5032a6e5
2021-11-22
Nice
Rivian Topped Ford and GM Combined. How the Old-School Car Makers Could Get a Boost From EVs.<blockquote>Rivian超过了福特和通用的总和。老式汽车制造商如何从电动汽车中获得推动。</blockquote>
免责声明：上述内容仅代表发帖人个人观点，不构成本平台的任何投资建议。
分享至
微信
复制链接
精彩评论
我们需要你的真知灼见来填补这片空白
打开APP，发表看法
APP内打开
发表看法
1
2
{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":872551263,"tweetId":"872551263","gmtCreate":1637550629261,"gmtModify":1637550652850,"author":{"id":4099089188693290,"idStr":"4099089188693290","authorId":4099089188693290,"authorIdStr":"4099089188693290","name":"5032a6e5","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":1,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body><p>Nice</p></body></html>","htmlText":"<html><head></head><body><p>Nice</p></body></html>","text":"Nice","highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/872551263","repostId":1105163070,"repostType":4,"repost":{"id":"1105163070","kind":"news","pubTimestamp":1637549873,"share":"https://www.laohu8.com/m/news/1105163070?lang=zh_CN&edition=full","pubTime":"2021-11-22 10:57","market":"us","language":"en","title":"Rivian Topped Ford and GM Combined. How the Old-School Car Makers Could Get a Boost From EVs.<blockquote>Rivian超过了福特和通用的总和。老式汽车制造商如何从电动汽车中获得推动。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1105163070","media":"Barrons","summary":"Old-school auto makers must envy the sky-high valuations of electric-vehicle start-ups. At one point","content":"<p> Old-school auto makers must envy the sky-high valuations of electric-vehicle start-ups. At one point this past week, Rivian Automotive was worth as much as Ford Motor and General Motors combined.</p><p><blockquote>老派汽车制造商一定羡慕电动汽车初创企业的天价估值。上周，Rivian汽车的市值一度相当于福特汽车和通用汽车的总和。</blockquote></p><p> But maybe there is a way for traditional auto makers to close that valuation gap: Take a page from Liberty Media’s John Malone’s playbook and issue tracking stocks. “The way to solve this is for GM and Ford to issue tracking stocks for their next-gen vehicle operations, such as EV, robo-taxi, etc.,” Scion Asset Management’s Michael Burry told <i>Barron’s</i> in an email exchange. “This is an absolute no-brainer.”</p><p><blockquote>但也许传统汽车制造商有一种方法可以缩小估值差距：借鉴Liberty Media的约翰·马龙(John Malone)的剧本，发行跟踪股票。Scion Asset Management的Michael Burry表示：“解决这个问题的方法是通用汽车和福特为其下一代汽车业务发行跟踪股票，例如电动汽车、机器人出租车等。”<i>巴伦周刊</i>在电子邮件交流中。“这绝对是显而易见的。”</blockquote></p><p> Burry is best known for a successful bet against the housing market ahead of the subprime mortgage collapse. He is a major character in Michael Lewis’s book <i>The Big Short</i>, and the movie based on it.</p><p><blockquote>伯里因在次贷崩溃之前成功押注房地产市场而闻名。他是迈克尔·刘易斯书中的主要人物<i>大空头</i>，以及根据它改编的电影。</blockquote></p><p> A tracking stock “tracks” the financial performance of a specific business unit. Shareholders of a tracking stock have a financial interest only in the division tracked, rather than in the entire business.</p><p><blockquote>跟踪股票“跟踪”特定业务部门的财务表现。跟踪股票的股东仅在被跟踪的部门中拥有财务利益，而不是在整个业务中。</blockquote></p><p> Burry’s idea builds on another, similar call from earlier in the week. On Wednesday, Data Trek Research’s Nick Colas, a former Wall Street auto analyst, wrote that Ford (F) and GM (GM) needed to spin out their EV businesses. “When it was just Tesla with a crazy valuation, they could afford to dismiss this [spinoff] idea. Now, with Rivian [RIVN], Lucid [LCID], etc., they can’t,” Colas wrote. “Automotive is a capital-intensive business, so cost of capital matters.”</p><p><blockquote>伯里的想法建立在本周早些时候另一个类似的看涨期权的基础上。周三，Data Trek Research的前华尔街汽车分析师尼克·科拉斯(Nick Colas)写道，福特(F)和通用汽车(GM)需要分拆其电动汽车业务。“当只有特斯拉的估值疯狂时，他们有能力放弃这个[分拆]想法。现在，有了Rivian[RIVN]、Lucid[LCID]等，他们就不能了，”Colas写道。“汽车是资本密集型行业，因此资本成本很重要。”</blockquote></p><p> Put it this way: Building a new EV plant that could produce, say, 500,000 EVs a year, along with the batteries to power them, costs several billion dollars. That‘s less than 1% of Tesla’s (TSLA) market cap, but roughly 5% to 10% of Ford’s or GM’s.</p><p><blockquote>这么说吧：建造一座新的电动汽车工厂，每年可以生产50万辆电动汽车，以及为它们提供动力的电池，需要花费数十亿美元。这不到特斯拉(TSLA)市值的1%，但约为福特或通用汽车的5%至10%。</blockquote></p><p> Not that Colas believes spinoffs will actually happen. Car makers are too complex, with many manufacturing plants doing several jobs for other factories in a network.</p><p><blockquote>科拉斯并不认为分拆真的会发生。汽车制造商过于复杂，许多制造工厂为网络中的其他工厂做几项工作。</blockquote></p><p> Tracking stocks, though, might be feasible.Liberty Media Formula One (FWONA), for instance, tracks the financial performance of the Formula One racing series. And General Motors did the first tracking stock ever, for Ross Perot’s Electronic Data Systems, or EDS, back in 1984.</p><p><blockquote>不过，跟踪股票可能是可行的。例如，自由媒体一级方程式(FWONA)跟踪一级方程式赛车系列赛的财务表现。早在1984年，通用汽车就为罗斯·佩罗(Ross Perot)的电子数据系统(EDS)进行了有史以来第一次跟踪股票。</blockquote></p><p> How to value a Ford or GM tracking stock? The possibilities are tantalizing.</p><p><blockquote>如何对福特或通用跟踪股票进行估值？可能性是诱人的。</blockquote></p><p> Ford, like Rivian, is launching an EV truck and it already sells the electric Mustang Mach E. Ford’s EV business should be about four times the size of Rivian’s by 2023, if the company hits its goals.</p><p><blockquote>与Rivian一样，福特正在推出一款电动卡车，并且已经销售了电动野马Mach E。如果该公司实现其目标，到2023年，福特的电动汽车业务规模应该是Rivian的四倍左右。</blockquote></p><p> As for GM, it’s essentially the second-largest U.S. EV maker behind Tesla. GM’s global EV volume is at about 300,000 units when factoring in sales from GM’s Chinese joint ventures. With Lucid worth almost as much as GM and planning to sell roughly just 20,000 units in 2022, GM’s EV company could be worth multiples of Lucid.</p><p><blockquote>至于通用汽车，它本质上是仅次于特斯拉的美国第二大电动汽车制造商。考虑到通用汽车中国合资企业的销量，通用汽车的全球电动汽车销量约为30万辆。由于Lucid的价值几乎与通用汽车一样高，并且计划在2022年仅销售约20,000辆汽车，通用汽车的电动汽车公司的价值可能是Lucid的数倍。</blockquote></p><p> If all electric-vehicle companies and EV tracking stocks were valued like some EV shares, auto industry valuation could easily top $4 trillion, roughly four times the value before Tesla went on its epic 2020 run.</p><p><blockquote>如果所有电动汽车公司和电动汽车跟踪股票的估值都像一些电动汽车股票一样，那么汽车行业的估值很容易超过4万亿美元，大约是特斯拉2020年史诗般上涨之前价值的四倍。</blockquote></p><p> That might be a bit aggressive.</p><p><blockquote>这可能有点咄咄逼人。</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>Rivian Topped Ford and GM Combined. How the Old-School Car Makers Could Get a Boost From EVs.<blockquote>Rivian超过了福特和通用的总和。老式汽车制造商如何从电动汽车中获得推动。</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\">\nRivian Topped Ford and GM Combined. How the Old-School Car Makers Could Get a Boost From EVs.<blockquote>Rivian超过了福特和通用的总和。老式汽车制造商如何从电动汽车中获得推动。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-11-22 10:57</span>\n</p>\n</h4>\n</header>\n<article>\n<p> Old-school auto makers must envy the sky-high valuations of electric-vehicle start-ups. At one point this past week, Rivian Automotive was worth as much as Ford Motor and General Motors combined.</p><p><blockquote>老派汽车制造商一定羡慕电动汽车初创企业的天价估值。上周，Rivian汽车的市值一度相当于福特汽车和通用汽车的总和。</blockquote></p><p> But maybe there is a way for traditional auto makers to close that valuation gap: Take a page from Liberty Media’s John Malone’s playbook and issue tracking stocks. “The way to solve this is for GM and Ford to issue tracking stocks for their next-gen vehicle operations, such as EV, robo-taxi, etc.,” Scion Asset Management’s Michael Burry told <i>Barron’s</i> in an email exchange. “This is an absolute no-brainer.”</p><p><blockquote>但也许传统汽车制造商有一种方法可以缩小估值差距：借鉴Liberty Media的约翰·马龙(John Malone)的剧本，发行跟踪股票。Scion Asset Management的Michael Burry表示：“解决这个问题的方法是通用汽车和福特为其下一代汽车业务发行跟踪股票，例如电动汽车、机器人出租车等。”<i>巴伦周刊</i>在电子邮件交流中。“这绝对是显而易见的。”</blockquote></p><p> Burry is best known for a successful bet against the housing market ahead of the subprime mortgage collapse. He is a major character in Michael Lewis’s book <i>The Big Short</i>, and the movie based on it.</p><p><blockquote>伯里因在次贷崩溃之前成功押注房地产市场而闻名。他是迈克尔·刘易斯书中的主要人物<i>大空头</i>，以及根据它改编的电影。</blockquote></p><p> A tracking stock “tracks” the financial performance of a specific business unit. Shareholders of a tracking stock have a financial interest only in the division tracked, rather than in the entire business.</p><p><blockquote>跟踪股票“跟踪”特定业务部门的财务表现。跟踪股票的股东仅在被跟踪的部门中拥有财务利益，而不是在整个业务中。</blockquote></p><p> Burry’s idea builds on another, similar call from earlier in the week. On Wednesday, Data Trek Research’s Nick Colas, a former Wall Street auto analyst, wrote that Ford (F) and GM (GM) needed to spin out their EV businesses. “When it was just Tesla with a crazy valuation, they could afford to dismiss this [spinoff] idea. Now, with Rivian [RIVN], Lucid [LCID], etc., they can’t,” Colas wrote. “Automotive is a capital-intensive business, so cost of capital matters.”</p><p><blockquote>伯里的想法建立在本周早些时候另一个类似的看涨期权的基础上。周三，Data Trek Research的前华尔街汽车分析师尼克·科拉斯(Nick Colas)写道，福特(F)和通用汽车(GM)需要分拆其电动汽车业务。“当只有特斯拉的估值疯狂时，他们有能力放弃这个[分拆]想法。现在，有了Rivian[RIVN]、Lucid[LCID]等，他们就不能了，”Colas写道。“汽车是资本密集型行业，因此资本成本很重要。”</blockquote></p><p> Put it this way: Building a new EV plant that could produce, say, 500,000 EVs a year, along with the batteries to power them, costs several billion dollars. That‘s less than 1% of Tesla’s (TSLA) market cap, but roughly 5% to 10% of Ford’s or GM’s.</p><p><blockquote>这么说吧：建造一座新的电动汽车工厂，每年可以生产50万辆电动汽车，以及为它们提供动力的电池，需要花费数十亿美元。这不到特斯拉(TSLA)市值的1%，但约为福特或通用汽车的5%至10%。</blockquote></p><p> Not that Colas believes spinoffs will actually happen. Car makers are too complex, with many manufacturing plants doing several jobs for other factories in a network.</p><p><blockquote>科拉斯并不认为分拆真的会发生。汽车制造商过于复杂，许多制造工厂为网络中的其他工厂做几项工作。</blockquote></p><p> Tracking stocks, though, might be feasible.Liberty Media Formula One (FWONA), for instance, tracks the financial performance of the Formula One racing series. And General Motors did the first tracking stock ever, for Ross Perot’s Electronic Data Systems, or EDS, back in 1984.</p><p><blockquote>不过，跟踪股票可能是可行的。例如，自由媒体一级方程式(FWONA)跟踪一级方程式赛车系列赛的财务表现。早在1984年，通用汽车就为罗斯·佩罗(Ross Perot)的电子数据系统(EDS)进行了有史以来第一次跟踪股票。</blockquote></p><p> How to value a Ford or GM tracking stock? The possibilities are tantalizing.</p><p><blockquote>如何对福特或通用跟踪股票进行估值？可能性是诱人的。</blockquote></p><p> Ford, like Rivian, is launching an EV truck and it already sells the electric Mustang Mach E. Ford’s EV business should be about four times the size of Rivian’s by 2023, if the company hits its goals.</p><p><blockquote>与Rivian一样，福特正在推出一款电动卡车，并且已经销售了电动野马Mach E。如果该公司实现其目标，到2023年，福特的电动汽车业务规模应该是Rivian的四倍左右。</blockquote></p><p> As for GM, it’s essentially the second-largest U.S. EV maker behind Tesla. GM’s global EV volume is at about 300,000 units when factoring in sales from GM’s Chinese joint ventures. With Lucid worth almost as much as GM and planning to sell roughly just 20,000 units in 2022, GM’s EV company could be worth multiples of Lucid.</p><p><blockquote>至于通用汽车，它本质上是仅次于特斯拉的美国第二大电动汽车制造商。考虑到通用汽车中国合资企业的销量，通用汽车的全球电动汽车销量约为30万辆。由于Lucid的价值几乎与通用汽车一样高，并且计划在2022年仅销售约20,000辆汽车，通用汽车的电动汽车公司的价值可能是Lucid的数倍。</blockquote></p><p> If all electric-vehicle companies and EV tracking stocks were valued like some EV shares, auto industry valuation could easily top $4 trillion, roughly four times the value before Tesla went on its epic 2020 run.</p><p><blockquote>如果所有电动汽车公司和电动汽车跟踪股票的估值都像一些电动汽车股票一样，那么汽车行业的估值很容易超过4万亿美元，大约是特斯拉2020年史诗般上涨之前价值的四倍。</blockquote></p><p> That might be a bit aggressive.</p><p><blockquote>这可能有点咄咄逼人。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/rivian-ford-gm-ev-51637373655?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":{"GM":"通用汽车","F":"福特汽车"},"source_url":"https://www.barrons.com/articles/rivian-ford-gm-ev-51637373655?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105163070","content_text":"Old-school auto makers must envy the sky-high valuations of electric-vehicle start-ups. At one point this past week, Rivian Automotive was worth as much as Ford Motor and General Motors combined.\nBut maybe there is a way for traditional auto makers to close that valuation gap: Take a page from Liberty Media’s John Malone’s playbook and issue tracking stocks. “The way to solve this is for GM and Ford to issue tracking stocks for their next-gen vehicle operations, such as EV, robo-taxi, etc.,” Scion Asset Management’s Michael Burry told Barron’s in an email exchange. “This is an absolute no-brainer.”\nBurry is best known for a successful bet against the housing market ahead of the subprime mortgage collapse. He is a major character in Michael Lewis’s book The Big Short, and the movie based on it.\nA tracking stock “tracks” the financial performance of a specific business unit. Shareholders of a tracking stock have a financial interest only in the division tracked, rather than in the entire business.\nBurry’s idea builds on another, similar call from earlier in the week. On Wednesday, Data Trek Research’s Nick Colas, a former Wall Street auto analyst, wrote that Ford (F) and GM (GM) needed to spin out their EV businesses. “When it was just Tesla with a crazy valuation, they could afford to dismiss this [spinoff] idea. Now, with Rivian [RIVN], Lucid [LCID], etc., they can’t,” Colas wrote. “Automotive is a capital-intensive business, so cost of capital matters.”\nPut it this way: Building a new EV plant that could produce, say, 500,000 EVs a year, along with the batteries to power them, costs several billion dollars. That‘s less than 1% of Tesla’s (TSLA) market cap, but roughly 5% to 10% of Ford’s or GM’s.\nNot that Colas believes spinoffs will actually happen. Car makers are too complex, with many manufacturing plants doing several jobs for other factories in a network.\nTracking stocks, though, might be feasible.Liberty Media Formula One (FWONA), for instance, tracks the financial performance of the Formula One racing series. And General Motors did the first tracking stock ever, for Ross Perot’s Electronic Data Systems, or EDS, back in 1984.\nHow to value a Ford or GM tracking stock? The possibilities are tantalizing.\nFord, like Rivian, is launching an EV truck and it already sells the electric Mustang Mach E. Ford’s EV business should be about four times the size of Rivian’s by 2023, if the company hits its goals.\nAs for GM, it’s essentially the second-largest U.S. EV maker behind Tesla. GM’s global EV volume is at about 300,000 units when factoring in sales from GM’s Chinese joint ventures. With Lucid worth almost as much as GM and planning to sell roughly just 20,000 units in 2022, GM’s EV company could be worth multiples of Lucid.\nIf all electric-vehicle companies and EV tracking stocks were valued like some EV shares, auto industry valuation could easily top $4 trillion, roughly four times the value before Tesla went on its epic 2020 run.\nThat might be a bit aggressive.","news_type":1,"symbols_score_info":{"GM":0.9,"F":0.9}},"isVote":1,"tweetType":1,"viewCount":1975,"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":4,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/872551263"}
精彩评论