1 thought on “The secret behind Jia Yueting's car, we found out”
Dixie
After a lapse of 7 years, Faraday Future (FF) founded by Boss Jia appeared again in the public vision. In July 22, Beijing time, Faraday will be listed on Nasdaq in the future. The increase in front of the market once expanded to 50%, and the opening rose over 22%. has been unable to mass production after many years, and the parent company LeTV encounters the problem of the fund chain. The founder applies for personal bankruptcy and reorganization. , It is considered a staged backwind. Is know that the barriers of new car building are the degree of funds and the second is core talents. There is no talent without funds. In the person familiar with the matter, when FF China is the most difficult time, the situation of salary reduction and even delaying wages has also occurred. Not only FF, the early Tesla, Weilai, and ideals have faced the crisis of the capital chain, and employees will not simply generate electricity with love. How "to live and stabilize talents" is a question that every new car company thinks daily. The results that the big guys think are pointing at a keyword without exception -options incentive. The new cars are now fighting for the fight. Various types of car companies use "options" to seduce carmen who are becoming increasingly alive. Wat options that can be taken with confidence? What options are drawing big cakes? What are the pits on the road to the road of auto people? "Money Observation Bureau" takes you to find out. The soldiers have not moved, grain and grass first. To build a car, grab people first. This smoke gradually became a big weapon for car companies. On July 16th, according to 36 氪, Xiaomi Motors will grant an option for employees' independent car company for 5 years. After the options are mature, there are two ways to monetize -if Xiaomi cars are on the market, "before listing, a car option corresponds to a car mainstore stock after listing"; if it is not listed, employees can anchored according to different performance anchors and will be anchoring points for different performance points. In the middle of the hand, it is exchanged for Xiaomi restricted stocks, and after 3 months, it is still cash to choose to be replaced with cash. The young man in the post -factory learned that it is also a car company with the Internet background. . Although Didi is recruited in the name of the D1 project of the online car, personnel will be transferred to the Intelligent Motor Division to build a car facing ordinary consumers. This department is not all employees holding options. There is a chance to talk about options at D6 or above. D8 or higher has options. The probability of unmanned driving projects to give options is very high, divided into 4 years. The option policy of Huawei car BU is consistent with Huawei, that is, it is divided into "TUP" and "ESOP". Deduct once a year. Tup refers to the "fixed year -end award". Generally, it can be obtained for 3 years. It does not need to spend money, but there is a 5 -year period. ESOP is a virtual stock, which needs to be paid for subscription, 7.85 yuan/share, usually for 5 years. After the subscription, you can get dividends during your job. After retirement, you can keep it. The damage rate is related to the retirement age. After that, you will enjoy lifelong revenue. Is that Weilai, ideal and Xiaopeng, who have been listed, have different options policies. The most special is Weilai. Weilai is known for its entire employees in the industry. The 1,000/four -year option is equivalent to 25%a year and the value is more than 70,000. Is as for the ideal and Xiaopeng, the two options grant conditions are similar. Zhang Aidan, an ideal car recruitment manager, posted on the pulse that the ideal awarded employees were ADS (US depository shares), which reached the corresponding level, and there would be shares awarded to exercise. The youth in the post -factory learned exclusively that the ideal stock needs to pay a tax with the salary, granted it at a fixed time, starting in May, the stock price starts at 25 US dollars/share, P6/M6 began to have stocks, about 4,500 shares (last year (last year 5,000 shares), mature 5 years, 900 shares per year; P7 or more have stocks, about 9,000 shares. Is for Xiaopeng, the rank will reach P6 less than 2,000 shares; basically there are stocks above P7. The is gratifying that the atmosphere of the new forces has also been "infectious" to traditional OEMs. On July 3, Geely released the "Common Wealth Plan" program, saying that the "establishment of a business partner mechanism and exploring various forms of equity, options, income rights, bonuses and other incentives. Participate in equity incentives or income distribution, and achieve the simultaneous growth of employee income and corporate benefits. " On May 25, Great Wall Motors released the 2021 equity incentive plan, and it was planned to grant 8784 people with an option of 397.101 million copies of A -share shares. It is planned to award 43.184 million shares to 586 people. The awarded objects include middle executives, directors and backbones. It is reported that in 2020 and 2021, the Great Wall launched a total of 2 equity incentives, covering over 10,000 people. It, after the factory youth learned that the core backbone of the electric vehicle brand Lan Tu, a subsidiary of Dongfeng, will have the right to hold at least 10%of the shares. The first eye -catching player Tesla must have a name. In data from Tiger Securities ESOP, in the past ten years, the total scale of equity incentives released by Tesla has reached 196 million shares, and the current price market value has reached 120 billion US dollars, equivalent to RMB 800 billion. In accordance with the middle price of 300,000 yuan in the Chinese market "Model3", Tesla's equity incentive has been worth 2.6 million Model3. In 2014, Tesla set up a equity incentive plan with a total scale of 5.365 million shares in order to promote the mass production of Model X and Model 3 -as long as it will produce 100,000 vehicles in 12 months to produce 100,000 vehicles Cars, executives can get 4.0288 million shares rewards, are equivalent to each car that can get an option of US $ 25,900, equivalent to RMB 160,000. In 2019, Tesla once again launched a new equity incentive. According to the plan Tesla will issue a maximum of 62.5 million equity incentives, according to Tesla's current price, the total value of this part of the equity incentive is as high as 400 One hundred million U.S. dollars. It again to the most "inspirational" car company FF — 2015, Faraday implemented a full -staff equity incentive plan, promising to make equity incentives truly cover all employees. In 2018, the Rebuilding Plan was renamed the "2018 Equity Plan" and awarded 300 million A general stock awards to employees, directors and consultants. On May 2, 2019, the FF implemented a short -term incentive plan, also known as the "STI Plan", and awarded employees, directors and advisers to award up to 100 million ordinary shares. After , in order to motivate managers, Jia Yueting refers to the partnership system of Alibaba and the consulting industry. Through FF GP and three other intermediate holding companies, the FF partnership plan is implemented. Essence In 2020, in order to motivate and reward the reorganized debtor to achieve the strategic goal of the Faraday Group, Faraday adopted a management incentive equity plan, which was named the "Future Equity Incentive Plan". Thenon nine sons, each. Similarly, the "option temptation" thrown by different enterprises looks similar on the surface, but in fact, it has a hidden mystery. has chosen the right, and the value is flying with the company's stock prices; the wrong choice, not only pays time and opportunity cost, but also is overtaken by peers and even juniors. The first problem in front of the old buddies in the car is: how to choose options and cash? This problem is difficult, it is a multi -test of vision, wisdom and pattern. Choose cash? It seems that the pattern is small. After all, Musk, the most famous old brother in the car circle, is not the case. Since the start of Tesla CEO in 2004, Yilong classmates have always refused to receive salary. Since May 2019, Tesla has simply canceled Musk's salary. However, Tesla will make a equity incentive plan for Musk. In 2012, the total market value of the current scale was nearly 17 billion US dollars. At present, this incentive has completed 90%of the ownership, which means that Musk has completed the $ 15 billion reward. In 2018, Tesla approved Musk's salary plan in the next ten years, and still does not have any salary or cash rewards, but it has an option reward with a total scale of up to 20.264 million shares. Ten 101 million options have become 101 million shares. In data from Tiger Securities ESOP, Musk's more than 100 million shareholding options are $ 70.01/share. If Ske inspires all the equity incentives, it will earn $ 58 billion. The options, right? It seems to be risky. After all, no one said, which company will be the next Tesla? Gambling is right to laugh, and he is a joke. The report according to the "Talent Flow and Migration 2021" report according to the Pulse Data Research Institute, the more grass -roots employees, the more I feel that the option/equity is not important. When choosing career, it still focuses on the short -term returns. The pursuit of high -level employees for high -level salary is not so strong. , however, ordinary employees who can't hold the car companies to be eager to take their care of the basic salary have also been in touch with options. Tiger Securities ESOP team ALLEN, with Tesla, Weilai, Great Wall as the representative of new foreign countries, Internet background car companies, and traditional car companies, analyzed the current options of the current automotive industry with the youth of the factory: options have already been It is the main way to become a car company to make equity incentives, which is characterized by large scale. Tesla's equity incentive for employees in 2014 alone has more than 20 billion yuan in market value. Great Wall Motor's market value involved in the 2021 period of 2021 also exceeds 20 billion yuan. The market value of options also reached 24 billion yuan. But as mentioned in the previous article "I bought a house with options, I have also flashed the waist by it", options are like a carrot tied to the head of the senior migrant worker, but it is not Everyone can eat this carrot. Because this is a locked carrot, each company is equipped with different unlocking conditions. Allen said that the backgrounds of each car company are different and the operating goals are different, and the assessment standards are different. Tesla takes new vehicle production, output, gross profit margin and other indicators as the assessment criteria. For Musk's options, even revenue profits and market value are the assessment standards. Great Wall's option assessment is also biased in terms of sales, profits, and personal performance. But Weilai Automobile is locking in time. Axed the outflow of Xiaomi Automobile's option policy, Lantu Automobile HRBP Wang Peng in the circle of travelers in the pulse car, detailed the time required for each assessment goal. According to 36 氪, Xiaomi Motor's milestones have three main performance, namely the release of new cars, annual sales of 500,000 units, and 1 million annual sales. The annual sales of 1 million vehicles can be exchanged for all mature options into Xiaomi stocks or equivalent cash. Wang Peng analyzed that a new car project development cycle is 24-36 months, so the first milestone can be cash out within three years. But the goal of annual sales of millions of vehicles is not easy to achieve. According to the past data of the old car companies, it took 13 years to achieve this goal, Geely and FAW -Volkswagen spent 20 years, and Shanghai Volkswagen took 26 years. So for workers, the advantages and disadvantages of identifying carrots are quite difficult technical jobs. ALLEN suggested that when identifying OFFER with options, it is necessary to consider , the scale of equity incentives, unlocking conditions, and future development prospects of the enterprise, and whether the options are worth it. If the number of option rewards, the high number of shares, the high exercise price, the lock -up period, and the strict performance assessment conditions, it is not worth accepting. . For example, Tesla once set the option assessment standards with over 30%of Musk and ordinary employees, which is relatively difficult to complete. There are also mature lifting periods that are up to 10 years of options. The inspirational person needs to consider their time cost. The domestic car company, taking the Great Wall as an example. Although it also arranged options incentives for executives in 2020, in fact, it finally canceled nearly 140,000 shares because of the departure, accounting for more than half of the incentive pool issued that year. Illy, Allen reminded that it is necessary to consider the particularity of the automotive industry -the risk of high threshold for automobile industry and the risk of failure to start a business is not small. Whether enterprises can survive to go public are also a problem. "Stock options are incentives, and they are equivalent to an investment. The risks are objective. It is best to treat option rewards with an investment mentality."
After a lapse of 7 years, Faraday Future (FF) founded by Boss Jia appeared again in the public vision.
In July 22, Beijing time, Faraday will be listed on Nasdaq in the future. The increase in front of the market once expanded to 50%, and the opening rose over 22%.
has been unable to mass production after many years, and the parent company LeTV encounters the problem of the fund chain. The founder applies for personal bankruptcy and reorganization. , It is considered a staged backwind.
Is know that the barriers of new car building are the degree of funds and the second is core talents. There is no talent without funds.
In the person familiar with the matter, when FF China is the most difficult time, the situation of salary reduction and even delaying wages has also occurred. Not only FF, the early Tesla, Weilai, and ideals have faced the crisis of the capital chain, and employees will not simply generate electricity with love.
How "to live and stabilize talents" is a question that every new car company thinks daily.
The results that the big guys think are pointing at a keyword without exception -options incentive.
The new cars are now fighting for the fight. Various types of car companies use "options" to seduce carmen who are becoming increasingly alive.
Wat options that can be taken with confidence? What options are drawing big cakes? What are the pits on the road to the road of auto people? "Money Observation Bureau" takes you to find out.
The soldiers have not moved, grain and grass first. To build a car, grab people first. This smoke gradually became a big weapon for car companies.
On July 16th, according to 36 氪, Xiaomi Motors will grant an option for employees' independent car company for 5 years. After the options are mature, there are two ways to monetize -if Xiaomi cars are on the market, "before listing, a car option corresponds to a car mainstore stock after listing"; if it is not listed, employees can anchored according to different performance anchors and will be anchoring points for different performance points. In the middle of the hand, it is exchanged for Xiaomi restricted stocks, and after 3 months, it is still cash to choose to be replaced with cash.
The young man in the post -factory learned that it is also a car company with the Internet background.
. Although Didi is recruited in the name of the D1 project of the online car, personnel will be transferred to the Intelligent Motor Division to build a car facing ordinary consumers. This department is not all employees holding options. There is a chance to talk about options at D6 or above. D8 or higher has options. The probability of unmanned driving projects to give options is very high, divided into 4 years.
The option policy of Huawei car BU is consistent with Huawei, that is, it is divided into "TUP" and "ESOP". Deduct once a year.
Tup refers to the "fixed year -end award". Generally, it can be obtained for 3 years. It does not need to spend money, but there is a 5 -year period. ESOP is a virtual stock, which needs to be paid for subscription, 7.85 yuan/share, usually for 5 years. After the subscription, you can get dividends during your job. After retirement, you can keep it. The damage rate is related to the retirement age. After that, you will enjoy lifelong revenue.
Is that Weilai, ideal and Xiaopeng, who have been listed, have different options policies.
The most special is Weilai. Weilai is known for its entire employees in the industry. The 1,000/four -year option is equivalent to 25%a year and the value is more than 70,000.
Is as for the ideal and Xiaopeng, the two options grant conditions are similar. Zhang Aidan, an ideal car recruitment manager, posted on the pulse that the ideal awarded employees were ADS (US depository shares), which reached the corresponding level, and there would be shares awarded to exercise.
The youth in the post -factory learned exclusively that the ideal stock needs to pay a tax with the salary, granted it at a fixed time, starting in May, the stock price starts at 25 US dollars/share, P6/M6 began to have stocks, about 4,500 shares (last year (last year 5,000 shares), mature 5 years, 900 shares per year; P7 or more have stocks, about 9,000 shares.
Is for Xiaopeng, the rank will reach P6 less than 2,000 shares; basically there are stocks above P7.
The is gratifying that the atmosphere of the new forces has also been "infectious" to traditional OEMs.
On July 3, Geely released the "Common Wealth Plan" program, saying that the "establishment of a business partner mechanism and exploring various forms of equity, options, income rights, bonuses and other incentives. Participate in equity incentives or income distribution, and achieve the simultaneous growth of employee income and corporate benefits. "
On May 25, Great Wall Motors released the 2021 equity incentive plan, and it was planned to grant 8784 people with an option of 397.101 million copies of A -share shares. It is planned to award 43.184 million shares to 586 people. The awarded objects include middle executives, directors and backbones. It is reported that in 2020 and 2021, the Great Wall launched a total of 2 equity incentives, covering over 10,000 people.
It, after the factory youth learned that the core backbone of the electric vehicle brand Lan Tu, a subsidiary of Dongfeng, will have the right to hold at least 10%of the shares.
The first eye -catching player Tesla must have a name.
In data from Tiger Securities ESOP, in the past ten years, the total scale of equity incentives released by Tesla has reached 196 million shares, and the current price market value has reached 120 billion US dollars, equivalent to RMB 800 billion.
In accordance with the middle price of 300,000 yuan in the Chinese market "Model3", Tesla's equity incentive has been worth 2.6 million Model3.
In 2014, Tesla set up a equity incentive plan with a total scale of 5.365 million shares in order to promote the mass production of Model X and Model 3 -as long as it will produce 100,000 vehicles in 12 months to produce 100,000 vehicles Cars, executives can get 4.0288 million shares rewards,
are equivalent to each car that can get an option of US $ 25,900, equivalent to RMB 160,000.
In 2019, Tesla once again launched a new equity incentive. According to the plan Tesla will issue a maximum of 62.5 million equity incentives, according to Tesla's current price, the total value of this part of the equity incentive is as high as 400 One hundred million U.S. dollars.
It again to the most "inspirational" car company FF — 2015, Faraday implemented a full -staff equity incentive plan, promising to make equity incentives truly cover all employees. In 2018, the Rebuilding Plan was renamed the "2018 Equity Plan" and awarded 300 million A general stock awards to employees, directors and consultants. On May 2, 2019, the FF implemented a short -term incentive plan, also known as the "STI Plan", and awarded employees, directors and advisers to award up to 100 million ordinary shares. After
, in order to motivate managers, Jia Yueting refers to the partnership system of Alibaba and the consulting industry. Through FF GP and three other intermediate holding companies, the FF partnership plan is implemented. Essence
In 2020, in order to motivate and reward the reorganized debtor to achieve the strategic goal of the Faraday Group, Faraday adopted a management incentive equity plan, which was named the "Future Equity Incentive Plan".
Thenon nine sons, each. Similarly, the "option temptation" thrown by different enterprises looks similar on the surface, but in fact, it has a hidden mystery.
has chosen the right, and the value is flying with the company's stock prices; the wrong choice, not only pays time and opportunity cost, but also is overtaken by peers and even juniors.
The first problem in front of the old buddies in the car is: how to choose options and cash?
This problem is difficult, it is a multi -test of vision, wisdom and pattern. Choose cash? It seems that the pattern is small. After all, Musk, the most famous old brother in the car circle, is not the case.
Since the start of Tesla CEO in 2004, Yilong classmates have always refused to receive salary. Since May 2019, Tesla has simply canceled Musk's salary. However, Tesla will make a equity incentive plan for Musk. In 2012, the total market value of the current scale was nearly 17 billion US dollars.
At present, this incentive has completed 90%of the ownership, which means that Musk has completed the $ 15 billion reward.
In 2018, Tesla approved Musk's salary plan in the next ten years, and still does not have any salary or cash rewards, but it has an option reward with a total scale of up to 20.264 million shares. Ten 101 million options have become 101 million shares.
In data from Tiger Securities ESOP, Musk's more than 100 million shareholding options are $ 70.01/share. If Ske inspires all the equity incentives, it will earn $ 58 billion.
The options, right? It seems to be risky. After all, no one said, which company will be the next Tesla? Gambling is right to laugh, and he is a joke.
The report according to the "Talent Flow and Migration 2021" report according to the Pulse Data Research Institute, the more grass -roots employees, the more I feel that the option/equity is not important. When choosing career, it still focuses on the short -term returns. The pursuit of high -level employees for high -level salary is not so strong.
, however, ordinary employees who can't hold the car companies to be eager to take their care of the basic salary have also been in touch with options. Tiger Securities ESOP team ALLEN, with Tesla, Weilai, Great Wall as the representative of new foreign countries, Internet background car companies, and traditional car companies, analyzed the current options of the current automotive industry with the youth of the factory:
options have already been It is the main way to become a car company to make equity incentives, which is characterized by large scale. Tesla's equity incentive for employees in 2014 alone has more than 20 billion yuan in market value. Great Wall Motor's market value involved in the 2021 period of 2021 also exceeds 20 billion yuan. The market value of options also reached 24 billion yuan.
But as mentioned in the previous article "I bought a house with options, I have also flashed the waist by it", options are like a carrot tied to the head of the senior migrant worker, but it is not Everyone can eat this carrot. Because this is a locked carrot, each company is equipped with different unlocking conditions. Allen said that the backgrounds of each car company are different and the operating goals are different, and the assessment standards are different.
Tesla takes new vehicle production, output, gross profit margin and other indicators as the assessment criteria. For Musk's options, even revenue profits and market value are the assessment standards. Great Wall's option assessment is also biased in terms of sales, profits, and personal performance. But Weilai Automobile is locking in time.
Axed the outflow of Xiaomi Automobile's option policy, Lantu Automobile HRBP Wang Peng in the circle of travelers in the pulse car, detailed the time required for each assessment goal.
According to 36 氪, Xiaomi Motor's milestones have three main performance, namely the release of new cars, annual sales of 500,000 units, and 1 million annual sales. The annual sales of 1 million vehicles can be exchanged for all mature options into Xiaomi stocks or equivalent cash.
Wang Peng analyzed that a new car project development cycle is 24-36 months, so the first milestone can be cash out within three years. But the goal of annual sales of millions of vehicles is not easy to achieve. According to the past data of the old car companies, it took 13 years to achieve this goal, Geely and FAW -Volkswagen spent 20 years, and Shanghai Volkswagen took 26 years.
So for workers, the advantages and disadvantages of identifying carrots are quite difficult technical jobs. ALLEN suggested that when identifying OFFER with options, it is necessary to consider
, the scale of equity incentives, unlocking conditions, and future development prospects of the enterprise, and whether the options are worth it.
If the number of option rewards, the high number of shares, the high exercise price, the lock -up period, and the strict performance assessment conditions, it is not worth accepting.
. For example, Tesla once set the option assessment standards with over 30%of Musk and ordinary employees, which is relatively difficult to complete. There are also mature lifting periods that are up to 10 years of options. The inspirational person needs to consider their time cost.
The domestic car company, taking the Great Wall as an example. Although it also arranged options incentives for executives in 2020, in fact, it finally canceled nearly 140,000 shares because of the departure, accounting for more than half of the incentive pool issued that year.
Illy, Allen reminded that it is necessary to consider the particularity of the automotive industry -the risk of high threshold for automobile industry and the risk of failure to start a business is not small. Whether enterprises can survive to go public are also a problem. "Stock options are incentives, and they are equivalent to an investment. The risks are objective. It is best to treat option rewards with an investment mentality."