My Age of Investment

  Chapter 1276 Delivering a Car (Autism Cat Leader 610)

   In the afternoon, Brian, Nathan, and Joe came to Vision Capital with great interest with their entrepreneurial mentor Graham.

  Ricky came forward to receive the four and proposed the same investment conditions as Sequoia.

   The four of them didn't give an immediate answer, and went back to discuss it under the pretext of slipping away.

   That night, the four really found Sequoia again.

  Moritz pointed out to them directly, saying that Sequoia and Envision Capital cooperated and would not invest in Airbnb alone.

   The four were completely dumbfounded, and finally knew that their actions had been exposed.

   On the second day, Vision Capital, four shareholders of Sequoia and Airbnb sat at the same negotiating table.

   After some hard bargaining, the three founders agreed to release 30% of the shares, as well as priority investment rights for the next round of financing.

   During the negotiation process, the three founders planned to give up several times, feeling that the requirements of the two institutions were too much, and it was a big deal to switch to another institution for financing.

   However, the mentor Graham suggested that they accept this financing plan, and it is more important to develop first.

   This sentence awakened the three of them, and they also realized how much help the two major institutions have invested in the development of Airbnb. They immediately stopped insisting and agreed to dilute their shares a lot.

   What the three of them didn't know was that in the middle of the night last night, their mentor secretly called Moritz again and sold the three of them and Airbnb for a good price.

   And through a cooperation, Vision Capital and Sequoia Capital each obtained a 15% stake in this future unicorn with a price of $500,000.

   The valuation and financing amount are relatively low. One is that Airbnb is not worth much money at this time, and the other is to prepare for the next round of financing.

  Xia Jingxing is basically satisfied with this. Anyway, he is not greedy. He can keep the 15% stake until Airbnb goes public.

  Compared to Xia Jingxing, Moritz didn't pay much attention to Airbnb, he just didn't want to miss it, he just took a hole first.

   At least for now, Airbnb hasn’t shown a trait worthy of his attention.

   Rather than saying that he is investing in Airbnb, it is better to say that he is investing in Xia Jingxing and Xia Jingxing's investment vision.

   He missed a good opportunity to invest in Facebook, and he has not completely let go of it until today.

   He was willing to spend $500,000 betting on Xia Jingxing once, and he should pay for the loss that year.

   Whether you hit or not, the knot can be untied.

   In fact, if it is just to understand the heart disease, Moritz does not need to invest 500,000 US dollars, and participates in 50,000 or 100,000 US dollars is enough.

   But the old man is too thief, what if the bet is right? The result is a participation award?

  …………

  …………

   After dealing with a bunch of trivial matters at Vision Capital, Xia Jingxing came to the Tesla office park.

  CEO Straubel accompanied him around the park and introduced Tesla's current situation.

   "In January of this year, we went to Detroit to attend the auto show and brought the Model S to the show.

   then achieved a sensational effect, and countless people came to watch and take pictures. "

  Xia Jingxing turned his head and glanced at Straubel, and asked with a smile, "The crowd also included Daimler CEO Zetsche?"

  Straubel nodded, "Yes, he seems to be very interested in new energy vehicles. He came over to chat with me on the spot, and even got into our show car to feel it."

   "You didn't ask him how he felt? Would you like to replace the BMW with a Tesla."

  Straubel smiled awkwardly, "It's all hearsay, who knows if he has a BMW at home?

   But this old gentleman is really resolute in his work. He asked me on the spot if I dared to accept his challenge and help Daimler Group refit a Smart.

  If the modification can meet his requirements, he can give us a deal, and then I will…”

  Xia Jingxing replied with a smile, "Then you got hotheaded and agreed."

   "I thought it wasn't too difficult, so I asked them to send a Smart over."

   Straubel spread out his hands with an innocent look on his face.

  Xia Jingxing smiled, the challenge that Straubel took on forced the technical department to work for two months.

   Saying that it is to transform Smart is actually equivalent to redesigning the chassis, battery, motor and all control systems.

   Because of this incident, Tesla's technical department has been working overtime recently, causing complaints.

   Fortunately, this Smart finally passed the technical verification of Daimler, Zetsche did not break his promise, and really gave Tesla an order of 40 million US dollars, not buying a car, but buying a technical solution.

   "You said that Daimler not only gave Tesla an order, but they also wanted to invest in Tesla?"

  Straubel nodded heavily, "Yes, they intend to invest in Tesla and reach a strategic partnership with us."

   A smile appeared on the corner of Xia Jingxing's mouth. Tesla has been in business for six years and finally saw a glimmer of light.

   Now even mainstream luxury car brands have taken a fancy to Tesla's technology, which shows that Tesla has begun to shine its own light.

   "They're going to invest $50M in Tesla at a $500M valuation!"

  Straubel said confidently: "But I rejected it, this valuation is an insult to our performance.

   Now that the prototype of Model S has been developed, we only need to open the pre-sale to the outside world, and we can easily receive a deposit of 50 million US dollars. "

  Xia Jingxing joked: "It's a habit to embezzle the deposit, right? I can tell you that the old shareholders are now completely afraid of Tesla, for fear that you will ask for money again.

  Be sure to do a good job in financial control. Some shareholders have a fragile heart and cannot stand intimidation. "

  Straubel looks a little embarrassed, is it that scary?

   The R&D budget has been overrun a dozen times, and the company's capital chain has been broken several times?

  Straubel said: "After being rejected by us, Daimler sent another offer with a valuation of $1 billion and an investment of $100 million.

  I asked other shareholders for their opinions, they were quite satisfied with the offer and thought they could talk about it.

  The need for money for mass production and construction of the Model S is on the one hand, and on the other hand, the cooperation and investment of a mainstream luxury car brand can provide a strong endorsement for Tesla to go public. "

  Xia Jingxing stopped, looked at Straubel, and asked, "I want to hear your opinion on Tesla's listing? I want to hear the truth."

  Straubel pondered for a moment and said: "It will definitely not be able to go public this year. On the one hand, the economic recession and weak capital market are on the one hand, and on the other hand, Tesla is not ready."

   "What preparation?"

  Straubel replied: "I think it's definitely better to have a factory and a few thousand car orders than to go to market naked?"

  Xia Jingxing thought it was funny, "It's just listed on the market, you mean we make a car with PPT?"

  Straubel shook his head repeatedly, "I didn't mean that, although we have already mass-produced a Roadster, it has now been discontinued for various reasons!

  We are now in a situation of no revenue and no assets. Some investors don’t care, and they don’t understand how many electric vehicle patents and technologies you have. "

  Xia Jingxing said with a smile: "I understand, you mean to make the financial statements a little more beautiful, and strive to create a high market value."

   "More than that, if we can produce and deliver a Model S before the listing, it will also bring more expectations to investors."

  Xia Jingxing motioned to Straubel to continue, the latter said: "You think, Model S is a mass-produced electric car that we have developed from the inside out, from the top to the bottom.

  If it can be successfully delivered, it means that Tesla is no longer a small workshop, but a new car-making force that masters a full set of electric vehicle industrial technologies.

   This little gap is actually a chasm that is difficult to cross.

  If it can cross the past, no matter how the market value is said, it has to be doubled several times, right? "

Xia Jingxing nodded secretly, Straubel was right, a car manufacturer that has the ability to deliver, and a manufacturer that always makes PPT but can't turn the design into a car that runs on the road, are companies in two worlds, the gap between the two is With 108,000 bosses Jia.

   "To be listed, the car must be delivered first, and to deliver the car, there must be a production factory, and building a factory requires money.

   Therefore, it can be concluded that we need financing, whether it is equity financing or debt financing, all means of making money must be used. "

  Xia Jingxing asked, "Have you ever calculated? How much will it cost to implement this series of plans?"

  Straubel didn't say a word, just pointed a finger.

   (end of this chapter)