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[YesAuto News] During this period of time, financing and listing in the field of new energy vehicles have been very popular. First, BAIC New Energy backdoor S*ST striker, and then the power battery giant Ningde Times publicly issued a stock prospectus. The new car power is not to be outdone. Here Wei Lai just revealed that it plans to go public during the year; there, Weimar Motors CEO Shen Hui said in an interview on March 12 that Weimar is open to listing in the United States and revealed Weimar’s internals. A team is studying relevant proposals for IPOs in the United States, Hong Kong, and China. However, Shen Hui did not propose an exact time to market.

Weimar Motors was founded in December 2015 by former Volvo China Chairman Shen Hui. With rich experience in the automotive industry, Weimar Motors under the leadership of Shen Hui has accumulated a certain amount of products, financing and car-making qualifications in more than two years. It has successively achieved a series of actions such as the debut of the first model EX5, financing of nearly 20 billion yuan, and holding Zhongshun Automobile to obtain the qualification for automobile production.

The first 200,000-class model to accept reservations at the Beijing Auto Show this year

As a car brand, products are the core. Compared with Weilai ES8's high-end pricing marketing strategy, Shen Hui pointed out that he insists on creating a popular smart car that is easy and convenient for users.

On December 11, 2017, Weimar’s first model was officially unveiled. The new car is named EX5. It is a pure electric SUV with a maximum cruising range of 600 kilometers. It is expected to be mass-produced at Weimar’s smart manufacturing plant in Wenzhou in early 2018. Line, and accepted reservations at the 2018 Beijing Auto Show. The new car is positioned as a 200,000 yuan-level model for Volkswagen.

The E of EX5 stands for pure electric, X stands for SUV models, and 5 stands for the relative position of this car in the future product model spectrum. Like all Weimar models, the EX5 will be 100% connected to the Internet and provide full-scenario intelligent interactive services through the combination of “AI + hardware + software + services”. The new car will adopt the C2M customized production method, and the average delivery cycle will be one-third of Tesla's. At present, Weimar’s first mass-produced model has completed the 2 million km limit test mileage, as well as the “three highs” tests of high temperature, high cold and plateau.

As early as September 2016, Weimar released the “128 strategy”: based on German technology, mobilizing global resources, and extending the two complete vehicle platforms “STD” and “PL” around 1 core architecture, at least 8 high-quality models Mainstream smart cars have been gradually introduced to the market at the rate of more than one new car per year since 2018, and through innovative sales, operations, finance, services, information strategies and other value chain solutions, the basic hardware platform laying and smart car network have been formed cover.

The financing amount has approached 20 billion yuan

In an interview with the media, Shen Hui once said, “The first three years of building a car is to burn money. It’s not enough if there is not enough financing in the early stage.” He pointed out that even a team with strong R&D capabilities and industry supply chain experience will cost at least 200. Only 100 million yuan can be burned to the market.

Weimar Auto's financing situation
time Financing amount investor
2016.8 US$1 billion /
2017.12 US$1 billion Baidu Capital led the investment, followed by Baidu Group and other institutions
2017.12 / China State-owned Enterprise Structural Adjustment Fund, Minmetals Capital (Hong Kong), Tencent Group, Sequoia Capital China Fund

At the end of December last year, Weimar Automobile announced that it had received a new round of investment from the China State-owned Enterprise Structural Adjustment Fund, Minmetals Capital (Hong Kong), Tencent Group, and Sequoia Capital China Fund, although the amount was not announced. However, on December 5, when it announced that it had received a round of financing led by Baidu Capital and Baidu Group and other institutions followed up on the investment, Weimar Motors had said that the total amount of financing at that time had exceeded 12 billion yuan. With three rounds of financing blessing, Weimar Automobile's financing amount is approaching 20 billion yuan.

Investigating investors found that Weimar, a traditional car company, has introduced two Internet companies, Baidu and Tencent, and a series of Internet investment funds in a short period of time, which to a certain extent shows its determination in the field of intelligent networking. It is worth mentioning that at the launch of Weimar’s first production car EX5, Baidu Group President and COO Lu Qi rushed to the scene to serve the Weimar bus station. But how to better run-in between traditional car companies and Internet companies in the future may also be a problem that Weimar needs to measure.

Holding Zhongshun Automobile Obtained Automobile Production Qualification

Unlike many new car manufacturers who adopt OEM models to bring mass-produced cars to the market as soon as possible, at the beginning of its establishment, Weimar Motors firmly adopted the self-built factory model, which requires independent vehicle production qualifications. He has a wealth of experience in the automotive industry, once served as the vice president of Geely Holding Group, and led Geely's experience in Volvo mergers and acquisitions to once again assist Shen Hui.

On February 2, 2018, the Ministry of Industry and Information Technology issued an announcement showing that Zhongshun Automobile Holdings Co., Ltd. was changed to Weimar Automobile Manufacturing Wenzhou Co., Ltd., and the legal representative was changed from Li Jinzhong to “SHEN HUI” (Shen Hui). Weimar Automobile Manufacturing Wenzhou Co., Ltd. indirectly controls 100% of Zhongshun Automobile Holdings Co., Ltd. So far, Weimar Automobile has obtained automobile production qualifications by controlling Zhongshun Automobile.

Zhongshun Automobile was originally Songliao Automobile Co., Ltd., and was restructured into Shenyang Zhongshun Automobile Co., Ltd. in 2003, focusing on passenger cars, multi-function commercial vehicles (MPV), sports recreational off-road vehicles (SUV), etc. R&D and manufacturing of automobiles and commercial vehicles.

In fact, Weimar has a long-standing layout in the acquisition of automobile qualifications. As early as February 2017, Sugon issued an announcement stating that Sugon would transfer 100% of its shares in Dalian Huanghai to Dalian Xinminya Intelligent Technology Co., Ltd. (hereinafter referred to as “Xinminya”). Xinminya was established on February 10, 2017. The shareholder behind it is Weimar Motors, which holds 100% of its shares.

Dalian Huanghai was invested and established by Sugon in October 2009. Its business scope covers the development, manufacturing and sales of automobiles (except cars), automobile chassis and their parts. It is an automobile company that mainly produces passenger cars. At that time, people from all walks of life speculated that Weimar Motors might borrow Dalian Huanghai's qualification to produce new energy vehicles.

While acquiring qualifications, Weimar is also stepping up plant construction. As early as July 2016, Weimar Motors signed an agreement with the Wenzhou Municipal Government to locate its first factory in Oujiangkou District, Wenzhou. At present, the civil construction of the main body of all plants has been completed. The four process workshops of stamping, bodywork, painting, and final assembly have all been capped, and the equipment installation and commissioning stage has been fully entered. The main body of the Wenzhou Smart Factory is also nearing completion.

In addition, Weimar Automobile has also established another base in Huanggang, Hubei-Hubei Xinghui New Energy Intelligent Automobile Industrial Park and Autonomous Driving Demonstration Zone. The park plans to build a new energy smart car production base with an annual output of 300,000 vehicles. The first phase is planned to invest 10.12 billion yuan, with an annual output of 150,000 vehicles. It is planned to be completed and put into production at the end of December 2019 and reach production in 2022.