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Delv
2021-04-29
H
Tesla Haters Are Harping on Emissions Credit Sales. Investors Shouldn’t Worry.<blockquote>特斯拉的仇恨者正在喋喋不休地谈论排放信用额的销售。投资者不必担心。</blockquote>
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2021-04-25
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17:36","market":"us","language":"en","title":"Tesla Haters Are Harping on Emissions Credit Sales. Investors Shouldn’t Worry.<blockquote>特斯拉的仇恨者正在喋喋不休地谈论排放信用额的销售。投资者不必担心。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1172342094","media":"MarketWatch","summary":"Teslabears need to stop harping onregulatory creditsales. The oft-repeated refrain is that Tesla isn","content":"<p>Teslabears need to stop harping onregulatory creditsales. The oft-repeated refrain is that Tesla isn’t profitable without credit sales. There are plenty of reasons bears can avoid Tesla stock, butcreditsTesla earns, and then sells for cash to other auto makers, for producing more than its shares of zero emission vehicles isn’t one of them.</p><p><blockquote>特斯拉空头需要停止喋喋不休地谈论监管信贷销售。人们经常重复的说法是，如果没有赊销，特斯拉就无法盈利。空头可以避开特斯拉股票的原因有很多，但特斯拉因生产超过其零排放汽车而赚取积分，然后将其出售给其他汽车制造商以换取现金并不是其中之一。</blockquote></p><p> Tesla (ticker: TSLA) sold more than $500 million in regulatory credits in thefirst quarterand generated just under $600 million in operating profit. Excluding the credits, Tesla only eked out a small operating profit.</p><p><blockquote>特斯拉（股票代码：TSLA）第一季度出售了超过5亿美元的监管信贷，并产生了近6亿美元的营业利润。不包括信贷，特斯拉只能勉强维持少量营业利润。</blockquote></p><p> But saying Tesla isn’t profitable without regulatory credits is falling victim to the fallacy of the predetermined outcome. It’s like saying the New York Jets lost a football game because of a bad call in the first quarter. There are many reasons the Jets lose and a refereeing mistakes aren’t one of them.</p><p><blockquote>但如果说特斯拉没有监管信用就无法盈利，那就是成为预定结果谬误的受害者。这就像说纽约喷气机队因为第一节糟糕的看涨期权而输掉了一场足球比赛。喷气机队输球的原因有很多，裁判失误不是其中之一。</blockquote></p><p> To drive the analogy further, any Jets game would be totally different if the ref didn’t mess up. A penalty not called, or called, changes each subsequent play in unknown ways. If Tesla didn’t have regulatory credits to sell, the company would have to raise prices or cut costs or do something else to make money. The company would adapt to the situation.</p><p><blockquote>进一步类比，如果裁判没有搞砸，任何喷气机队的比赛都会完全不同。一个没有被判罚或被判罚的判罚会以未知的方式改变随后的每一场比赛。如果特斯拉没有监管信用可以出售，该公司将不得不提高价格或削减成本或做其他事情来赚钱。公司会适应这种情况。</blockquote></p><p> Raising prices could be a way to go, but higher prices, of course, have their own impact, potentially reducing demand. Tesla still managed to grow sales even after the company lost its $7,500 U.S. federaltax credit. That isn’t available to Tesla buyers any longer because Tesla has sold too many EVs to qualify.</p><p><blockquote>提高价格可能是一条出路，但更高的价格当然会产生影响，可能会减少需求。即使在特斯拉失去了7,500美元的美国联邦税收抵免后，该公司仍然设法增加了销售额。特斯拉买家不再可以享受这种服务，因为特斯拉已经销售了太多电动汽车，不符合资格。</blockquote></p><p> Tesla lost that federal credit at the end of 2019. It was effectively a $7,500 price increase in the U.S. on Jan. 1, 2020. Tesla sales in the U.S. grew 20% this past year, hitting $15.2 billion, up from $12.7 billion in 2019.</p><p><blockquote>特斯拉在2019年底失去了联邦信用。2020年1月1日，美国的价格实际上上涨了7,500美元。去年，特斯拉在美国的销售额增长了20%，达到152亿美元，高于2019年的127亿美元。</blockquote></p><p> There is one other–rather large–point about regulatory credits. They aren’t going away. If anything, they will increase. Government support might morph from what Tesla sells today into new purchase tax credits or something else, but governmentsin Chinaandthe U.S.are looking to increase the number of EVs sold.</p><p><blockquote>关于监管信贷还有另一个相当重要的问题。他们不会离开的。如果有的话，他们会增加。政府的支持可能会从特斯拉目前销售的产品转变为新的购置税抵免或其他形式，但中国和美国政府正在寻求增加电动汽车的销量。</blockquote></p><p> Refusing to deduct credit sales from operating income doesn’t make an investor a Tesla devotee. There are plenty of reasons people can choose to avoid the stock.Valuationbeing chief among them. Tesla is the world’s most valuable auto maker by a factor of roughly three even though it makes a fraction of the cars thatToyota Motor(TM), the second most valuable car company, does.</p><p><blockquote>拒绝从营业收入中扣除赊销并不能使投资者成为特斯拉的爱好者。人们可以选择避开该股票的原因有很多，其中估值是主要原因。特斯拉是世界上最有价值的汽车制造商，尽管它生产的汽车只是第二大最有价值汽车公司丰田汽车(TM)的一小部分。</blockquote></p><p> Valuation is a stale reason to dislike the stock. People have been complaining about valuation for a long time. Investors can also decide that competition is ramping higher or that full self-driving technology will take longer to develop than Tesla currently believes and suggests. Autonomous driving isn’t easy. Elon Musk calls it the company’s hardest challenge and its biggest potential value creator.</p><p><blockquote>估值是不喜欢这只股票的一个陈腐理由。人们对估值的抱怨由来已久。投资者还可以决定竞争正在加剧，或者全自动驾驶技术的开发时间比特斯拉目前认为和建议的要长。自动驾驶并不容易。Elon Musk评级是该公司最严峻的挑战，也是其最大的潜在价值创造者。</blockquote></p><p> There is something in Tesla stock for full self-driving technology. How much is hard to say. Morgan Stanley analystAdam Jonasvalues Tesla mobility and network services business opportunities at roughly $330 a share.</p><p><blockquote>特斯拉拥有全自动驾驶技术的股票。多少很难说。摩根士丹利分析师亚当·乔纳斯(Dam Jonas)对特斯拉移动和网络服务业务机会的估值约为每股330美元。</blockquote></p><p> Those include software sales and robotaxis–both businesses are dependent on autonomous driving technology. His value is almost half of Tesla’s current stock price. Although Jonas’ Tesla target is $900 a share, making those business closer to one-third of the value he sees in the company.</p><p><blockquote>其中包括软件销售和机器人出租车——这两项业务都依赖于自动驾驶技术。他的身价几乎是特斯拉目前股价的一半。尽管乔纳斯的特斯拉目标是每股900美元，这使得这些业务接近他所看到的公司价值的三分之一。</blockquote></p><p> Autonomous hiccups, valuation and competition should be enough reason to avoid the stock. Just stop saying the company doesn’t make money without regulatory credits.</p><p><blockquote>自主问题、估值和竞争应该足以成为回避该股票的理由。别再说公司没有监管信用就不赚钱了。</blockquote></p><p> Tesla shares are down about 2% year to date, trailing behind comparable gains of theS&P 500andDow Jones Industrial Average.Investors aren’t worried about the credit conundrum. They are waiting for quarterly operating profits to set new highs. When, and if, it does, they won’t care about the composition of the operating profit.</p><p><blockquote>特斯拉股价今年迄今已下跌约2%，落后于标准普尔500指数和道琼斯工业平均指数的可比涨幅。投资者并不担心信贷难题。他们正在等待季度营业利润创下新高。什么时候，如果真的发生了，他们就不会关心营业利润的构成。</blockquote></p><p></p>","source":"lsy1603348471595","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>Tesla Haters Are Harping on Emissions Credit Sales. Investors Shouldn’t Worry.<blockquote>特斯拉的仇恨者正在喋喋不休地谈论排放信用额的销售。投资者不必担心。</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\">\nTesla Haters Are Harping on Emissions Credit Sales. Investors Shouldn’t Worry.<blockquote>特斯拉的仇恨者正在喋喋不休地谈论排放信用额的销售。投资者不必担心。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-04-29 17:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Teslabears need to stop harping onregulatory creditsales. The oft-repeated refrain is that Tesla isn’t profitable without credit sales. There are plenty of reasons bears can avoid Tesla stock, butcreditsTesla earns, and then sells for cash to other auto makers, for producing more than its shares of zero emission vehicles isn’t one of them.</p><p><blockquote>特斯拉空头需要停止喋喋不休地谈论监管信贷销售。人们经常重复的说法是，如果没有赊销，特斯拉就无法盈利。空头可以避开特斯拉股票的原因有很多，但特斯拉因生产超过其零排放汽车而赚取积分，然后将其出售给其他汽车制造商以换取现金并不是其中之一。</blockquote></p><p> Tesla (ticker: TSLA) sold more than $500 million in regulatory credits in thefirst quarterand generated just under $600 million in operating profit. Excluding the credits, Tesla only eked out a small operating profit.</p><p><blockquote>特斯拉（股票代码：TSLA）第一季度出售了超过5亿美元的监管信贷，并产生了近6亿美元的营业利润。不包括信贷，特斯拉只能勉强维持少量营业利润。</blockquote></p><p> But saying Tesla isn’t profitable without regulatory credits is falling victim to the fallacy of the predetermined outcome. It’s like saying the New York Jets lost a football game because of a bad call in the first quarter. There are many reasons the Jets lose and a refereeing mistakes aren’t one of them.</p><p><blockquote>但如果说特斯拉没有监管信用就无法盈利，那就是成为预定结果谬误的受害者。这就像说纽约喷气机队因为第一节糟糕的看涨期权而输掉了一场足球比赛。喷气机队输球的原因有很多，裁判失误不是其中之一。</blockquote></p><p> To drive the analogy further, any Jets game would be totally different if the ref didn’t mess up. A penalty not called, or called, changes each subsequent play in unknown ways. If Tesla didn’t have regulatory credits to sell, the company would have to raise prices or cut costs or do something else to make money. The company would adapt to the situation.</p><p><blockquote>进一步类比，如果裁判没有搞砸，任何喷气机队的比赛都会完全不同。一个没有被判罚或被判罚的判罚会以未知的方式改变随后的每一场比赛。如果特斯拉没有监管信用可以出售，该公司将不得不提高价格或削减成本或做其他事情来赚钱。公司会适应这种情况。</blockquote></p><p> Raising prices could be a way to go, but higher prices, of course, have their own impact, potentially reducing demand. Tesla still managed to grow sales even after the company lost its $7,500 U.S. federaltax credit. That isn’t available to Tesla buyers any longer because Tesla has sold too many EVs to qualify.</p><p><blockquote>提高价格可能是一条出路，但更高的价格当然会产生影响，可能会减少需求。即使在特斯拉失去了7,500美元的美国联邦税收抵免后，该公司仍然设法增加了销售额。特斯拉买家不再可以享受这种服务，因为特斯拉已经销售了太多电动汽车，不符合资格。</blockquote></p><p> Tesla lost that federal credit at the end of 2019. It was effectively a $7,500 price increase in the U.S. on Jan. 1, 2020. Tesla sales in the U.S. grew 20% this past year, hitting $15.2 billion, up from $12.7 billion in 2019.</p><p><blockquote>特斯拉在2019年底失去了联邦信用。2020年1月1日，美国的价格实际上上涨了7,500美元。去年，特斯拉在美国的销售额增长了20%，达到152亿美元，高于2019年的127亿美元。</blockquote></p><p> There is one other–rather large–point about regulatory credits. They aren’t going away. If anything, they will increase. Government support might morph from what Tesla sells today into new purchase tax credits or something else, but governmentsin Chinaandthe U.S.are looking to increase the number of EVs sold.</p><p><blockquote>关于监管信贷还有另一个相当重要的问题。他们不会离开的。如果有的话，他们会增加。政府的支持可能会从特斯拉目前销售的产品转变为新的购置税抵免或其他形式，但中国和美国政府正在寻求增加电动汽车的销量。</blockquote></p><p> Refusing to deduct credit sales from operating income doesn’t make an investor a Tesla devotee. There are plenty of reasons people can choose to avoid the stock.Valuationbeing chief among them. Tesla is the world’s most valuable auto maker by a factor of roughly three even though it makes a fraction of the cars thatToyota Motor(TM), the second most valuable car company, does.</p><p><blockquote>拒绝从营业收入中扣除赊销并不能使投资者成为特斯拉的爱好者。人们可以选择避开该股票的原因有很多，其中估值是主要原因。特斯拉是世界上最有价值的汽车制造商，尽管它生产的汽车只是第二大最有价值汽车公司丰田汽车(TM)的一小部分。</blockquote></p><p> Valuation is a stale reason to dislike the stock. People have been complaining about valuation for a long time. Investors can also decide that competition is ramping higher or that full self-driving technology will take longer to develop than Tesla currently believes and suggests. Autonomous driving isn’t easy. Elon Musk calls it the company’s hardest challenge and its biggest potential value creator.</p><p><blockquote>估值是不喜欢这只股票的一个陈腐理由。人们对估值的抱怨由来已久。投资者还可以决定竞争正在加剧，或者全自动驾驶技术的开发时间比特斯拉目前认为和建议的要长。自动驾驶并不容易。Elon Musk评级是该公司最严峻的挑战，也是其最大的潜在价值创造者。</blockquote></p><p> There is something in Tesla stock for full self-driving technology. How much is hard to say. Morgan Stanley analystAdam Jonasvalues Tesla mobility and network services business opportunities at roughly $330 a share.</p><p><blockquote>特斯拉拥有全自动驾驶技术的股票。多少很难说。摩根士丹利分析师亚当·乔纳斯(Dam Jonas)对特斯拉移动和网络服务业务机会的估值约为每股330美元。</blockquote></p><p> Those include software sales and robotaxis–both businesses are dependent on autonomous driving technology. His value is almost half of Tesla’s current stock price. Although Jonas’ Tesla target is $900 a share, making those business closer to one-third of the value he sees in the company.</p><p><blockquote>其中包括软件销售和机器人出租车——这两项业务都依赖于自动驾驶技术。他的身价几乎是特斯拉目前股价的一半。尽管乔纳斯的特斯拉目标是每股900美元，这使得这些业务接近他所看到的公司价值的三分之一。</blockquote></p><p> Autonomous hiccups, valuation and competition should be enough reason to avoid the stock. Just stop saying the company doesn’t make money without regulatory credits.</p><p><blockquote>自主问题、估值和竞争应该足以成为回避该股票的理由。别再说公司没有监管信用就不赚钱了。</blockquote></p><p> Tesla shares are down about 2% year to date, trailing behind comparable gains of theS&P 500andDow Jones Industrial Average.Investors aren’t worried about the credit conundrum. They are waiting for quarterly operating profits to set new highs. When, and if, it does, they won’t care about the composition of the operating profit.</p><p><blockquote>特斯拉股价今年迄今已下跌约2%，落后于标准普尔500指数和道琼斯工业平均指数的可比涨幅。投资者并不担心信贷难题。他们正在等待季度营业利润创下新高。什么时候，如果真的发生了，他们就不会关心营业利润的构成。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/articles/tesla-haters-are-harping-on-emissions-credit-sales-investors-shouldnt-worry-51619652841?mod=mw_latestnews\">MarketWatch</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.marketwatch.com/articles/tesla-haters-are-harping-on-emissions-credit-sales-investors-shouldnt-worry-51619652841?mod=mw_latestnews","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172342094","content_text":"Teslabears need to stop harping onregulatory creditsales. The oft-repeated refrain is that Tesla isn’t profitable without credit sales. There are plenty of reasons bears can avoid Tesla stock, butcreditsTesla earns, and then sells for cash to other auto makers, for producing more than its shares of zero emission vehicles isn’t one of them.\nTesla (ticker: TSLA) sold more than $500 million in regulatory credits in thefirst quarterand generated just under $600 million in operating profit. Excluding the credits, Tesla only eked out a small operating profit.\nBut saying Tesla isn’t profitable without regulatory credits is falling victim to the fallacy of the predetermined outcome. It’s like saying the New York Jets lost a football game because of a bad call in the first quarter. There are many reasons the Jets lose and a refereeing mistakes aren’t one of them.\nTo drive the analogy further, any Jets game would be totally different if the ref didn’t mess up. A penalty not called, or called, changes each subsequent play in unknown ways. If Tesla didn’t have regulatory credits to sell, the company would have to raise prices or cut costs or do something else to make money. The company would adapt to the situation.\nRaising prices could be a way to go, but higher prices, of course, have their own impact, potentially reducing demand. Tesla still managed to grow sales even after the company lost its $7,500 U.S. federaltax credit. That isn’t available to Tesla buyers any longer because Tesla has sold too many EVs to qualify.\nTesla lost that federal credit at the end of 2019. It was effectively a $7,500 price increase in the U.S. on Jan. 1, 2020. Tesla sales in the U.S. grew 20% this past year, hitting $15.2 billion, up from $12.7 billion in 2019.\nThere is one other–rather large–point about regulatory credits. They aren’t going away. If anything, they will increase. Government support might morph from what Tesla sells today into new purchase tax credits or something else, but governmentsin Chinaandthe U.S.are looking to increase the number of EVs sold.\nRefusing to deduct credit sales from operating income doesn’t make an investor a Tesla devotee. There are plenty of reasons people can choose to avoid the stock.Valuationbeing chief among them. Tesla is the world’s most valuable auto maker by a factor of roughly three even though it makes a fraction of the cars thatToyota Motor(TM), the second most valuable car company, does.\nValuation is a stale reason to dislike the stock. People have been complaining about valuation for a long time. Investors can also decide that competition is ramping higher or that full self-driving technology will take longer to develop than Tesla currently believes and suggests. Autonomous driving isn’t easy. Elon Musk calls it the company’s hardest challenge and its biggest potential value creator.\nThere is something in Tesla stock for full self-driving technology. How much is hard to say. Morgan Stanley analystAdam Jonasvalues Tesla mobility and network services business opportunities at roughly $330 a share.\nThose include software sales and robotaxis–both businesses are dependent on autonomous driving technology. His value is almost half of Tesla’s current stock price. Although Jonas’ Tesla target is $900 a share, making those business closer to one-third of the value he sees in the company.\nAutonomous hiccups, valuation and competition should be enough reason to avoid the stock. Just stop saying the company doesn’t make money without regulatory credits.\nTesla shares are down about 2% year to date, trailing behind comparable gains of theS&P 500andDow Jones Industrial Average.Investors aren’t worried about the credit conundrum. They are waiting for quarterly operating profits to set new highs. When, and if, it does, they won’t care about the composition of the operating profit.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":438,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":375525290,"gmtCreate":1619365639910,"gmtModify":1634273995859,"author":{"id":"3576117031479617","authorId":"3576117031479617","name":"Delv","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576117031479617","idStr":"3576117031479617"},"themes":[],"htmlText":"hi","listText":"hi","text":"hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/375525290","repostId":"1179864842","repostType":2,"isVote":1,"tweetType":1,"viewCount":576,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":109655534,"gmtCreate":1619694544328,"gmtModify":1634210678441,"author":{"id":"3576117031479617","authorId":"3576117031479617","name":"Delv","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576117031479617","idStr":"3576117031479617"},"themes":[],"htmlText":"H","listText":"H","text":"H","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/109655534","repostId":"1172342094","repostType":4,"repost":{"id":"1172342094","kind":"news","pubTimestamp":1619688965,"share":"https://www.laohu8.com/m/news/1172342094?lang=zh_CN&edition=full","pubTime":"2021-04-29 17:36","market":"us","language":"en","title":"Tesla Haters Are Harping on Emissions Credit Sales. Investors Shouldn’t Worry.<blockquote>特斯拉的仇恨者正在喋喋不休地谈论排放信用额的销售。投资者不必担心。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1172342094","media":"MarketWatch","summary":"Teslabears need to stop harping onregulatory creditsales. The oft-repeated refrain is that Tesla isn","content":"<p>Teslabears need to stop harping onregulatory creditsales. The oft-repeated refrain is that Tesla isn’t profitable without credit sales. There are plenty of reasons bears can avoid Tesla stock, butcreditsTesla earns, and then sells for cash to other auto makers, for producing more than its shares of zero emission vehicles isn’t one of them.</p><p><blockquote>特斯拉空头需要停止喋喋不休地谈论监管信贷销售。人们经常重复的说法是，如果没有赊销，特斯拉就无法盈利。空头可以避开特斯拉股票的原因有很多，但特斯拉因生产超过其零排放汽车而赚取积分，然后将其出售给其他汽车制造商以换取现金并不是其中之一。</blockquote></p><p> Tesla (ticker: TSLA) sold more than $500 million in regulatory credits in thefirst quarterand generated just under $600 million in operating profit. Excluding the credits, Tesla only eked out a small operating profit.</p><p><blockquote>特斯拉（股票代码：TSLA）第一季度出售了超过5亿美元的监管信贷，并产生了近6亿美元的营业利润。不包括信贷，特斯拉只能勉强维持少量营业利润。</blockquote></p><p> But saying Tesla isn’t profitable without regulatory credits is falling victim to the fallacy of the predetermined outcome. It’s like saying the New York Jets lost a football game because of a bad call in the first quarter. There are many reasons the Jets lose and a refereeing mistakes aren’t one of them.</p><p><blockquote>但如果说特斯拉没有监管信用就无法盈利，那就是成为预定结果谬误的受害者。这就像说纽约喷气机队因为第一节糟糕的看涨期权而输掉了一场足球比赛。喷气机队输球的原因有很多，裁判失误不是其中之一。</blockquote></p><p> To drive the analogy further, any Jets game would be totally different if the ref didn’t mess up. A penalty not called, or called, changes each subsequent play in unknown ways. If Tesla didn’t have regulatory credits to sell, the company would have to raise prices or cut costs or do something else to make money. The company would adapt to the situation.</p><p><blockquote>进一步类比，如果裁判没有搞砸，任何喷气机队的比赛都会完全不同。一个没有被判罚或被判罚的判罚会以未知的方式改变随后的每一场比赛。如果特斯拉没有监管信用可以出售，该公司将不得不提高价格或削减成本或做其他事情来赚钱。公司会适应这种情况。</blockquote></p><p> Raising prices could be a way to go, but higher prices, of course, have their own impact, potentially reducing demand. Tesla still managed to grow sales even after the company lost its $7,500 U.S. federaltax credit. That isn’t available to Tesla buyers any longer because Tesla has sold too many EVs to qualify.</p><p><blockquote>提高价格可能是一条出路，但更高的价格当然会产生影响，可能会减少需求。即使在特斯拉失去了7,500美元的美国联邦税收抵免后，该公司仍然设法增加了销售额。特斯拉买家不再可以享受这种服务，因为特斯拉已经销售了太多电动汽车，不符合资格。</blockquote></p><p> Tesla lost that federal credit at the end of 2019. It was effectively a $7,500 price increase in the U.S. on Jan. 1, 2020. Tesla sales in the U.S. grew 20% this past year, hitting $15.2 billion, up from $12.7 billion in 2019.</p><p><blockquote>特斯拉在2019年底失去了联邦信用。2020年1月1日，美国的价格实际上上涨了7,500美元。去年，特斯拉在美国的销售额增长了20%，达到152亿美元，高于2019年的127亿美元。</blockquote></p><p> There is one other–rather large–point about regulatory credits. They aren’t going away. If anything, they will increase. Government support might morph from what Tesla sells today into new purchase tax credits or something else, but governmentsin Chinaandthe U.S.are looking to increase the number of EVs sold.</p><p><blockquote>关于监管信贷还有另一个相当重要的问题。他们不会离开的。如果有的话，他们会增加。政府的支持可能会从特斯拉目前销售的产品转变为新的购置税抵免或其他形式，但中国和美国政府正在寻求增加电动汽车的销量。</blockquote></p><p> Refusing to deduct credit sales from operating income doesn’t make an investor a Tesla devotee. There are plenty of reasons people can choose to avoid the stock.Valuationbeing chief among them. Tesla is the world’s most valuable auto maker by a factor of roughly three even though it makes a fraction of the cars thatToyota Motor(TM), the second most valuable car company, does.</p><p><blockquote>拒绝从营业收入中扣除赊销并不能使投资者成为特斯拉的爱好者。人们可以选择避开该股票的原因有很多，其中估值是主要原因。特斯拉是世界上最有价值的汽车制造商，尽管它生产的汽车只是第二大最有价值汽车公司丰田汽车(TM)的一小部分。</blockquote></p><p> Valuation is a stale reason to dislike the stock. People have been complaining about valuation for a long time. Investors can also decide that competition is ramping higher or that full self-driving technology will take longer to develop than Tesla currently believes and suggests. Autonomous driving isn’t easy. Elon Musk calls it the company’s hardest challenge and its biggest potential value creator.</p><p><blockquote>估值是不喜欢这只股票的一个陈腐理由。人们对估值的抱怨由来已久。投资者还可以决定竞争正在加剧，或者全自动驾驶技术的开发时间比特斯拉目前认为和建议的要长。自动驾驶并不容易。Elon Musk评级是该公司最严峻的挑战，也是其最大的潜在价值创造者。</blockquote></p><p> There is something in Tesla stock for full self-driving technology. How much is hard to say. Morgan Stanley analystAdam Jonasvalues Tesla mobility and network services business opportunities at roughly $330 a share.</p><p><blockquote>特斯拉拥有全自动驾驶技术的股票。多少很难说。摩根士丹利分析师亚当·乔纳斯(Dam Jonas)对特斯拉移动和网络服务业务机会的估值约为每股330美元。</blockquote></p><p> Those include software sales and robotaxis–both businesses are dependent on autonomous driving technology. His value is almost half of Tesla’s current stock price. Although Jonas’ Tesla target is $900 a share, making those business closer to one-third of the value he sees in the company.</p><p><blockquote>其中包括软件销售和机器人出租车——这两项业务都依赖于自动驾驶技术。他的身价几乎是特斯拉目前股价的一半。尽管乔纳斯的特斯拉目标是每股900美元，这使得这些业务接近他所看到的公司价值的三分之一。</blockquote></p><p> Autonomous hiccups, valuation and competition should be enough reason to avoid the stock. Just stop saying the company doesn’t make money without regulatory credits.</p><p><blockquote>自主问题、估值和竞争应该足以成为回避该股票的理由。别再说公司没有监管信用就不赚钱了。</blockquote></p><p> Tesla shares are down about 2% year to date, trailing behind comparable gains of theS&P 500andDow Jones Industrial Average.Investors aren’t worried about the credit conundrum. They are waiting for quarterly operating profits to set new highs. When, and if, it does, they won’t care about the composition of the operating profit.</p><p><blockquote>特斯拉股价今年迄今已下跌约2%，落后于标准普尔500指数和道琼斯工业平均指数的可比涨幅。投资者并不担心信贷难题。他们正在等待季度营业利润创下新高。什么时候，如果真的发生了，他们就不会关心营业利润的构成。</blockquote></p><p></p>","source":"lsy1603348471595","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>Tesla Haters Are Harping on Emissions Credit Sales. Investors Shouldn’t Worry.<blockquote>特斯拉的仇恨者正在喋喋不休地谈论排放信用额的销售。投资者不必担心。</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\">\nTesla Haters Are Harping on Emissions Credit Sales. Investors Shouldn’t Worry.<blockquote>特斯拉的仇恨者正在喋喋不休地谈论排放信用额的销售。投资者不必担心。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-04-29 17:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Teslabears need to stop harping onregulatory creditsales. The oft-repeated refrain is that Tesla isn’t profitable without credit sales. There are plenty of reasons bears can avoid Tesla stock, butcreditsTesla earns, and then sells for cash to other auto makers, for producing more than its shares of zero emission vehicles isn’t one of them.</p><p><blockquote>特斯拉空头需要停止喋喋不休地谈论监管信贷销售。人们经常重复的说法是，如果没有赊销，特斯拉就无法盈利。空头可以避开特斯拉股票的原因有很多，但特斯拉因生产超过其零排放汽车而赚取积分，然后将其出售给其他汽车制造商以换取现金并不是其中之一。</blockquote></p><p> Tesla (ticker: TSLA) sold more than $500 million in regulatory credits in thefirst quarterand generated just under $600 million in operating profit. Excluding the credits, Tesla only eked out a small operating profit.</p><p><blockquote>特斯拉（股票代码：TSLA）第一季度出售了超过5亿美元的监管信贷，并产生了近6亿美元的营业利润。不包括信贷，特斯拉只能勉强维持少量营业利润。</blockquote></p><p> But saying Tesla isn’t profitable without regulatory credits is falling victim to the fallacy of the predetermined outcome. It’s like saying the New York Jets lost a football game because of a bad call in the first quarter. There are many reasons the Jets lose and a refereeing mistakes aren’t one of them.</p><p><blockquote>但如果说特斯拉没有监管信用就无法盈利，那就是成为预定结果谬误的受害者。这就像说纽约喷气机队因为第一节糟糕的看涨期权而输掉了一场足球比赛。喷气机队输球的原因有很多，裁判失误不是其中之一。</blockquote></p><p> To drive the analogy further, any Jets game would be totally different if the ref didn’t mess up. A penalty not called, or called, changes each subsequent play in unknown ways. If Tesla didn’t have regulatory credits to sell, the company would have to raise prices or cut costs or do something else to make money. The company would adapt to the situation.</p><p><blockquote>进一步类比，如果裁判没有搞砸，任何喷气机队的比赛都会完全不同。一个没有被判罚或被判罚的判罚会以未知的方式改变随后的每一场比赛。如果特斯拉没有监管信用可以出售，该公司将不得不提高价格或削减成本或做其他事情来赚钱。公司会适应这种情况。</blockquote></p><p> Raising prices could be a way to go, but higher prices, of course, have their own impact, potentially reducing demand. Tesla still managed to grow sales even after the company lost its $7,500 U.S. federaltax credit. That isn’t available to Tesla buyers any longer because Tesla has sold too many EVs to qualify.</p><p><blockquote>提高价格可能是一条出路，但更高的价格当然会产生影响，可能会减少需求。即使在特斯拉失去了7,500美元的美国联邦税收抵免后，该公司仍然设法增加了销售额。特斯拉买家不再可以享受这种服务，因为特斯拉已经销售了太多电动汽车，不符合资格。</blockquote></p><p> Tesla lost that federal credit at the end of 2019. It was effectively a $7,500 price increase in the U.S. on Jan. 1, 2020. Tesla sales in the U.S. grew 20% this past year, hitting $15.2 billion, up from $12.7 billion in 2019.</p><p><blockquote>特斯拉在2019年底失去了联邦信用。2020年1月1日，美国的价格实际上上涨了7,500美元。去年，特斯拉在美国的销售额增长了20%，达到152亿美元，高于2019年的127亿美元。</blockquote></p><p> There is one other–rather large–point about regulatory credits. They aren’t going away. If anything, they will increase. Government support might morph from what Tesla sells today into new purchase tax credits or something else, but governmentsin Chinaandthe U.S.are looking to increase the number of EVs sold.</p><p><blockquote>关于监管信贷还有另一个相当重要的问题。他们不会离开的。如果有的话，他们会增加。政府的支持可能会从特斯拉目前销售的产品转变为新的购置税抵免或其他形式，但中国和美国政府正在寻求增加电动汽车的销量。</blockquote></p><p> Refusing to deduct credit sales from operating income doesn’t make an investor a Tesla devotee. There are plenty of reasons people can choose to avoid the stock.Valuationbeing chief among them. Tesla is the world’s most valuable auto maker by a factor of roughly three even though it makes a fraction of the cars thatToyota Motor(TM), the second most valuable car company, does.</p><p><blockquote>拒绝从营业收入中扣除赊销并不能使投资者成为特斯拉的爱好者。人们可以选择避开该股票的原因有很多，其中估值是主要原因。特斯拉是世界上最有价值的汽车制造商，尽管它生产的汽车只是第二大最有价值汽车公司丰田汽车(TM)的一小部分。</blockquote></p><p> Valuation is a stale reason to dislike the stock. People have been complaining about valuation for a long time. Investors can also decide that competition is ramping higher or that full self-driving technology will take longer to develop than Tesla currently believes and suggests. Autonomous driving isn’t easy. Elon Musk calls it the company’s hardest challenge and its biggest potential value creator.</p><p><blockquote>估值是不喜欢这只股票的一个陈腐理由。人们对估值的抱怨由来已久。投资者还可以决定竞争正在加剧，或者全自动驾驶技术的开发时间比特斯拉目前认为和建议的要长。自动驾驶并不容易。Elon Musk评级是该公司最严峻的挑战，也是其最大的潜在价值创造者。</blockquote></p><p> There is something in Tesla stock for full self-driving technology. How much is hard to say. Morgan Stanley analystAdam Jonasvalues Tesla mobility and network services business opportunities at roughly $330 a share.</p><p><blockquote>特斯拉拥有全自动驾驶技术的股票。多少很难说。摩根士丹利分析师亚当·乔纳斯(Dam Jonas)对特斯拉移动和网络服务业务机会的估值约为每股330美元。</blockquote></p><p> Those include software sales and robotaxis–both businesses are dependent on autonomous driving technology. His value is almost half of Tesla’s current stock price. Although Jonas’ Tesla target is $900 a share, making those business closer to one-third of the value he sees in the company.</p><p><blockquote>其中包括软件销售和机器人出租车——这两项业务都依赖于自动驾驶技术。他的身价几乎是特斯拉目前股价的一半。尽管乔纳斯的特斯拉目标是每股900美元，这使得这些业务接近他所看到的公司价值的三分之一。</blockquote></p><p> Autonomous hiccups, valuation and competition should be enough reason to avoid the stock. Just stop saying the company doesn’t make money without regulatory credits.</p><p><blockquote>自主问题、估值和竞争应该足以成为回避该股票的理由。别再说公司没有监管信用就不赚钱了。</blockquote></p><p> Tesla shares are down about 2% year to date, trailing behind comparable gains of theS&P 500andDow Jones Industrial Average.Investors aren’t worried about the credit conundrum. They are waiting for quarterly operating profits to set new highs. When, and if, it does, they won’t care about the composition of the operating profit.</p><p><blockquote>特斯拉股价今年迄今已下跌约2%，落后于标准普尔500指数和道琼斯工业平均指数的可比涨幅。投资者并不担心信贷难题。他们正在等待季度营业利润创下新高。什么时候，如果真的发生了，他们就不会关心营业利润的构成。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/articles/tesla-haters-are-harping-on-emissions-credit-sales-investors-shouldnt-worry-51619652841?mod=mw_latestnews\">MarketWatch</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.marketwatch.com/articles/tesla-haters-are-harping-on-emissions-credit-sales-investors-shouldnt-worry-51619652841?mod=mw_latestnews","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172342094","content_text":"Teslabears need to stop harping onregulatory creditsales. The oft-repeated refrain is that Tesla isn’t profitable without credit sales. There are plenty of reasons bears can avoid Tesla stock, butcreditsTesla earns, and then sells for cash to other auto makers, for producing more than its shares of zero emission vehicles isn’t one of them.\nTesla (ticker: TSLA) sold more than $500 million in regulatory credits in thefirst quarterand generated just under $600 million in operating profit. Excluding the credits, Tesla only eked out a small operating profit.\nBut saying Tesla isn’t profitable without regulatory credits is falling victim to the fallacy of the predetermined outcome. It’s like saying the New York Jets lost a football game because of a bad call in the first quarter. There are many reasons the Jets lose and a refereeing mistakes aren’t one of them.\nTo drive the analogy further, any Jets game would be totally different if the ref didn’t mess up. A penalty not called, or called, changes each subsequent play in unknown ways. If Tesla didn’t have regulatory credits to sell, the company would have to raise prices or cut costs or do something else to make money. The company would adapt to the situation.\nRaising prices could be a way to go, but higher prices, of course, have their own impact, potentially reducing demand. Tesla still managed to grow sales even after the company lost its $7,500 U.S. federaltax credit. That isn’t available to Tesla buyers any longer because Tesla has sold too many EVs to qualify.\nTesla lost that federal credit at the end of 2019. It was effectively a $7,500 price increase in the U.S. on Jan. 1, 2020. Tesla sales in the U.S. grew 20% this past year, hitting $15.2 billion, up from $12.7 billion in 2019.\nThere is one other–rather large–point about regulatory credits. They aren’t going away. If anything, they will increase. Government support might morph from what Tesla sells today into new purchase tax credits or something else, but governmentsin Chinaandthe U.S.are looking to increase the number of EVs sold.\nRefusing to deduct credit sales from operating income doesn’t make an investor a Tesla devotee. There are plenty of reasons people can choose to avoid the stock.Valuationbeing chief among them. Tesla is the world’s most valuable auto maker by a factor of roughly three even though it makes a fraction of the cars thatToyota Motor(TM), the second most valuable car company, does.\nValuation is a stale reason to dislike the stock. People have been complaining about valuation for a long time. Investors can also decide that competition is ramping higher or that full self-driving technology will take longer to develop than Tesla currently believes and suggests. Autonomous driving isn’t easy. Elon Musk calls it the company’s hardest challenge and its biggest potential value creator.\nThere is something in Tesla stock for full self-driving technology. How much is hard to say. Morgan Stanley analystAdam Jonasvalues Tesla mobility and network services business opportunities at roughly $330 a share.\nThose include software sales and robotaxis–both businesses are dependent on autonomous driving technology. His value is almost half of Tesla’s current stock price. Although Jonas’ Tesla target is $900 a share, making those business closer to one-third of the value he sees in the company.\nAutonomous hiccups, valuation and competition should be enough reason to avoid the stock. Just stop saying the company doesn’t make money without regulatory credits.\nTesla shares are down about 2% year to date, trailing behind comparable gains of theS&P 500andDow Jones Industrial Average.Investors aren’t worried about the credit conundrum. They are waiting for quarterly operating profits to set new highs. When, and if, it does, they won’t care about the composition of the operating profit.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":438,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":375525290,"gmtCreate":1619365639910,"gmtModify":1634273995859,"author":{"id":"3576117031479617","authorId":"3576117031479617","name":"Delv","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576117031479617","idStr":"3576117031479617"},"themes":[],"htmlText":"hi","listText":"hi","text":"hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/375525290","repostId":"1179864842","repostType":2,"isVote":1,"tweetType":1,"viewCount":576,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
