Why did the first wave of autonomous driving, Tucson's future, reach the edge of a cliff

Tech 2023-05-15 15:41:50 Source: Network

On April 15, 2021, facing the first halo of autonomous driving, Tucson officially landed on NASDAQ in the future, althoughHowever, it had a revenue of only $1.48 million in the previous year, but lost $180 millionBut this did not affect its successful fundraising of $1

On April 15, 2021, facing the first halo of autonomous driving, Tucson officially landed on NASDAQ in the future, althoughHowever, it had a revenue of only $1.48 million in the previous year, but lost $180 million

But this did not affect its successful fundraising of $1.35 billion, with a market value of $8.5 billion, making it the envy of autonomous driving track players.

Of course, this is not only the superficial scenery of Tucson's future, but also a feast of blessings.

For example, Lu Cheng, the CEO with an annual salary of 390000 yuan, has received equity incentives worth 16 million dollars as of 2020,In other words, the equity incentives obtained over the past three years exceeded the annual salary of 40 years.

And this is also a microcosm of Tucson's future wealth creation feast. As of the listing date, Tucson's futureThe total size of the equity incentive plan may reach $800 million.

Even ordinary employees, even newly hired employees, have enjoyed the meat of this feast of benefits. For example, Tucson's employee equity incentive mechanism allows forEmployees who started just two weeks before going public have a value of $3 million.

As well as high salaries, unconventional insurance benefits, and free meals and other benefitsAt that time, a group of large factory employees cried out.

Although Tucson's future revenue was only $1.48 million at that time, various executives clearly made a profit.

Of course, this is not just the expectation of capital for Tucson's future, under the wave of autonomous driving,A large amount of capital has set up a platform together to create this grand feast.

However, in just two years and one month, Tucson's future fell into a mud pit from the sky,Even the enviable benefits of employees in the past have not even been fulfilled in timeThis dream of benefiting the people, they walked awkwardly to the edge of the cliff.

On May 12, NASDAQ issued a ultimatum for the delisting of Tucson in the future. If Tucson does not submit financial reports and other relevant information in the future by May 15,The trading of ordinary shares will be suspended at the opening of the market on May 15, 2023.

As soon as this news was released, its stock price plummeted by nearly 30% compared to the previous day's closing price.

In fact, the future of Tucson is no longer as important as whether it will continue to trade normally on NASDAQ, as its stock price was only $0.8 per share as of May 15th,The market value is only $180 million left.

You should know that in 2021, Tucson's future stock price once reached as high as $79 per share,The corresponding market value is 17.854 billion US dollars, which means that in less than two years, its market value has evaporated by 99%

It can be said that when it went public, it was so spectacular, but now it's so down and out

So Tucson's future,How did you get to where you are today?

Tucson's future was established during the period when the concept of autonomous driving was most popular, and its business direction avoided the passenger vehicle direction that giants were chasing each other, focusing on the commercial vehicle field and also focusing on L4 level autonomous driving solutions for heavy-duty freight trucks.

Compared to the high difficulty and long investment cycle of autonomous driving in passenger cars, as well as the competitive strength, commercial vehicles have fixed autonomous driving routes, are easier to land, and the demand is huge,This made Tucson's future a hot potato in the eyes of capital from the beginning.

According to incomplete statistics, since its establishment, Tucson has received 10 rounds of financing in the future, with a publicly disclosed financing amount of $650 million. The industry expects that, including undisclosed data financing,Before going public, Tucson received a financing scale of no less than $1 billion in the future.

The capital behind it is even larger, including corporate giants such as Sina, NVIDIA, UPS, Traton, and Micro Venture Capital, as well as celebrity capital.

From a perspective of prospects, Tucson's future seems promising, but in reality,Tucson's future autonomous driving business still faces difficulties in landing.

According to financial report data, Tucson's future revenue from 2018 to 2020 is $9000, $710000, and $1.843 million, respectively. After going public, its revenue in 2021 was $6.261 million, while in the first three quarters of 2022, its revenue was $7.51 million.

Since then, Tucson has not released any new financial data in the future.

According to the Q2 2022 financial report, as of June 30, 2022, Tucson Technology announced a total of 7485 truck bookings, butUntil now, none of the vehicles have entered the delivery and mass production stage.

It is worth noting that behind the annual revenue scale of millions of dollars, Tucson's future losses are astonishing.

From 2018 to 2021The net losses were $45.034 million, $84.883 million, $178 million, and $733 million, respectively.

It is worth noting that Lv Cheng, the CEO of Tucson Future, stated in a media interview that Tucson Future still had about $1 billion on its books by the end of 2020. According to financial report data,As of the end of the first half of 2022, cash and equivalents amounted to $1.156 billion

thatFaced with an annual loss of up to $700 million, Tucson's future funds are not generally tightWithout continuous external blood transfusions, Tucson would be in danger at any time in the future.

andThe path of external blood transfusion is not generally pessimistic for Tucson's futureDue to its poor performance in the capital market, it is evident to all.

According to the announcement, Tucson may delist at any time in the future, although Tucson's future response is to actively appeal to the Nasdaq hearing panel and request that the company's suspension date be extended to the hearing date.

But Tucson has also emphasized multiple times in the future that there is no guarantee that the extension or appeal to the hearing will be successful.

and2022It even stated that the ability to submit cannot be guaranteed.

and

andInternal reasons are the key.

For example, in November last year, Kochai also reported on Tucson's future civil unrest. In November last year, Tucson suddenly received a recall letter.

The recall letter states that the board of directors has dismissed Hou Xiaodi, the co founder, chairman, and CEO of the company, and removed Hou Xiaodi from his position as chairman of the board of directors and as a member of the government security committee.

That's forWhy dismiss the founder, chairman, and CEO?FBISECandHydron

thatHydron3L4

It is reported that when Hydron was founded, the company recruited several future employees of Tucson, some of whom were in senior positions, and used Tucson's proprietary technology and intellectual property rights.

even to the extent that,Some employees continue to work for Tucson's future while also serving Hydron, and some have also acquired shares in Hydron.

In response, the audit committee accused Tucson of leaking confidential information to Chen Mo's entrepreneurial project Hydron.

thatCivil commotion, double reed, left handed to right handed, or something else may only be known to the parties involved.Everyone can brainstorm on their own.

Hydron10and7.3

Subsequently, Tucson underwent a series of internal adjustments in the future, such as Chen Mo's return and Hou Xiaodi's return.

But in March of this year, Hou Xiaodi personally announced his resignation and went on to start a business in this field.

and

thatNo one knows, but eventually someone will have to pay for it.

and

Where is Tucson's future, perhaps no one knows, but in the end, there are still winners in this game, right?

Tchaigouvsky

Author | Xiaochai No.2

Editor | Tan Song

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