Although Jia Yueting has lost the "control" of LeTV for his own dream of building a car, another new car-making force - Wei Lai has not been affected by this, and the action continues!
Following the latest production car, the Weilai ES8 was unveiled at the Shanghai Auto Show. According to the Daily Economic News, on May 22, Weilai Automobile announced a new appointment, and Louis T. Hsieh officially joined. Weilai Group is also the chief financial officer (CFO), responsible for the listing of financing projects, reporting to the founder and chairman of Weilai Automobile Li Bin.
â–²Xie Dongying
Wang Dongning continued to serve as Vice President of Finance at Weilai Auto, responsible for the day-to-day management of the entire finance team, as well as financial support for each business segment, domestic private placement and coordination of the board of directors, and cooperated with and participated in the listing financing work of Xie Dongying.
According to sources close to Weilai, Wei’s move is paving the way for the listing of US stocks.
The reporter learned that Xie Dongying studied at Stanford University, Harvard Business School, University of California and other schools, and worked for many years in companies such as JP Morgan Chase Co., UBS Assets, UBS Investment Bank, and joined New Oriental Education Group in 2005. Financial officer. In September 2006, New Oriental Education Technology Group was listed on the New York Stock Exchange, and was the first educational institution in China to go public in the United States.
According to the above-mentioned person close to Weilai, since the A-shares have higher financial requirements for the listed companies, the choices of Weilai may be listed on the US stocks, both in terms of feasibility and operational considerations. Moreover, as the founder of the car, Li Bin, who had led the successful listing of the car on the New York Stock Exchange, and now with the experience of Xie Dongying, will add a lot of chips to Weilai's listing in the US stock market.
It is understood that Weilai Automobile, founded in 2014, is a start-up electric car company founded by Li Bin, founder of Yiqi, Liu Qiangdong, founder of Jingdong, Li Xiang, founder of Auto House, Tencent, Gaochun Capital and Shunwei. .
For the newly created car companies, the biggest problem in making money is the industry consensus.
Le Yue founder Jia Yueting has revealed that LeTV's auto business has invested more than 15 billion yuan, and it is necessary to achieve at least 40 billion to 50 billion yuan in mass production. In December last year, Li Bin also publicly stated that building a car is a very expensive thing. Start-ups want to build a car, and at least 20 billion yuan of capital is needed.
As for the financing situation, Weilai has completed three rounds of financing. In 2015, Weilai completed a US$500 million financing, including Sequoia Capital, Joy Capital, and Gaochun Capital. In 2016, Weilai Automobile received hundreds of millions of dollars in financing, including Temasek and New Bridge. Capital, Hopu Fund, Lenovo Venture Capital, IDG Capital, etc.; in March this year, some media reported that Weilai’s C-round $600 million financing was finalized, and this round of financing was led by Baidu Capital and Tencent.
▲Weilalai’s capital circle, according to China Automotive News
However, in order to support the global distribution of Weilai Automobile, there is still a gap from the amount of RMB 2 billion that Li Bin said, so Weilai still needs a lot of money. From this point of view, in addition to continuing to attract domestic investors, Wei Lai's listing financing in the United States is also an important path.
In addition, in terms of the car-making process, at this year's Shanghai Auto Show, Wei Lai brought 11 models including the flagship super-run EP9 and the first mass-produced SUV ES8, and completed the first show of the Weilai brand in China. . In addition to the previous cooperation agreement with Jianghuai Automobile and Changan Automobile, Weilai has made rapid progress in the emerging automobile manufacturers.
In April last year, Jianghuai Automobile announced that the company officially signed a strategic cooperation framework agreement with Weilai Automobile. The two sides will comprehensively promote the cooperation of new energy vehicles and intelligent networked automobile industry chain. It is estimated that the overall cooperation scale will be about 10 billion yuan. In December last year, Weilai Auto, Weilai Capital and Hubei Province also reached a strategic cooperation, and signed a formal agreement with Hubei Changjiang Industrial Fund and Wuhan Donghu High-tech Zone. The parties set up a new energy industry of Yangtze River Weilai Automobile with a scale of 10 billion yuan. The development fund settled in Wuhan.
It is worth noting that in 2018, the new generation of car production models will be ushered in the market. For Weilai Automobile, it is still difficult to occupy a favorable position in this real market competition.
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