Without building cars or building piles, how can JiKrypton “make money while lying down”?

Not long ago, Jikrypton, which was listed for just one month, handed over a financial report that exceeded expectations.

In terms of product sales, Jikrypton's performance in the first quarter was very stable, with monthly sales stable at more than 10,000 vehicles, and it is in the middle and upper reaches of the new power list. What’s rare is that against the background of this year’s brutal price war, Jikrypton’s bicycle gross profit rose instead of falling, increasing by 3.9% from the same period last year to 14.0%.

Although Jikrypton’s average price has been falling this year, it has still firmly established itself as the “sales champion of China’s pure electric brands above 200,000 yuan.”

In terms of finance, in the first quarter of 2024, Jikrypton’s revenue reached 14.737 billion yuan, a year-on-year increase of 71%; operating gross profit margin increased by 3.9 percentage points year-on-year, and decreased by 2.4 percentage points from the previous quarter to 11.8%. The most important thing is that Jikrypton's net loss was only 2.02 billion yuan, which narrowed 18.2% year-on-year and 31.3% month-on-month.

If this continues, it is really possible that Ji Krypton will turn a profit within the year and become the second pure electric car company in the world to achieve profitability after Tesla.

What is the secret of success for Ji Krypton, who is only three years old?

Ji Krypton 001 Diners haven’t gotten tired of this dish yet.

Unlike other new car companies, which require years of preparation before launching their first model, Ji Krypton, as a "rich second generation" of new cars, released the mass-produced model Ji Krypton 001 at the same time as the brand was launched.

At that time, Jikrypton 001 accurately captured many young audiences with its unique shape. It reached the milestone of over 10,000 deliveries in just 4 months, becoming one of the fastest-growing sales among high-end pure electric vehicles in China. And in the past two years, Jikrypton 001 has been the only model under the Jikrypton brand, shouldering all the brand's sales.

Today, Jikrypton already owns four models of different shapes: Jikrypton 001, Jikrypton X, Jikrypton 009, and Jikrypton 007, covering multiple market segments. But for now, Jikrypton does not yet have a model that can share the sales pressure of 001, and it is seriously "biased".

Judging from the price range of 250,000-300,000 yuan, Jikrypton 001 is currently the best-selling pure electric model except Tesla Model Y. It has delivered more than 10,000 yuan in consecutive months this year, surpassing the sales volume three years ago. The momentum continues to this day——

This is all thanks to a facelift in February. Although it looks like there are no changes, this facelift has brought extremely strong competitiveness to Ji Krypton 001.

First of all, the full-stack 800V brings leadership in power and battery life.

The 24 models of Ji Krypton 001 are equipped with CATL’s 100kWh Kirin battery. The CLTC battery life can reach 750km, which can easily exceed 500km in actual use. In terms of electric drive, the dual-motor version has a total power of up to 580kW, which is 777 horsepower. The single-motor version can also achieve zero-to-100 acceleration in 5.9 seconds.

As for energy replenishment, which is currently the biggest pain point for new energy users, the 24 models of Ji Krypton 001 only need 15 minutes to charge from 10% to 80%, and 5 minutes of charging can increase the battery life by 256km.

Xinji Krypton 001 has also upgraded its chassis simultaneously. Not only has the current single-chamber air suspension been upgraded to a dual-chamber air suspension, but a CCD electromagnetic vibration reduction system has been added. With the lidar that is standard on all series, the 24 Ji Krypton 001 can identify road undulations within 5-30 meters at a speed of 15-80km/h, and adjust the suspension stiffness within milliseconds.

On the basis of strong power, long battery life, and fast energy replenishment, Ji Krypton 001 is a hunting-style coupe model. Its larger size also brings larger cockpit space. Among models in the same price range, there are very few that can do these at the same time.

More importantly, based on the surge in product strength, the price of the 24 Ji Krypton 001 models has been reduced by 31,000-57,000 yuan compared with the old model, and the price range has reached 269,000-329,000 yuan.

Jikrypton 001 is not without shortcomings. Although the stability of the car has improved, its smart driving still uses Mobileye's solution. The 48TOPS chip computing power lags far behind competing products, Jikrypton NZP and other players. It's not in the same echelon at all, but its stronger product capabilities and more affordable prices have allowed Jikrypton to firmly settle into the price range of 200,000 yuan.

Although the JiKr 009, an MPV for business travel, and the JiKr X, a compact SUV, have not continued the good momentum of the JiKr 001, and the monthly sales of the JiKr 007 only hover around 4,000 units, what many people don’t know is that the JiKr There are more ways to make money than just selling cars.

Extremely expensive money is earned while lying down.

After the establishment of the Ji Krypton brand, Geely stuffed two major assets into the pockets of this "son", Ningbo Wei Rui and CEVT. Among them, VMware holds 51% of the equity, while CEVT is wholly owned by JiKrypton.

Because of this, Jikrypton's revenue consists not only of vehicle sales, but also of "sales of batteries and other parts" and "R&D services and other services". In 2023, these two businesses will account for 28% and 6% of Jikrypton's total revenue respectively.

Let’s talk about VMware first.

▲The SiC four-motor drive system developed by Vair is used in Ji Krypton 001 FR

Ningbo Weirui was established in 2017. It was originally a wholly-owned subsidiary of Geely. Its main business is the packaging and assembly of power batteries. Its total assets in 2021 totaled 4.1 billion yuan. At that time, Jikrypton, which had been established less than 3 months ago, only spent 860 million yuan to acquire 51% of the controlling stake in Vair.

Nowadays, VMware's capabilities go far beyond battery packs. The gold brick battery used in JiKrypton 007 is VMware's latest product.

In addition to battery cells, Vair also launched an 800V integrated electric drive system last year, which is installed on all 24-year-old JiKrypton models – this is one of the reasons why JiKrypton can reduce vehicle prices while stabilizing the gross profit of the vehicle. one.

Let’s take a look at VMware’s revenue. In 2023, VMware's battery revenue will total 17.6 billion yuan, and after excluding the 2.9 billion yuan provided to Ji Krypton, there will still be 14.7 billion yuan. How much can Ji Krypton get? According to the data previously disclosed by Jikrypton in the prospectus, Jikrypton sold batteries and other parts to Geely Automobile for a total of 3.2626 billion yuan in 2023, and sold to Geely Automobile affiliates for a total of 2.7303 billion yuan.

It can be said that Ji Krypton can make money while lying down. I hope the bosses of other new forces will not be too envious.

▲CEVT is located in the uni3 building in Gothenburg, Sweden.

The China-European R&D Center CEVT was established in Sweden in 2013 to provide services for many brands of Geely Holding. Geely's famous CMA architecture was developed by CEVT. Jikrypton only paid 740 million yuan when it acquired CEVT in 2022, and the R&D center generated revenue of 2.4 billion yuan that year. In 2023, CEVT will bring another 3.1 billion yuan in actual revenue to Jikrypton.

▲Some floors of this building are also leased to other companies, including Toyota Industrial Vehicle Group, a subsidiary of Toyota

Today, CEVT is also developing a more advanced SEA-M architecture under the SEA vast architecture for Ji Krypton, which can be connected to intelligent driving systems above L4 level.

In addition to VMware and CEVT, JiKrypton also spent 9 million yuan to acquire a 30% stake in Haohan Energy, which was once a wholly-owned company of Geely Automobile and was mainly engaged in the development of car charging systems and technologies, the provision of car charging services and the operation of cars. Charging outlets and networks.

That’s right, Jikrypton’s overcharging network is built and operated by Haohan Energy. This part of the capital expenditure does not need to be borne by Jikrypton. Jikrypton is only responsible for sharing investment income, that is, counting money.

Geely's efforts allowed Ji Krypton to successfully shout the slogan "No. 1 in the industry in terms of the number of ultra-fast charging stations" without spending a penny. This slogan can be said effortlessly.

The above-mentioned core assets worth tens of billions were acquired by Ji Krypton with less than 1.7 billion yuan in total. Li Bin was so envious.

Not only that, in terms of production and manufacturing, Ji Krypton still uses Geely's "OEM" production model.

For a long time, Jikrypton has not had its own factory. The Ningbo factory that produces 001 and 009, the Chengdu factory that produces Jikrypton X, and the Meishan factory that produces 007 are all owned by Geely. Jikrypton adopts a cost-plus pricing model to pay Geely's vehicle manufacturing costs. Compared with new power car companies that build their own factories, Jikrypton's operating leverage is lower.

Yes, Ji Krypton, backed by Geely, is using a very new way of building cars.

Its success cannot be learned by ordinary people.

Anyone with wheels is interested and welcome to communicate. Email: [email protected]

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