In the wake of Gemyue's collapse, every newcomer in the industry is now feeling the tremors.

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Gemyue Auto's sudden demise has since been a trending topic on social media. From the outside, it appears that Gemyue's finances, management, and marketing all crumbled simultaneously.

In fact, we analyzed Gemyue's troubles half a year ago, and the results were swiftly validated.

As industry observers, we boldly predict that 2025 will mark the inaugural year of accelerated bankruptcies among new energy vehicle brands.

So, who might be the next to fall? Ideally, no one. Nevertheless, today, we focus on another automotive company whose name also contains the character "ji".

In our estimation, 2025 will be a pivotal year for Gemstone Auto as well.

Chang Jing claims to understand user needs and equips the car with a toilet

When discussing Gemstone Auto, it's inevitable to mention Chang Jing, the founder of Roborock Technology.

Recently, as the chairman of Roborock Technology, Chang Jing cashed out 900 million yuan from the stock market and then advised investors to exercise patience, redefining what patience truly means for many.

In the realm of automobile manufacturing, Chang Jing has also lived up to expectations, continually reshaping users' perceptions of "understanding user needs".

As the head of Roborock Technology, which once boasted a market value of 100 billion yuan, Chang Jing can be considered financially independent.

However, he still co-founded Shanghai Luoke Intelligent Technology Co., Ltd. with Yan Feng, a partner at WM Motor, to venture into the automotive industry.

Why build cars? Chang Jing explained, "I need dreams to fuel my drive and sense of purpose. Most importantly, 'I genuinely love cars. I'm a passionate off-roader, and I understand users' needs.'"

Consequently, we witnessed Chang Jing equip Gemstone Auto with a kitchen and a toilet.

With Chang Jing, the "super product manager," at the helm, he immediately proclaimed to "disrupt" the industry and vowed to "redefine cars with software and drive travel with algorithms."

Two years later, in 2023, Gemstone launched its first vehicle, the Gemstone 01, produced through contract manufacturing.

Who is the manufacturer?

Beijing Automotive Group, which, after several equity changes, now belongs to the "Global Aluminum King," Weiqiao Group.

Just a month after Gemstone's launch, Weiqiao made a strategic investment of $1 billion in Gemstone.

According to public information, this investment is primarily earmarked for all-aluminum body research and development, integrated die-casting technology, and short-process smart manufacturing plant projects.

In summary, after a series of vigorous operations, when looking back at sales, Gemstone managed to sell over 900 vehicles in 2023.

What about Gemstone Auto itself?

Speaking of tigers, we cannot overlook Gemstone's appearance.

If we must answer, we can only say it has a strong sense of patchwork.

At first glance, you might even mistake it for a hybrid of Land Rover and Lixiang (ONE).

No offense intended, but please take a look at the pictures and see if you agree.",

It's not just the exterior; the essence also seems to bear traces of Land Rover and Lixiang.

For instance, Gemstone has consistently emphasized its off-road positioning as an "all-terrain" vehicle. To cater to this outdoor lifestyle, it specifically added a tailgate kitchen system and a car toilet, distinctly "tigerish" features.

Another example is the extended-range powertrain combined with a "fridge, air conditioning, and a large TV," with an even starting price of 299,900 yuan, directly competing with Lixiang.

Setting aside the exterior and delving inside, one can still sense this patchwork nature.

The extended-range solution mirrors Lixiang's, the intelligent driving hardware utilizes Hesai's radar and NVIDIA's chips, and the intelligent driving system is provided by Pony.ai and Yihang Chuxing...

It can be said that from the three electrics to the smart cabin and intelligent driving, Gemstone Auto primarily employs mature solutions from suppliers.

It's akin to playing with LEGO bricks, assembling a car piece by piece.

However, examining the market, currently, mainstream newcomers are engaging in independent research and development in all areas except power batteries to fortify their competitive edges.

Yet, Gemstone does not hesitate to forgo these lifelines.

For instance, in intelligent driving, as of now, the Gemstone 01's intelligent driving system only supports highway NOA in select regions, while urban NOA and point-to-point navigation based on high-precision maps still seem far off.

Keep in mind that the Gemstone 01 has been on the market for a year now.

Perhaps we can find the answer to this question in the statements of senior executives.

CEO Yan Feng publicly stated, "Gemstone Auto initially aimed to be a small but beautiful company, prioritizing cost-effectiveness and streamlining R&D investment."

Such an automobile company boasting streamlined R&D investment is indeed rare today, and everyone should cherish it.

No wonder Yan Feng is a co-founder of WM Motor; his experience makes a difference. While the heavily invested Gemyue has collapsed, the cost-effective Gemstone is still thriving.

Why is 2025 crucial for Gemstone?

As mentioned earlier, 2025 will be the inaugural year of accelerated bankruptcies among new energy vehicle brands.

This year marks the beginning of a price war, with sub-brand mergers and collapses of newcomers occurring alternately. Inefficient automakers will continue to be weeded out.

The crux lies in whether there is sufficient sales volume to sustain profitability and whether there is cash flow to support ongoing operations.

Founder Chang Jing has pondered this issue before.

Unfortunately, it doesn't seem thoroughly considered.

Regarding sales-driven profitability, Chang Jing said in an interview, "We didn't estimate exactly how many units we would sell."

Regarding cash flow, Chang Jing responded, "We are now prepared for a protracted battle, primarily focusing on increasing revenue and reducing expenses."

We don't foresee significant breakthroughs from the management level.

Examining specific data, the situation becomes even more dire.

In November, Gemstone Auto set a new sales record with 650 vehicles sold, and from January to November this year, it sold 4,127 vehicles. Notably, Gemyue, deeply ensnared in the vortex of collapse, also sold over 13,000 vehicles.

Of course, Gemstone is also striving to expand sales by venturing overseas.

The results have been promising. Taking the United Arab Emirates as an example, from January to October, Gemstone 01 ranked third in sales among all-terrain luxury SUVs.

How many? It is anticipated to deliver over 500 vehicles throughout the year.

As for sales volume, it's best not to comment.

Without sales volume, there is no economies of scale, only continuous cash burn; without sales volume, there is no hope for profitability, and investors will not continue to invest.

This is a formidable challenge for Gemstone to tackle at present.

If Gemstone still fails to ramp up production next year, its chances of staying in the game will diminish significantly.

In conclusion, best wishes to Gemstone Auto.