Whose Pot Is The Recall Of 16000 New Energy Vehicles“ The First Shares Of Kechuangboard Battery Co., Ltd. Suffered A Lot Of Bad Effects, And The Shareholders Set Up A Plan To Reduce Their Holdings

? ? ? Recently, the State Administration of market supervision and Administration issued four announcements in succession, recalling nearly 1.5 million vehicles, involving brands such as great wall, Wuling and Chery. Among them, Chery and Great Wall recall electric vehicles, and the potential safety hazard involves the power battery.

? ? ? In this recall storm, it was initially reported that the recalled vehicles were equipped with Ningde era battery, which led to a sharp drop in the stock price of Ningde era (300750), which was later denied by the company.

On the evening of July 18, Funeng Technology (688567) announced that Great Wall Motors had recalled 16216 Euler IQ vehicles to the State Administration of market supervision and administration. The company only supplied the modules of the recalled vehicles. The main reason for the recall was that there was a matching difference between the control strategy of BMS software on the recalled vehicles and the power battery, After long-term continuous and frequent fast charging, the battery performance will decline. In extreme cases, it may lead to thermal runaway of power battery, and there are certain safety risks. BMS is not the company's product and supply.

? ? ? Funeng technology denied that it was the main party responsible for the recall. On July 19, a person from the Securities Department of Funeng technology also said in an interview with the reporter of 21st century economic report that "what we supply is module, and BMS is not provided by us. It has little relationship with us, and we do not need to bear relevant responsibilities."

However, judging from the reply of Euler brand on July 19, Funeng technology can not completely clear its responsibility. "The BMS control strategy is jointly developed and verified by Great Wall Motors and Funeng technology, resulting in thermal runaway of batteries under extremely low probability conditions. The reason for recall is not related to the production of BMS hardware and software, but only related to the formulation of control strategy. The specific responsibility ratio is negotiated and communicated between Great Wall Motors and Funeng technology."

While making the above clarification, Funeng technology ushered in the lifting period on the same day. On the evening of the 18th, the company announced that Shenzhen Anyan, a shareholder, would reduce some of its shares in the company through block trading, with no more than 42.8268 million shares, accounting for no more than 4% of the company's total share capital.

On July 19, the stock price of Funeng technology fell sharply, with the intraday decline of more than 6%. By the end of the day, it was 34.1 yuan, down 4.54%, with a total market value of 36.5 billion yuan.

It is reported that the R & D and production of BMS in China are mainly concentrated in new energy vehicle manufacturers, battery pack manufacturers and professional BMS manufacturers- Visual China

Two battery manufacturers injured by accident?

According to the announcement issued by the State Administration of market supervision and administration, Great Wall Motors launched a recall plan according to relevant requirements, and recalled a total of 16216 Great Wall Euler IQ electric vehicles. There were matching differences between the consistency of some power batteries carried on the vehicles and the BMS software control strategy, and there were potential safety hazards.

As the recall plan involves the safety of new energy vehicles, the new energy track is one of the hottest directions in the current capital market. In addition, the event initially pointed to "battery Mao" Ningde era, which attracted more market attention.

On July 17, Ningde times responded: "individual media said that the information that the recalled vehicles carrying Ningde era batteries was wrong." Later, it was reported that the target was Funeng technology.

On the evening of 18th, Funeng technology admitted to be the battery supplier in the announcement, but said that it only supplied the modules carried by the recalled vehicles, and the main reason was that there was a matching difference between the BMS software control strategy and the power battery, and BMS was not the company's product and supply.

The 21st century economic reporter has learned that battery management system (BMS) is an important link between electric vehicle battery pack, vehicle system and motor“ The function of BMS is to measure the battery voltage to ensure that it works within the normal range. At the same time, it also monitors the current and temperature to prevent the battery from overheating. In addition, it includes maintenance of the battery after long-term use. " Auto industry independent analyst Zhang Xiang told reporters.

In Zhang Xiang's opinion, the mismatch between BMS software and battery is actually more common“ For example, if Funeng wants to match a new model, it needs to redesign the battery pack according to the requirements of the vehicle company, and then it also needs to redesign and calibrate the battery management system. In this process, the BMS may not be set well, resulting in problems such as low battery utilization rate and shorter driving range. Then, you need to re debug the BMS system parameters to make them match again. "

"Re debugging requires the cooperation of battery manufacturers, and there is no need to make major adjustments to the structure of the battery pack." Zhang Xiang said.

This statement is basically consistent with the reply of Funeng technology. According to investors, on the evening of July 18, Funeng technology organized a telephone conference on the recall of cars by customers. A person in charge of Funeng technology said: "the Great Wall has called back the battery pack. There are things in it that need to be replaced. We just need to replace the spare parts module, and there is no cost. "

It is reported that the R & D and production of BMS in China are mainly concentrated in new energy vehicle manufacturers, battery pack manufacturers and professional BMS manufacturers. At present, the BMS system in this recall event is provided by a third party. In an interview with 21st century economic reporter, Great Wall Motors and Funeng technology did not disclose the suppliers.

Although Funeng technology "threw off the pot" in the announcement, according to Euler brand, the BMS control strategy is jointly developed and verified by Great Wall Motors and Funeng technology, which is not related to the production of BMS hardware and software, but only related to the formulation of control strategy. The specific responsibility ratio is negotiated and communicated between Great Wall Motor and Funeng technology.

"Car recall is quite normal for the company. A product must be iterated and upgraded continuously. We will solve this problem as soon as possible to protect the legitimate rights and interests of users and the safety of vehicles. In terms of specific responsibilities, we will make corresponding loss compensation according to the investigation results." On July 19, people from the Securities Department of Great Wall Motors told reporters.

According to the public information, Great Wall Motors will test the power batteries of the recalled vehicles for free, and write the control strategy software suitable for the working conditions, and replace the battery module if necessary to eliminate the potential safety hazard.

The stock market has not fallen much

On the same day when the customer recall was explained, Shenzhen Anyan investment partnership (limited partnership), a shareholder of Funeng technology holding more than 5% of shares, issued a plan to reduce its holdings.

According to the announcement, Shenzhen Anyan, which holds 19.1% of the company's shares, plans to reduce some of its shares through block trading, with no more than 42.8268 million shares, accounting for no more than 4% of the company's total share capital.

According to the closing price of Funeng technology on July 19, the market value of this part is close to 1.5 billion yuan.

According to the public information, Funeng technology entered the science and technology innovation board in July 2020, known as "the first share of power battery in science and Technology Innovation Board". So far, it has been listed for one year, and the restricted shares of the initial original shareholders also ushered in the understanding and prohibition period. The lifting of the ban involves 45 shareholders, with the issue price of 15.90 yuan / share, and the latest share price of the company is 35.72 yuan / share, and the share holding income of relevant shareholders is more than double.

The announcement explained that the reduction was made by shareholders according to their own needs. The reduction will not have a significant impact on the governance structure and sustainable operation of Funeng technology.

Reduction has always been the touchstone of stock price, and to some extent represents shareholders' views on the development of the company. In this regard, a person from the Securities Department of Funeng technology told reporters: "shareholder reduction and company recall are two things, and reduction and recall have nothing to do with it. There is a clear intention party for this reduction, but it is not convenient for me to say who it is

Market news said that the reduction was related to Geely technology cooperation. So, is the "clear intention party" mentioned in the telephone interview the "Geely technology" of network transmission? This reporter dials the Geely science and technology open telephone for this, cannot connect.

According to public information, Geely technology and Funeng technology reached a cooperation as early as December 2020, and planned to set up a joint venture to build a power battery production plant. Chongqing jianghehui Enterprise Management Co., Ltd., an investor introduced by Shenzhen Anyan this year, is wholly owned by Geely technology group.

In May, Funeng technology and Geely technology decided to sign an agreement. Geely science and technology side promised to give priority to purchasing power batteries produced by Funeng technology or joint venture company under the same conditions. Therefore, Funeng technology will become one of the most important battery suppliers of Geely technology.

It should be noted that Funeng technology is not the first time it has been involved in the car recall.

In March this year, according to the State Administration of market supervision, BAIC new energy automobile Changzhou Co., Ltd., BAIC Motor Co., Ltd. and BAIC (Guangzhou) Automobile Co., Ltd. recalled the ex360 and eu400 pure electric vehicles produced by BAIC (Guangzhou) Automobile Co., Ltd., totaling 31963.

Funeng technology said in the announcement that the battery systems (products) loaded in the two pure electric vehicles recalled are the battery systems that the company is responsible for assembling and integrating, and the two battery systems are only used by BAIC. According to the company's agreement, Funeng technology will bear the expenses involved in this recall, which is estimated to be between 30 million yuan and 50 million yuan, which will be borne by the quality assurance deposit withdrawn by the company in the early stage.

Despite frequent recalls, capital is still very optimistic about the new energy track in the long run, which can be seen from the stock price performance of Funeng technology. The market expected that the company would harvest the limit of decline, but the closing decline of that day was not more than 5%.

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