My Age of Investment

  Chapter 1051 Pushing the Heart to the Heart (A Pear Blossom Leader 110)

  Thinking about it for half a minute, Xia Jingxing asked: "Tell me your thoughts!"

   Then he took a sip of the coffee on the table, and used the coffee to look at Straubel from the sidelines.

  Straubel said without hesitation: “Why not let Envision Capital invest in an E+ round, the scale can be smaller, first use it to support the improvement of the prototype.

  After the improved version of the prototype is released, after receiving the user’s deposit, we will open the F round of financing.

  After this, Tesla should continue to generate operating cash flow for energy. "

  Xia Jingxing smiled, he was not sure whether Straubel was trying to please himself deliberately, or just a subconscious reaction, that is, he became dependent on the major shareholder, Vision Capital.

  From 2004 to now, in a little over four years, Envision Capital has invested in Tesla for five consecutive rounds, most of which are still lead investors and sole investors.

  As long as Tesla mentions lack of money, the major shareholder, Vision Capital, has never let the company down.

  Xia Jingxing originally planned to control Envision Capital’s investment in Tesla, but Stroubel’s words made him temporarily change his mind.

  He originally thought that Tesla was about to release a ModelS prototype, and mass production would soon be ushered in. The industry's position would be further highlighted and more attention would be gained from the outside world.

  At this time, it is not appropriate for him to increase his shareholding, which is not conducive to Tesla's development in the United States.

After all, before China’s new energy vehicle market broke out, the United States was the largest new energy vehicle market. The entire country has a strong automobile culture, and the people are bulging in their pockets. They can accept such luxury electric vehicles priced at US$100,000 to US$80,000. car.

   Therefore, if Tesla wants to achieve good development, it cannot do without the US market.

  With the appearance of a new Tesla car, the wind of new energy vehicles will inevitably blow up, and topics such as energy security strategy and national security strategy will gradually be heated.

  At this time, Envision Capital and him should slowly accept that the equity has been diluted. After all, all parties have to run to share the cake, and Tesla itself also needs a lot of funds to upgrade its technology and explode its production capacity.

   Facebook and YouTube, his shareholding ratio is also the same dilution logic. When it is time to introduce allies, he never hesitates, and when it is time to sell equity or fund shares, he will never hesitate to sell.

  As for the judgment of dilution and sale of equity, it is necessary to master the heat, sell early and lose money, sell late... it can no longer be sold.

  The company hasn’t developed yet, so what else is it selling?

   Therefore, he has been adhering to the development idea of ​​cooperation and win-win, and has a good reputation among the upper class in the United States.

  S fund's investment portfolio-Facebook, YouTube, Ari, and Hainet.com are all rolling upwards.

  No, did the dignitaries of California and New York award him the title of glorious citizen?

  Half is to commend him for his contribution to the United States (the rich and powerful), and half is to encourage him to continue to help the United States (the rich and powerful) make money.

  The award is justified and well-founded. Even the old man Moritz can only slander in his heart. On the surface, there is no way to criticize it. It is politically incorrect.

  In the future, Xia Jingxing will also consider transferring Tesla's equity held by Envision Capital to the S Fund, so as to cash out a lump sum at the same time to pull American dignitaries into the car.

  It’s a little bit early now. If the market value plummets in the future, the rich and powerful people may think that China’s great guys are digging holes for them. It would be no fun not to allow Xia Jingxing to make money in the United States.

  At this stage, both the Renaissance Industry Group and the Semiconductor Industry Fund still need the emotional support of American friends, so it is also necessary to give a small gift. Even if the man who commits me is far away, he has been married for decades?

  So, when a boy goes abroad, he must learn to protect himself, so that he can be a useful person to the country and society-Xia Jingxing.

   Pretending to think for a while, Xia Jingxing replied: "Okay, then Envision Capital invests another E+ round, how much money is needed, have you calculated?"

  Worrying that Xia Jingxing would misunderstand his lion's big mouth, Straubel shook his fingers and counted: "Our current personnel scale has expanded to 400 people, but there is still a shortage of manpower.

  The newly established software R&D department needs to expand the manpower, the R&D of the three-electric system cannot be stagnant, the supply chain management needs to be put on the agenda, the production plant...this can be slowed down, the sales department does not need to be expanded for the time being..."

  Together, Straubel pointed out five fingers and said, “It probably needs 50 million US dollars. It doesn’t matter if it is less, but with more money, our R&D work can be more calm.”

  Xia Jingxing smiled and said, "Then 50 million dollars! What about the valuation?"

  Straubel asked tentatively: “The last round of financing was 300 million U.S. dollars. At that time, we were still facing the problem of selling cars at a loss due to the increase in Roadster manufacturing costs.

  Now that the Roadster has all been delivered, the ModelS prototype will be released soon.

  So, 500 million dollars... Darren, what do you think? "

   "Before or after the shot?" Xia Jingxing's voice was calm, and he couldn't see the likes and dislikes.

Straubel thought that Xia Jingxing was not very satisfied, and hurriedly said: "Otherwise, the post-investment valuation is 500 million U.S. dollars, and the pre-investment valuation is 450 million U.S. dollars. Compared with the previous round, it has increased by 0.5 times. Other shareholders should also accept it. ."

  "Are you sure other shareholders can accept it?"

  Straubel spread his hands, "It should be almost the same. After all, Tesla has no new revenue accounts and no major technological breakthroughs. It is impossible to value 1 billion or 2 billion US dollars?

  A company whose business model has not been fully proven, its valuation cannot be comparable to those of technology companies that have already gone public. "

Xia Jingxing smiled and felt that Straubel was still too honest. At least Tesla has built 2500 cars and successfully delivered 2,450 of them. In the hot era of car building in the previous life, it might have been valued. Tens of billions of dollars.

  However, the ages are different and cannot be considered the same.

At this moment, everyone’s evaluation of new energy car companies is "liar to the company and close down sooner or later." Even for professional investors, most of them are holding the attitude of testing the waters and investing, which is not the same as the investment of hundreds of millions of dollars by Envision Capital. The frowning attitude formed a sharp contrast.

  It is precisely because of different cognitions that he and Envision Capital have the opportunity to buy bottoms.

   However, he had a hunch that this should be the last opportunity for bargaining, because Tesla will start to take off completely next.

  So, he doesn't think too much of the issue of valuation. It doesn't matter if it is more than one or two billion dollars or less than one or two billion dollars.

  "You should listen to the opinions of other shareholders, otherwise they will regard you as the CEO as a spokesperson for the interests of Envision Capital, which is very detrimental to your long-term leadership of Tesla."

Straubel was a little touched by Xia Jingxing’s treatment of himself so much, but he still said with an indifferent attitude: “Even from the perspective of the company and from the perspective of the interests of all shareholders, I think this valuation is also It's almost there, very reasonable.

  If they feel low, they can also choose to follow along!

  But it’s a pity that most of them will choose to give up because they don’t really love electric cars, they just bought a lottery ticket and waited quietly for the draw. "

Xia Jingxing smiled, and Straubel summed it up very well, because several institutional shareholders did not choose to follow suit in one round, and they expected Tesla to mass produce as soon as possible and hit the IPO as soon as possible, so that they can cash in a wave. , Which is almost equivalent to waiting for the draw.

  "You should ask them for their opinions. If you are willing to follow up, I personally welcome and support them."

  Although Straubel is very disdainful of other shareholders, Xia Jingxing still does not want him to conflict with other shareholders at this stage.

  Although the other shareholders did not help much, at least they did not pull their backs. This is actually a big help.

  Currently, Tesla’s key task is to launch a key model called ModelS. The whole company is working hard to develop and verify various technologies and solutions. At this time, it is not good to be out of the question.

   "Well then, I will call other people together for a meeting!"

  Xia Jingxing nodded slightly and said "OK".

  (End of this chapter)