall of the venue also had the slogan "Reading Auto of China, Reading Auto of the World".
The largest shareholder of Yunjie Automobile is Shenzhen Kanghu New Energy Transportation Development Co., Ltd. (hereinafter referred to as "Shenzhen Kanghu New Energy"), which has a registered capital of 10 million yuan and is mainly engaged in the sales of new - energy vehicles, car rental services, charging pile operation, and the sales of new - energy vehicle battery - swapping facilities.
The second - largest shareholder of Yunjie Automobile, Sichuan Yema Automobile, was established in 2011 by Sichuan Automobile Industry Group Co., Ltd. In 2019, Reading Auto acquired Sichuan Yema Automobile for 1.45 billion yuan, holding 100% of the shares. However, due to factors such as rising raw material prices, intensified competition, and its own tight capital chain, Reading Auto finally went bankrupt.
In June this year, Yunying Automobile Manufacturing Group Co., Ltd. (hereinafter referred to as "Yunying Auto") under Yunying New Energy Group acquired Bidewen Holdings Group Co., Ltd., the parent company of Reading Auto. Yunying Auto holds 72% of the