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2022-03-31
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Will Tesla Buyers Pay More for New Technology? One Analyst Isn’t So Sure.<blockquote>特斯拉买家会为新技术支付更多费用吗？一位分析师不太确定。</blockquote>
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One Analyst Isn’t So Sure.<blockquote>特斯拉买家会为新技术支付更多费用吗？一位分析师不太确定。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1131206496","media":"Barrons","summary":"Bernstein analyst Toni Sacconaghi believes Tesla bulls have a flaw in their thinking. They believe t","content":"<p><html><head></head><body>Bernstein analyst Toni Sacconaghi believes Tesla bulls have a flaw in their thinking. They believe the company will be able to generate higher profit margins by adding technology to its cars and charging customers for it, he asserts.</p><p><blockquote><html><head></head><body>Bernstein分析师Toni Sacconaghi认为，特斯拉多头的想法存在缺陷。他断言，他们相信该公司将能够通过在汽车中添加技术并向客户收费来产生更高的利润率。</body></html></blockquote></p><p>Sacconaghi—a longtime Tesla (ticker: TSLA) bear—isn’t so sure that’s how things will develop for Tesla. He points out that car prices have historically trailed gains in the overall consumer price index. Customers, it appears, don’t like to pay for innovation. They expect it. He has a point, but the pricing data for cars is, frankly, fraught.</p><p><blockquote>萨科纳吉——长期看空特斯拉（股票代码：TSLA）的人——不太确定特斯拉的情况会如何发展。他指出，汽车价格历来落后于整体消费者价格指数的涨幅。消费者似乎不喜欢为创新买单。他们期待它。他说得有道理，但坦率地说，汽车的定价数据令人担忧。</blockquote></p><p>Tesla stock was up 0.7%, at $1,107.32, in recent trading. The S&P 500 and Dow Jones Industrial Average were down 0.3% and 0.2%, respectively.</p><p><blockquote>特斯拉股价在最近的交易中上涨0.7%，至1,107.32美元。标普500和道琼斯工业平均指数分别下跌0.3%和0.2%。</blockquote></p><p>Between 2012 and 2020, just before pandemic struck, the average price of a new car, according to the government, increased 0.3% a year on average. The average price of a used car decreased at 1% a year on average over the same span. The overall CPI averaged an annual increase of about 1.7% during that period.</p><p><blockquote>据政府称，2012年至2020年间，就在大流行爆发之前，新车的平均价格平均每年上涨0.3%。在同一时期，二手车的平均价格平均每年下降1%。在此期间，整体消费物价指数平均每年上升约1.7%。</blockquote></p><p>That means new and used cars, on balance, got cheaper. That’s a revelation to anyone buying a car. The base price of a Honda Accord back in 2012 was roughly $21,500. The base price of an Accord in 2020 was roughly $25,000. That’s an increase of about 16%, or almost 2% a year on average.</p><p><blockquote>这意味着新车和二手车总体上变得更便宜了。这对任何买车的人来说都是一个启示。2012年本田雅阁的基本价格约为21,500美元。2020年雅阁的基本价格约为25,000美元。增长了约16%，平均每年增长近2%。</blockquote></p><p>How can those numbers all be accurate? The government makes “hedonic” adjustments when calculating the CPI. That means they take into consideration how much better the 2020 Accord is relative to the 2012 Accord. Maybe antilock brakes are now standard, or maybe the sound system is better quality. Improving technology generates a kind of pricing credit.</p><p><blockquote>这些数字怎么可能都是准确的？政府在计算CPI时进行“享乐式”调整。这意味着他们会考虑2020款雅阁相对于2012款雅阁的性能有多好。也许防抱死刹车现在是标准配置，或者也许音响系统质量更好。改进技术会产生一种定价信用。</blockquote></p><p>The government makes the same kind of adjustments for anything the CPI, which means hedonic adjustments create a disconnect between CPI data and consumer experience.</p><p><blockquote>政府对CPI的任何内容都会进行同样的调整，这意味着享乐式调整会在CPI数据和消费者体验之间造成脱节。</blockquote></p><p>The falling-car-price trend is dean now, now matter which math anyone uses. From January 2020 to January 2022, used-car prices inflated at an average 24% a year, according to CPI data. New-car prices rose at an average annual rate of about 7% over that span.</p><p><blockquote>无论人们使用哪种数学方法，汽车价格下降的趋势现在都很明显。CPI数据显示，从2020年1月到2022年1月，二手车价格平均每年上涨24%。在此期间，新车价格平均每年上涨约7%。</blockquote></p><p>Customer experience matches up more closely with those numbers. People are paying above sticker price for cars today. That’s a new experience for car buyers used to haggling for a deal. A survey of 1.2 million new-car listings from iseecars.com showed the average markup over the manufacturer suggested retail price was almost 10%.</p><p><blockquote>客户体验与这些数字更加匹配。如今，人们为汽车支付的价格高于标价。对于习惯于讨价还价的购车者来说，这是一种新体验。iseecars.com对120万辆新车上市的调查显示，平均加价比制造商建议的零售价高出近10%。</blockquote></p><p>The Jeep Wrangler saw a price adjustment over sticker of almost $9,000, or 27%. Tesla didn’t make the iseecars list-price survey because Tesla sells direct to consumers. There is never any difference between the MSRP and what consumers pay.</p><p><blockquote>吉普牧马人的价格调整了近9,000美元，即27%。特斯拉没有进行iseecars标价调查，因为特斯拉直接向消费者销售。建议零售价和消费者支付的价格从来没有任何区别。</blockquote></p><p>For now, investors can look at Tesla profit margins, which are impressive. Operating profit margins, excluding regulatory credit sales, in the fourth quarter of 2021 came in at roughly 13%. Operating profit margins for General Motors (GM) were about 5% in the same quarter.</p><p><blockquote>目前，投资者可以看看特斯拉的利润率，这令人印象深刻。2021年第四季度的营业利润率（不包括监管信贷销售）约为13%。通用汽车(GM)同季度的营业利润率约为5%。</blockquote></p><p>Sacconaghi, for his part, rates Tesla shares Sell and has a $450 price target for the stock. At his target price, Tesla would still be the world’s most-valuable car company by a wide margin.</p><p><blockquote>萨科纳吉则将特斯拉股票评级为卖出，并将该股目标价定为450美元。按照他的目标价，特斯拉仍将遥遥领先于全球最有价值的汽车公司。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Will Tesla Buyers Pay More for New Technology? One Analyst Isn’t So Sure.<blockquote>特斯拉买家会为新技术支付更多费用吗？一位分析师不太确定。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWill Tesla Buyers Pay More for New Technology? One Analyst Isn’t So Sure.<blockquote>特斯拉买家会为新技术支付更多费用吗？一位分析师不太确定。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2022-03-30 23:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Bernstein analyst Toni Sacconaghi believes Tesla bulls have a flaw in their thinking. They believe the company will be able to generate higher profit margins by adding technology to its cars and charging customers for it, he asserts.</p><p><blockquote><html><head></head><body>Bernstein分析师Toni Sacconaghi认为，特斯拉多头的想法存在缺陷。他断言，他们相信该公司将能够通过在汽车中添加技术并向客户收费来产生更高的利润率。</body></html></blockquote></p><p>Sacconaghi—a longtime Tesla (ticker: TSLA) bear—isn’t so sure that’s how things will develop for Tesla. He points out that car prices have historically trailed gains in the overall consumer price index. Customers, it appears, don’t like to pay for innovation. They expect it. He has a point, but the pricing data for cars is, frankly, fraught.</p><p><blockquote>萨科纳吉——长期看空特斯拉（股票代码：TSLA）的人——不太确定特斯拉的情况会如何发展。他指出，汽车价格历来落后于整体消费者价格指数的涨幅。消费者似乎不喜欢为创新买单。他们期待它。他说得有道理，但坦率地说，汽车的定价数据令人担忧。</blockquote></p><p>Tesla stock was up 0.7%, at $1,107.32, in recent trading. The S&P 500 and Dow Jones Industrial Average were down 0.3% and 0.2%, respectively.</p><p><blockquote>特斯拉股价在最近的交易中上涨0.7%，至1,107.32美元。标普500和道琼斯工业平均指数分别下跌0.3%和0.2%。</blockquote></p><p>Between 2012 and 2020, just before pandemic struck, the average price of a new car, according to the government, increased 0.3% a year on average. The average price of a used car decreased at 1% a year on average over the same span. The overall CPI averaged an annual increase of about 1.7% during that period.</p><p><blockquote>据政府称，2012年至2020年间，就在大流行爆发之前，新车的平均价格平均每年上涨0.3%。在同一时期，二手车的平均价格平均每年下降1%。在此期间，整体消费物价指数平均每年上升约1.7%。</blockquote></p><p>That means new and used cars, on balance, got cheaper. That’s a revelation to anyone buying a car. The base price of a Honda Accord back in 2012 was roughly $21,500. The base price of an Accord in 2020 was roughly $25,000. That’s an increase of about 16%, or almost 2% a year on average.</p><p><blockquote>这意味着新车和二手车总体上变得更便宜了。这对任何买车的人来说都是一个启示。2012年本田雅阁的基本价格约为21,500美元。2020年雅阁的基本价格约为25,000美元。增长了约16%，平均每年增长近2%。</blockquote></p><p>How can those numbers all be accurate? The government makes “hedonic” adjustments when calculating the CPI. That means they take into consideration how much better the 2020 Accord is relative to the 2012 Accord. Maybe antilock brakes are now standard, or maybe the sound system is better quality. Improving technology generates a kind of pricing credit.</p><p><blockquote>这些数字怎么可能都是准确的？政府在计算CPI时进行“享乐式”调整。这意味着他们会考虑2020款雅阁相对于2012款雅阁的性能有多好。也许防抱死刹车现在是标准配置，或者也许音响系统质量更好。改进技术会产生一种定价信用。</blockquote></p><p>The government makes the same kind of adjustments for anything the CPI, which means hedonic adjustments create a disconnect between CPI data and consumer experience.</p><p><blockquote>政府对CPI的任何内容都会进行同样的调整，这意味着享乐式调整会在CPI数据和消费者体验之间造成脱节。</blockquote></p><p>The falling-car-price trend is dean now, now matter which math anyone uses. From January 2020 to January 2022, used-car prices inflated at an average 24% a year, according to CPI data. New-car prices rose at an average annual rate of about 7% over that span.</p><p><blockquote>无论人们使用哪种数学方法，汽车价格下降的趋势现在都很明显。CPI数据显示，从2020年1月到2022年1月，二手车价格平均每年上涨24%。在此期间，新车价格平均每年上涨约7%。</blockquote></p><p>Customer experience matches up more closely with those numbers. People are paying above sticker price for cars today. That’s a new experience for car buyers used to haggling for a deal. A survey of 1.2 million new-car listings from iseecars.com showed the average markup over the manufacturer suggested retail price was almost 10%.</p><p><blockquote>客户体验与这些数字更加匹配。如今，人们为汽车支付的价格高于标价。对于习惯于讨价还价的购车者来说，这是一种新体验。iseecars.com对120万辆新车上市的调查显示，平均加价比制造商建议的零售价高出近10%。</blockquote></p><p>The Jeep Wrangler saw a price adjustment over sticker of almost $9,000, or 27%. Tesla didn’t make the iseecars list-price survey because Tesla sells direct to consumers. There is never any difference between the MSRP and what consumers pay.</p><p><blockquote>吉普牧马人的价格调整了近9,000美元，即27%。特斯拉没有进行iseecars标价调查，因为特斯拉直接向消费者销售。建议零售价和消费者支付的价格从来没有任何区别。</blockquote></p><p>For now, investors can look at Tesla profit margins, which are impressive. Operating profit margins, excluding regulatory credit sales, in the fourth quarter of 2021 came in at roughly 13%. Operating profit margins for General Motors (GM) were about 5% in the same quarter.</p><p><blockquote>目前，投资者可以看看特斯拉的利润率，这令人印象深刻。2021年第四季度的营业利润率（不包括监管信贷销售）约为13%。通用汽车(GM)同季度的营业利润率约为5%。</blockquote></p><p>Sacconaghi, for his part, rates Tesla shares Sell and has a $450 price target for the stock. At his target price, Tesla would still be the world’s most-valuable car company by a wide margin.</p><p><blockquote>萨科纳吉则将特斯拉股票评级为卖出，并将该股目标价定为450美元。按照他的目标价，特斯拉仍将遥遥领先于全球最有价值的汽车公司。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/will-tesla-buyers-pay-more-for-new-technology-one-analyst-isnt-so-sure-51648652180?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/will-tesla-buyers-pay-more-for-new-technology-one-analyst-isnt-so-sure-51648652180?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131206496","content_text":"Bernstein analyst Toni Sacconaghi believes Tesla bulls have a flaw in their thinking. They believe the company will be able to generate higher profit margins by adding technology to its cars and charging customers for it, he asserts.Sacconaghi—a longtime Tesla (ticker: TSLA) bear—isn’t so sure that’s how things will develop for Tesla. He points out that car prices have historically trailed gains in the overall consumer price index. Customers, it appears, don’t like to pay for innovation. They expect it. He has a point, but the pricing data for cars is, frankly, fraught.Tesla stock was up 0.7%, at $1,107.32, in recent trading. The S&P 500 and Dow Jones Industrial Average were down 0.3% and 0.2%, respectively.Between 2012 and 2020, just before pandemic struck, the average price of a new car, according to the government, increased 0.3% a year on average. The average price of a used car decreased at 1% a year on average over the same span. The overall CPI averaged an annual increase of about 1.7% during that period.That means new and used cars, on balance, got cheaper. That’s a revelation to anyone buying a car. The base price of a Honda Accord back in 2012 was roughly $21,500. The base price of an Accord in 2020 was roughly $25,000. That’s an increase of about 16%, or almost 2% a year on average.How can those numbers all be accurate? The government makes “hedonic” adjustments when calculating the CPI. That means they take into consideration how much better the 2020 Accord is relative to the 2012 Accord. Maybe antilock brakes are now standard, or maybe the sound system is better quality. Improving technology generates a kind of pricing credit.The government makes the same kind of adjustments for anything the CPI, which means hedonic adjustments create a disconnect between CPI data and consumer experience.The falling-car-price trend is dean now, now matter which math anyone uses. From January 2020 to January 2022, used-car prices inflated at an average 24% a year, according to CPI data. New-car prices rose at an average annual rate of about 7% over that span.Customer experience matches up more closely with those numbers. People are paying above sticker price for cars today. That’s a new experience for car buyers used to haggling for a deal. A survey of 1.2 million new-car listings from iseecars.com showed the average markup over the manufacturer suggested retail price was almost 10%.The Jeep Wrangler saw a price adjustment over sticker of almost $9,000, or 27%. Tesla didn’t make the iseecars list-price survey because Tesla sells direct to consumers. There is never any difference between the MSRP and what consumers pay.For now, investors can look at Tesla profit margins, which are impressive. Operating profit margins, excluding regulatory credit sales, in the fourth quarter of 2021 came in at roughly 13%. Operating profit margins for General Motors (GM) were about 5% in the same quarter.Sacconaghi, for his part, rates Tesla shares Sell and has a $450 price target for the stock. At his target price, Tesla would still be the world’s most-valuable car company by a wide margin.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":704,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":3,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/610274563"}
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