On the afternoon of December 11, Jia Yueting responded to many questions about LeTV's stock price, supply chain, capital, and automobile in the recent annual meeting of Chinese business leaders. During the period, it was clearly stated that it would not give up building a car. In my opinion, this kind of reflection "shadowing" is just a propaganda that feels good about itself.
You know, LeTV in the most brilliant time, we turned BAT plus LeTV into TABL, it can be seen that he was in full swing. If LeTV can listen to my advice, it may not go this far. Because in May of this year, I have repeatedly told these Internet companies that you will not succeed in making a car.
LeTV's biggest failure is the loss of the port ecosystem.LeTV has seven major ecosystems, including four resources of Internet finance, Internet and cloud, content, sports, and three port categories, mobile phones, televisions, and automobiles.
He has nearly 80 billion in cash in his hands. The only thing he can do without research and development is to acquire someone else's business.
Take mobile phones as an example. If you are like Huawei, or can set standards like Qualcomm, you can make your own chips or make screens without the standards they set, because you have core competitiveness. These advantages are all lacking. The only thing that can be done is the acquisition. After the acquisition, the subsidy is started. This is the capital operation mode of LeEco. I am the most optimistic about this capital operation, and this capital operation will not succeed. According to LeTV's own data, in September 2015, LeTV's mobile phone accounted for 0.42% of the market, losing 400 million. In September this year, it accounted for 0.97% of the market and subsidized 1.3 billion.
LeTV's TV is really not easy. After the acquisition of VIZIO in 2016, the combined LCD TV shipments reached 14.57 million units, Samsung 47.9 million units, LG279.10 million units, Hisense 14.35 million units, and TCL 13.8 million units, ranking third. The problem is that TV is also subsidized to burn money. In 2014, the market share was 3%, and the loss was 184 million yuan. In 2015, it accounted for 6% of the market and lost 1.352 billion yuan. In 2016, it rose to 11% and lost 2.097 billion yuan. The total accumulated loss was 3.633 billion yuan. According to estimates made by the two-dimensional cloud network, LeTV's market share in September was as high as 19%, which is a great achievement.
Car bleedingLeTV's original success brought him great profits. He accumulated a lot of wealth through capital operation. These wealth mainly come from two aspects. The first part is the investor's money. The second part is the money from the stock market, such as high cash, creating a high concept cash. When this year's rise was very high, he cashed in billions. Then use the equity pledge, the private placement of the money into the concept of the ecological subsidiary, continue to pull the performance of the listed company through the consolidated statement, and then pull the stock price and then cash. Then the loss is put into the ecological subsidiary of the non-listed company. This is the standard method of capital operation.
Through these two methods, probably accumulated more than 800 million, and then did a lot of things. From the perspective of his financing distribution, the Internet and cloud invested 240 million, sports 4.3 billion, mobile 5 billion, real estate 6.4 billion, content 10.8 billion, Internet finance 151 billion, TV 187 billion, and the car has invested 47 billion. This leaves 14.8 billion in cash. However, in the automotive sector, it plans to invest another 17 billion this year, so there will be no money, so LeTV’s capital chain will be tight or it will break.
This year, it is estimated that the investment of 17 billion yuan is already stretched, but they plan to invest another 416 billion in 2017, but I believe that if you do the car, the money should not be enough.
Why can't the car do it?Because there are four major difficulties that are inevitable.
The first difficulty is that the amount of capital invested is unimaginable. Apple’s cash reserve was $230 billion, and the car declared a failure. LeTV has invested 4.7 billion to invest another 17 billion, and has to invest another 41.6 billion. Can this money compare to Apple?
The complexity of the second design is unimaginable. Cars do not count 7000 spare parts for screw nuts, plus screw nuts and small accessories, there are about 30,000 spare parts. Taking these 7,000 parts as an example, each part has a design standard. Take Toyota as an example. One of the design standards for non-main parts is a 1000-page book. Does LeTV have this ability?
The third is that the technical difficulty is unimaginable. The Tesla electric car was produced five years ago. At the most critical time, Toyota and Mercedes-Benz gave him help.
The fourth is the complexity of supply chain management is unimaginable. If you produce 1,000 cars a day, 30,000 spare parts must arrive on time from all over the world. As long as a nut can't get in, the car won't be loaded, and you won't be able to sell it.
I have told many Internet companies on May 23 that it is impossible to make a car. Don't try it. If you are a little calmer, I will listen to Professor Lang’s advice, and you will not go to this desperate situation today. It is a pity that you are blindfolded.
The entire LeTV empire is because it has made it into such a dilemma because of improper thinking, and after entering this dilemma, what should investors do if they don’t dare to vote for negative news? So I am very worried about the future, LeTV's 80 billion empire will vanish. Through LeTV, I have to tell our entrepreneurs again that the success of people is not stalking by blindfolds, but by careful planning, by keeping good, I hope everyone pays more attention and carefully understand the complexity of the world.
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