Air-conditioning giants have long been planning to make Gree cars to be successful

Want to build a car, for the air conditioning giant Gree, fear is not easy. Following the 1515 proposals of Gree to raise 9.69 billion yuan of matching funds, which were rejected by small and medium-sized shareholders, the industry’s suspicion of Gree’s car-making was circulated, and the text of a Gree shareholders’ meeting recently circulated on the Internet made Gree’s details of the car. Among them, the determination and reason for Dong Mingzhu, chairman of Gree Electric Appliances, to enter the electric car, also revealed that there are still many problems to be solved.

Planning for a car

As early as March of this year, Gree announced the plan to issue shares to purchase assets. The target is Zhuhai Yinlong New Energy Co., Ltd. (hereinafter referred to as “Yinlong”). Gree cross-border manufacturing has become the focus of the industry. Gree wants to enter the electric car and even buy Yinlong is not a sudden move. At the meeting of shareholders, when the shareholders asked if Dong Mingzhu had the idea of ​​deploying new energy vehicles in 2015, Dong Mingzhu did not directly deny it, but said that “the development of the household appliance industry requires certain related technologies at a certain time. The future is the smart age, and the most indispensable in the home appliance industry is energy storage equipment." Disguised suggests that energy solutions for home appliances have been sought.

Industry observer Hong Shibin believes that Gree may not have paid attention to new energy vehicles before, but it has certainly been studied for battery energy storage. As early as 2013, Gree has launched a central air conditioner called “no electricity bill”. The principle is to store electricity through solar power. Then supply air conditioning, which involves battery storage. Dong Mingzhu further stated that BYD had had cooperation with Gree, but Gree did not agree, because Gree was more willing to see the technical support behind it.

Entering 200 billion

Dong Mingzhu said bluntly at the shareholders meeting that the acquisition of Yinlong is based on technology rather than cars. But behind it, there is also the shadow of Dong Mingzhu’s 200 billion dream.

In 2012, Gree's first revenue exceeded 100 billion yuan. When it became a home appliance billion-dollar club, Dong Mingzhu proposed a goal of recreating a Gree for five years. This plan was also well promoted in 2013 and 2014. The annual revenue was 120 billion yuan and 140 billion yuan respectively, which is in line with the expectation of an annual growth of 20 billion yuan. However, by 2015, the growth plan was disrupted. Gree’s financial report showed that revenue in 2015 was 97.75 billion yuan, returning to three years ago.

Dong Mingzhu also acknowledged that the air-conditioning market has insufficient growth space at the shareholders' meeting. "Everyone has their own love, each has their own choices. Some people choose family relationships. For various reasons, they will not buy Gree's brand. However, Gree has achieved more than 40% of its share in the air-conditioning field based on its technology and integrity. There is not much room for growth, and there is no way for the gods to expand."

In recent years, Gree has also been diversified. It has been involved in refrigerators, air purifiers, water purifiers, rice cookers, humidifiers, mobile phones and many other home appliances. But in these products, in addition to mobile phones, all other brands are used, the refrigerator uses Jinghong, and the small appliances use Dasong. However, from the 2015 financial report, the total revenue of Gree's home appliance manufacturing business was 87.93 billion yuan, of which air conditioners were as high as 83.72 billion yuan, and household appliances and other categories were 1.52 billion yuan and 2.69 billion yuan respectively. Obviously, Gree wants to achieve the annual revenue of 200 billion yuan, which is difficult to achieve in the short term by expanding other home appliances. Therefore, new energy batteries and automobiles have become the new target of Dong Mingzhu.

Gree car is very difficult

Although at the shareholders meeting, Dong Mingzhu directly replied to the shareholders, "After the acquisition, you will be able to see the car next year." But it is not easy for Gree to want to land on the market and win the market.

The core of new energy vehicles lies in batteries, and the types of automobile batteries are also divided into different types. Among them, Yinlong’s main technical advantage lies in lithium titanate batteries, but currently this battery is not the mainstream in the market, and the current market accounts for up to 90% of the raw materials used in batteries. It is lithium iron phosphate. At the same time, the lithium titanate battery has a problem of insufficient battery life.

Wei Yincang, chairman of Zhuhai Yinlong Group, is also frank, the current capacity of lithium titanate battery is very small, and the cost has not come down. Need to attract more companies to enter, in order to achieve cost reduction. Wei Yincang said, "The new energy vehicle had six documents last year, and the strategy of pure electric power was formulated. The automobile production involves the national policy and involves the issue of production qualification."

However, the problem that Gree first solved was to complete the acquisition of Yinlong. The proposal to raise funds for matching funds was rejected, and the impact of Gree's entry into the field of new energy vehicles. The Beijing Business Daily reporter interviewed Chen Zili, the minister of Gree Electric's marketing department, and responded that “currently research is pending.” But the end result may be announced soon. On October 31, the Shenzhen Stock Exchange issued a letter of concern to Gree asking Gree to clearly state whether the relevant proposal was approved as a pass before November 4.

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