My Age of Investment

After a few days.

Xia Jingxing received a call from Peter Thiel.

The other party came up and asked, "Daren, what's the situation with Tesla? Why do you want to develop a gearbox?"

Xia Jingxing didn't answer, and asked instead: "Eberhard and the others approached you for financing?"

"Yeah! Not only did you find me, but now everyone in Silicon Valley knows that Tesla is going to raise a D round."

Xia Jingxing replied indifferently: "Well, there is indeed such a thing."

"Hey, why do you keep going around in circles with me! I'm asking you something!"

Xia Jingxing sighed, "Hey, yes, the gearbox has to be redeveloped, the original design has some problems."

"Sure enough!"

Peter Thiel on the other end of the phone said to himself: "Let me just say, Tesla has won so many car orders and is about to deliver mass production. There is definitely a problem with financing at this juncture."

"Well, there is a small problem with the gearbox, but it doesn't affect much."

Peter Thiel smiled, "Daren, are you sure it's not a big problem? Why do I hear that Tesla will never be mass-produced?"

"Who the hell said this? Rumors, definitely rumors!"

Xia Jingxing acted very indignant, which was very in line with the personality of Tesla's major shareholder.

"Hey, Darren, as far as our relationship is concerned, if you continue to act, it will be boring."

Xia Jingxing was silent for more than ten seconds before he said, "Okay, as far as our friendship is concerned, I won't hide it from you..."

On the phone, Xia Jingxing briefly described Tesla's plight.

After listening, Peter Thiel said slowly: "Brother, I feel a little sympathetic to you. The investment of tens of millions of dollars may all be in vain."

"Not necessarily, as long as new financing can be obtained, Tesla can still be saved."

Peter Thiel laughed loudly, "Daren, don't be funny, there are no fools in Silicon Valley, it is impossible for someone to throw money into the fire.

Let me put it this way, now the whole of Silicon Valley knows that Tesla has a big problem.

Even giants like General Motors have not made electric vehicle projects, let alone Tesla, a small start-up.

In short, if you want to open a little bit, stop the loss early! There are still so many good projects in the world, there is no need to spend all the time on Tesla. "

"Okay, I see!"

After chatting for a few more words, Xia Jingxing hung up the phone.

Leaning back in the chair, he began to meditate.

Peter Thiel wasn't the first investor to call him.

Before this product, no fewer than seven or eight investors had already called him.

What are you doing?

Without exception, they are all insinuating about Tesla's real situation.

Now all investment institutions are questioning Tesla, questioning the structure of the car, questioning the funding situation...

There are even gossips spreading around, saying that the existing shareholders have given up on Tesla, and this start-up car company may go bankrupt...

In this case, Tesla's successful financing is all ghosts.

Not long after, Xia Jingxing received a call from Eberhard.

"Daeron, we really have nothing to do, we need your help..."

"Okay, I'll be at the company right away."

After hanging up the phone, Xia Jingxing hurried to Tesla.

After arriving at the company, he pushed open the door of the conference room and walked in.

As soon as he entered the room, he saw Eberhard and Tarpenning sitting on chairs, both of them looked disheveled, tired and listless.

"What's the matter? This is it?" Xia Jingxing asked knowingly.

"Daren, sit down!"

Eberhard weakly pointed to the empty seat opposite.

After Xia Jingxing sat down, he observed the two of them.

Everyone's eyes were bloodshot, and there was a sense of depression all over their bodies, and they didn't know what happened to them these days.

"Daeron, we have failed!"

Tarpenning looked at Xia Jingxing with a frustrated tone, "No investment institution is optimistic about Tesla. They either told us to come back and wait for news, or called us liars..."

Xia Jingxing listened calmly, it is normal to suffer from rolling eyes.

It's not normal if you don't suffer.

"Daren, we really did our best."

Eberhard looked at Xia Jingxing and said sincerely: "We originally wanted to introduce new shareholders to reduce your investment risk.

But people outside are so ignorant that they don't understand electric cars at all. "

Xia Jingxing nodded, "Okay, I understand, I have expected all these situations.

In fact, this is very normal. Venture capital is more icing on the cake than giving charcoal in the snow.

I've heard that the staff are a little emotionally unstable, what's going on? "

Speaking of this, Eberhard was out of breath.

"It's not just that the media are spreading rumors, saying that our technology research and development has encountered unsolvable problems, that we have failed in financing, that we are about to go bankrupt, and that we will have problems paying wages next month..."

Tarpenning added: "In addition, I found that there are still people who are playing the rhythm on social media and badmouthing us maliciously. I seriously suspect that Nikolai's people are playing tricks."

"Nicolas?"

Xia Jingxing frowned, and asked, "Musk came here to make trouble? Their company hasn't even released the prototype yet, so they're here to join in the fun?"

Tarpenning replied: "He has a deep hostility towards Tesla. In the past two years, he has not stopped poaching our employees, and even sent people to hang around our original workshop.

He doesn't focus on product research and development, but thinks about doing these crooked ways all day long. I think Nikola will be finished sooner or later. "

Xia Jingxing nodded.

After Musk failed to invest in Tesla, he was so determined that he created a Nikola, which meant that he was different from Tesla.

However, due to the lack of technical foundation, Nikola's research and development progress is very slow. Now even the prototype car has not been successfully developed, and it cannot threaten Tesla for the time being.

Xia Jingxing said: "Okay, let's not mention him anymore. Within the company, you should stabilize the morale of the army and don't be distracted by rumors."

Eberhard nodded, "I know this, so we decided to ask you for help and no longer seek external financing.

If we continue to look for investment everywhere, the media will definitely blackmail us into a mess. "

Xia Jingxing smiled: "Well, I understand, how much do you plan to raise?"

Eberhard and Tarpenning looked at each other, and the former compared five fingers: "50 million US dollars."

"no problem."

After finishing speaking, Xia Jingxing stared at the two of them, "Then how do you calculate the valuation?"

The two fell silent.

After a while, Eberhard gritted his teeth and asked tentatively, "How about 300 million dollars?"

Xia Jingxing smiled and said nothing. Last year, after Tesla completed its C round of financing, its valuation was 200 million US dollars.

If there is no such thing as a gearbox, $300 million is definitely cheap.

But today is different from the past. There are investment institutions outside who value Tesla at zero dollars, which is worthless.

Eberhard is now quoting him 300 million US dollars, which is really a bit unclear.

Tarpenning explained: "Daren, after all, it's been a year since the last round of financing. If the valuation doesn't rise a bit, shareholders can't explain it."

Xia Jingxing still didn't say a word. He promised to invest, but he didn't promise the valuation.

Eberhard sighed slightly in his heart, and then said in an almost pleading tone: "Dearen, due to the existence of the ratchet clause, if the valuation is less than 200 million US dollars, our management and your former shareholders of the C round need to pay compensation together. The loss of shareholders who entered the C round."

Tarpenning also looked at Xia Jingxing eagerly, and kept complaining: "Yes, Dai Lun, we don't have much equity anymore. If we dilute the D-round financing and compensate the C-round shareholders, there may only be one or two shares left. It's a little bit."

Xia Jingxing said in his heart, it's none of my business.

However, after all, he still didn't finish the matter, leaving some leeway.

"Then let's do this, I'm at a loss, and I'll invest $50 million in Tesla based on a valuation of $200 million.

Although the valuation has not risen, you don't have to be backlashed by the ratchet clause. "

Hearing this, Eberhard and Tarpenning breathed a sigh of relief. This valuation just reached their bottom line of psychological tolerance.

"Okay, let's go with this valuation."

Afraid that Xia Jingxing would go back on his word, Eberhard quickly agreed.

"Before investing, I also have a condition."

Xia Jingxing's words made the hearts of both of them suspend again.

"Stop developing the two-speed gearbox, and focus on developing the single-speed gearbox first." Looking at the two of them, Xia Jingxing said these words firmly.

"Why?"

Eberhard looked at Xia Jingxing very puzzled.

"Because time can't be delayed, if you delay it any longer, do you want to face the current situation again?"

Eberhard was silent for a moment, "Daren, the single-speed gearbox has a big flaw, which will sacrifice the performance of the car. The customer spent 100,000 dollars and ended up buying a family grocery shopping cart. Then our brand will be completely damaged. It's over."

Xia Jingxing said resolutely: "Then you should think of ways to improve the power of the motor. The gearbox must not be touched now, it is not something we can afford."

Eberhard frowned, "But..."

Xia Jingxing interrupted, "No but, there is no precedent for electric vehicles, everything depends on our own exploration.

A single-speed gearbox is much simpler. If this solution still doesn't work, then we'll find another way.

The top priority now is to deliver the car to customers on time and defend the Tesla brand. "

Eberhard wanted to continue arguing, but Tarpenning had already kicked him under the table.

Glancing at Xia Jingxing, Eberhard hesitated to speak, and finally heaved a long sigh, "Okay, I hope I can make the right bet this time."

"Buy and leave! Now that you have made a choice, you have to stick to it. If you are vacillating, you will only lose a lot in the end."

After speaking, Xia Jingxing got up and prepared to leave.

Eberhard understood what Xia Jingxing meant, it was to let him devote himself wholeheartedly to the research and development of the single-speed gearbox, and he could not be half-hearted.

He looked at Xia Jingxing's back very solemnly, and said, "Dai Lun, I will definitely cherish this opportunity."

Xia Jingxing's footsteps froze for a moment, he gestured "OK", and strode away.