Market value “knee cut”, Mavericks electric high-end road will not work?

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Text / Chen Dengxin

Source: Zinc Scale (ID: znkedu)

Mavericks electric sinking has a new move.

A few days ago, Mavericks Electric launched a children’s two-wheeled electric vehicle priced at 899 yuan. It uses a 12V4.5AH lead-acid battery and has a speed of 5 kilometers per hour. It is suitable for children over 3 years old and has a battery life of 90 minutes.

This means that the unit price of Mavericks Electric has further bottomed out.

So, why is Maverick Electric, which is persistently sinking into the market, unable to sell high-end? What are the serious challenges faced by Mavericks, which are attacked on both sides? The helm of Mavericks has a “dream of car building”, how does it affect it?

The halo has faded, and the high-end cannot be sold?

As a representative of the new forces of two-wheeled electric vehicles, Mavericks entered the game with a high-end attitude.

For quite a long time, the two-wheeled electric vehicle market has suffered from insufficient innovation and serious homogeneity. The price has become the focus of the corporate game. Under the price war, a number of small and medium-sized enterprises have been reshuffled.

In fact, Yadi stood out in the price war and overtook Emma to become the “first brother” in the industry.

In this context, two-wheeled electric vehicles move from the Red Sea to the Sea of ​​Blood.

Fortunately, in 2015, the industry ushered in variables. Mavericks launched a smart two-wheeled electric vehicle, showing a high-end image and winning the favor of young people as soon as it appeared.

As a result, the two-wheeled electric vehicle track also staged a showdown between traditional forces and new forces.

According to public data, the “Technical Specifications for Electric Bicycle Safety” was officially implemented on April 15, 2019. According to the new regulations, domestic two-wheeled electric vehicles will usher in a trade-in trend, and the battle between old and new forces will be fierce.

As a result, intelligence has become the consensus of the industry.

Traditional forces such as Yadi and Emma are eager to make a leap, and they have deployed smart two-wheeled electric vehicles. The late entrant No. 9 continues to conquer the city with the “smarter + higher-end” style of play, becoming the youngest on the two-wheeled electric vehicle track. important players.

For example, Yadea’s mid-to-high-end product GN series also has functions such as cycling navigation, safe travel, sensorless unlocking, and intelligent security, while the high-end VFLY series is a “full-scene AI intelligent system” as its selling point.

This means that the competitive advantage of Mavericks Electric has been compressed, and its basic market has been eroded by old forces such as Yadi and Emma, ​​as well as by new forces such as No. 9.

As a last resort, Mavericks set its sights on the sinking market, trying to exchange price for volume.

According to public information, the Mavericks Electric GOVA series is directly aimed at the sinking market. Half of the new products in 2021 belong to the GOVA series, so the sales volume in 2021 will be 1,037,900 units, a year-on-year increase of 72.5%; the average selling price in the fourth quarter of 2021 has dropped 7.3%.

Nevertheless, the predicament of Mavericks Electric remains.

The sinking market is the main battlefield of Yadi and Emma. The tentacles of Mavericks are far less than those of the old forces. There is still a question mark on how long the low-cost expansion strategy can last.

It should be noted that the sinking market is more dependent on offline stores, and the total number of stores of Mavericks in 2021 will be 3,108, which is still far from the number of thousands and tens of thousands of competitors.

A private equity person told Zinc Scale: “Most of the upstarts of two-wheeled electric vehicles focus on intelligent innovation and technological iteration, and few pay attention to sinking the market. Once traditional manufacturers make up for the shortcomings of intelligence, Mavericks will not be able to. The story of electric is not easy to tell, which is also an important factor in its continuous decline in market value.”

Net loss enlarges, quality control is criticized

The sales volume is up and the market value is down, which has become a true portrayal of Mavericks Electric.

In February 2021, the market value of Mavericks Electric was 4.106 billion US dollars. After that, there was almost no resistance to the decline. As of July 1, 2022, the market value was only 662 million US dollars, and the shrinkage was as high as 83.88%.

In other words, Mavericks not only fell below the issue price, but also suffered a “knee cut” in market value.

The reason for this has a great relationship with its performance not being recognized by capital.

According to data from Flush, in the first quarter of 2022, Mavericks Electric’s operating income was 575 million yuan, a year-on-year increase of 5.14% and a month-on-month decrease of 41.68%; net profit was -29.5762 million yuan, a year-on-year loss of 450.40%, and a month-on-month turn from profit to loss ; From the perspective of gross profit margin, Mavericks Electric slipped from 23.8% in the first quarter of 2021 to 19.13% in the first quarter of 2022.

It can be seen from the above that Mavericks Electric’s strategy of exchanging price for volume has made its profitability continue to deteriorate.

In addition to the intensified losses, Mavericks has been repeatedly punished for quality control problems, and it is urgent to practice internal skills.

For example, Maverick Electric claimed on its official website that the cruising range recorded in the vehicle qualification certificate is the cruising data obtained by the testing agency, but it is actually the self-test result of the internal laboratory, which is not authoritative and belongs to false propaganda. The District Market Supervision Bureau ordered him to immediately correct the violation and imposed an administrative penalty of a fine of 300,000 yuan.

For another example, several models of products of Jiangsu Xiaoniu Electric Technology Co., Ltd., a wholly-owned subsidiary of Xiaoniu Electric, were subject to market supervision in Wujin District, Changzhou City due to unqualified sampling inspections for lighting, short-circuit protection, instruction manuals, size limits, and battery tamper-proof items. The bureau fined 290,000 yuan.

On the Sina Black Cat complaint platform, Mavericks Electric has also been repeatedly criticized.

There are 1,723 related complaints, involving service fees that cannot be located, serious inconsistency between battery life and publicity, poor quality of rear hubs, abnormal brake noise, automatic power failure when not riding, refusal to pick up orders online and offline, and welding points in the rear of the car. Quality problems such as cracking, abnormal power failure after the vehicle triggers an alarm.

It should be noted that the price of Maverick’s smart electric vehicles is expensive, and there is a service fee of 68 yuan per year, which increases the burden of subsequent use, thus causing dissatisfaction among some price-sensitive consumers.

An industry insider said: “Maverick’s move is imitating Tesla, and it also makes money through software in addition to selling hardware, but intelligence is not just needed, and most brands do not have an annual fee, market education is still the way to go. Resist and long.”

From this point of view, it is not unreasonable that Mavericks Electric is coldly treated by capital.

The man at the helm is “empathetic and not in love”, and the breakthrough lacks the “backbone”

Under the internal and external troubles, Mavericks Electric also encountered the “backstab” of Li Yinan, the helmsman.

According to multiple media reports, Li Yinan launched the self-touring brand, focusing on the new energy vehicle track. Its first mass-produced model is a medium and large SUV. There are two versions of pure electric and extended range. The pure electric version has a cruising range of 550 kilometers. , and the extended-range version has a comprehensive battery life of more than 1,257 kilometers under full fuel and full power. The targets are the Ideal ONE and Lantu FREE, which will be delivered in September 2022.

As the soul of Mavericks, Li Yinan’s “empathy and love” can be seen with the naked eye.

After all, people’s energy is limited. After Li Yinan’s center of gravity shifts, he is bound to pay less attention to Mavericks than before. Two-wheeled electric vehicles are currently fighting fiercely, and Mavericks is encountering both old and new forces. If one is not careful, May be left behind.

It should be noted that the intelligent technical barriers of Mavericks Electric are not high, and the foundation of the sinking market is not strong.

Moreover, Niu Electric has provided support for self-tourists in terms of talents and technology. For example, it is reported that Liu Chuankai, vice president of Niu Electric Design, will join NIUTRON, and his team will work on the conceptual design of Niu Electric M1, which means that At the critical moment of the Mavericks electric breakthrough, its own strength may have been discounted.

In addition, Li Yinan’s “dream of building a car” is not optimistic.

Judging from the known parameters and poster pictures, Ziyoujia conforms to the mainstream trend and can meet the mainstream needs of users, but under the pattern of new energy vehicles blooming, it is not enough.

Taking BYD as an example, it has been working in the new energy vehicle market for many years and has been at the bottom of the car contempt chain for a long time.

So, it is easier said than done for a well-regulated self-tourist to stand out.

More importantly, the brand awareness and technology accumulation of Mavericks in two-wheeled electric vehicles is difficult to continue to new energy vehicles, which almost start from scratch.

From this point of view, the vision of Niu Electric and new energy vehicles driving each other may fail.

All in all, Maverick Electric is encountering a “two-fold sky of ice and fire”. Although the focus on sinking the market has increased sales, its profitability has not improved. More importantly, traditional strength is making up for the shortcomings of intelligence, and the intelligent technology of late entrants It is stronger, and the smart label of Mavericks is becoming more and more blurred.

So, Mavericks needs a new story.

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