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BAIC New Energy in proportion to their shareholdings, with a total capital increase of 5.50055 billion RMB, including 1.326 billion RMBraised by BAIC Blue Valley through a non-public offering in 2021 and 4.174 billion RMB from its own funds, for a total capital contribution of 5.5 billion RMB, and 55.00 million RMB from Pole Fox’s own funds.

According to the information, BAIC Blue Valley directly holds 99.99% of the equity of BAIC New Energy, and holds 0.01% of the equity of BAIC New Energy through Pole Fox Auto, holding a total of 100% of the equity of BAIC New Energy. After this capital increase, the registered capital of BAIC New Energy increased from 5.298 billion RMB to 10.798 billion RMB , and the equity ratio of BAIC New Energy remained unchanged.

As a subsidiary of BAIC Blue Valley, BAIC New Energy has continued to lose money in recent years. The announcement of BAIC Blue Valley shows that in 2021, BAIC New Energy’s revenue was 9.379 billion RMB, with a net profit loss of 3.738 billion RMB, and in the first three quarters of this year, the company’s revenue was 7.073 billion RMB, with a net profit loss of 1.754 billion RMB. In less than two years, the company has accumulated a loss of 5.492 billion RMB. From this point of view, the capital increase of BAIC Blue Valley can only cover the losses in the past two years.

At the beginning of 2022, BAIC Blue Valley set an annual sales target of 100,000 units, including 40,000 Jixu cars, and aims to hit 300,000 units in the future. But so far, BAIC Blue Valley’s sales target for 2022 is only 50%.

What’s even more problematic is that BAIC Blue Valley, the parent company of BAIC New Energy, has also been losing money in recent years. According to the financial report, in 2020, 2021, and the first three quarters of 2022, BAIC Blue Valley will lose 6.482 billion RMB, 5.244 billion RMB and 3.500 billion RMB respectively, and BAIC Blue Valley has accumulated a loss of 15.2 billion RMB in the past three years.

According to Economic Observer, BAIC Blue Valley mainly operates two brands, Beijing Auto and Polar Fox, of which Polar Fox is the high-end new energy brand of BAIC Blue Valley. This year, BAIC Blue Valley cooperated with Huawei to launch a highly intelligent model, the new HI version of the Polar Fox Alpha S, which was delivered. However, the current performance of Polar Fox in the market is not bright. According to the data, the wholesale volume of Polar Fox in the first three quarters of this year was only 9,829 units, less than 25% of the annual sales target of 40,000 units.

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Threza Gabriel
Threza Gabrielhttps://www.techgoing.com
TechGoing is a global tech media to brings you the latest technology stories, including smartphones, electric vehicles, smart home devices, gaming, wearable gadgets, and all tech trending.
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