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2021-04-28

Will be back very soon !

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2021-06-27

Fantastic

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2021-04-18

Time to do something

Bionano Genomics fell about 10% in Friday morning trading<blockquote>Bionano Genomics 周五早盘交易中下跌约 10%</blockquote>

2021-06-27

Great ariticle, would you like to share it?

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2021-06-27

Great ariticle, would you like to share it?

Ford Or NIO? The Final Verdict<blockquote>福特还是蔚来？最终判决</blockquote>

2021-06-27

Great ariticle, would you like to share it?

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2021-04-29

Up up up

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2021-04-27

OK

Berkshire Hathaway’s Annual Meeting Is Saturday. Here’s What Warren Buffett Is Likely to Be Asked About.<blockquote>伯克希尔-哈撒韦公司的年会将于周六举行。以下是沃伦-巴菲特可能会被问到的问题。</blockquote>

2021-04-27

power

Amazon Invests In 9 Renewable Energy Projects In 5 Countries<blockquote>亚马逊在5个国家投资9个可再生能源项目</blockquote>

2021-04-18

Wow

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ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/127094156","repostId":"2146000990","repostType":4,"isVote":1,"tweetType":1,"viewCount":2437,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127095474,"gmtCreate":1624800891398,"gmtModify":1633948516492,"author":{"id":"3577914647547876","authorId":"3577914647547876","name":"Jieshenggoh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577914647547876","authorIdStr":"3577914647547876"},"themes":[],"title":"","htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/127095474","repostId":"1137119316","repostType":4,"repost":{"id":"1137119316","kind":"news","pubTimestamp":1624754401,"share":"https://www.laohunote.com/m/news/1137119316?lang=zh_CN&edition=full","pubTime":"2021-06-27 08:40","market":"us","language":"en","title":"Ford Or NIO? The Final Verdict<blockquote>福特还是蔚来？最终判决</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1137119316","media":"seekingalpha","summary":"I am comparing Ford against NIO in different categories.The comparison is intended to improve the understanding of Ford's and NIO's growth potential while highlighting differences in market position and opportunities.NIO is growing a lot faster than Ford and the high valuation may be justified.With Ford  launching a major offensive in the market for electric vehicles, Chinese EV maker NIO  will face one more rival competing for sales in the future. Which vehicle maker offers the best deal based ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>I am comparing Ford against NIO in different categories.</li>  <li>The comparison is intended to improve the understanding of Ford's and NIO's growth potential while highlighting differences in market position and opportunities.</li>  <li>NIO is growing a lot faster than Ford and the high valuation may be justified.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5033fa117d7852799244b8275bc1000f\" tg-width=\"1536\" tg-height=\"886\"><span>peterschreiber.media/iStock via Getty Images</span></p><p><blockquote><ul><li>我在不同的类别中比较福特和蔚来。</li><li>此次比较旨在增进对福特和蔚来增长潜力的了解，同时突出市场地位和机遇的差异。</li><li>蔚来的增长速度比福特快得多，高估值可能是合理的。</li></ul><p class=\"t-img-caption\"><span>peterschreiber.media/iStock 来自盖蒂图片社</span></p></blockquote></p><p> With Ford (F) launching a major offensive in the market for electric vehicles, Chinese EV maker NIO (NIO) will face one more rival competing for sales in the future. Which vehicle maker offers the best deal based on market opportunity, scale, revenue model, growth prospects and valuation? I will compare Ford against NIO in each category and issue a final verdict at the end.</p><p><blockquote>随着福特公司（F）在电动汽车市场发起重大攻势，中国电动汽车制造商蔚来（蔚来）未来将面临另一个竞争对手争夺销量。根据市场机会、规模、收入模式、增长前景和估值，哪家汽车制造商提供了最好的交易？我将在每个类别中比较福特和蔚来，并在最后给出最终结论。</blockquote></p><p> <b>Ford vs. NIO: The battle for the global electric vehicle market is heating up</b></p><p><blockquote><b>福特与蔚来：全球电动汽车市场之争正在升温</b></blockquote></p><p> Although there is a world of difference between Ford and NIO, both companies are set to go toe-to-toe in the rapidly growing global electric vehicle market. Ford’s fleet is not yet EV-focused but this is going to change: Feeling that the EV race is heating up, Ford said it is accelerating its electrification plan by investing&nbsp;$30B into its EV manufacturing capabilities until 2025. Ford’s previous capital plan called for a $22B investment in zero-emission vehicles. Ford also set an ambitious sales goal: 40% of its global sales will be electric within the next decade and 33% of pickup truck sales. Electric vehicle sales account for just 1% of Ford's sales today. As Ford is phasing out combustion engines, it is set to evolve into an all-electric vehicle maker by 2040.</p><p><blockquote>尽管福特和蔚来之间存在天壤之别，但两家公司都将在快速增长的全球电动汽车市场展开较量。福特的车队还没有以电动汽车为重点，但这种情况将会改变： 福特感觉到电动汽车竞赛正在升温，因此表示将加快其电气化计划，在 2025 年前投资 300 亿美元用于电动汽车制造能力。福特之前的资本计划要求投资 220 亿美元用于零排放汽车。福特还设定了一个雄心勃勃的销售目标：未来十年，其全球销量的 40% 将是电动汽车，皮卡车销量的 33% 将是电动汽车。目前，电动汽车销量仅占福特销量的 1%。随着福特逐步淘汰内燃机，它将在 2040 年发展成为一家全电动汽车制造商。</blockquote></p><p> <b>Market opportunity</b></p><p><blockquote><b>市场机会</b></blockquote></p><p> In 2020, 3.2m electric vehicles were sold in the world which represented a small market share of just 4.2%. China, however, was responsible for buying 41% of all electric vehicles in the world in 2020. Chinese buyers purchased 1.3m electric vehicles last year and sales are set to grow fast as Beijing seeks to boost EV adoption. The second largest market for electric vehicles was Europe which accounted for 42% of global EV sales. The US is only the third-largest market for plug-in electric vehicles in the world.</p><p><blockquote>2020年，全球电动汽车销量为320万辆，市场份额仅为4.2%。然而，2020 年，中国购买了全球 41% 的电动汽车。去年，中国买家购买了 130 万辆电动汽车，随着北京寻求促进电动汽车的普及，销量将快速增长。电动汽车的第二大市场是欧洲，占全球电动汽车销量的42%。美国只是全球第三大插电式电动汽车市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b48c23b32134542f51227d9b1b612887\" tg-width=\"1083\" tg-height=\"863\"><span>(Source: Wikipedia)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：维基百科）</span></p></blockquote></p><p> China, by far, is the fastest growing EV market in the world, although Europe is catching up fast, in part due to a legislative efforts to increase adoption of zero-emission passenger vehicles and because of massive investments in a Europe-wide charging station network. NIO is&nbsp;on the cusp of entering the European market&nbsp;in a bid to grow market share in the world’s second-largest EV market before the competition is ready.</p><p><blockquote>到目前为止，中国是世界上增长最快的电动汽车市场，尽管欧洲正在迅速迎头赶上，部分原因是立法努力增加零排放乘用车的采用，以及对欧洲范围内充电站网络的大量投资。蔚来正处于进军欧洲市场的风口浪尖，希望在竞争准备就绪之前扩大其在世界第二大电动汽车市场的市场份额。</blockquote></p><p> Beijing is a driver behind the electrification of the Chinese auto industry: The government wants to see a&nbsp;twenty percent share&nbsp;of electric vehicles for new car sales by 2025 which will drive EV penetration in NIO’s home market.</p><p><blockquote>中国政府是蔚来汽车工业电气化的推动者： 中国政府希望到 2025 年，电动汽车在新车销售中所占份额达到 20%，这将推动电动汽车在中国本土市场的普及。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9871e44eaf69adb27151425887870ace\" tg-width=\"739\" tg-height=\"454\"><span>(Source:Schroders)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：施罗德）</span></p></blockquote></p><p> Turning to growth projections.</p><p><blockquote>转向增长预测。</blockquote></p><p> With more favorable government policies for EV makers in places like China and Europe, these markets are poised to see the fastest sales growth and the highest EV adoption rates in the world. China is not only the largest market due to population size but is also expected to outperform all other markets in the world in EV sales until 2030.</p><p><blockquote>随着中国和欧洲等地政府对电动汽车制造商采取更有利的政策，这些市场将迎来世界上最快的销售增长和最高的电动汽车采用率。由于人口规模，中国不仅是最大的市场，而且预计到2030年，电动汽车销量将超过全球所有其他市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/61d19dff2f34e2d8828aca854e85d84a\" tg-width=\"825\" tg-height=\"565\"><span>(Source:McKinsey)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：麦肯锡）</span></p></blockquote></p><p> Since China has a larger total market size, a higher EV adoption rate, stronger expected sales growth and a more favorable regulatory framework, the winner here would be: NIO.</p><p><blockquote>由于中国拥有更大的总市场规模、更高的电动汽车采用率、更强劲的预期销售增长和更有利的监管框架，这里的赢家将是：蔚来。</blockquote></p><p> <b>Scale and manufacturing competence</b></p><p><blockquote><b>规模和制造能力</b></blockquote></p><p> Ford has a century’s worth of manufacturing experience. But Ford, so far, has only one all-electric vehicle in its product line-up that compares to NIO: The Mustang Mach-E SUV. In 2022, Ford will begin to sell the all-electric F-150 Lightening which builds on the success of Ford’s best-selling pick-up truck. NIO already has a stronger product catalog including the 5-seater ES6 SUV, the 5-seater coupe SUV EC6 and the ES8, a 6-seater and 7-seater full-sized SUV.</p><p><blockquote>福特拥有百年的制造经验。但到目前为止，福特的产品阵容中只有一款与蔚来相比的全电动汽车：野马 Mach-E SUV。2022 年，福特将开始销售全电动 F-150 Lightening，该车建立在福特最畅销皮卡车的成功基础上。蔚来已经拥有更强大的产品目录，包括5座ES6 SUV、5座轿跑车SUV EC6以及6座和7座全尺寸SUV ES8。</blockquote></p><p></p><p> Since NIO is solely focused on producing EVs and occupies a very small and defined niche, the Chinese firm has an advantage as far as EV-manufacturing expertise goes. The question is how long this advantage can last. Ford has extensive experience in building cars and can leverage a global manufacturing base to ramp up EV production faster than any niche EV maker could ever hope to achieve. This makes Ford a very serious rival not only to Tesla (TSLA) in the US, but also to NIO abroad. Ford is accelerating its electrification plans and it has the resources and the ambition to become a leader in EVs within the next decade. Ford’s proposed $30B spending on the electrification of its fleet will accelerate its transformation and turn Ford into a long term threat to other EV makers.</p><p><blockquote>由于蔚来只专注于生产电动汽车，并且占据了一个非常小且明确的利基市场，这家中国公司在电动汽车制造专业知识方面具有优势。问题是这种优势能持续多久。福特在制造汽车方面拥有丰富的经验，可以利用全球制造基地以比任何利基电动汽车制造商希望实现的速度更快地提高电动汽车产量。这使得福特不仅在美国是特斯拉（TSLA）的有力竞争对手，而且在国外也是蔚来的有力竞争对手。福特正在加速其电气化计划，它有资源和雄心在未来十年内成为电动汽车的领导者。福特提议斥资 300 亿美元用于车队电气化，这将加速其转型，并使福特成为其他电动汽车制造商的长期威胁。</blockquote></p><p> Winner here: Ford.</p><p><blockquote>这里的赢家：福特。</blockquote></p><p> <b>Differentiation and BaaS revenue model</b></p><p><blockquote><b>差异化与BaaS收入模式</b></blockquote></p><p> Both Ford and NIO know about the importance of differentiation in a market that will only get more competitive over time, which is why both companies are investing heavily in a related field that can break or solidify dominance in the EV market: Battery technology.</p><p><blockquote>福特和蔚来都知道差异化在这个市场中的重要性，随着时间的推移，这个市场只会变得更加竞争，这就是为什么两家公司都在一个相关领域大力投资，这个领域可以打破或巩固电动汽车市场的主导地位：电池技术。</blockquote></p><p> Ford is&nbsp;forming a joint venture&nbsp;with South Korean battery technology company SK Innovation to secure supply of traction battery cells and array modules. The joint venture is meant to accelerate battery deliveries and will produce approximately 60 GWh annually, enough to cover 25% of Ford’s estimated annual energy demand by 2030. NIO is also investing in battery technology and has&nbsp;formed its own joint venture&nbsp;to secure battery supply.</p><p><blockquote>福特正在与韩国电池技术公司 SK Innovation 成立一家合资企业，以确保牵引电池芯和阵列模块的供应。该合资企业旨在加快电池交付速度，年产量约为 60 GWh，足以满足福特到 2030 年预计年能源需求的 25%。蔚来也在投资电池技术，并组建了自己的合资企业来确保电池供应。</blockquote></p><p> The difference to Ford is that NIO’s battery investment strategy revolves around a battery subscription model, also called “battery-as-a-service”, which creates a strong, long term revenue opportunity for the Chinese vehicle maker. Under this “BaaS” model, users who buy a NIO electric vehicle get a 70,000 RMB initial discount, equivalent to $10,800, and can sign up for a monthly subscription to rent a rechargeable 70 kWh battery. Batteries can then be exchanged at one of NIO’s battery-swapping stations which can be found in most big Chinese cities. A battery subscription costs 980 RMB monthly which is the equivalent of $150.</p><p><blockquote>与福特不同的是，蔚来的电池投资战略围绕着电池订阅模式，也称为 “电池即服务 ”，这为这家中国汽车制造商创造了一个强大的长期收入机会。在这种 “BaaS” 模式下，用户购买蔚来电动汽车可获得 7 万元人民币的初始折扣，折合 1.08 万美元，并可签约包月租赁 70 千瓦时的可充电电池。然后可以在蔚来的换电站更换电池，这些换电站在中国大多数大城市都有。电池订阅费用为每月980元人民币，相当于150美元。</blockquote></p><p> The BaaS model has a couple of benefits for both the vehicle maker and the user: Purchasing an electric vehicle from NIO gets a lot more affordable due to the up-front discount and the subscription model ensures that users benefit from advancement in battery technology and better performance over time. Decoupling battery costs from vehicle prices creates an entirely new revenue stream on a subscription basis for NIO. Revenues from “BaaS” subscriptions could be used to increase the density of NIO’s network of charging/replacement stations. The battery subscription model also binds customers to NIO, potentially increasing customer lifetime value.</p><p><blockquote>BaaS模式对汽车制造商和用户都有几个好处：由于前期折扣，从蔚来购买电动汽车变得更加实惠，订阅模式确保用户受益于电池技术的进步和随着时间的推移更好的性能。将电池成本与汽车价格脱钩，为蔚来创造了一个全新的订阅收入流。“BaaS ”订阅的收入可用于增加蔚来充电/换电站网络的密度。电池订阅模式还将客户绑定到蔚来，从而潜在地增加客户的终身价值。</blockquote></p><p> Ford and NIO are primed to benefit from falling battery costs for electric vehicles as they ramp up capital allocations. As more investments flow into developing more efficient batteries, performance will go up and costs will go down which should drive EV adoption and benefit all EV makers. This is because lower battery prices make EVs more competitive to passenger vehicles with combustion engines. But since NIO is structuring a part of its business model explicitly around battery subscriptions, NIO could benefit more than Ford.</p><p><blockquote>随着福特和蔚来增加资本配置，它们有望从电动汽车电池成本下降中受益。随着越来越多的投资流入开发更高效的电池，性能将会提高，成本将会下降，这应该会推动电动汽车的采用并使所有电动汽车制造商受益。这是因为较低的电池价格使电动汽车比内燃机乘用车更具竞争力。但由于蔚来明确围绕电池订阅构建部分商业模式，蔚来可能会比福特受益更多。</blockquote></p><p> Battery costs for EVs have decreased 70% since 2014, based on information provided by investment firm Schroders, and are set to decrease more this decade.</p><p><blockquote>根据投资公司施罗德提供的信息，自 2014 年以来，电动汽车的电池成本已下降 70%，并且本十年还将进一步下降。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c42acb75905affe7570a2f399ea3192f\" tg-width=\"758\" tg-height=\"449\"><span>(Source: Schroders)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：施罗德）</span></p></blockquote></p><p> The “BaaS” model is genius and could develop into a $500M a year revenue opportunity for NIO long term. Although Ford is ramping up its investments in battery technology, the winner in this category is: NIO.</p><p><blockquote>“BaaS ”模式是天才之作，从长远来看，它可能会发展成为蔚来每年 5 亿美元的收入机会。尽管福特正在加大对电池技术的投资，但这一类别的赢家是：蔚来。</blockquote></p><p> <b>Sales growth and valuation</b></p><p><blockquote><b>销售增长和估值</b></blockquote></p><p> Ford’s sales in May grew 4.1% Y/Y but electrified vehicle sales (including hybrids) surged 184% Y/Y as Ford sold a record 10,364 EVs/hybrids in May. Escape electrified sales and Explorer Hybrid grew sales at 125% and 132% Y/Y showing strong customer uptake. NIO delivered 6,711 vehicles last month including 3,017 ES6s, 1,412 ES8s and 2,282 EC6s. Total Y/Y delivery growth for May was 95.3%.</p><p><blockquote>福特 5 月份的销量同比增长 4.1%，但电动汽车销量（包括混合动力汽车）同比激增 184%，福特 5 月份售出了创纪录的 10,364 辆电动汽车/混合动力汽车。Escape electrified 和 Explorer Hybrid 的销量分别同比增长 125% 和 132%，显示出强劲的客户吸引力。蔚来上个月交付了 6,711 辆汽车，其中包括 3,017 辆 ES6、1,412 辆 ES8 和 2,282 辆 EC6。5 月份总交付量同比增长 95.3%。</blockquote></p><p> Ford's sales are fifty-four times larger than NIO's which creates more sales growth and revaluation potential for NIO.</p><p><blockquote>福特的销量是蔚来汽车的54倍，这为蔚来创造了更多的销售增长和重估潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/df5a0a393e44ed74241c5effcdd92350\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p></p><p> The difference in valuation between Ford and NIO is like the difference between night and day. This is because Ford is still seen as a mature vehicle maker with expected enterprise sales growth in the low-to-mid digits, despite explosive growth in the EV category. Ford is expected to grow revenues by 33% until FY 2025 (base year: FY 2020) and NIO by 808%!</p><p><blockquote>福特和蔚来之间的估值差异就像黑夜和白天之间的差异。这是因为尽管电动汽车类别实现了爆炸式增长，但福特仍被视为一家成熟的汽车制造商，预计企业销量增长将达到中低位数。福特预计到 2025 财年（基准年：2020 财年）收入将增长 33%，蔚来将增长 808%!</blockquote></p><p> Due to these differences in sales growth, NIO is the complete opposite of Ford, at least as far as valuation goes. The Chinese EV-maker is expected to see sales and delivery growth close to 100% this year and since NIO is only dealing in EVs, NIO gets a much higher market-cap-to-sales ratio than Ford.</p><p><blockquote>由于销售增长的这些差异，蔚来与福特完全相反，至少就估值而言是这样。这家中国电动汽车制造商预计今年的销量和交付量将增长接近 100%，由于蔚来只销售电动汽车，蔚来的市值与销量之比远高于福特。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/817605c6b1e82c03d0473ea570d32b8f\" tg-width=\"506\" tg-height=\"406\"><span>(Source: Author)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：作者）</span></p></blockquote></p><p> <b>NIO has larger risks...</b></p><p><blockquote><b>蔚来有更大的风险……</b></blockquote></p><p> NIO is the more risky venture, but also the one that offers the most promise. Government policy favors EV-makers like NIO. The potential for total global sales growth is larger for NIO as it operates from a smaller revenue base compared to Ford. But there are also a few things that work against NIO. For example, recalls due to production defects would be a much bigger challenge for NIO to overcome than for Ford which can rely on a global service and distribution network. NIO’s valuation is also not without risk as an unexpected slowing of sales growth due to production setbacks would leave a much larger dent in the financials.</p><p><blockquote>蔚来是风险更大的企业，但也是最有希望的企业。政府政策有利于蔚来等电动汽车制造商。与福特相比，蔚来的全球总销售额增长潜力更大，因为它的营收基础较小。但也有一些事情对蔚来不利。例如，与可以依赖全球服务和分销网络的福特相比，由于生产缺陷导致的召回对于蔚来来说将是一个更大的挑战。蔚来的估值也并非没有风险，因为生产受挫导致销售增长意外放缓，将对财务状况造成更大影响。</blockquote></p><p> <b>Final verdict</b></p><p><blockquote><b>最终判决</b></blockquote></p><p> NIO is definitely the more “sexy” vehicle maker. Strong adoption and sales growth in China and Europe support NIO. Its super smart BaaS model which decouples vehicle purchase prices from battery costs is genius. You pay a high price for this growth but the market opportunity for NIO is immense.</p><p><blockquote>蔚来绝对是更 “性感 ”的汽车制造商。在中国和欧洲的强劲采用率和销售增长支持了蔚来。其超级智能BaaS模型将车辆购买价格与电池成本脱钩，堪称天才。你为这种增长付出了高昂的代价，但蔚来的市场机会是巨大的。</blockquote></p><p> Ford’s EV sales are booming and the percentage of EV sales will increase as the vehicle maker electrifies its fleet. Ford has a lot of potential in the EV market but since EV sales are still a relatively low percentage of total sales, it will take a long time for Ford to complete its transformation.</p><p><blockquote>福特的电动汽车销量正在蓬勃发展，随着该汽车制造商车队电气化，电动汽车销量的比例也将不断增加。福特在电动汽车市场潜力巨大，但由于电动汽车销量占总销量的比例仍然相对较低，福特需要很长时间才能完成转型。</blockquote></p><p> If you believe in the potential of the global EV market, buy NIO. If you believe in the potential of the global EV market and don’t like much risk, buy Ford.</p><p><blockquote>如果您相信全球电动汽车市场的潜力，请购买蔚来。如果你相信全球电动汽车市场的潜力，又不喜欢太大的风险，那就买福特吧。</blockquote></p><p></p>","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>Ford Or NIO? The Final Verdict<blockquote>福特还是蔚来？最终判决</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\">\nFord Or NIO? The Final Verdict<blockquote>福特还是蔚来？最终判决</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-27 08:40</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>I am comparing Ford against NIO in different categories.</li>  <li>The comparison is intended to improve the understanding of Ford's and NIO's growth potential while highlighting differences in market position and opportunities.</li>  <li>NIO is growing a lot faster than Ford and the high valuation may be justified.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5033fa117d7852799244b8275bc1000f\" tg-width=\"1536\" tg-height=\"886\"><span>peterschreiber.media/iStock via Getty Images</span></p><p><blockquote><ul><li>我在不同的类别中比较福特和蔚来。</li><li>此次比较旨在增进对福特和蔚来增长潜力的了解，同时突出市场地位和机遇的差异。</li><li>蔚来的增长速度比福特快得多，高估值可能是合理的。</li></ul><p class=\"t-img-caption\"><span>peterschreiber.media/iStock 来自盖蒂图片社</span></p></blockquote></p><p> With Ford (F) launching a major offensive in the market for electric vehicles, Chinese EV maker NIO (NIO) will face one more rival competing for sales in the future. Which vehicle maker offers the best deal based on market opportunity, scale, revenue model, growth prospects and valuation? I will compare Ford against NIO in each category and issue a final verdict at the end.</p><p><blockquote>随着福特公司（F）在电动汽车市场发起重大攻势，中国电动汽车制造商蔚来（蔚来）未来将面临另一个竞争对手争夺销量。根据市场机会、规模、收入模式、增长前景和估值，哪家汽车制造商提供了最好的交易？我将在每个类别中比较福特和蔚来，并在最后给出最终结论。</blockquote></p><p> <b>Ford vs. NIO: The battle for the global electric vehicle market is heating up</b></p><p><blockquote><b>福特与蔚来：全球电动汽车市场之争正在升温</b></blockquote></p><p> Although there is a world of difference between Ford and NIO, both companies are set to go toe-to-toe in the rapidly growing global electric vehicle market. Ford’s fleet is not yet EV-focused but this is going to change: Feeling that the EV race is heating up, Ford said it is accelerating its electrification plan by investing&nbsp;$30B into its EV manufacturing capabilities until 2025. Ford’s previous capital plan called for a $22B investment in zero-emission vehicles. Ford also set an ambitious sales goal: 40% of its global sales will be electric within the next decade and 33% of pickup truck sales. Electric vehicle sales account for just 1% of Ford's sales today. As Ford is phasing out combustion engines, it is set to evolve into an all-electric vehicle maker by 2040.</p><p><blockquote>尽管福特和蔚来之间存在天壤之别，但两家公司都将在快速增长的全球电动汽车市场展开较量。福特的车队还没有以电动汽车为重点，但这种情况将会改变： 福特感觉到电动汽车竞赛正在升温，因此表示将加快其电气化计划，在 2025 年前投资 300 亿美元用于电动汽车制造能力。福特之前的资本计划要求投资 220 亿美元用于零排放汽车。福特还设定了一个雄心勃勃的销售目标：未来十年，其全球销量的 40% 将是电动汽车，皮卡车销量的 33% 将是电动汽车。目前，电动汽车销量仅占福特销量的 1%。随着福特逐步淘汰内燃机，它将在 2040 年发展成为一家全电动汽车制造商。</blockquote></p><p> <b>Market opportunity</b></p><p><blockquote><b>市场机会</b></blockquote></p><p> In 2020, 3.2m electric vehicles were sold in the world which represented a small market share of just 4.2%. China, however, was responsible for buying 41% of all electric vehicles in the world in 2020. Chinese buyers purchased 1.3m electric vehicles last year and sales are set to grow fast as Beijing seeks to boost EV adoption. The second largest market for electric vehicles was Europe which accounted for 42% of global EV sales. The US is only the third-largest market for plug-in electric vehicles in the world.</p><p><blockquote>2020年，全球电动汽车销量为320万辆，市场份额仅为4.2%。然而，2020 年，中国购买了全球 41% 的电动汽车。去年，中国买家购买了 130 万辆电动汽车，随着北京寻求促进电动汽车的普及，销量将快速增长。电动汽车的第二大市场是欧洲，占全球电动汽车销量的42%。美国只是全球第三大插电式电动汽车市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b48c23b32134542f51227d9b1b612887\" tg-width=\"1083\" tg-height=\"863\"><span>(Source: Wikipedia)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：维基百科）</span></p></blockquote></p><p> China, by far, is the fastest growing EV market in the world, although Europe is catching up fast, in part due to a legislative efforts to increase adoption of zero-emission passenger vehicles and because of massive investments in a Europe-wide charging station network. NIO is&nbsp;on the cusp of entering the European market&nbsp;in a bid to grow market share in the world’s second-largest EV market before the competition is ready.</p><p><blockquote>到目前为止，中国是世界上增长最快的电动汽车市场，尽管欧洲正在迅速迎头赶上，部分原因是立法努力增加零排放乘用车的采用，以及对欧洲范围内充电站网络的大量投资。蔚来正处于进军欧洲市场的风口浪尖，希望在竞争准备就绪之前扩大其在世界第二大电动汽车市场的市场份额。</blockquote></p><p> Beijing is a driver behind the electrification of the Chinese auto industry: The government wants to see a&nbsp;twenty percent share&nbsp;of electric vehicles for new car sales by 2025 which will drive EV penetration in NIO’s home market.</p><p><blockquote>中国政府是蔚来汽车工业电气化的推动者： 中国政府希望到 2025 年，电动汽车在新车销售中所占份额达到 20%，这将推动电动汽车在中国本土市场的普及。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9871e44eaf69adb27151425887870ace\" tg-width=\"739\" tg-height=\"454\"><span>(Source:Schroders)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：施罗德）</span></p></blockquote></p><p> Turning to growth projections.</p><p><blockquote>转向增长预测。</blockquote></p><p> With more favorable government policies for EV makers in places like China and Europe, these markets are poised to see the fastest sales growth and the highest EV adoption rates in the world. China is not only the largest market due to population size but is also expected to outperform all other markets in the world in EV sales until 2030.</p><p><blockquote>随着中国和欧洲等地政府对电动汽车制造商采取更有利的政策，这些市场将迎来世界上最快的销售增长和最高的电动汽车采用率。由于人口规模，中国不仅是最大的市场，而且预计到2030年，电动汽车销量将超过全球所有其他市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/61d19dff2f34e2d8828aca854e85d84a\" tg-width=\"825\" tg-height=\"565\"><span>(Source:McKinsey)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：麦肯锡）</span></p></blockquote></p><p> Since China has a larger total market size, a higher EV adoption rate, stronger expected sales growth and a more favorable regulatory framework, the winner here would be: NIO.</p><p><blockquote>由于中国拥有更大的总市场规模、更高的电动汽车采用率、更强劲的预期销售增长和更有利的监管框架，这里的赢家将是：蔚来。</blockquote></p><p> <b>Scale and manufacturing competence</b></p><p><blockquote><b>规模和制造能力</b></blockquote></p><p> Ford has a century’s worth of manufacturing experience. But Ford, so far, has only one all-electric vehicle in its product line-up that compares to NIO: The Mustang Mach-E SUV. In 2022, Ford will begin to sell the all-electric F-150 Lightening which builds on the success of Ford’s best-selling pick-up truck. NIO already has a stronger product catalog including the 5-seater ES6 SUV, the 5-seater coupe SUV EC6 and the ES8, a 6-seater and 7-seater full-sized SUV.</p><p><blockquote>福特拥有百年的制造经验。但到目前为止，福特的产品阵容中只有一款与蔚来相比的全电动汽车：野马 Mach-E SUV。2022 年，福特将开始销售全电动 F-150 Lightening，该车建立在福特最畅销皮卡车的成功基础上。蔚来已经拥有更强大的产品目录，包括5座ES6 SUV、5座轿跑车SUV EC6以及6座和7座全尺寸SUV ES8。</blockquote></p><p></p><p> Since NIO is solely focused on producing EVs and occupies a very small and defined niche, the Chinese firm has an advantage as far as EV-manufacturing expertise goes. The question is how long this advantage can last. Ford has extensive experience in building cars and can leverage a global manufacturing base to ramp up EV production faster than any niche EV maker could ever hope to achieve. This makes Ford a very serious rival not only to Tesla (TSLA) in the US, but also to NIO abroad. Ford is accelerating its electrification plans and it has the resources and the ambition to become a leader in EVs within the next decade. Ford’s proposed $30B spending on the electrification of its fleet will accelerate its transformation and turn Ford into a long term threat to other EV makers.</p><p><blockquote>由于蔚来只专注于生产电动汽车，并且占据了一个非常小且明确的利基市场，这家中国公司在电动汽车制造专业知识方面具有优势。问题是这种优势能持续多久。福特在制造汽车方面拥有丰富的经验，可以利用全球制造基地以比任何利基电动汽车制造商希望实现的速度更快地提高电动汽车产量。这使得福特不仅在美国是特斯拉（TSLA）的有力竞争对手，而且在国外也是蔚来的有力竞争对手。福特正在加速其电气化计划，它有资源和雄心在未来十年内成为电动汽车的领导者。福特提议斥资 300 亿美元用于车队电气化，这将加速其转型，并使福特成为其他电动汽车制造商的长期威胁。</blockquote></p><p> Winner here: Ford.</p><p><blockquote>这里的赢家：福特。</blockquote></p><p> <b>Differentiation and BaaS revenue model</b></p><p><blockquote><b>差异化与BaaS收入模式</b></blockquote></p><p> Both Ford and NIO know about the importance of differentiation in a market that will only get more competitive over time, which is why both companies are investing heavily in a related field that can break or solidify dominance in the EV market: Battery technology.</p><p><blockquote>福特和蔚来都知道差异化在这个市场中的重要性，随着时间的推移，这个市场只会变得更加竞争，这就是为什么两家公司都在一个相关领域大力投资，这个领域可以打破或巩固电动汽车市场的主导地位：电池技术。</blockquote></p><p> Ford is&nbsp;forming a joint venture&nbsp;with South Korean battery technology company SK Innovation to secure supply of traction battery cells and array modules. The joint venture is meant to accelerate battery deliveries and will produce approximately 60 GWh annually, enough to cover 25% of Ford’s estimated annual energy demand by 2030. NIO is also investing in battery technology and has&nbsp;formed its own joint venture&nbsp;to secure battery supply.</p><p><blockquote>福特正在与韩国电池技术公司 SK Innovation 成立一家合资企业，以确保牵引电池芯和阵列模块的供应。该合资企业旨在加快电池交付速度，年产量约为 60 GWh，足以满足福特到 2030 年预计年能源需求的 25%。蔚来也在投资电池技术，并组建了自己的合资企业来确保电池供应。</blockquote></p><p> The difference to Ford is that NIO’s battery investment strategy revolves around a battery subscription model, also called “battery-as-a-service”, which creates a strong, long term revenue opportunity for the Chinese vehicle maker. Under this “BaaS” model, users who buy a NIO electric vehicle get a 70,000 RMB initial discount, equivalent to $10,800, and can sign up for a monthly subscription to rent a rechargeable 70 kWh battery. Batteries can then be exchanged at one of NIO’s battery-swapping stations which can be found in most big Chinese cities. A battery subscription costs 980 RMB monthly which is the equivalent of $150.</p><p><blockquote>与福特不同的是，蔚来的电池投资战略围绕着电池订阅模式，也称为 “电池即服务 ”，这为这家中国汽车制造商创造了一个强大的长期收入机会。在这种 “BaaS” 模式下，用户购买蔚来电动汽车可获得 7 万元人民币的初始折扣，折合 1.08 万美元，并可签约包月租赁 70 千瓦时的可充电电池。然后可以在蔚来的换电站更换电池，这些换电站在中国大多数大城市都有。电池订阅费用为每月980元人民币，相当于150美元。</blockquote></p><p> The BaaS model has a couple of benefits for both the vehicle maker and the user: Purchasing an electric vehicle from NIO gets a lot more affordable due to the up-front discount and the subscription model ensures that users benefit from advancement in battery technology and better performance over time. Decoupling battery costs from vehicle prices creates an entirely new revenue stream on a subscription basis for NIO. Revenues from “BaaS” subscriptions could be used to increase the density of NIO’s network of charging/replacement stations. The battery subscription model also binds customers to NIO, potentially increasing customer lifetime value.</p><p><blockquote>BaaS模式对汽车制造商和用户都有几个好处：由于前期折扣，从蔚来购买电动汽车变得更加实惠，订阅模式确保用户受益于电池技术的进步和随着时间的推移更好的性能。将电池成本与汽车价格脱钩，为蔚来创造了一个全新的订阅收入流。“BaaS ”订阅的收入可用于增加蔚来充电/换电站网络的密度。电池订阅模式还将客户绑定到蔚来，从而潜在地增加客户的终身价值。</blockquote></p><p> Ford and NIO are primed to benefit from falling battery costs for electric vehicles as they ramp up capital allocations. As more investments flow into developing more efficient batteries, performance will go up and costs will go down which should drive EV adoption and benefit all EV makers. This is because lower battery prices make EVs more competitive to passenger vehicles with combustion engines. But since NIO is structuring a part of its business model explicitly around battery subscriptions, NIO could benefit more than Ford.</p><p><blockquote>随着福特和蔚来增加资本配置，它们有望从电动汽车电池成本下降中受益。随着越来越多的投资流入开发更高效的电池，性能将会提高，成本将会下降，这应该会推动电动汽车的采用并使所有电动汽车制造商受益。这是因为较低的电池价格使电动汽车比内燃机乘用车更具竞争力。但由于蔚来明确围绕电池订阅构建部分商业模式，蔚来可能会比福特受益更多。</blockquote></p><p> Battery costs for EVs have decreased 70% since 2014, based on information provided by investment firm Schroders, and are set to decrease more this decade.</p><p><blockquote>根据投资公司施罗德提供的信息，自 2014 年以来，电动汽车的电池成本已下降 70%，并且本十年还将进一步下降。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c42acb75905affe7570a2f399ea3192f\" tg-width=\"758\" tg-height=\"449\"><span>(Source: Schroders)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：施罗德）</span></p></blockquote></p><p> The “BaaS” model is genius and could develop into a $500M a year revenue opportunity for NIO long term. Although Ford is ramping up its investments in battery technology, the winner in this category is: NIO.</p><p><blockquote>“BaaS ”模式是天才之作，从长远来看，它可能会发展成为蔚来每年 5 亿美元的收入机会。尽管福特正在加大对电池技术的投资，但这一类别的赢家是：蔚来。</blockquote></p><p> <b>Sales growth and valuation</b></p><p><blockquote><b>销售增长和估值</b></blockquote></p><p> Ford’s sales in May grew 4.1% Y/Y but electrified vehicle sales (including hybrids) surged 184% Y/Y as Ford sold a record 10,364 EVs/hybrids in May. Escape electrified sales and Explorer Hybrid grew sales at 125% and 132% Y/Y showing strong customer uptake. NIO delivered 6,711 vehicles last month including 3,017 ES6s, 1,412 ES8s and 2,282 EC6s. Total Y/Y delivery growth for May was 95.3%.</p><p><blockquote>福特 5 月份的销量同比增长 4.1%，但电动汽车销量（包括混合动力汽车）同比激增 184%，福特 5 月份售出了创纪录的 10,364 辆电动汽车/混合动力汽车。Escape electrified 和 Explorer Hybrid 的销量分别同比增长 125% 和 132%，显示出强劲的客户吸引力。蔚来上个月交付了 6,711 辆汽车，其中包括 3,017 辆 ES6、1,412 辆 ES8 和 2,282 辆 EC6。5 月份总交付量同比增长 95.3%。</blockquote></p><p> Ford's sales are fifty-four times larger than NIO's which creates more sales growth and revaluation potential for NIO.</p><p><blockquote>福特的销量是蔚来汽车的54倍，这为蔚来创造了更多的销售增长和重估潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/df5a0a393e44ed74241c5effcdd92350\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p></p><p> The difference in valuation between Ford and NIO is like the difference between night and day. This is because Ford is still seen as a mature vehicle maker with expected enterprise sales growth in the low-to-mid digits, despite explosive growth in the EV category. Ford is expected to grow revenues by 33% until FY 2025 (base year: FY 2020) and NIO by 808%!</p><p><blockquote>福特和蔚来之间的估值差异就像黑夜和白天之间的差异。这是因为尽管电动汽车类别实现了爆炸式增长，但福特仍被视为一家成熟的汽车制造商，预计企业销量增长将达到中低位数。福特预计到 2025 财年（基准年：2020 财年）收入将增长 33%，蔚来将增长 808%!</blockquote></p><p> Due to these differences in sales growth, NIO is the complete opposite of Ford, at least as far as valuation goes. The Chinese EV-maker is expected to see sales and delivery growth close to 100% this year and since NIO is only dealing in EVs, NIO gets a much higher market-cap-to-sales ratio than Ford.</p><p><blockquote>由于销售增长的这些差异，蔚来与福特完全相反，至少就估值而言是这样。这家中国电动汽车制造商预计今年的销量和交付量将增长接近 100%，由于蔚来只销售电动汽车，蔚来的市值与销量之比远高于福特。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/817605c6b1e82c03d0473ea570d32b8f\" tg-width=\"506\" tg-height=\"406\"><span>(Source: Author)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：作者）</span></p></blockquote></p><p> <b>NIO has larger risks...</b></p><p><blockquote><b>蔚来有更大的风险……</b></blockquote></p><p> NIO is the more risky venture, but also the one that offers the most promise. Government policy favors EV-makers like NIO. The potential for total global sales growth is larger for NIO as it operates from a smaller revenue base compared to Ford. But there are also a few things that work against NIO. For example, recalls due to production defects would be a much bigger challenge for NIO to overcome than for Ford which can rely on a global service and distribution network. NIO’s valuation is also not without risk as an unexpected slowing of sales growth due to production setbacks would leave a much larger dent in the financials.</p><p><blockquote>蔚来是风险更大的企业，但也是最有希望的企业。政府政策有利于蔚来等电动汽车制造商。与福特相比，蔚来的全球总销售额增长潜力更大，因为它的营收基础较小。但也有一些事情对蔚来不利。例如，与可以依赖全球服务和分销网络的福特相比，由于生产缺陷导致的召回对于蔚来来说将是一个更大的挑战。蔚来的估值也并非没有风险，因为生产受挫导致销售增长意外放缓，将对财务状况造成更大影响。</blockquote></p><p> <b>Final verdict</b></p><p><blockquote><b>最终判决</b></blockquote></p><p> NIO is definitely the more “sexy” vehicle maker. Strong adoption and sales growth in China and Europe support NIO. Its super smart BaaS model which decouples vehicle purchase prices from battery costs is genius. You pay a high price for this growth but the market opportunity for NIO is immense.</p><p><blockquote>蔚来绝对是更 “性感 ”的汽车制造商。在中国和欧洲的强劲采用率和销售增长支持了蔚来。其超级智能BaaS模型将车辆购买价格与电池成本脱钩，堪称天才。你为这种增长付出了高昂的代价，但蔚来的市场机会是巨大的。</blockquote></p><p> Ford’s EV sales are booming and the percentage of EV sales will increase as the vehicle maker electrifies its fleet. Ford has a lot of potential in the EV market but since EV sales are still a relatively low percentage of total sales, it will take a long time for Ford to complete its transformation.</p><p><blockquote>福特的电动汽车销量正在蓬勃发展，随着该汽车制造商车队电气化，电动汽车销量的比例也将不断增加。福特在电动汽车市场潜力巨大，但由于电动汽车销量占总销量的比例仍然相对较低，福特需要很长时间才能完成转型。</blockquote></p><p> If you believe in the potential of the global EV market, buy NIO. If you believe in the potential of the global EV market and don’t like much risk, buy Ford.</p><p><blockquote>如果您相信全球电动汽车市场的潜力，请购买蔚来。如果你相信全球电动汽车市场的潜力，又不喜欢太大的风险，那就买福特吧。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4436600-ford-or-nio-the-final-verdict\">seekingalpha</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":{"NIO":"蔚来","F":"福特汽车"},"source_url":"https://seekingalpha.com/article/4436600-ford-or-nio-the-final-verdict","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137119316","content_text":"Summary\n\nI am comparing Ford against NIO in different categories.\nThe comparison is intended to improve the understanding of Ford's and NIO's growth potential while highlighting differences in market position and opportunities.\nNIO is growing a lot faster than Ford and the high valuation may be justified.\n\npeterschreiber.media/iStock via Getty Images\nWith Ford (F) launching a major offensive in the market for electric vehicles, Chinese EV maker NIO (NIO) will face one more rival competing for sales in the future. Which vehicle maker offers the best deal based on market opportunity, scale, revenue model, growth prospects and valuation? I will compare Ford against NIO in each category and issue a final verdict at the end.\nFord vs. NIO: The battle for the global electric vehicle market is heating up\nAlthough there is a world of difference between Ford and NIO, both companies are set to go toe-to-toe in the rapidly growing global electric vehicle market. Ford’s fleet is not yet EV-focused but this is going to change: Feeling that the EV race is heating up, Ford said it is accelerating its electrification plan by investing $30B into its EV manufacturing capabilities until 2025. Ford’s previous capital plan called for a $22B investment in zero-emission vehicles. Ford also set an ambitious sales goal: 40% of its global sales will be electric within the next decade and 33% of pickup truck sales. Electric vehicle sales account for just 1% of Ford's sales today. As Ford is phasing out combustion engines, it is set to evolve into an all-electric vehicle maker by 2040.\nMarket opportunity\nIn 2020, 3.2m electric vehicles were sold in the world which represented a small market share of just 4.2%. China, however, was responsible for buying 41% of all electric vehicles in the world in 2020. Chinese buyers purchased 1.3m electric vehicles last year and sales are set to grow fast as Beijing seeks to boost EV adoption. The second largest market for electric vehicles was Europe which accounted for 42% of global EV sales. The US is only the third-largest market for plug-in electric vehicles in the world.\n(Source: Wikipedia)\nChina, by far, is the fastest growing EV market in the world, although Europe is catching up fast, in part due to a legislative efforts to increase adoption of zero-emission passenger vehicles and because of massive investments in a Europe-wide charging station network. NIO is on the cusp of entering the European market in a bid to grow market share in the world’s second-largest EV market before the competition is ready.\nBeijing is a driver behind the electrification of the Chinese auto industry: The government wants to see a twenty percent share of electric vehicles for new car sales by 2025 which will drive EV penetration in NIO’s home market.\n(Source:Schroders)\nTurning to growth projections.\nWith more favorable government policies for EV makers in places like China and Europe, these markets are poised to see the fastest sales growth and the highest EV adoption rates in the world. China is not only the largest market due to population size but is also expected to outperform all other markets in the world in EV sales until 2030.\n(Source:McKinsey)\nSince China has a larger total market size, a higher EV adoption rate, stronger expected sales growth and a more favorable regulatory framework, the winner here would be: NIO.\nScale and manufacturing competence\nFord has a century’s worth of manufacturing experience. But Ford, so far, has only one all-electric vehicle in its product line-up that compares to NIO: The Mustang Mach-E SUV. In 2022, Ford will begin to sell the all-electric F-150 Lightening which builds on the success of Ford’s best-selling pick-up truck. NIO already has a stronger product catalog including the 5-seater ES6 SUV, the 5-seater coupe SUV EC6 and the ES8, a 6-seater and 7-seater full-sized SUV.\nSince NIO is solely focused on producing EVs and occupies a very small and defined niche, the Chinese firm has an advantage as far as EV-manufacturing expertise goes. The question is how long this advantage can last. Ford has extensive experience in building cars and can leverage a global manufacturing base to ramp up EV production faster than any niche EV maker could ever hope to achieve. This makes Ford a very serious rival not only to Tesla (TSLA) in the US, but also to NIO abroad. Ford is accelerating its electrification plans and it has the resources and the ambition to become a leader in EVs within the next decade. Ford’s proposed $30B spending on the electrification of its fleet will accelerate its transformation and turn Ford into a long term threat to other EV makers.\nWinner here: Ford.\nDifferentiation and BaaS revenue model\nBoth Ford and NIO know about the importance of differentiation in a market that will only get more competitive over time, which is why both companies are investing heavily in a related field that can break or solidify dominance in the EV market: Battery technology.\nFord is forming a joint venture with South Korean battery technology company SK Innovation to secure supply of traction battery cells and array modules. The joint venture is meant to accelerate battery deliveries and will produce approximately 60 GWh annually, enough to cover 25% of Ford’s estimated annual energy demand by 2030. NIO is also investing in battery technology and has formed its own joint venture to secure battery supply.\nThe difference to Ford is that NIO’s battery investment strategy revolves around a battery subscription model, also called “battery-as-a-service”, which creates a strong, long term revenue opportunity for the Chinese vehicle maker. Under this “BaaS” model, users who buy a NIO electric vehicle get a 70,000 RMB initial discount, equivalent to $10,800, and can sign up for a monthly subscription to rent a rechargeable 70 kWh battery. Batteries can then be exchanged at one of NIO’s battery-swapping stations which can be found in most big Chinese cities. A battery subscription costs 980 RMB monthly which is the equivalent of $150.\nThe BaaS model has a couple of benefits for both the vehicle maker and the user: Purchasing an electric vehicle from NIO gets a lot more affordable due to the up-front discount and the subscription model ensures that users benefit from advancement in battery technology and better performance over time. Decoupling battery costs from vehicle prices creates an entirely new revenue stream on a subscription basis for NIO. Revenues from “BaaS” subscriptions could be used to increase the density of NIO’s network of charging/replacement stations. The battery subscription model also binds customers to NIO, potentially increasing customer lifetime value.\nFord and NIO are primed to benefit from falling battery costs for electric vehicles as they ramp up capital allocations. As more investments flow into developing more efficient batteries, performance will go up and costs will go down which should drive EV adoption and benefit all EV makers. This is because lower battery prices make EVs more competitive to passenger vehicles with combustion engines. But since NIO is structuring a part of its business model explicitly around battery subscriptions, NIO could benefit more than Ford.\nBattery costs for EVs have decreased 70% since 2014, based on information provided by investment firm Schroders, and are set to decrease more this decade.\n(Source: Schroders)\nThe “BaaS” model is genius and could develop into a $500M a year revenue opportunity for NIO long term. Although Ford is ramping up its investments in battery technology, the winner in this category is: NIO.\nSales growth and valuation\nFord’s sales in May grew 4.1% Y/Y but electrified vehicle sales (including hybrids) surged 184% Y/Y as Ford sold a record 10,364 EVs/hybrids in May. Escape electrified sales and Explorer Hybrid grew sales at 125% and 132% Y/Y showing strong customer uptake. NIO delivered 6,711 vehicles last month including 3,017 ES6s, 1,412 ES8s and 2,282 EC6s. Total Y/Y delivery growth for May was 95.3%.\nFord's sales are fifty-four times larger than NIO's which creates more sales growth and revaluation potential for NIO.\nData by YCharts\nThe difference in valuation between Ford and NIO is like the difference between night and day. This is because Ford is still seen as a mature vehicle maker with expected enterprise sales growth in the low-to-mid digits, despite explosive growth in the EV category. Ford is expected to grow revenues by 33% until FY 2025 (base year: FY 2020) and NIO by 808%!\nDue to these differences in sales growth, NIO is the complete opposite of Ford, at least as far as valuation goes. The Chinese EV-maker is expected to see sales and delivery growth close to 100% this year and since NIO is only dealing in EVs, NIO gets a much higher market-cap-to-sales ratio than Ford.\n(Source: Author)\nNIO has larger risks...\nNIO is the more risky venture, but also the one that offers the most promise. Government policy favors EV-makers like NIO. The potential for total global sales growth is larger for NIO as it operates from a smaller revenue base compared to Ford. But there are also a few things that work against NIO. For example, recalls due to production defects would be a much bigger challenge for NIO to overcome than for Ford which can rely on a global service and distribution network. NIO’s valuation is also not without risk as an unexpected slowing of sales growth due to production setbacks would leave a much larger dent in the financials.\nFinal verdict\nNIO is definitely the more “sexy” vehicle maker. Strong adoption and sales growth in China and Europe support NIO. Its super smart BaaS model which decouples vehicle purchase prices from battery costs is genius. You pay a high price for this growth but the market opportunity for NIO is immense.\nFord’s EV sales are booming and the percentage of EV sales will increase as the vehicle maker electrifies its fleet. Ford has a lot of potential in the EV market but since EV sales are still a relatively low percentage of total sales, it will take a long time for Ford to complete its transformation.\nIf you believe in the potential of the global EV market, buy NIO. If you believe in the potential of the global EV market and don’t like much risk, buy Ford.","news_type":1,"symbols_score_info":{"F":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":2576,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127096110,"gmtCreate":1624800737930,"gmtModify":1633948518726,"author":{"id":"3577914647547876","authorId":"3577914647547876","name":"Jieshenggoh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577914647547876","authorIdStr":"3577914647547876"},"themes":[],"title":"","htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/127096110","repostId":"1172710941","repostType":4,"isVote":1,"tweetType":1,"viewCount":2274,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":109184602,"gmtCreate":1619673554706,"gmtModify":1634210812159,"author":{"id":"3577914647547876","authorId":"3577914647547876","name":"Jieshenggoh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577914647547876","authorIdStr":"3577914647547876"},"themes":[],"title":"","htmlText":"Up up up&nbsp;","listText":"Up up up&nbsp;","text":"Up up up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/109184602","repostId":"1132578048","repostType":4,"isVote":1,"tweetType":1,"viewCount":1973,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":100830101,"gmtCreate":1619597610603,"gmtModify":1634211459610,"author":{"id":"3577914647547876","authorId":"3577914647547876","name":"Jieshenggoh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577914647547876","authorIdStr":"3577914647547876"},"themes":[],"title":"","htmlText":"Will be back very soon !&nbsp;","listText":"Will be back very soon !&nbsp;","text":"Will be back very soon !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/100830101","repostId":"1187646472","repostType":4,"repost":{"id":"1187646472","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1619597447,"share":"https://www.laohunote.com/m/news/1187646472?lang=zh_CN&edition=full","pubTime":"2021-04-28 16:10","market":"us","language":"en","title":"Microsoft fell more than 2% in premarket trading<blockquote>微软在盘前交易中下跌超过 2%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1187646472","media":"Tiger Newspress","summary":"Microsoft fell more than 2% in premarket trading,and its operating profit margin fell in the third q","content":"<p>Microsoft fell more than 2% in premarket trading,and its operating profit margin fell in the third quarter.</p><p><blockquote>微软在盘前交易中下跌超过2%，第三季度营业利润率下降。</blockquote></p><p><img src=\"https://static.tigerbbs.com/fce0c77c516689310889eed28a27bce8\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Microsoft Results Beat in Q1 as Cloud Growth Gathers Pace</b></p><p><blockquote><b>随着云增长加快，微软第一季度业绩超出预期</b></blockquote></p><p>Microsoft reported Tuesday first-quarter results that beat consensus estimates, led by strong growth in its cloud division as businesses continue to move workloads to the cloud.</p><p><blockquote>微软周二公布的第一季度业绩超出了市场普遍预期，这得益于其云部门的强劲增长，企业继续将工作负载转移到云端。</blockquote></p><p>The company announced earnings per share of $1.95 on revenue of $41.71B. Analysts polled by Investing.com anticipated EPS of $1.78 on revenue of $41.04B.</p><p><blockquote>该公司宣布每股收益为 1.95 美元，营收为 41.71B 美元。Investing.com 调查的分析师预计每股收益为 1.78 美元，营收为 41.04B 美元。</blockquote></p><p>Revenue in productivity and business processes was up 15% to $13.6 billion and its intelligent cloud business, which includes cloud business Azure, grew 23% to $15.1 billion.</p><p><blockquote>生产力和业务流程收入增长 15%，达到 136 亿美元，其智能云业务（包括云业务 Azure）增长 23%，达到 151 亿美元。</blockquote></p><p>The company said Azure grew 50% in the quarter, compared with estimates for 46%.</p><p><blockquote>该公司表示，Azure 本季度增长了 50%，而预期为 46%。</blockquote></p><p>\"Azure revenue growing 50% which we note is well above bullish Street whisper expectations of 46% heading into the print,\" Wedbush said in a note.</p><p><blockquote>Wedbush 在一份报告中表示：“我们注意到 Azure 收入增长了 50%，远高于华尔街 46% 的乐观预期。”</blockquote></p><p>Revenue in personal computing was up 19% to $13 billion as demand for its tablets and laptops continued to benefit from work from home trend.</p><p><blockquote>由于平板电脑和笔记本电脑的需求继续受益于在家工作的趋势，个人计算收入增长了 19%，达到 130 亿美元。</blockquote></p><p>\"Over a year into the pandemic, digital adoption curves aren’t slowing down. They’re accelerating, and it’s just the beginning,” said Satya Nadella, chief executive officer of Microsoft.</p><p><blockquote>“微软首席执行官萨蒂亚-纳德拉（Satya Nadella）说：”大流行病已经过去一年多了，数字采用曲线并没有放缓。它们正在加速，而这仅仅是个开始。</blockquote></p><p></p>","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>Microsoft fell more than 2% in premarket trading<blockquote>微软在盘前交易中下跌超过 2%</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\">\nMicrosoft fell more than 2% in premarket trading<blockquote>微软在盘前交易中下跌超过 2%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-04-28 16:10</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Microsoft fell more than 2% in premarket trading,and its operating profit margin fell in the third quarter.</p><p><blockquote>微软在盘前交易中下跌超过2%，第三季度营业利润率下降。</blockquote></p><p><img src=\"https://static.tigerbbs.com/fce0c77c516689310889eed28a27bce8\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Microsoft Results Beat in Q1 as Cloud Growth Gathers Pace</b></p><p><blockquote><b>随着云增长加快，微软第一季度业绩超出预期</b></blockquote></p><p>Microsoft reported Tuesday first-quarter results that beat consensus estimates, led by strong growth in its cloud division as businesses continue to move workloads to the cloud.</p><p><blockquote>微软周二公布的第一季度业绩超出了市场普遍预期，这得益于其云部门的强劲增长，企业继续将工作负载转移到云端。</blockquote></p><p>The company announced earnings per share of $1.95 on revenue of $41.71B. Analysts polled by Investing.com anticipated EPS of $1.78 on revenue of $41.04B.</p><p><blockquote>该公司宣布每股收益为 1.95 美元，营收为 41.71B 美元。Investing.com 调查的分析师预计每股收益为 1.78 美元，营收为 41.04B 美元。</blockquote></p><p>Revenue in productivity and business processes was up 15% to $13.6 billion and its intelligent cloud business, which includes cloud business Azure, grew 23% to $15.1 billion.</p><p><blockquote>生产力和业务流程收入增长 15%，达到 136 亿美元，其智能云业务（包括云业务 Azure）增长 23%，达到 151 亿美元。</blockquote></p><p>The company said Azure grew 50% in the quarter, compared with estimates for 46%.</p><p><blockquote>该公司表示，Azure 本季度增长了 50%，而预期为 46%。</blockquote></p><p>\"Azure revenue growing 50% which we note is well above bullish Street whisper expectations of 46% heading into the print,\" Wedbush said in a note.</p><p><blockquote>Wedbush 在一份报告中表示：“我们注意到 Azure 收入增长了 50%，远高于华尔街 46% 的乐观预期。”</blockquote></p><p>Revenue in personal computing was up 19% to $13 billion as demand for its tablets and laptops continued to benefit from work from home trend.</p><p><blockquote>由于平板电脑和笔记本电脑的需求继续受益于在家工作的趋势，个人计算收入增长了 19%，达到 130 亿美元。</blockquote></p><p>\"Over a year into the pandemic, digital adoption curves aren’t slowing down. They’re accelerating, and it’s just the beginning,” said Satya Nadella, chief executive officer of Microsoft.</p><p><blockquote>“微软首席执行官萨蒂亚-纳德拉（Satya Nadella）说：”大流行病已经过去一年多了，数字采用曲线并没有放缓。它们正在加速，而这仅仅是个开始。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MSFT":"微软"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187646472","content_text":"Microsoft fell more than 2% in premarket trading,and its operating profit margin fell in the third quarter.Microsoft Results Beat in Q1 as Cloud Growth Gathers PaceMicrosoft reported Tuesday first-quarter results that beat consensus estimates, led by strong growth in its cloud division as businesses continue to move workloads to the cloud.The company announced earnings per share of $1.95 on revenue of $41.71B. Analysts polled by Investing.com anticipated EPS of $1.78 on revenue of $41.04B.Revenue in productivity and business processes was up 15% to $13.6 billion and its intelligent cloud business, which includes cloud business Azure, grew 23% to $15.1 billion.The company said Azure grew 50% in the quarter, compared with estimates for 46%.\"Azure revenue growing 50% which we note is well above bullish Street whisper expectations of 46% heading into the print,\" Wedbush said in a note.Revenue in personal computing was up 19% to $13 billion as demand for its tablets and laptops continued to benefit from work from home trend.\"Over a year into the pandemic, digital adoption curves aren’t slowing down. They’re accelerating, and it’s just the beginning,” said Satya Nadella, chief executive officer of Microsoft.","news_type":1,"symbols_score_info":{"MSFT":0.9}},"isVote":1,"tweetType":1,"viewCount":2571,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":374474349,"gmtCreate":1619479618481,"gmtModify":1634273181900,"author":{"id":"3577914647547876","authorId":"3577914647547876","name":"Jieshenggoh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577914647547876","authorIdStr":"3577914647547876"},"themes":[],"title":"","htmlText":"OK","listText":"OK","text":"OK","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/374474349","repostId":"1184991623","repostType":4,"repost":{"id":"1184991623","kind":"news","pubTimestamp":1619448590,"share":"https://www.laohunote.com/m/news/1184991623?lang=zh_CN&edition=full","pubTime":"2021-04-26 22:49","market":"us","language":"en","title":"Berkshire Hathaway’s Annual Meeting Is Saturday. Here’s What Warren Buffett Is Likely to Be Asked About.<blockquote>伯克希尔-哈撒韦公司的年会将于周六举行。以下是沃伦-巴菲特可能会被问到的问题。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1184991623","media":"MarketWatch","summary":"Berkshire HathawayCEO Warren Buffett may field shareholder questions about the company’s stock buyba","content":"<p>Berkshire HathawayCEO Warren Buffett may field shareholder questions about the company’s stock buyback program, investment activity, the acquisition environment, key subsidiaries, succession, and topics like Bitcoin and the SPAC mania at the company’s annual meeting on Saturday.</p><p><blockquote>伯克希尔-哈撒韦公司（Berkshire Hathaway）首席执行官沃伦-巴菲特（Warren Buffett）可能会在周六的公司年会上回答股东有关公司股票回购计划、投资活动、收购环境、主要子公司、继任以及比特币和 SPAC 狂热等话题的问题。</blockquote></p><p> The meeting, normally in Omaha, will take place virtually from Los Angeles, enabling longtime vice chairman Charlie Munger, 97, to join the 90-year-old Buffett for 3½ hours of shareholder questions starting at 1:30 p.m. Eastern time.</p><p><blockquote>会议通常在奥马哈举行，将在洛杉矶举行，使 97 岁的长期副董事长查理·芒格 (Charlie Munger) 能够与 90 岁的巴菲特一起从下午 1:30 开始进行 3.5 小时的股东提问。东部时间。</blockquote></p><p> Buffett is hoping to resume the Omaha extravaganza, which he calls a “Woodstock for Capitalists,” in 2022. The outspoken Munger, who didn’t participate in last year’s meeting, is popular with the Berkshire faithful. Buffett has run Berkshire for 56 years.</p><p><blockquote>巴菲特希望在 2022 年恢复奥马哈盛会，他将奥马哈盛会评级为 “资本家的伍德斯托克”。直言不讳的芒格没有参加去年的会议，但他很受伯克希尔忠实信徒的欢迎。巴菲特经营伯克希尔已经56年了。</blockquote></p><p> Berkshire shareholders will likely be in a good mood with the stock on a roll this year. The class A shares hit a record Monday and are up 0.9% to $412,365 on the session. The class B stock is up 0.7% to $273.96 Monday. The class A stock is up 18% this year, comfortably ahead of the S&amp;P 500’s 12% total return, after badly lagging behind the index in both 2019 and 2020.</p><p><blockquote>随着该股今年的上涨，伯克希尔股东可能会心情很好。A 类股周一创下历史新高，盘中上涨 0.9%，至 412,365 美元。B类股周一上涨0.7%，至273.96美元。A 类股今年上涨了 18%，轻松领先于标普500 12% 的总回报率，而 2019 年和 2020 年都严重落后于该指数。</blockquote></p><p> Berkshire’s aggressive stock repurchase program will probably be a major topic at the meeting. Investors are interested in Buffett’s current appetite for buybacks given the stock’s rally this year.</p><p><blockquote>伯克希尔积极的股票回购计划可能会成为会议的一个主要议题。鉴于巴菲特今年的股价上涨，投资者对巴菲特目前的回购意愿很感兴趣。</blockquote></p><p> The company ramped up its buybacks in the second half of 2020, with about $9 billion repurchased in each of the final two quarters of 2020, up from a total of nearly $7 billion in the first half of the year.</p><p><blockquote>该公司在2020年下半年加大了回购力度，2020年最后两个季度的回购总额约为90亿美元，高于上半年的近70亿美元。</blockquote></p><p> Before the meeting on Saturday, Berkshire will release its first-quarter earnings, and investors will be focused on the buyback. The company’s operating profits are expected to be up 6%, to $2.55 a class B share, according to FactSet.</p><p><blockquote>在周六的会议之前，伯克希尔将发布第一季度财报，投资者将关注此次回购。FactSet 的数据显示，该公司的营业利润预计将增长 6%，达到每股 B 类股 2.55 美元。</blockquote></p><p> <i>Barron’s</i>has estimated that Berkshire bought back about $5 billion of stock from year-end through early March based on the share count disclosed in the recent proxy statement. Investors will look to see how much more stock Berkshire repurchased during the rest of March as the share price rose. Our guess is that Berkshire probably didn’t match the fourth-quarter total of $9 billion in the first quarter.</p><p><blockquote><i>巴伦</i>根据最近委托书中披露的股份数量，估计伯克希尔从年底到 3 月初回购了约 50 亿美元的股票。随着股价上涨，投资者将关注伯克希尔在 3 月份剩余时间内回购了多少股票。我们的猜测是，伯克希尔可能没有达到第一季度 90 亿美元的第四季度总额。</blockquote></p><p> “I’m interested to see their enthusiasm for the buyback program given the performance of the stock,” says James Shanahan, an Edward Jones analyst, referring to Buffett and Munger.</p><p><blockquote>“爱德华-琼斯（Edward Jones）分析师詹姆斯-沙纳汉（James Shanahan）在谈到巴菲特和芒格时说：”鉴于股票的表现，我很想看看他们对回购计划的热情。</blockquote></p><p> Buffett has said Berkshire will be price conscious about buybacks, but has not provided any specifics.</p><p><blockquote>巴菲特表示，伯克希尔将关注回购的价格，但没有提供任何细节。</blockquote></p><p> Shanahan sees a rise in the book value to $296,000 a class A share on March 31 from $287,000 at year-end 2020. The stock now trades for about 1.4 times that March 31 estimate, up from a low of around 1.1 times book a year ago and close to the five-year average.</p><p><blockquote>Shanahan 预计 3 月 31 日 A 类股票的账面价值将从 2020 年底的 287,000 美元升至 296,000 美元。该股目前的交易价格约为 3 月 31 日估计的 1.4 倍，高于一年前约 1.1 倍的低点，接近五年平均水平。</blockquote></p><p> There could also be shareholder questions about climate change and diversity at Berkshire. The company has recommended that shareholders reject proposals about providing more disclosure about both issues.</p><p><blockquote>伯克希尔的股东也可能会对伯克希尔的气候变化和多元化提出疑问。该公司建议股东拒绝就这两个问题提供更多披露的提议。</blockquote></p><p> Buffett is likely to weigh in on the current investment landscape.</p><p><blockquote>巴菲特可能会对当前的投资格局发表意见。</blockquote></p><p> He wasn’t aggressive on making new investments in 2020, as Berkshire sold a net $8 billion of stocks, including a group of airlines, and stakes inJPMorgan Chase(JPM) andGoldman Sachs Group(GS).</p><p><blockquote>伯克希尔在 2020 年并没有积极进行新的投资，因为伯克希尔净出售了 80 亿美元的股票，其中包括一批航空公司，并持有摩根大通（JPM）和高盛集团（GS）的股份。</blockquote></p><p> This disappointed many holders who hoped Buffett would have been a big buyer of stocks during the selloff and follow his maxim to be “fearful when others are greedy, and greedy when others are fearful.”</p><p><blockquote>这让许多持有者感到失望，他们希望巴菲特能在抛售期间成为股票的大买家，并遵循他的格言，即 “别人贪婪时恐惧，别人恐惧时贪婪 ”。</blockquote></p><p> Berkshire did establish sizable stakes inVerizon Communications(VZ) andChevron(CVX). Buffett may be asked about those purchases and the outlook for bank stocks and the overall market, which is now trading at lofty valuation, with the S&amp;P 500 at around 23 times projected 2021 earnings.</p><p><blockquote>伯克希尔确实持有 inVerizon Communications (VZ) 和雪佛龙 (CVX) 的大量股份。巴菲特可能会被问及这些购买以及银行股和整体市场的前景，目前整个市场的估值很高，标普500约为 2021 年预期收益的 23 倍。</blockquote></p><p> Berkshire has also been quiet on acquisitions with only one notable deal in 2020, a roughly $10 billion purchase ofDominion Energy’s(D) natural-gas pipeline business by Berkshire Hathaway’s big utility unit, Berkshire Hathaway Energy.</p><p><blockquote>伯克希尔在收购方面也一直保持沉默，2020 年只有一笔值得注意的交易，即伯克希尔-哈撒韦公司（Berkshire Hathaway）的大型公用事业部门伯克希尔-哈撒韦能源公司（Berkshire Hathaway Energy）以约 100 亿美元收购 Dominion Energy（D）的天然气管道业务。</blockquote></p><p> Buffett has long sought to land what he has called an “elephant,” or a large acquisition, but that has proven elusive. Berkshire’s only big deal in the past decade was its $33 billion purchase of Precision Castparts in 2016. The deal for the aircraft-parts maker hasn’t gone well, with the company hit by the aerospace downturn in 2020, forcing Berkshire to take a roughly $11 billion write-down. Amid an improving aerospace market, Buffett might be queried about the outlook for Precision Castparts.</p><p><blockquote>巴菲特长期以来一直在寻求收购他所谓的 “大象 ”或大型收购，但事实证明这难以实现。伯克希尔在过去十年中唯一的一笔大交易是在 2016 年以 330 亿美元收购了 Precision Castparts。这家飞机零部件制造商的交易进展并不顺利，该公司在 2020 年受到航空航天业低迷的打击，迫使伯克希尔公司减记了约 110 亿美元的资产。在航空航天市场不断改善的情况下，巴菲特可能会被问及精密铸件的前景。</blockquote></p><p> Buffett has complained in the past that aggressive private-equity firms have made it tough for Berkshire to land big deals. Now, the acquisition environment is even tougher amid record stock prices and a big new buyer of private companies in SPACs, or special-purpose acquisition companies, that have raised about $100 billion this year alone to pursue deals.</p><p><blockquote>巴菲特过去曾抱怨说，激进的私募股权公司使伯克希尔很难达成大交易。现在，在创纪录的股价和SPAC（特殊目的收购公司）中私营公司的大型新买家中，收购环境变得更加艰难，仅今年一年就筹集了约1000亿美元来进行交易。</blockquote></p><p></p><p> “It’s unlikely there will be a major acquisition soon,” Shanahan says. Berkshire handicaps itself by refusing to participate in corporate auctions. Buffett prefers old-style handshake deals and tells potential sellers that Berkshire’s generally hands-off approach to its dozens of subsidiaries makes it an ideal home for their businesses.</p><p><blockquote>“沙纳汉说：”不太可能很快进行重大收购。伯克希尔拒绝参与公司拍卖，从而使自己陷入困境。巴菲特更喜欢老式的握手交易，并告诉潜在卖家，伯克希尔对其数十家子公司通常采取不干涉的态度，使其成为他们业务的理想基地。</blockquote></p><p> Investors may ask Buffett about trends in the reinsurance business, an important part of Berkshire’s big property and casualty insurance operations. Pricing has been improving in the P&amp;C market. Investors also may query him about Berkshire’s Geico unit, which has been losing ground to its chief auto-insurance rival,Progressive(PGR) in the past year. Geico and Progressive are the two best-run auto insurers in the country and now rank second and third, respectively, behind State Farm.</p><p><blockquote>投资者可能会向巴菲特询问再保险业务的趋势，再保险业务是伯克希尔庞大的财产和意外伤害保险业务的重要组成部分。P&amp;C市场的定价一直在改善。投资者还可能向他询问伯克希尔旗下的 Geico 部门，该部门在过去一年中一直在输给其主要汽车保险竞争对手 Progressive (PGR)。Geico 和 Progressive 是美国运营最好的两家汽车保险公司，目前分别排名第二和第三，仅次于 State Farm。</blockquote></p><p> In a surprise move, Berkshire decided to name one of Buffett’s top investment lieutenants, Todd Combs, as CEO of Geico at the start of 2020. Investors may want to know how long Combs plans to stay at Geico.</p><p><blockquote>伯克希尔出人意料地决定在 2020 年初任命巴菲特的高级投资副手之一托德-库姆斯（Todd Combs）为 Geico 的首席执行官。投资者可能想知道库姆斯计划在 Geico 待多久。</blockquote></p><p> There also may be questions about the investment performance of Combs and Ted Weschler, who together run an estimated 10% of Berkshire’s $295 billion equity investment portfolio. The two are a good bet to run the entire equity portfolio in the post-Buffett era.</p><p><blockquote>库姆斯和特德-韦施勒（Ted Weschler）的投资业绩也可能受到质疑，他们共同管理着伯克希尔2950亿美元股票投资组合的约10%。这两者是后巴菲特时代管理整个股票投资组合的好选择。</blockquote></p><p> Another topic is likely to be the railroad industry given the bidding war forKansas City Southern(KSU) by two leading Canadian railroads. Berkshire owns Burlington Northern Santa Fe, one of the big four railroads in the country. Berkshire is unlikely to get involved in the contest for Kansas City Southern.</p><p><blockquote>另一个话题可能是铁路行业，因为加拿大两家领先的铁路公司对堪萨斯城南部（KSU）的竞购战。伯克希尔拥有伯灵顿北圣达菲铁路公司，这是美国四大铁路公司之一。伯克希尔不太可能参与堪萨斯城南方的竞争。</blockquote></p><p> BNSF is probably the single most valuable division within Berkshire and would be worth close to $150 billion, in line with its public rivalUnion Pacific(UNP), if it were a stand-alone company. Berkshire is now valued at around $625 billion.</p><p><blockquote>BNSF 可能是伯克希尔旗下最有价值的部门，如果是一家独立公司，其价值将接近 1500 亿美元，与其公共竞争对手联合太平洋 (UNP) 持平。伯克希尔目前的估值约为 6250 亿美元。</blockquote></p><p> Buffett has been a prominent Bitcoin skeptic, having called it “rat poison squared” and not a legitimate asset class. Shareholders may ask what he thinks now that Bitcoin has soared.</p><p><blockquote>巴菲特一直是比特币的著名怀疑论者，称其为 “老鼠药的平方”，而不是合法的资产类别。股东们可能会问，既然比特币已经飙升，他怎么看。</blockquote></p><p> Also on hand to answer questions will be Berkshire’s vice chairmen, Ajit Jain and Greg Abel, who head Berkshire’s insurance and non-insurance operations, respectively.<i>Barron’s</i>has identified Abel as the most likely successor to Buffett as CEO.</p><p><blockquote>伯克希尔副董事长阿吉特-贾恩（Ajit Jain）和格雷格-阿贝尔（Greg Abel）也将到场回答问题，他们分别负责伯克希尔的保险和非保险业务。<i>巴伦</i>已确定阿贝尔是巴菲特最有可能的首席执行官继任者。</blockquote></p><p> Some investors—and<i>Barron’s</i>—would like to see Jain, Abel, Combs, and Weschler get more exposure at the meeting as the likely next generation of leadership at Berkshire. But Buffett is a creature of habit and he likes the Warren and Charlie show. So that’s what it will be.</p><p><blockquote>一些投资者——以及<i>巴伦</i>——希望看到贾恩、阿贝尔、库姆斯和韦施勒作为伯克希尔可能的下一代领导层，在会议上获得更多曝光。但巴菲特是一个习惯性的生物，他喜欢沃伦和查理秀。这就是它的样子。</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>Berkshire Hathaway’s Annual Meeting Is Saturday. Here’s What Warren Buffett Is Likely to Be Asked About.<blockquote>伯克希尔-哈撒韦公司的年会将于周六举行。以下是沃伦-巴菲特可能会被问到的问题。</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\">\nBerkshire Hathaway’s Annual Meeting Is Saturday. Here’s What Warren Buffett Is Likely to Be Asked About.<blockquote>伯克希尔-哈撒韦公司的年会将于周六举行。以下是沃伦-巴菲特可能会被问到的问题。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-04-26 22:49</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Berkshire HathawayCEO Warren Buffett may field shareholder questions about the company’s stock buyback program, investment activity, the acquisition environment, key subsidiaries, succession, and topics like Bitcoin and the SPAC mania at the company’s annual meeting on Saturday.</p><p><blockquote>伯克希尔-哈撒韦公司（Berkshire Hathaway）首席执行官沃伦-巴菲特（Warren Buffett）可能会在周六的公司年会上回答股东有关公司股票回购计划、投资活动、收购环境、主要子公司、继任以及比特币和 SPAC 狂热等话题的问题。</blockquote></p><p> The meeting, normally in Omaha, will take place virtually from Los Angeles, enabling longtime vice chairman Charlie Munger, 97, to join the 90-year-old Buffett for 3½ hours of shareholder questions starting at 1:30 p.m. Eastern time.</p><p><blockquote>会议通常在奥马哈举行，将在洛杉矶举行，使 97 岁的长期副董事长查理·芒格 (Charlie Munger) 能够与 90 岁的巴菲特一起从下午 1:30 开始进行 3.5 小时的股东提问。东部时间。</blockquote></p><p> Buffett is hoping to resume the Omaha extravaganza, which he calls a “Woodstock for Capitalists,” in 2022. The outspoken Munger, who didn’t participate in last year’s meeting, is popular with the Berkshire faithful. Buffett has run Berkshire for 56 years.</p><p><blockquote>巴菲特希望在 2022 年恢复奥马哈盛会，他将奥马哈盛会评级为 “资本家的伍德斯托克”。直言不讳的芒格没有参加去年的会议，但他很受伯克希尔忠实信徒的欢迎。巴菲特经营伯克希尔已经56年了。</blockquote></p><p> Berkshire shareholders will likely be in a good mood with the stock on a roll this year. The class A shares hit a record Monday and are up 0.9% to $412,365 on the session. The class B stock is up 0.7% to $273.96 Monday. The class A stock is up 18% this year, comfortably ahead of the S&amp;P 500’s 12% total return, after badly lagging behind the index in both 2019 and 2020.</p><p><blockquote>随着该股今年的上涨，伯克希尔股东可能会心情很好。A 类股周一创下历史新高，盘中上涨 0.9%，至 412,365 美元。B类股周一上涨0.7%，至273.96美元。A 类股今年上涨了 18%，轻松领先于标普500 12% 的总回报率，而 2019 年和 2020 年都严重落后于该指数。</blockquote></p><p> Berkshire’s aggressive stock repurchase program will probably be a major topic at the meeting. Investors are interested in Buffett’s current appetite for buybacks given the stock’s rally this year.</p><p><blockquote>伯克希尔积极的股票回购计划可能会成为会议的一个主要议题。鉴于巴菲特今年的股价上涨，投资者对巴菲特目前的回购意愿很感兴趣。</blockquote></p><p> The company ramped up its buybacks in the second half of 2020, with about $9 billion repurchased in each of the final two quarters of 2020, up from a total of nearly $7 billion in the first half of the year.</p><p><blockquote>该公司在2020年下半年加大了回购力度，2020年最后两个季度的回购总额约为90亿美元，高于上半年的近70亿美元。</blockquote></p><p> Before the meeting on Saturday, Berkshire will release its first-quarter earnings, and investors will be focused on the buyback. The company’s operating profits are expected to be up 6%, to $2.55 a class B share, according to FactSet.</p><p><blockquote>在周六的会议之前，伯克希尔将发布第一季度财报，投资者将关注此次回购。FactSet 的数据显示，该公司的营业利润预计将增长 6%，达到每股 B 类股 2.55 美元。</blockquote></p><p> <i>Barron’s</i>has estimated that Berkshire bought back about $5 billion of stock from year-end through early March based on the share count disclosed in the recent proxy statement. Investors will look to see how much more stock Berkshire repurchased during the rest of March as the share price rose. Our guess is that Berkshire probably didn’t match the fourth-quarter total of $9 billion in the first quarter.</p><p><blockquote><i>巴伦</i>根据最近委托书中披露的股份数量，估计伯克希尔从年底到 3 月初回购了约 50 亿美元的股票。随着股价上涨，投资者将关注伯克希尔在 3 月份剩余时间内回购了多少股票。我们的猜测是，伯克希尔可能没有达到第一季度 90 亿美元的第四季度总额。</blockquote></p><p> “I’m interested to see their enthusiasm for the buyback program given the performance of the stock,” says James Shanahan, an Edward Jones analyst, referring to Buffett and Munger.</p><p><blockquote>“爱德华-琼斯（Edward Jones）分析师詹姆斯-沙纳汉（James Shanahan）在谈到巴菲特和芒格时说：”鉴于股票的表现，我很想看看他们对回购计划的热情。</blockquote></p><p> Buffett has said Berkshire will be price conscious about buybacks, but has not provided any specifics.</p><p><blockquote>巴菲特表示，伯克希尔将关注回购的价格，但没有提供任何细节。</blockquote></p><p> Shanahan sees a rise in the book value to $296,000 a class A share on March 31 from $287,000 at year-end 2020. The stock now trades for about 1.4 times that March 31 estimate, up from a low of around 1.1 times book a year ago and close to the five-year average.</p><p><blockquote>Shanahan 预计 3 月 31 日 A 类股票的账面价值将从 2020 年底的 287,000 美元升至 296,000 美元。该股目前的交易价格约为 3 月 31 日估计的 1.4 倍，高于一年前约 1.1 倍的低点，接近五年平均水平。</blockquote></p><p> There could also be shareholder questions about climate change and diversity at Berkshire. The company has recommended that shareholders reject proposals about providing more disclosure about both issues.</p><p><blockquote>伯克希尔的股东也可能会对伯克希尔的气候变化和多元化提出疑问。该公司建议股东拒绝就这两个问题提供更多披露的提议。</blockquote></p><p> Buffett is likely to weigh in on the current investment landscape.</p><p><blockquote>巴菲特可能会对当前的投资格局发表意见。</blockquote></p><p> He wasn’t aggressive on making new investments in 2020, as Berkshire sold a net $8 billion of stocks, including a group of airlines, and stakes inJPMorgan Chase(JPM) andGoldman Sachs Group(GS).</p><p><blockquote>伯克希尔在 2020 年并没有积极进行新的投资，因为伯克希尔净出售了 80 亿美元的股票，其中包括一批航空公司，并持有摩根大通（JPM）和高盛集团（GS）的股份。</blockquote></p><p> This disappointed many holders who hoped Buffett would have been a big buyer of stocks during the selloff and follow his maxim to be “fearful when others are greedy, and greedy when others are fearful.”</p><p><blockquote>这让许多持有者感到失望，他们希望巴菲特能在抛售期间成为股票的大买家，并遵循他的格言，即 “别人贪婪时恐惧，别人恐惧时贪婪 ”。</blockquote></p><p> Berkshire did establish sizable stakes inVerizon Communications(VZ) andChevron(CVX). Buffett may be asked about those purchases and the outlook for bank stocks and the overall market, which is now trading at lofty valuation, with the S&amp;P 500 at around 23 times projected 2021 earnings.</p><p><blockquote>伯克希尔确实持有 inVerizon Communications (VZ) 和雪佛龙 (CVX) 的大量股份。巴菲特可能会被问及这些购买以及银行股和整体市场的前景，目前整个市场的估值很高，标普500约为 2021 年预期收益的 23 倍。</blockquote></p><p> Berkshire has also been quiet on acquisitions with only one notable deal in 2020, a roughly $10 billion purchase ofDominion Energy’s(D) natural-gas pipeline business by Berkshire Hathaway’s big utility unit, Berkshire Hathaway Energy.</p><p><blockquote>伯克希尔在收购方面也一直保持沉默，2020 年只有一笔值得注意的交易，即伯克希尔-哈撒韦公司（Berkshire Hathaway）的大型公用事业部门伯克希尔-哈撒韦能源公司（Berkshire Hathaway Energy）以约 100 亿美元收购 Dominion Energy（D）的天然气管道业务。</blockquote></p><p> Buffett has long sought to land what he has called an “elephant,” or a large acquisition, but that has proven elusive. Berkshire’s only big deal in the past decade was its $33 billion purchase of Precision Castparts in 2016. The deal for the aircraft-parts maker hasn’t gone well, with the company hit by the aerospace downturn in 2020, forcing Berkshire to take a roughly $11 billion write-down. Amid an improving aerospace market, Buffett might be queried about the outlook for Precision Castparts.</p><p><blockquote>巴菲特长期以来一直在寻求收购他所谓的 “大象 ”或大型收购，但事实证明这难以实现。伯克希尔在过去十年中唯一的一笔大交易是在 2016 年以 330 亿美元收购了 Precision Castparts。这家飞机零部件制造商的交易进展并不顺利，该公司在 2020 年受到航空航天业低迷的打击，迫使伯克希尔公司减记了约 110 亿美元的资产。在航空航天市场不断改善的情况下，巴菲特可能会被问及精密铸件的前景。</blockquote></p><p> Buffett has complained in the past that aggressive private-equity firms have made it tough for Berkshire to land big deals. Now, the acquisition environment is even tougher amid record stock prices and a big new buyer of private companies in SPACs, or special-purpose acquisition companies, that have raised about $100 billion this year alone to pursue deals.</p><p><blockquote>巴菲特过去曾抱怨说，激进的私募股权公司使伯克希尔很难达成大交易。现在，在创纪录的股价和SPAC（特殊目的收购公司）中私营公司的大型新买家中，收购环境变得更加艰难，仅今年一年就筹集了约1000亿美元来进行交易。</blockquote></p><p></p><p> “It’s unlikely there will be a major acquisition soon,” Shanahan says. Berkshire handicaps itself by refusing to participate in corporate auctions. Buffett prefers old-style handshake deals and tells potential sellers that Berkshire’s generally hands-off approach to its dozens of subsidiaries makes it an ideal home for their businesses.</p><p><blockquote>“沙纳汉说：”不太可能很快进行重大收购。伯克希尔拒绝参与公司拍卖，从而使自己陷入困境。巴菲特更喜欢老式的握手交易，并告诉潜在卖家，伯克希尔对其数十家子公司通常采取不干涉的态度，使其成为他们业务的理想基地。</blockquote></p><p> Investors may ask Buffett about trends in the reinsurance business, an important part of Berkshire’s big property and casualty insurance operations. Pricing has been improving in the P&amp;C market. Investors also may query him about Berkshire’s Geico unit, which has been losing ground to its chief auto-insurance rival,Progressive(PGR) in the past year. Geico and Progressive are the two best-run auto insurers in the country and now rank second and third, respectively, behind State Farm.</p><p><blockquote>投资者可能会向巴菲特询问再保险业务的趋势，再保险业务是伯克希尔庞大的财产和意外伤害保险业务的重要组成部分。P&amp;C市场的定价一直在改善。投资者还可能向他询问伯克希尔旗下的 Geico 部门，该部门在过去一年中一直在输给其主要汽车保险竞争对手 Progressive (PGR)。Geico 和 Progressive 是美国运营最好的两家汽车保险公司，目前分别排名第二和第三，仅次于 State Farm。</blockquote></p><p> In a surprise move, Berkshire decided to name one of Buffett’s top investment lieutenants, Todd Combs, as CEO of Geico at the start of 2020. Investors may want to know how long Combs plans to stay at Geico.</p><p><blockquote>伯克希尔出人意料地决定在 2020 年初任命巴菲特的高级投资副手之一托德-库姆斯（Todd Combs）为 Geico 的首席执行官。投资者可能想知道库姆斯计划在 Geico 待多久。</blockquote></p><p> There also may be questions about the investment performance of Combs and Ted Weschler, who together run an estimated 10% of Berkshire’s $295 billion equity investment portfolio. The two are a good bet to run the entire equity portfolio in the post-Buffett era.</p><p><blockquote>库姆斯和特德-韦施勒（Ted Weschler）的投资业绩也可能受到质疑，他们共同管理着伯克希尔2950亿美元股票投资组合的约10%。这两者是后巴菲特时代管理整个股票投资组合的好选择。</blockquote></p><p> Another topic is likely to be the railroad industry given the bidding war forKansas City Southern(KSU) by two leading Canadian railroads. Berkshire owns Burlington Northern Santa Fe, one of the big four railroads in the country. Berkshire is unlikely to get involved in the contest for Kansas City Southern.</p><p><blockquote>另一个话题可能是铁路行业，因为加拿大两家领先的铁路公司对堪萨斯城南部（KSU）的竞购战。伯克希尔拥有伯灵顿北圣达菲铁路公司，这是美国四大铁路公司之一。伯克希尔不太可能参与堪萨斯城南方的竞争。</blockquote></p><p> BNSF is probably the single most valuable division within Berkshire and would be worth close to $150 billion, in line with its public rivalUnion Pacific(UNP), if it were a stand-alone company. Berkshire is now valued at around $625 billion.</p><p><blockquote>BNSF 可能是伯克希尔旗下最有价值的部门，如果是一家独立公司，其价值将接近 1500 亿美元，与其公共竞争对手联合太平洋 (UNP) 持平。伯克希尔目前的估值约为 6250 亿美元。</blockquote></p><p> Buffett has been a prominent Bitcoin skeptic, having called it “rat poison squared” and not a legitimate asset class. Shareholders may ask what he thinks now that Bitcoin has soared.</p><p><blockquote>巴菲特一直是比特币的著名怀疑论者，称其为 “老鼠药的平方”，而不是合法的资产类别。股东们可能会问，既然比特币已经飙升，他怎么看。</blockquote></p><p> Also on hand to answer questions will be Berkshire’s vice chairmen, Ajit Jain and Greg Abel, who head Berkshire’s insurance and non-insurance operations, respectively.<i>Barron’s</i>has identified Abel as the most likely successor to Buffett as CEO.</p><p><blockquote>伯克希尔副董事长阿吉特-贾恩（Ajit Jain）和格雷格-阿贝尔（Greg Abel）也将到场回答问题，他们分别负责伯克希尔的保险和非保险业务。<i>巴伦</i>已确定阿贝尔是巴菲特最有可能的首席执行官继任者。</blockquote></p><p> Some investors—and<i>Barron’s</i>—would like to see Jain, Abel, Combs, and Weschler get more exposure at the meeting as the likely next generation of leadership at Berkshire. But Buffett is a creature of habit and he likes the Warren and Charlie show. So that’s what it will be.</p><p><blockquote>一些投资者——以及<i>巴伦</i>——希望看到贾恩、阿贝尔、库姆斯和韦施勒作为伯克希尔可能的下一代领导层，在会议上获得更多曝光。但巴菲特是一个习惯性的生物，他喜欢沃伦和查理秀。这就是它的样子。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/articles/berkshire-hathaways-annual-meeting-is-saturday-heres-what-to-expect-51619447849?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":{"BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"https://www.marketwatch.com/articles/berkshire-hathaways-annual-meeting-is-saturday-heres-what-to-expect-51619447849?mod=mw_latestnews","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184991623","content_text":"Berkshire HathawayCEO Warren Buffett may field shareholder questions about the company’s stock buyback program, investment activity, the acquisition environment, key subsidiaries, succession, and topics like Bitcoin and the SPAC mania at the company’s annual meeting on Saturday.\nThe meeting, normally in Omaha, will take place virtually from Los Angeles, enabling longtime vice chairman Charlie Munger, 97, to join the 90-year-old Buffett for 3½ hours of shareholder questions starting at 1:30 p.m. Eastern time.\nBuffett is hoping to resume the Omaha extravaganza, which he calls a “Woodstock for Capitalists,” in 2022. The outspoken Munger, who didn’t participate in last year’s meeting, is popular with the Berkshire faithful. Buffett has run Berkshire for 56 years.\nBerkshire shareholders will likely be in a good mood with the stock on a roll this year. The class A shares hit a record Monday and are up 0.9% to $412,365 on the session. The class B stock is up 0.7% to $273.96 Monday. The class A stock is up 18% this year, comfortably ahead of the S&P 500’s 12% total return, after badly lagging behind the index in both 2019 and 2020.\nBerkshire’s aggressive stock repurchase program will probably be a major topic at the meeting. Investors are interested in Buffett’s current appetite for buybacks given the stock’s rally this year.\nThe company ramped up its buybacks in the second half of 2020, with about $9 billion repurchased in each of the final two quarters of 2020, up from a total of nearly $7 billion in the first half of the year.\nBefore the meeting on Saturday, Berkshire will release its first-quarter earnings, and investors will be focused on the buyback. The company’s operating profits are expected to be up 6%, to $2.55 a class B share, according to FactSet.\nBarron’shas estimated that Berkshire bought back about $5 billion of stock from year-end through early March based on the share count disclosed in the recent proxy statement. Investors will look to see how much more stock Berkshire repurchased during the rest of March as the share price rose. Our guess is that Berkshire probably didn’t match the fourth-quarter total of $9 billion in the first quarter.\n“I’m interested to see their enthusiasm for the buyback program given the performance of the stock,” says James Shanahan, an Edward Jones analyst, referring to Buffett and Munger.\nBuffett has said Berkshire will be price conscious about buybacks, but has not provided any specifics.\nShanahan sees a rise in the book value to $296,000 a class A share on March 31 from $287,000 at year-end 2020. The stock now trades for about 1.4 times that March 31 estimate, up from a low of around 1.1 times book a year ago and close to the five-year average.\nThere could also be shareholder questions about climate change and diversity at Berkshire. The company has recommended that shareholders reject proposals about providing more disclosure about both issues.\nBuffett is likely to weigh in on the current investment landscape.\nHe wasn’t aggressive on making new investments in 2020, as Berkshire sold a net $8 billion of stocks, including a group of airlines, and stakes inJPMorgan Chase(JPM) andGoldman Sachs Group(GS).\nThis disappointed many holders who hoped Buffett would have been a big buyer of stocks during the selloff and follow his maxim to be “fearful when others are greedy, and greedy when others are fearful.”\nBerkshire did establish sizable stakes inVerizon Communications(VZ) andChevron(CVX). Buffett may be asked about those purchases and the outlook for bank stocks and the overall market, which is now trading at lofty valuation, with the S&P 500 at around 23 times projected 2021 earnings.\nBerkshire has also been quiet on acquisitions with only one notable deal in 2020, a roughly $10 billion purchase ofDominion Energy’s(D) natural-gas pipeline business by Berkshire Hathaway’s big utility unit, Berkshire Hathaway Energy.\nBuffett has long sought to land what he has called an “elephant,” or a large acquisition, but that has proven elusive. Berkshire’s only big deal in the past decade was its $33 billion purchase of Precision Castparts in 2016. The deal for the aircraft-parts maker hasn’t gone well, with the company hit by the aerospace downturn in 2020, forcing Berkshire to take a roughly $11 billion write-down. Amid an improving aerospace market, Buffett might be queried about the outlook for Precision Castparts.\nBuffett has complained in the past that aggressive private-equity firms have made it tough for Berkshire to land big deals. Now, the acquisition environment is even tougher amid record stock prices and a big new buyer of private companies in SPACs, or special-purpose acquisition companies, that have raised about $100 billion this year alone to pursue deals.\n“It’s unlikely there will be a major acquisition soon,” Shanahan says. Berkshire handicaps itself by refusing to participate in corporate auctions. Buffett prefers old-style handshake deals and tells potential sellers that Berkshire’s generally hands-off approach to its dozens of subsidiaries makes it an ideal home for their businesses.\nInvestors may ask Buffett about trends in the reinsurance business, an important part of Berkshire’s big property and casualty insurance operations. Pricing has been improving in the P&C market. Investors also may query him about Berkshire’s Geico unit, which has been losing ground to its chief auto-insurance rival,Progressive(PGR) in the past year. Geico and Progressive are the two best-run auto insurers in the country and now rank second and third, respectively, behind State Farm.\nIn a surprise move, Berkshire decided to name one of Buffett’s top investment lieutenants, Todd Combs, as CEO of Geico at the start of 2020. Investors may want to know how long Combs plans to stay at Geico.\nThere also may be questions about the investment performance of Combs and Ted Weschler, who together run an estimated 10% of Berkshire’s $295 billion equity investment portfolio. The two are a good bet to run the entire equity portfolio in the post-Buffett era.\nAnother topic is likely to be the railroad industry given the bidding war forKansas City Southern(KSU) by two leading Canadian railroads. Berkshire owns Burlington Northern Santa Fe, one of the big four railroads in the country. Berkshire is unlikely to get involved in the contest for Kansas City Southern.\nBNSF is probably the single most valuable division within Berkshire and would be worth close to $150 billion, in line with its public rivalUnion Pacific(UNP), if it were a stand-alone company. Berkshire is now valued at around $625 billion.\nBuffett has been a prominent Bitcoin skeptic, having called it “rat poison squared” and not a legitimate asset class. Shareholders may ask what he thinks now that Bitcoin has soared.\nAlso on hand to answer questions will be Berkshire’s vice chairmen, Ajit Jain and Greg Abel, who head Berkshire’s insurance and non-insurance operations, respectively.Barron’shas identified Abel as the most likely successor to Buffett as CEO.\nSome investors—andBarron’s—would like to see Jain, Abel, Combs, and Weschler get more exposure at the meeting as the likely next generation of leadership at Berkshire. But Buffett is a creature of habit and he likes the Warren and Charlie show. So that’s what it will be.","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":1812,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":374475678,"gmtCreate":1619479591094,"gmtModify":1634273182461,"author":{"id":"3577914647547876","authorId":"3577914647547876","name":"Jieshenggoh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577914647547876","authorIdStr":"3577914647547876"},"themes":[],"title":"","htmlText":"power","listText":"power","text":"power","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/374475678","repostId":"1179520467","repostType":4,"repost":{"id":"1179520467","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1619448994,"share":"https://www.laohunote.com/m/news/1179520467?lang=zh_CN&edition=full","pubTime":"2021-04-26 22:56","market":"us","language":"en","title":"Amazon Invests In 9 Renewable Energy Projects In 5 Countries<blockquote>亚马逊在5个国家投资9个可再生能源项目</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1179520467","media":"Benzinga Earnings","summary":"Amazon.com Inc. (NASDAQ: AMZN) has announced investments in nine new renewable energy projects acros","content":"<p><b>Amazon.com Inc.</b> (NASDAQ: <a href=\"https://www.benzinga.com/stock/amzn#NASDAQ\" target=\"_blank\">AMZN</a>) has announced investments in nine new renewable energy projects across five countries.</p><p><blockquote><b>亚马逊公司。</b>（纳斯达克：<a href=\"https://www.benzinga.com/stock/amzn#NASDAQ\" target=\"_blank\">亚马逊</a>）已宣布在五个国家投资九个新的可再生能源项目。</blockquote></p><p> <b>What Happened:</b> The Seattle-headquartered company’s investments in North America encompass a 100 MW solar project in The Valley of the Kings, California, that will generate enough energy to power more than 28,000 homes a year, including 70 MW of storage; a&nbsp;118 MW wind power project in Murray County, Oklahoma,&nbsp;the company’s first investment in that state;&nbsp;and new solar projects in three Ohio counties that will generate more than 400 MW of electricity.</p><p><blockquote><b>发生了什么：</b>这家总部位于西雅图的公司在北美的投资包括在加利福尼亚州国王谷的一个 100 兆瓦太阳能项目，该项目每年将产生足够的能源为 28,000 多个家庭供电，其中包括 70 兆瓦的储能设施；位于俄克拉荷马州默里县的 118 兆瓦风力发电项目，这是该公司在该州的首笔投资；俄亥俄州三个县的新太阳能项目将产生超过 400 兆瓦的电力。</blockquote></p><p> In Europe, Amazon is investing in the U.K.’s largest corporate renewable energy project, a 350 MW wind farm off the coast of Scotland. The company is also investing in two solar projects&nbsp;in Spain&nbsp;that add more than 170 MW to the nation’s grid and a 258 MW onshore wind project in northern Sweden.</p><p><blockquote>在欧洲，亚马逊正在投资英国最大的企业可再生能源项目--苏格兰海岸附近的一个 350 兆瓦风电场。该公司还在西班牙投资两个太阳能项目，为该国电网增加 170 多兆瓦的装机容量，并在瑞典北部投资一个 258 兆瓦的陆上风电项目。</blockquote></p><p> The company did not disclose the financial aspects of its new investments.</p><p><blockquote>该公司没有披露其新投资的财务方面。</blockquote></p><p> <b>Why It Matters:</b> In announcing the new projects, Amazon stated it now has investments in 206 renewable energy projects worldwide with a total generating capacity of 8.5 GW. The investments include 71 utility-scale wind and solar projects and 135 solar roof projects on commercial properties.</p><p><blockquote><b>为什么重要：</b>亚马逊在宣布新项目时表示，目前在全球投资了206个可再生能源项目，总发电能力为8.5吉瓦。这些投资包括71个公用事业规模的风能和太阳能项目以及135个商业地产的太阳能屋顶项目。</blockquote></p><p> “Many of our businesses are already operating using renewable energy, which we expect to use to power all Amazon sectors by 2025 —&nbsp;five years ahead of the original 2030 target,” said company founder and CEO Jeff Bezos in a press statement.</p><p><blockquote>“公司创始人兼首席执行官杰夫·贝索斯在一份新闻声明中说：”我们的许多业务已经在使用可再生能源运营，我们预计到 2025 年，亚马逊所有部门都将使用可再生能源供电，这比最初的 2030 年目标提前了五年。</blockquote></p><p></p>","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>Amazon Invests In 9 Renewable Energy Projects In 5 Countries<blockquote>亚马逊在5个国家投资9个可再生能源项目</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\">\nAmazon Invests In 9 Renewable Energy Projects In 5 Countries<blockquote>亚马逊在5个国家投资9个可再生能源项目</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-04-26 22:56</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b>Amazon.com Inc.</b> (NASDAQ: <a href=\"https://www.benzinga.com/stock/amzn#NASDAQ\" target=\"_blank\">AMZN</a>) has announced investments in nine new renewable energy projects across five countries.</p><p><blockquote><b>亚马逊公司。</b>（纳斯达克：<a href=\"https://www.benzinga.com/stock/amzn#NASDAQ\" target=\"_blank\">亚马逊</a>）已宣布在五个国家投资九个新的可再生能源项目。</blockquote></p><p> <b>What Happened:</b> The Seattle-headquartered company’s investments in North America encompass a 100 MW solar project in The Valley of the Kings, California, that will generate enough energy to power more than 28,000 homes a year, including 70 MW of storage; a&nbsp;118 MW wind power project in Murray County, Oklahoma,&nbsp;the company’s first investment in that state;&nbsp;and new solar projects in three Ohio counties that will generate more than 400 MW of electricity.</p><p><blockquote><b>发生了什么：</b>这家总部位于西雅图的公司在北美的投资包括在加利福尼亚州国王谷的一个 100 兆瓦太阳能项目，该项目每年将产生足够的能源为 28,000 多个家庭供电，其中包括 70 兆瓦的储能设施；位于俄克拉荷马州默里县的 118 兆瓦风力发电项目，这是该公司在该州的首笔投资；俄亥俄州三个县的新太阳能项目将产生超过 400 兆瓦的电力。</blockquote></p><p> In Europe, Amazon is investing in the U.K.’s largest corporate renewable energy project, a 350 MW wind farm off the coast of Scotland. The company is also investing in two solar projects&nbsp;in Spain&nbsp;that add more than 170 MW to the nation’s grid and a 258 MW onshore wind project in northern Sweden.</p><p><blockquote>在欧洲，亚马逊正在投资英国最大的企业可再生能源项目--苏格兰海岸附近的一个 350 兆瓦风电场。该公司还在西班牙投资两个太阳能项目，为该国电网增加 170 多兆瓦的装机容量，并在瑞典北部投资一个 258 兆瓦的陆上风电项目。</blockquote></p><p> The company did not disclose the financial aspects of its new investments.</p><p><blockquote>该公司没有披露其新投资的财务方面。</blockquote></p><p> <b>Why It Matters:</b> In announcing the new projects, Amazon stated it now has investments in 206 renewable energy projects worldwide with a total generating capacity of 8.5 GW. The investments include 71 utility-scale wind and solar projects and 135 solar roof projects on commercial properties.</p><p><blockquote><b>为什么重要：</b>亚马逊在宣布新项目时表示，目前在全球投资了206个可再生能源项目，总发电能力为8.5吉瓦。这些投资包括71个公用事业规模的风能和太阳能项目以及135个商业地产的太阳能屋顶项目。</blockquote></p><p> “Many of our businesses are already operating using renewable energy, which we expect to use to power all Amazon sectors by 2025 —&nbsp;five years ahead of the original 2030 target,” said company founder and CEO Jeff Bezos in a press statement.</p><p><blockquote>“公司创始人兼首席执行官杰夫·贝索斯在一份新闻声明中说：”我们的许多业务已经在使用可再生能源运营，我们预计到 2025 年，亚马逊所有部门都将使用可再生能源供电，这比最初的 2030 年目标提前了五年。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179520467","content_text":"Amazon.com Inc. (NASDAQ: AMZN) has announced investments in nine new renewable energy projects across five countries.\nWhat Happened: The Seattle-headquartered company’s investments in North America encompass a 100 MW solar project in The Valley of the Kings, California, that will generate enough energy to power more than 28,000 homes a year, including 70 MW of storage; a 118 MW wind power project in Murray County, Oklahoma, the company’s first investment in that state; and new solar projects in three Ohio counties that will generate more than 400 MW of electricity.\nIn Europe, Amazon is investing in the U.K.’s largest corporate renewable energy project, a 350 MW wind farm off the coast of Scotland. The company is also investing in two solar projects in Spain that add more than 170 MW to the nation’s grid and a 258 MW onshore wind project in northern Sweden.\nThe company did not disclose the financial aspects of its new investments.\nWhy It Matters: In announcing the new projects, Amazon stated it now has investments in 206 renewable energy projects worldwide with a total generating capacity of 8.5 GW. The investments include 71 utility-scale wind and solar projects and 135 solar roof projects on commercial properties.\n“Many of our businesses are already operating using renewable energy, which we expect to use to power all Amazon sectors by 2025 — five years ahead of the original 2030 target,” said company founder and CEO Jeff Bezos in a press statement.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":3071,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":379273342,"gmtCreate":1618753708786,"gmtModify":1634291095984,"author":{"id":"3577914647547876","authorId":"3577914647547876","name":"Jieshenggoh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577914647547876","authorIdStr":"3577914647547876"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/379273342","repostId":"1157544444","repostType":4,"isVote":1,"tweetType":1,"viewCount":2238,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":379279430,"gmtCreate":1618753650720,"gmtModify":1631885489864,"author":{"id":"3577914647547876","authorId":"3577914647547876","name":"Jieshenggoh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577914647547876","authorIdStr":"3577914647547876"},"themes":[],"title":"","htmlText":"Time to do something&nbsp;","listText":"Time to do something&nbsp;","text":"Time to do something","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/379279430","repostId":"1151923129","repostType":4,"repost":{"id":"1151923129","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1618581789,"share":"https://www.laohunote.com/m/news/1151923129?lang=zh_CN&edition=full","pubTime":"2021-04-16 22:03","market":"us","language":"en","title":"Bionano Genomics fell about 10% in Friday morning  trading<blockquote>Bionano Genomics 周五早盘交易中下跌约 10%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151923129","media":"Tiger Newspress","summary":"(April 16) Bionano Genomics fell about 10% in Friday morning trading.\nThere's a genomics revolution ","content":"<p>(April 16)&nbsp;Bionano Genomics&nbsp;fell&nbsp;about&nbsp;10%&nbsp;in Friday morning trading.</p><p><blockquote>（4月16日）Bionano Genomics在周五早盘交易中下跌约10%。</blockquote></p><p> There's a genomics revolution underway right now. Surprisingly, though, only one pure-play genomics stock is in the top 100 most popular list on Robinhood. That lone ranger is<b>Bionano Genomics</b>(NASDAQ:BNGO). The stock has been a major winner so far this year, with Bionano's shares vaulting 108% higher.</p><p><blockquote>基因组学革命正在进行。但令人惊讶的是，只有一只纯基因组学股票进入了 Robinhood 最受欢迎的 100 只名单。那个独行侠<b>生物纳米基因组学</b>（纳斯达克股票代码：BNGO）今年到目前为止，该股一直是主要赢家，Bionano 的股价飙升了 108%。</blockquote></p><p> Bionano had generated even bigger gains earlier in 2021. By mid-February, the stock had more than quintupled year to date. However, a shift away from high-flying growth stocks caused Bionano's share price to tumble over the last couple of months.</p><p><blockquote>Bionano 在 2021 年初取得了更大的收益。截至二月中旬，该股今年迄今已上涨五倍多。然而，远离高速增长型股票导致 Bionano 的股价在过去几个月暴跌。</blockquote></p><p> Many investors remain enthusiastic about the company's prospects. Bionanobeat analysts' Q4 revenue expectations. It expects to soon win accreditation in select European markets for Saphyr-based laboratory-developed tests for acute lymphocytic leukemia (ALL) and facioscapulohumeral muscular dystrophy (FSHD). The genomics testing company also thinks that it will have 150 Saphyr gene-sequencing systems installed by the end of this year, which would represent a 50% increase year over year.</p><p><blockquote>许多投资者对该公司的前景仍然充满热情。Bionanobeat 分析师第四季度收入预期。它预计很快将在选定的欧洲市场获得基于蓝宝石的实验室开发的急性淋巴细胞白血病（ALL）和面肩肱肌营养不良症（FSHD）测试的认证。这家基因组学测试公司还认为，到今年年底，它将安装150个Saphyr基因测序系统，这将代表着同比增长50%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4d6d3a8298b2b720b7b4ddcf26507750\" tg-width=\"708\" tg-height=\"500\"></p><p><blockquote></blockquote></p><p></p>","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>Bionano Genomics fell about 10% in Friday morning  trading<blockquote>Bionano Genomics 周五早盘交易中下跌约 10%</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\">\nBionano Genomics fell about 10% in Friday morning  trading<blockquote>Bionano Genomics 周五早盘交易中下跌约 10%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-04-16 22:03</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(April 16)&nbsp;Bionano Genomics&nbsp;fell&nbsp;about&nbsp;10%&nbsp;in Friday morning trading.</p><p><blockquote>（4月16日）Bionano Genomics在周五早盘交易中下跌约10%。</blockquote></p><p> There's a genomics revolution underway right now. Surprisingly, though, only one pure-play genomics stock is in the top 100 most popular list on Robinhood. That lone ranger is<b>Bionano Genomics</b>(NASDAQ:BNGO). The stock has been a major winner so far this year, with Bionano's shares vaulting 108% higher.</p><p><blockquote>基因组学革命正在进行。但令人惊讶的是，只有一只纯基因组学股票进入了 Robinhood 最受欢迎的 100 只名单。那个独行侠<b>生物纳米基因组学</b>（纳斯达克股票代码：BNGO）今年到目前为止，该股一直是主要赢家，Bionano 的股价飙升了 108%。</blockquote></p><p> Bionano had generated even bigger gains earlier in 2021. By mid-February, the stock had more than quintupled year to date. However, a shift away from high-flying growth stocks caused Bionano's share price to tumble over the last couple of months.</p><p><blockquote>Bionano 在 2021 年初取得了更大的收益。截至二月中旬，该股今年迄今已上涨五倍多。然而，远离高速增长型股票导致 Bionano 的股价在过去几个月暴跌。</blockquote></p><p> Many investors remain enthusiastic about the company's prospects. Bionanobeat analysts' Q4 revenue expectations. It expects to soon win accreditation in select European markets for Saphyr-based laboratory-developed tests for acute lymphocytic leukemia (ALL) and facioscapulohumeral muscular dystrophy (FSHD). The genomics testing company also thinks that it will have 150 Saphyr gene-sequencing systems installed by the end of this year, which would represent a 50% increase year over year.</p><p><blockquote>许多投资者对该公司的前景仍然充满热情。Bionanobeat 分析师第四季度收入预期。它预计很快将在选定的欧洲市场获得基于蓝宝石的实验室开发的急性淋巴细胞白血病（ALL）和面肩肱肌营养不良症（FSHD）测试的认证。这家基因组学测试公司还认为，到今年年底，它将安装150个Saphyr基因测序系统，这将代表着同比增长50%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4d6d3a8298b2b720b7b4ddcf26507750\" tg-width=\"708\" tg-height=\"500\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BNGO":"Bionano Genomics"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151923129","content_text":"(April 16) Bionano Genomics fell about 10% in Friday morning trading.\nThere's a genomics revolution underway right now. Surprisingly, though, only one pure-play genomics stock is in the top 100 most popular list on Robinhood. That lone ranger isBionano Genomics(NASDAQ:BNGO). The stock has been a major winner so far this year, with Bionano's shares vaulting 108% higher.\nBionano had generated even bigger gains earlier in 2021. By mid-February, the stock had more than quintupled year to date. However, a shift away from high-flying growth stocks caused Bionano's share price to tumble over the last couple of months.\nMany investors remain enthusiastic about the company's prospects. Bionanobeat analysts' Q4 revenue expectations. It expects to soon win accreditation in select European markets for Saphyr-based laboratory-developed tests for acute lymphocytic leukemia (ALL) and facioscapulohumeral muscular dystrophy (FSHD). The genomics testing company also thinks that it will have 150 Saphyr gene-sequencing systems installed by the end of this year, which would represent a 50% increase year over year.","news_type":1,"symbols_score_info":{"BNGO":0.9}},"isVote":1,"tweetType":1,"viewCount":1968,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":100830101,"gmtCreate":1619597610603,"gmtModify":1634211459610,"author":{"id":"3577914647547876","authorId":"3577914647547876","name":"Jieshenggoh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577914647547876","idStr":"3577914647547876"},"themes":[],"title":"","htmlText":"Will be back very soon !&nbsp;","listText":"Will be back very soon !&nbsp;","text":"Will be back very soon !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/100830101","repostId":"1187646472","repostType":4,"isVote":1,"tweetType":1,"viewCount":2571,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127094531,"gmtCreate":1624800965623,"gmtModify":1633948515554,"author":{"id":"3577914647547876","authorId":"3577914647547876","name":"Jieshenggoh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577914647547876","idStr":"3577914647547876"},"themes":[],"title":"","htmlText":"Fantastic&nbsp;","listText":"Fantastic&nbsp;","text":"Fantastic","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/127094531","repostId":"1172710941","repostType":4,"isVote":1,"tweetType":1,"viewCount":1953,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":379279430,"gmtCreate":1618753650720,"gmtModify":1631885489864,"author":{"id":"3577914647547876","authorId":"3577914647547876","name":"Jieshenggoh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577914647547876","idStr":"3577914647547876"},"themes":[],"title":"","htmlText":"Time to do something&nbsp;","listText":"Time to do something&nbsp;","text":"Time to do something","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/379279430","repostId":"1151923129","repostType":4,"repost":{"id":"1151923129","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1618581789,"share":"https://www.laohunote.com/m/news/1151923129?lang=zh_CN&edition=full","pubTime":"2021-04-16 22:03","market":"us","language":"en","title":"Bionano Genomics fell about 10% in Friday morning  trading<blockquote>Bionano Genomics 周五早盘交易中下跌约 10%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151923129","media":"Tiger Newspress","summary":"(April 16) Bionano Genomics fell about 10% in Friday morning trading.\nThere's a genomics revolution ","content":"<p>(April 16)&nbsp;Bionano Genomics&nbsp;fell&nbsp;about&nbsp;10%&nbsp;in Friday morning trading.</p><p><blockquote>（4月16日）Bionano Genomics在周五早盘交易中下跌约10%。</blockquote></p><p> There's a genomics revolution underway right now. Surprisingly, though, only one pure-play genomics stock is in the top 100 most popular list on Robinhood. That lone ranger is<b>Bionano Genomics</b>(NASDAQ:BNGO). The stock has been a major winner so far this year, with Bionano's shares vaulting 108% higher.</p><p><blockquote>基因组学革命正在进行。但令人惊讶的是，只有一只纯基因组学股票进入了 Robinhood 最受欢迎的 100 只名单。那个独行侠<b>生物纳米基因组学</b>（纳斯达克股票代码：BNGO）今年到目前为止，该股一直是主要赢家，Bionano 的股价飙升了 108%。</blockquote></p><p> Bionano had generated even bigger gains earlier in 2021. By mid-February, the stock had more than quintupled year to date. However, a shift away from high-flying growth stocks caused Bionano's share price to tumble over the last couple of months.</p><p><blockquote>Bionano 在 2021 年初取得了更大的收益。截至二月中旬，该股今年迄今已上涨五倍多。然而，远离高速增长型股票导致 Bionano 的股价在过去几个月暴跌。</blockquote></p><p> Many investors remain enthusiastic about the company's prospects. Bionanobeat analysts' Q4 revenue expectations. It expects to soon win accreditation in select European markets for Saphyr-based laboratory-developed tests for acute lymphocytic leukemia (ALL) and facioscapulohumeral muscular dystrophy (FSHD). The genomics testing company also thinks that it will have 150 Saphyr gene-sequencing systems installed by the end of this year, which would represent a 50% increase year over year.</p><p><blockquote>许多投资者对该公司的前景仍然充满热情。Bionanobeat 分析师第四季度收入预期。它预计很快将在选定的欧洲市场获得基于蓝宝石的实验室开发的急性淋巴细胞白血病（ALL）和面肩肱肌营养不良症（FSHD）测试的认证。这家基因组学测试公司还认为，到今年年底，它将安装150个Saphyr基因测序系统，这将代表着同比增长50%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4d6d3a8298b2b720b7b4ddcf26507750\" tg-width=\"708\" tg-height=\"500\"></p><p><blockquote></blockquote></p><p></p>","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>Bionano Genomics fell about 10% in Friday morning  trading<blockquote>Bionano Genomics 周五早盘交易中下跌约 10%</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\">\nBionano Genomics fell about 10% in Friday morning  trading<blockquote>Bionano Genomics 周五早盘交易中下跌约 10%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-04-16 22:03</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(April 16)&nbsp;Bionano Genomics&nbsp;fell&nbsp;about&nbsp;10%&nbsp;in Friday morning trading.</p><p><blockquote>（4月16日）Bionano Genomics在周五早盘交易中下跌约10%。</blockquote></p><p> There's a genomics revolution underway right now. Surprisingly, though, only one pure-play genomics stock is in the top 100 most popular list on Robinhood. That lone ranger is<b>Bionano Genomics</b>(NASDAQ:BNGO). The stock has been a major winner so far this year, with Bionano's shares vaulting 108% higher.</p><p><blockquote>基因组学革命正在进行。但令人惊讶的是，只有一只纯基因组学股票进入了 Robinhood 最受欢迎的 100 只名单。那个独行侠<b>生物纳米基因组学</b>（纳斯达克股票代码：BNGO）今年到目前为止，该股一直是主要赢家，Bionano 的股价飙升了 108%。</blockquote></p><p> Bionano had generated even bigger gains earlier in 2021. By mid-February, the stock had more than quintupled year to date. However, a shift away from high-flying growth stocks caused Bionano's share price to tumble over the last couple of months.</p><p><blockquote>Bionano 在 2021 年初取得了更大的收益。截至二月中旬，该股今年迄今已上涨五倍多。然而，远离高速增长型股票导致 Bionano 的股价在过去几个月暴跌。</blockquote></p><p> Many investors remain enthusiastic about the company's prospects. Bionanobeat analysts' Q4 revenue expectations. It expects to soon win accreditation in select European markets for Saphyr-based laboratory-developed tests for acute lymphocytic leukemia (ALL) and facioscapulohumeral muscular dystrophy (FSHD). The genomics testing company also thinks that it will have 150 Saphyr gene-sequencing systems installed by the end of this year, which would represent a 50% increase year over year.</p><p><blockquote>许多投资者对该公司的前景仍然充满热情。Bionanobeat 分析师第四季度收入预期。它预计很快将在选定的欧洲市场获得基于蓝宝石的实验室开发的急性淋巴细胞白血病（ALL）和面肩肱肌营养不良症（FSHD）测试的认证。这家基因组学测试公司还认为，到今年年底，它将安装150个Saphyr基因测序系统，这将代表着同比增长50%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4d6d3a8298b2b720b7b4ddcf26507750\" tg-width=\"708\" tg-height=\"500\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BNGO":"Bionano Genomics"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151923129","content_text":"(April 16) Bionano Genomics fell about 10% in Friday morning trading.\nThere's a genomics revolution underway right now. Surprisingly, though, only one pure-play genomics stock is in the top 100 most popular list on Robinhood. That lone ranger isBionano Genomics(NASDAQ:BNGO). The stock has been a major winner so far this year, with Bionano's shares vaulting 108% higher.\nBionano had generated even bigger gains earlier in 2021. By mid-February, the stock had more than quintupled year to date. However, a shift away from high-flying growth stocks caused Bionano's share price to tumble over the last couple of months.\nMany investors remain enthusiastic about the company's prospects. Bionanobeat analysts' Q4 revenue expectations. It expects to soon win accreditation in select European markets for Saphyr-based laboratory-developed tests for acute lymphocytic leukemia (ALL) and facioscapulohumeral muscular dystrophy (FSHD). The genomics testing company also thinks that it will have 150 Saphyr gene-sequencing systems installed by the end of this year, which would represent a 50% increase year over year.","news_type":1,"symbols_score_info":{"BNGO":0.9}},"isVote":1,"tweetType":1,"viewCount":1968,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127094156,"gmtCreate":1624800930675,"gmtModify":1633948515899,"author":{"id":"3577914647547876","authorId":"3577914647547876","name":"Jieshenggoh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577914647547876","idStr":"3577914647547876"},"themes":[],"title":"","htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/127094156","repostId":"2146000990","repostType":4,"isVote":1,"tweetType":1,"viewCount":2437,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127095474,"gmtCreate":1624800891398,"gmtModify":1633948516492,"author":{"id":"3577914647547876","authorId":"3577914647547876","name":"Jieshenggoh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577914647547876","idStr":"3577914647547876"},"themes":[],"title":"","htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/127095474","repostId":"1137119316","repostType":4,"repost":{"id":"1137119316","kind":"news","pubTimestamp":1624754401,"share":"https://www.laohunote.com/m/news/1137119316?lang=zh_CN&edition=full","pubTime":"2021-06-27 08:40","market":"us","language":"en","title":"Ford Or NIO? The Final Verdict<blockquote>福特还是蔚来？最终判决</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1137119316","media":"seekingalpha","summary":"I am comparing Ford against NIO in different categories.The comparison is intended to improve the understanding of Ford's and NIO's growth potential while highlighting differences in market position and opportunities.NIO is growing a lot faster than Ford and the high valuation may be justified.With Ford  launching a major offensive in the market for electric vehicles, Chinese EV maker NIO  will face one more rival competing for sales in the future. Which vehicle maker offers the best deal based ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>I am comparing Ford against NIO in different categories.</li>  <li>The comparison is intended to improve the understanding of Ford's and NIO's growth potential while highlighting differences in market position and opportunities.</li>  <li>NIO is growing a lot faster than Ford and the high valuation may be justified.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5033fa117d7852799244b8275bc1000f\" tg-width=\"1536\" tg-height=\"886\"><span>peterschreiber.media/iStock via Getty Images</span></p><p><blockquote><ul><li>我在不同的类别中比较福特和蔚来。</li><li>此次比较旨在增进对福特和蔚来增长潜力的了解，同时突出市场地位和机遇的差异。</li><li>蔚来的增长速度比福特快得多，高估值可能是合理的。</li></ul><p class=\"t-img-caption\"><span>peterschreiber.media/iStock 来自盖蒂图片社</span></p></blockquote></p><p> With Ford (F) launching a major offensive in the market for electric vehicles, Chinese EV maker NIO (NIO) will face one more rival competing for sales in the future. Which vehicle maker offers the best deal based on market opportunity, scale, revenue model, growth prospects and valuation? I will compare Ford against NIO in each category and issue a final verdict at the end.</p><p><blockquote>随着福特公司（F）在电动汽车市场发起重大攻势，中国电动汽车制造商蔚来（蔚来）未来将面临另一个竞争对手争夺销量。根据市场机会、规模、收入模式、增长前景和估值，哪家汽车制造商提供了最好的交易？我将在每个类别中比较福特和蔚来，并在最后给出最终结论。</blockquote></p><p> <b>Ford vs. NIO: The battle for the global electric vehicle market is heating up</b></p><p><blockquote><b>福特与蔚来：全球电动汽车市场之争正在升温</b></blockquote></p><p> Although there is a world of difference between Ford and NIO, both companies are set to go toe-to-toe in the rapidly growing global electric vehicle market. Ford’s fleet is not yet EV-focused but this is going to change: Feeling that the EV race is heating up, Ford said it is accelerating its electrification plan by investing&nbsp;$30B into its EV manufacturing capabilities until 2025. Ford’s previous capital plan called for a $22B investment in zero-emission vehicles. Ford also set an ambitious sales goal: 40% of its global sales will be electric within the next decade and 33% of pickup truck sales. Electric vehicle sales account for just 1% of Ford's sales today. As Ford is phasing out combustion engines, it is set to evolve into an all-electric vehicle maker by 2040.</p><p><blockquote>尽管福特和蔚来之间存在天壤之别，但两家公司都将在快速增长的全球电动汽车市场展开较量。福特的车队还没有以电动汽车为重点，但这种情况将会改变： 福特感觉到电动汽车竞赛正在升温，因此表示将加快其电气化计划，在 2025 年前投资 300 亿美元用于电动汽车制造能力。福特之前的资本计划要求投资 220 亿美元用于零排放汽车。福特还设定了一个雄心勃勃的销售目标：未来十年，其全球销量的 40% 将是电动汽车，皮卡车销量的 33% 将是电动汽车。目前，电动汽车销量仅占福特销量的 1%。随着福特逐步淘汰内燃机，它将在 2040 年发展成为一家全电动汽车制造商。</blockquote></p><p> <b>Market opportunity</b></p><p><blockquote><b>市场机会</b></blockquote></p><p> In 2020, 3.2m electric vehicles were sold in the world which represented a small market share of just 4.2%. China, however, was responsible for buying 41% of all electric vehicles in the world in 2020. Chinese buyers purchased 1.3m electric vehicles last year and sales are set to grow fast as Beijing seeks to boost EV adoption. The second largest market for electric vehicles was Europe which accounted for 42% of global EV sales. The US is only the third-largest market for plug-in electric vehicles in the world.</p><p><blockquote>2020年，全球电动汽车销量为320万辆，市场份额仅为4.2%。然而，2020 年，中国购买了全球 41% 的电动汽车。去年，中国买家购买了 130 万辆电动汽车，随着北京寻求促进电动汽车的普及，销量将快速增长。电动汽车的第二大市场是欧洲，占全球电动汽车销量的42%。美国只是全球第三大插电式电动汽车市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b48c23b32134542f51227d9b1b612887\" tg-width=\"1083\" tg-height=\"863\"><span>(Source: Wikipedia)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：维基百科）</span></p></blockquote></p><p> China, by far, is the fastest growing EV market in the world, although Europe is catching up fast, in part due to a legislative efforts to increase adoption of zero-emission passenger vehicles and because of massive investments in a Europe-wide charging station network. NIO is&nbsp;on the cusp of entering the European market&nbsp;in a bid to grow market share in the world’s second-largest EV market before the competition is ready.</p><p><blockquote>到目前为止，中国是世界上增长最快的电动汽车市场，尽管欧洲正在迅速迎头赶上，部分原因是立法努力增加零排放乘用车的采用，以及对欧洲范围内充电站网络的大量投资。蔚来正处于进军欧洲市场的风口浪尖，希望在竞争准备就绪之前扩大其在世界第二大电动汽车市场的市场份额。</blockquote></p><p> Beijing is a driver behind the electrification of the Chinese auto industry: The government wants to see a&nbsp;twenty percent share&nbsp;of electric vehicles for new car sales by 2025 which will drive EV penetration in NIO’s home market.</p><p><blockquote>中国政府是蔚来汽车工业电气化的推动者： 中国政府希望到 2025 年，电动汽车在新车销售中所占份额达到 20%，这将推动电动汽车在中国本土市场的普及。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9871e44eaf69adb27151425887870ace\" tg-width=\"739\" tg-height=\"454\"><span>(Source:Schroders)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：施罗德）</span></p></blockquote></p><p> Turning to growth projections.</p><p><blockquote>转向增长预测。</blockquote></p><p> With more favorable government policies for EV makers in places like China and Europe, these markets are poised to see the fastest sales growth and the highest EV adoption rates in the world. China is not only the largest market due to population size but is also expected to outperform all other markets in the world in EV sales until 2030.</p><p><blockquote>随着中国和欧洲等地政府对电动汽车制造商采取更有利的政策，这些市场将迎来世界上最快的销售增长和最高的电动汽车采用率。由于人口规模，中国不仅是最大的市场，而且预计到2030年，电动汽车销量将超过全球所有其他市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/61d19dff2f34e2d8828aca854e85d84a\" tg-width=\"825\" tg-height=\"565\"><span>(Source:McKinsey)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：麦肯锡）</span></p></blockquote></p><p> Since China has a larger total market size, a higher EV adoption rate, stronger expected sales growth and a more favorable regulatory framework, the winner here would be: NIO.</p><p><blockquote>由于中国拥有更大的总市场规模、更高的电动汽车采用率、更强劲的预期销售增长和更有利的监管框架，这里的赢家将是：蔚来。</blockquote></p><p> <b>Scale and manufacturing competence</b></p><p><blockquote><b>规模和制造能力</b></blockquote></p><p> Ford has a century’s worth of manufacturing experience. But Ford, so far, has only one all-electric vehicle in its product line-up that compares to NIO: The Mustang Mach-E SUV. In 2022, Ford will begin to sell the all-electric F-150 Lightening which builds on the success of Ford’s best-selling pick-up truck. NIO already has a stronger product catalog including the 5-seater ES6 SUV, the 5-seater coupe SUV EC6 and the ES8, a 6-seater and 7-seater full-sized SUV.</p><p><blockquote>福特拥有百年的制造经验。但到目前为止，福特的产品阵容中只有一款与蔚来相比的全电动汽车：野马 Mach-E SUV。2022 年，福特将开始销售全电动 F-150 Lightening，该车建立在福特最畅销皮卡车的成功基础上。蔚来已经拥有更强大的产品目录，包括5座ES6 SUV、5座轿跑车SUV EC6以及6座和7座全尺寸SUV ES8。</blockquote></p><p></p><p> Since NIO is solely focused on producing EVs and occupies a very small and defined niche, the Chinese firm has an advantage as far as EV-manufacturing expertise goes. The question is how long this advantage can last. Ford has extensive experience in building cars and can leverage a global manufacturing base to ramp up EV production faster than any niche EV maker could ever hope to achieve. This makes Ford a very serious rival not only to Tesla (TSLA) in the US, but also to NIO abroad. Ford is accelerating its electrification plans and it has the resources and the ambition to become a leader in EVs within the next decade. Ford’s proposed $30B spending on the electrification of its fleet will accelerate its transformation and turn Ford into a long term threat to other EV makers.</p><p><blockquote>由于蔚来只专注于生产电动汽车，并且占据了一个非常小且明确的利基市场，这家中国公司在电动汽车制造专业知识方面具有优势。问题是这种优势能持续多久。福特在制造汽车方面拥有丰富的经验，可以利用全球制造基地以比任何利基电动汽车制造商希望实现的速度更快地提高电动汽车产量。这使得福特不仅在美国是特斯拉（TSLA）的有力竞争对手，而且在国外也是蔚来的有力竞争对手。福特正在加速其电气化计划，它有资源和雄心在未来十年内成为电动汽车的领导者。福特提议斥资 300 亿美元用于车队电气化，这将加速其转型，并使福特成为其他电动汽车制造商的长期威胁。</blockquote></p><p> Winner here: Ford.</p><p><blockquote>这里的赢家：福特。</blockquote></p><p> <b>Differentiation and BaaS revenue model</b></p><p><blockquote><b>差异化与BaaS收入模式</b></blockquote></p><p> Both Ford and NIO know about the importance of differentiation in a market that will only get more competitive over time, which is why both companies are investing heavily in a related field that can break or solidify dominance in the EV market: Battery technology.</p><p><blockquote>福特和蔚来都知道差异化在这个市场中的重要性，随着时间的推移，这个市场只会变得更加竞争，这就是为什么两家公司都在一个相关领域大力投资，这个领域可以打破或巩固电动汽车市场的主导地位：电池技术。</blockquote></p><p> Ford is&nbsp;forming a joint venture&nbsp;with South Korean battery technology company SK Innovation to secure supply of traction battery cells and array modules. The joint venture is meant to accelerate battery deliveries and will produce approximately 60 GWh annually, enough to cover 25% of Ford’s estimated annual energy demand by 2030. NIO is also investing in battery technology and has&nbsp;formed its own joint venture&nbsp;to secure battery supply.</p><p><blockquote>福特正在与韩国电池技术公司 SK Innovation 成立一家合资企业，以确保牵引电池芯和阵列模块的供应。该合资企业旨在加快电池交付速度，年产量约为 60 GWh，足以满足福特到 2030 年预计年能源需求的 25%。蔚来也在投资电池技术，并组建了自己的合资企业来确保电池供应。</blockquote></p><p> The difference to Ford is that NIO’s battery investment strategy revolves around a battery subscription model, also called “battery-as-a-service”, which creates a strong, long term revenue opportunity for the Chinese vehicle maker. Under this “BaaS” model, users who buy a NIO electric vehicle get a 70,000 RMB initial discount, equivalent to $10,800, and can sign up for a monthly subscription to rent a rechargeable 70 kWh battery. Batteries can then be exchanged at one of NIO’s battery-swapping stations which can be found in most big Chinese cities. A battery subscription costs 980 RMB monthly which is the equivalent of $150.</p><p><blockquote>与福特不同的是，蔚来的电池投资战略围绕着电池订阅模式，也称为 “电池即服务 ”，这为这家中国汽车制造商创造了一个强大的长期收入机会。在这种 “BaaS” 模式下，用户购买蔚来电动汽车可获得 7 万元人民币的初始折扣，折合 1.08 万美元，并可签约包月租赁 70 千瓦时的可充电电池。然后可以在蔚来的换电站更换电池，这些换电站在中国大多数大城市都有。电池订阅费用为每月980元人民币，相当于150美元。</blockquote></p><p> The BaaS model has a couple of benefits for both the vehicle maker and the user: Purchasing an electric vehicle from NIO gets a lot more affordable due to the up-front discount and the subscription model ensures that users benefit from advancement in battery technology and better performance over time. Decoupling battery costs from vehicle prices creates an entirely new revenue stream on a subscription basis for NIO. Revenues from “BaaS” subscriptions could be used to increase the density of NIO’s network of charging/replacement stations. The battery subscription model also binds customers to NIO, potentially increasing customer lifetime value.</p><p><blockquote>BaaS模式对汽车制造商和用户都有几个好处：由于前期折扣，从蔚来购买电动汽车变得更加实惠，订阅模式确保用户受益于电池技术的进步和随着时间的推移更好的性能。将电池成本与汽车价格脱钩，为蔚来创造了一个全新的订阅收入流。“BaaS ”订阅的收入可用于增加蔚来充电/换电站网络的密度。电池订阅模式还将客户绑定到蔚来，从而潜在地增加客户的终身价值。</blockquote></p><p> Ford and NIO are primed to benefit from falling battery costs for electric vehicles as they ramp up capital allocations. As more investments flow into developing more efficient batteries, performance will go up and costs will go down which should drive EV adoption and benefit all EV makers. This is because lower battery prices make EVs more competitive to passenger vehicles with combustion engines. But since NIO is structuring a part of its business model explicitly around battery subscriptions, NIO could benefit more than Ford.</p><p><blockquote>随着福特和蔚来增加资本配置，它们有望从电动汽车电池成本下降中受益。随着越来越多的投资流入开发更高效的电池，性能将会提高，成本将会下降，这应该会推动电动汽车的采用并使所有电动汽车制造商受益。这是因为较低的电池价格使电动汽车比内燃机乘用车更具竞争力。但由于蔚来明确围绕电池订阅构建部分商业模式，蔚来可能会比福特受益更多。</blockquote></p><p> Battery costs for EVs have decreased 70% since 2014, based on information provided by investment firm Schroders, and are set to decrease more this decade.</p><p><blockquote>根据投资公司施罗德提供的信息，自 2014 年以来，电动汽车的电池成本已下降 70%，并且本十年还将进一步下降。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c42acb75905affe7570a2f399ea3192f\" tg-width=\"758\" tg-height=\"449\"><span>(Source: Schroders)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：施罗德）</span></p></blockquote></p><p> The “BaaS” model is genius and could develop into a $500M a year revenue opportunity for NIO long term. Although Ford is ramping up its investments in battery technology, the winner in this category is: NIO.</p><p><blockquote>“BaaS ”模式是天才之作，从长远来看，它可能会发展成为蔚来每年 5 亿美元的收入机会。尽管福特正在加大对电池技术的投资，但这一类别的赢家是：蔚来。</blockquote></p><p> <b>Sales growth and valuation</b></p><p><blockquote><b>销售增长和估值</b></blockquote></p><p> Ford’s sales in May grew 4.1% Y/Y but electrified vehicle sales (including hybrids) surged 184% Y/Y as Ford sold a record 10,364 EVs/hybrids in May. Escape electrified sales and Explorer Hybrid grew sales at 125% and 132% Y/Y showing strong customer uptake. NIO delivered 6,711 vehicles last month including 3,017 ES6s, 1,412 ES8s and 2,282 EC6s. Total Y/Y delivery growth for May was 95.3%.</p><p><blockquote>福特 5 月份的销量同比增长 4.1%，但电动汽车销量（包括混合动力汽车）同比激增 184%，福特 5 月份售出了创纪录的 10,364 辆电动汽车/混合动力汽车。Escape electrified 和 Explorer Hybrid 的销量分别同比增长 125% 和 132%，显示出强劲的客户吸引力。蔚来上个月交付了 6,711 辆汽车，其中包括 3,017 辆 ES6、1,412 辆 ES8 和 2,282 辆 EC6。5 月份总交付量同比增长 95.3%。</blockquote></p><p> Ford's sales are fifty-four times larger than NIO's which creates more sales growth and revaluation potential for NIO.</p><p><blockquote>福特的销量是蔚来汽车的54倍，这为蔚来创造了更多的销售增长和重估潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/df5a0a393e44ed74241c5effcdd92350\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p></p><p> The difference in valuation between Ford and NIO is like the difference between night and day. This is because Ford is still seen as a mature vehicle maker with expected enterprise sales growth in the low-to-mid digits, despite explosive growth in the EV category. Ford is expected to grow revenues by 33% until FY 2025 (base year: FY 2020) and NIO by 808%!</p><p><blockquote>福特和蔚来之间的估值差异就像黑夜和白天之间的差异。这是因为尽管电动汽车类别实现了爆炸式增长，但福特仍被视为一家成熟的汽车制造商，预计企业销量增长将达到中低位数。福特预计到 2025 财年（基准年：2020 财年）收入将增长 33%，蔚来将增长 808%!</blockquote></p><p> Due to these differences in sales growth, NIO is the complete opposite of Ford, at least as far as valuation goes. The Chinese EV-maker is expected to see sales and delivery growth close to 100% this year and since NIO is only dealing in EVs, NIO gets a much higher market-cap-to-sales ratio than Ford.</p><p><blockquote>由于销售增长的这些差异，蔚来与福特完全相反，至少就估值而言是这样。这家中国电动汽车制造商预计今年的销量和交付量将增长接近 100%，由于蔚来只销售电动汽车，蔚来的市值与销量之比远高于福特。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/817605c6b1e82c03d0473ea570d32b8f\" tg-width=\"506\" tg-height=\"406\"><span>(Source: Author)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：作者）</span></p></blockquote></p><p> <b>NIO has larger risks...</b></p><p><blockquote><b>蔚来有更大的风险……</b></blockquote></p><p> NIO is the more risky venture, but also the one that offers the most promise. Government policy favors EV-makers like NIO. The potential for total global sales growth is larger for NIO as it operates from a smaller revenue base compared to Ford. But there are also a few things that work against NIO. For example, recalls due to production defects would be a much bigger challenge for NIO to overcome than for Ford which can rely on a global service and distribution network. NIO’s valuation is also not without risk as an unexpected slowing of sales growth due to production setbacks would leave a much larger dent in the financials.</p><p><blockquote>蔚来是风险更大的企业，但也是最有希望的企业。政府政策有利于蔚来等电动汽车制造商。与福特相比，蔚来的全球总销售额增长潜力更大，因为它的营收基础较小。但也有一些事情对蔚来不利。例如，与可以依赖全球服务和分销网络的福特相比，由于生产缺陷导致的召回对于蔚来来说将是一个更大的挑战。蔚来的估值也并非没有风险，因为生产受挫导致销售增长意外放缓，将对财务状况造成更大影响。</blockquote></p><p> <b>Final verdict</b></p><p><blockquote><b>最终判决</b></blockquote></p><p> NIO is definitely the more “sexy” vehicle maker. Strong adoption and sales growth in China and Europe support NIO. Its super smart BaaS model which decouples vehicle purchase prices from battery costs is genius. You pay a high price for this growth but the market opportunity for NIO is immense.</p><p><blockquote>蔚来绝对是更 “性感 ”的汽车制造商。在中国和欧洲的强劲采用率和销售增长支持了蔚来。其超级智能BaaS模型将车辆购买价格与电池成本脱钩，堪称天才。你为这种增长付出了高昂的代价，但蔚来的市场机会是巨大的。</blockquote></p><p> Ford’s EV sales are booming and the percentage of EV sales will increase as the vehicle maker electrifies its fleet. Ford has a lot of potential in the EV market but since EV sales are still a relatively low percentage of total sales, it will take a long time for Ford to complete its transformation.</p><p><blockquote>福特的电动汽车销量正在蓬勃发展，随着该汽车制造商车队电气化，电动汽车销量的比例也将不断增加。福特在电动汽车市场潜力巨大，但由于电动汽车销量占总销量的比例仍然相对较低，福特需要很长时间才能完成转型。</blockquote></p><p> If you believe in the potential of the global EV market, buy NIO. If you believe in the potential of the global EV market and don’t like much risk, buy Ford.</p><p><blockquote>如果您相信全球电动汽车市场的潜力，请购买蔚来。如果你相信全球电动汽车市场的潜力，又不喜欢太大的风险，那就买福特吧。</blockquote></p><p></p>","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>Ford Or NIO? The Final Verdict<blockquote>福特还是蔚来？最终判决</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\">\nFord Or NIO? The Final Verdict<blockquote>福特还是蔚来？最终判决</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-27 08:40</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>I am comparing Ford against NIO in different categories.</li>  <li>The comparison is intended to improve the understanding of Ford's and NIO's growth potential while highlighting differences in market position and opportunities.</li>  <li>NIO is growing a lot faster than Ford and the high valuation may be justified.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5033fa117d7852799244b8275bc1000f\" tg-width=\"1536\" tg-height=\"886\"><span>peterschreiber.media/iStock via Getty Images</span></p><p><blockquote><ul><li>我在不同的类别中比较福特和蔚来。</li><li>此次比较旨在增进对福特和蔚来增长潜力的了解，同时突出市场地位和机遇的差异。</li><li>蔚来的增长速度比福特快得多，高估值可能是合理的。</li></ul><p class=\"t-img-caption\"><span>peterschreiber.media/iStock 来自盖蒂图片社</span></p></blockquote></p><p> With Ford (F) launching a major offensive in the market for electric vehicles, Chinese EV maker NIO (NIO) will face one more rival competing for sales in the future. Which vehicle maker offers the best deal based on market opportunity, scale, revenue model, growth prospects and valuation? I will compare Ford against NIO in each category and issue a final verdict at the end.</p><p><blockquote>随着福特公司（F）在电动汽车市场发起重大攻势，中国电动汽车制造商蔚来（蔚来）未来将面临另一个竞争对手争夺销量。根据市场机会、规模、收入模式、增长前景和估值，哪家汽车制造商提供了最好的交易？我将在每个类别中比较福特和蔚来，并在最后给出最终结论。</blockquote></p><p> <b>Ford vs. NIO: The battle for the global electric vehicle market is heating up</b></p><p><blockquote><b>福特与蔚来：全球电动汽车市场之争正在升温</b></blockquote></p><p> Although there is a world of difference between Ford and NIO, both companies are set to go toe-to-toe in the rapidly growing global electric vehicle market. Ford’s fleet is not yet EV-focused but this is going to change: Feeling that the EV race is heating up, Ford said it is accelerating its electrification plan by investing&nbsp;$30B into its EV manufacturing capabilities until 2025. Ford’s previous capital plan called for a $22B investment in zero-emission vehicles. Ford also set an ambitious sales goal: 40% of its global sales will be electric within the next decade and 33% of pickup truck sales. Electric vehicle sales account for just 1% of Ford's sales today. As Ford is phasing out combustion engines, it is set to evolve into an all-electric vehicle maker by 2040.</p><p><blockquote>尽管福特和蔚来之间存在天壤之别，但两家公司都将在快速增长的全球电动汽车市场展开较量。福特的车队还没有以电动汽车为重点，但这种情况将会改变： 福特感觉到电动汽车竞赛正在升温，因此表示将加快其电气化计划，在 2025 年前投资 300 亿美元用于电动汽车制造能力。福特之前的资本计划要求投资 220 亿美元用于零排放汽车。福特还设定了一个雄心勃勃的销售目标：未来十年，其全球销量的 40% 将是电动汽车，皮卡车销量的 33% 将是电动汽车。目前，电动汽车销量仅占福特销量的 1%。随着福特逐步淘汰内燃机，它将在 2040 年发展成为一家全电动汽车制造商。</blockquote></p><p> <b>Market opportunity</b></p><p><blockquote><b>市场机会</b></blockquote></p><p> In 2020, 3.2m electric vehicles were sold in the world which represented a small market share of just 4.2%. China, however, was responsible for buying 41% of all electric vehicles in the world in 2020. Chinese buyers purchased 1.3m electric vehicles last year and sales are set to grow fast as Beijing seeks to boost EV adoption. The second largest market for electric vehicles was Europe which accounted for 42% of global EV sales. The US is only the third-largest market for plug-in electric vehicles in the world.</p><p><blockquote>2020年，全球电动汽车销量为320万辆，市场份额仅为4.2%。然而，2020 年，中国购买了全球 41% 的电动汽车。去年，中国买家购买了 130 万辆电动汽车，随着北京寻求促进电动汽车的普及，销量将快速增长。电动汽车的第二大市场是欧洲，占全球电动汽车销量的42%。美国只是全球第三大插电式电动汽车市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b48c23b32134542f51227d9b1b612887\" tg-width=\"1083\" tg-height=\"863\"><span>(Source: Wikipedia)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：维基百科）</span></p></blockquote></p><p> China, by far, is the fastest growing EV market in the world, although Europe is catching up fast, in part due to a legislative efforts to increase adoption of zero-emission passenger vehicles and because of massive investments in a Europe-wide charging station network. NIO is&nbsp;on the cusp of entering the European market&nbsp;in a bid to grow market share in the world’s second-largest EV market before the competition is ready.</p><p><blockquote>到目前为止，中国是世界上增长最快的电动汽车市场，尽管欧洲正在迅速迎头赶上，部分原因是立法努力增加零排放乘用车的采用，以及对欧洲范围内充电站网络的大量投资。蔚来正处于进军欧洲市场的风口浪尖，希望在竞争准备就绪之前扩大其在世界第二大电动汽车市场的市场份额。</blockquote></p><p> Beijing is a driver behind the electrification of the Chinese auto industry: The government wants to see a&nbsp;twenty percent share&nbsp;of electric vehicles for new car sales by 2025 which will drive EV penetration in NIO’s home market.</p><p><blockquote>中国政府是蔚来汽车工业电气化的推动者： 中国政府希望到 2025 年，电动汽车在新车销售中所占份额达到 20%，这将推动电动汽车在中国本土市场的普及。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9871e44eaf69adb27151425887870ace\" tg-width=\"739\" tg-height=\"454\"><span>(Source:Schroders)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：施罗德）</span></p></blockquote></p><p> Turning to growth projections.</p><p><blockquote>转向增长预测。</blockquote></p><p> With more favorable government policies for EV makers in places like China and Europe, these markets are poised to see the fastest sales growth and the highest EV adoption rates in the world. China is not only the largest market due to population size but is also expected to outperform all other markets in the world in EV sales until 2030.</p><p><blockquote>随着中国和欧洲等地政府对电动汽车制造商采取更有利的政策，这些市场将迎来世界上最快的销售增长和最高的电动汽车采用率。由于人口规模，中国不仅是最大的市场，而且预计到2030年，电动汽车销量将超过全球所有其他市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/61d19dff2f34e2d8828aca854e85d84a\" tg-width=\"825\" tg-height=\"565\"><span>(Source:McKinsey)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：麦肯锡）</span></p></blockquote></p><p> Since China has a larger total market size, a higher EV adoption rate, stronger expected sales growth and a more favorable regulatory framework, the winner here would be: NIO.</p><p><blockquote>由于中国拥有更大的总市场规模、更高的电动汽车采用率、更强劲的预期销售增长和更有利的监管框架，这里的赢家将是：蔚来。</blockquote></p><p> <b>Scale and manufacturing competence</b></p><p><blockquote><b>规模和制造能力</b></blockquote></p><p> Ford has a century’s worth of manufacturing experience. But Ford, so far, has only one all-electric vehicle in its product line-up that compares to NIO: The Mustang Mach-E SUV. In 2022, Ford will begin to sell the all-electric F-150 Lightening which builds on the success of Ford’s best-selling pick-up truck. NIO already has a stronger product catalog including the 5-seater ES6 SUV, the 5-seater coupe SUV EC6 and the ES8, a 6-seater and 7-seater full-sized SUV.</p><p><blockquote>福特拥有百年的制造经验。但到目前为止，福特的产品阵容中只有一款与蔚来相比的全电动汽车：野马 Mach-E SUV。2022 年，福特将开始销售全电动 F-150 Lightening，该车建立在福特最畅销皮卡车的成功基础上。蔚来已经拥有更强大的产品目录，包括5座ES6 SUV、5座轿跑车SUV EC6以及6座和7座全尺寸SUV ES8。</blockquote></p><p></p><p> Since NIO is solely focused on producing EVs and occupies a very small and defined niche, the Chinese firm has an advantage as far as EV-manufacturing expertise goes. The question is how long this advantage can last. Ford has extensive experience in building cars and can leverage a global manufacturing base to ramp up EV production faster than any niche EV maker could ever hope to achieve. This makes Ford a very serious rival not only to Tesla (TSLA) in the US, but also to NIO abroad. Ford is accelerating its electrification plans and it has the resources and the ambition to become a leader in EVs within the next decade. Ford’s proposed $30B spending on the electrification of its fleet will accelerate its transformation and turn Ford into a long term threat to other EV makers.</p><p><blockquote>由于蔚来只专注于生产电动汽车，并且占据了一个非常小且明确的利基市场，这家中国公司在电动汽车制造专业知识方面具有优势。问题是这种优势能持续多久。福特在制造汽车方面拥有丰富的经验，可以利用全球制造基地以比任何利基电动汽车制造商希望实现的速度更快地提高电动汽车产量。这使得福特不仅在美国是特斯拉（TSLA）的有力竞争对手，而且在国外也是蔚来的有力竞争对手。福特正在加速其电气化计划，它有资源和雄心在未来十年内成为电动汽车的领导者。福特提议斥资 300 亿美元用于车队电气化，这将加速其转型，并使福特成为其他电动汽车制造商的长期威胁。</blockquote></p><p> Winner here: Ford.</p><p><blockquote>这里的赢家：福特。</blockquote></p><p> <b>Differentiation and BaaS revenue model</b></p><p><blockquote><b>差异化与BaaS收入模式</b></blockquote></p><p> Both Ford and NIO know about the importance of differentiation in a market that will only get more competitive over time, which is why both companies are investing heavily in a related field that can break or solidify dominance in the EV market: Battery technology.</p><p><blockquote>福特和蔚来都知道差异化在这个市场中的重要性，随着时间的推移，这个市场只会变得更加竞争，这就是为什么两家公司都在一个相关领域大力投资，这个领域可以打破或巩固电动汽车市场的主导地位：电池技术。</blockquote></p><p> Ford is&nbsp;forming a joint venture&nbsp;with South Korean battery technology company SK Innovation to secure supply of traction battery cells and array modules. The joint venture is meant to accelerate battery deliveries and will produce approximately 60 GWh annually, enough to cover 25% of Ford’s estimated annual energy demand by 2030. NIO is also investing in battery technology and has&nbsp;formed its own joint venture&nbsp;to secure battery supply.</p><p><blockquote>福特正在与韩国电池技术公司 SK Innovation 成立一家合资企业，以确保牵引电池芯和阵列模块的供应。该合资企业旨在加快电池交付速度，年产量约为 60 GWh，足以满足福特到 2030 年预计年能源需求的 25%。蔚来也在投资电池技术，并组建了自己的合资企业来确保电池供应。</blockquote></p><p> The difference to Ford is that NIO’s battery investment strategy revolves around a battery subscription model, also called “battery-as-a-service”, which creates a strong, long term revenue opportunity for the Chinese vehicle maker. Under this “BaaS” model, users who buy a NIO electric vehicle get a 70,000 RMB initial discount, equivalent to $10,800, and can sign up for a monthly subscription to rent a rechargeable 70 kWh battery. Batteries can then be exchanged at one of NIO’s battery-swapping stations which can be found in most big Chinese cities. A battery subscription costs 980 RMB monthly which is the equivalent of $150.</p><p><blockquote>与福特不同的是，蔚来的电池投资战略围绕着电池订阅模式，也称为 “电池即服务 ”，这为这家中国汽车制造商创造了一个强大的长期收入机会。在这种 “BaaS” 模式下，用户购买蔚来电动汽车可获得 7 万元人民币的初始折扣，折合 1.08 万美元，并可签约包月租赁 70 千瓦时的可充电电池。然后可以在蔚来的换电站更换电池，这些换电站在中国大多数大城市都有。电池订阅费用为每月980元人民币，相当于150美元。</blockquote></p><p> The BaaS model has a couple of benefits for both the vehicle maker and the user: Purchasing an electric vehicle from NIO gets a lot more affordable due to the up-front discount and the subscription model ensures that users benefit from advancement in battery technology and better performance over time. Decoupling battery costs from vehicle prices creates an entirely new revenue stream on a subscription basis for NIO. Revenues from “BaaS” subscriptions could be used to increase the density of NIO’s network of charging/replacement stations. The battery subscription model also binds customers to NIO, potentially increasing customer lifetime value.</p><p><blockquote>BaaS模式对汽车制造商和用户都有几个好处：由于前期折扣，从蔚来购买电动汽车变得更加实惠，订阅模式确保用户受益于电池技术的进步和随着时间的推移更好的性能。将电池成本与汽车价格脱钩，为蔚来创造了一个全新的订阅收入流。“BaaS ”订阅的收入可用于增加蔚来充电/换电站网络的密度。电池订阅模式还将客户绑定到蔚来，从而潜在地增加客户的终身价值。</blockquote></p><p> Ford and NIO are primed to benefit from falling battery costs for electric vehicles as they ramp up capital allocations. As more investments flow into developing more efficient batteries, performance will go up and costs will go down which should drive EV adoption and benefit all EV makers. This is because lower battery prices make EVs more competitive to passenger vehicles with combustion engines. But since NIO is structuring a part of its business model explicitly around battery subscriptions, NIO could benefit more than Ford.</p><p><blockquote>随着福特和蔚来增加资本配置，它们有望从电动汽车电池成本下降中受益。随着越来越多的投资流入开发更高效的电池，性能将会提高，成本将会下降，这应该会推动电动汽车的采用并使所有电动汽车制造商受益。这是因为较低的电池价格使电动汽车比内燃机乘用车更具竞争力。但由于蔚来明确围绕电池订阅构建部分商业模式，蔚来可能会比福特受益更多。</blockquote></p><p> Battery costs for EVs have decreased 70% since 2014, based on information provided by investment firm Schroders, and are set to decrease more this decade.</p><p><blockquote>根据投资公司施罗德提供的信息，自 2014 年以来，电动汽车的电池成本已下降 70%，并且本十年还将进一步下降。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c42acb75905affe7570a2f399ea3192f\" tg-width=\"758\" tg-height=\"449\"><span>(Source: Schroders)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：施罗德）</span></p></blockquote></p><p> The “BaaS” model is genius and could develop into a $500M a year revenue opportunity for NIO long term. Although Ford is ramping up its investments in battery technology, the winner in this category is: NIO.</p><p><blockquote>“BaaS ”模式是天才之作，从长远来看，它可能会发展成为蔚来每年 5 亿美元的收入机会。尽管福特正在加大对电池技术的投资，但这一类别的赢家是：蔚来。</blockquote></p><p> <b>Sales growth and valuation</b></p><p><blockquote><b>销售增长和估值</b></blockquote></p><p> Ford’s sales in May grew 4.1% Y/Y but electrified vehicle sales (including hybrids) surged 184% Y/Y as Ford sold a record 10,364 EVs/hybrids in May. Escape electrified sales and Explorer Hybrid grew sales at 125% and 132% Y/Y showing strong customer uptake. NIO delivered 6,711 vehicles last month including 3,017 ES6s, 1,412 ES8s and 2,282 EC6s. Total Y/Y delivery growth for May was 95.3%.</p><p><blockquote>福特 5 月份的销量同比增长 4.1%，但电动汽车销量（包括混合动力汽车）同比激增 184%，福特 5 月份售出了创纪录的 10,364 辆电动汽车/混合动力汽车。Escape electrified 和 Explorer Hybrid 的销量分别同比增长 125% 和 132%，显示出强劲的客户吸引力。蔚来上个月交付了 6,711 辆汽车，其中包括 3,017 辆 ES6、1,412 辆 ES8 和 2,282 辆 EC6。5 月份总交付量同比增长 95.3%。</blockquote></p><p> Ford's sales are fifty-four times larger than NIO's which creates more sales growth and revaluation potential for NIO.</p><p><blockquote>福特的销量是蔚来汽车的54倍，这为蔚来创造了更多的销售增长和重估潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/df5a0a393e44ed74241c5effcdd92350\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p></p><p> The difference in valuation between Ford and NIO is like the difference between night and day. This is because Ford is still seen as a mature vehicle maker with expected enterprise sales growth in the low-to-mid digits, despite explosive growth in the EV category. Ford is expected to grow revenues by 33% until FY 2025 (base year: FY 2020) and NIO by 808%!</p><p><blockquote>福特和蔚来之间的估值差异就像黑夜和白天之间的差异。这是因为尽管电动汽车类别实现了爆炸式增长，但福特仍被视为一家成熟的汽车制造商，预计企业销量增长将达到中低位数。福特预计到 2025 财年（基准年：2020 财年）收入将增长 33%，蔚来将增长 808%!</blockquote></p><p> Due to these differences in sales growth, NIO is the complete opposite of Ford, at least as far as valuation goes. The Chinese EV-maker is expected to see sales and delivery growth close to 100% this year and since NIO is only dealing in EVs, NIO gets a much higher market-cap-to-sales ratio than Ford.</p><p><blockquote>由于销售增长的这些差异，蔚来与福特完全相反，至少就估值而言是这样。这家中国电动汽车制造商预计今年的销量和交付量将增长接近 100%，由于蔚来只销售电动汽车，蔚来的市值与销量之比远高于福特。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/817605c6b1e82c03d0473ea570d32b8f\" tg-width=\"506\" tg-height=\"406\"><span>(Source: Author)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：作者）</span></p></blockquote></p><p> <b>NIO has larger risks...</b></p><p><blockquote><b>蔚来有更大的风险……</b></blockquote></p><p> NIO is the more risky venture, but also the one that offers the most promise. Government policy favors EV-makers like NIO. The potential for total global sales growth is larger for NIO as it operates from a smaller revenue base compared to Ford. But there are also a few things that work against NIO. For example, recalls due to production defects would be a much bigger challenge for NIO to overcome than for Ford which can rely on a global service and distribution network. NIO’s valuation is also not without risk as an unexpected slowing of sales growth due to production setbacks would leave a much larger dent in the financials.</p><p><blockquote>蔚来是风险更大的企业，但也是最有希望的企业。政府政策有利于蔚来等电动汽车制造商。与福特相比，蔚来的全球总销售额增长潜力更大，因为它的营收基础较小。但也有一些事情对蔚来不利。例如，与可以依赖全球服务和分销网络的福特相比，由于生产缺陷导致的召回对于蔚来来说将是一个更大的挑战。蔚来的估值也并非没有风险，因为生产受挫导致销售增长意外放缓，将对财务状况造成更大影响。</blockquote></p><p> <b>Final verdict</b></p><p><blockquote><b>最终判决</b></blockquote></p><p> NIO is definitely the more “sexy” vehicle maker. Strong adoption and sales growth in China and Europe support NIO. Its super smart BaaS model which decouples vehicle purchase prices from battery costs is genius. You pay a high price for this growth but the market opportunity for NIO is immense.</p><p><blockquote>蔚来绝对是更 “性感 ”的汽车制造商。在中国和欧洲的强劲采用率和销售增长支持了蔚来。其超级智能BaaS模型将车辆购买价格与电池成本脱钩，堪称天才。你为这种增长付出了高昂的代价，但蔚来的市场机会是巨大的。</blockquote></p><p> Ford’s EV sales are booming and the percentage of EV sales will increase as the vehicle maker electrifies its fleet. Ford has a lot of potential in the EV market but since EV sales are still a relatively low percentage of total sales, it will take a long time for Ford to complete its transformation.</p><p><blockquote>福特的电动汽车销量正在蓬勃发展，随着该汽车制造商车队电气化，电动汽车销量的比例也将不断增加。福特在电动汽车市场潜力巨大，但由于电动汽车销量占总销量的比例仍然相对较低，福特需要很长时间才能完成转型。</blockquote></p><p> If you believe in the potential of the global EV market, buy NIO. If you believe in the potential of the global EV market and don’t like much risk, buy Ford.</p><p><blockquote>如果您相信全球电动汽车市场的潜力，请购买蔚来。如果你相信全球电动汽车市场的潜力，又不喜欢太大的风险，那就买福特吧。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4436600-ford-or-nio-the-final-verdict\">seekingalpha</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":{"NIO":"蔚来","F":"福特汽车"},"source_url":"https://seekingalpha.com/article/4436600-ford-or-nio-the-final-verdict","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137119316","content_text":"Summary\n\nI am comparing Ford against NIO in different categories.\nThe comparison is intended to improve the understanding of Ford's and NIO's growth potential while highlighting differences in market position and opportunities.\nNIO is growing a lot faster than Ford and the high valuation may be justified.\n\npeterschreiber.media/iStock via Getty Images\nWith Ford (F) launching a major offensive in the market for electric vehicles, Chinese EV maker NIO (NIO) will face one more rival competing for sales in the future. Which vehicle maker offers the best deal based on market opportunity, scale, revenue model, growth prospects and valuation? I will compare Ford against NIO in each category and issue a final verdict at the end.\nFord vs. NIO: The battle for the global electric vehicle market is heating up\nAlthough there is a world of difference between Ford and NIO, both companies are set to go toe-to-toe in the rapidly growing global electric vehicle market. Ford’s fleet is not yet EV-focused but this is going to change: Feeling that the EV race is heating up, Ford said it is accelerating its electrification plan by investing $30B into its EV manufacturing capabilities until 2025. Ford’s previous capital plan called for a $22B investment in zero-emission vehicles. Ford also set an ambitious sales goal: 40% of its global sales will be electric within the next decade and 33% of pickup truck sales. Electric vehicle sales account for just 1% of Ford's sales today. As Ford is phasing out combustion engines, it is set to evolve into an all-electric vehicle maker by 2040.\nMarket opportunity\nIn 2020, 3.2m electric vehicles were sold in the world which represented a small market share of just 4.2%. China, however, was responsible for buying 41% of all electric vehicles in the world in 2020. Chinese buyers purchased 1.3m electric vehicles last year and sales are set to grow fast as Beijing seeks to boost EV adoption. The second largest market for electric vehicles was Europe which accounted for 42% of global EV sales. The US is only the third-largest market for plug-in electric vehicles in the world.\n(Source: Wikipedia)\nChina, by far, is the fastest growing EV market in the world, although Europe is catching up fast, in part due to a legislative efforts to increase adoption of zero-emission passenger vehicles and because of massive investments in a Europe-wide charging station network. NIO is on the cusp of entering the European market in a bid to grow market share in the world’s second-largest EV market before the competition is ready.\nBeijing is a driver behind the electrification of the Chinese auto industry: The government wants to see a twenty percent share of electric vehicles for new car sales by 2025 which will drive EV penetration in NIO’s home market.\n(Source:Schroders)\nTurning to growth projections.\nWith more favorable government policies for EV makers in places like China and Europe, these markets are poised to see the fastest sales growth and the highest EV adoption rates in the world. China is not only the largest market due to population size but is also expected to outperform all other markets in the world in EV sales until 2030.\n(Source:McKinsey)\nSince China has a larger total market size, a higher EV adoption rate, stronger expected sales growth and a more favorable regulatory framework, the winner here would be: NIO.\nScale and manufacturing competence\nFord has a century’s worth of manufacturing experience. But Ford, so far, has only one all-electric vehicle in its product line-up that compares to NIO: The Mustang Mach-E SUV. In 2022, Ford will begin to sell the all-electric F-150 Lightening which builds on the success of Ford’s best-selling pick-up truck. NIO already has a stronger product catalog including the 5-seater ES6 SUV, the 5-seater coupe SUV EC6 and the ES8, a 6-seater and 7-seater full-sized SUV.\nSince NIO is solely focused on producing EVs and occupies a very small and defined niche, the Chinese firm has an advantage as far as EV-manufacturing expertise goes. The question is how long this advantage can last. Ford has extensive experience in building cars and can leverage a global manufacturing base to ramp up EV production faster than any niche EV maker could ever hope to achieve. This makes Ford a very serious rival not only to Tesla (TSLA) in the US, but also to NIO abroad. Ford is accelerating its electrification plans and it has the resources and the ambition to become a leader in EVs within the next decade. Ford’s proposed $30B spending on the electrification of its fleet will accelerate its transformation and turn Ford into a long term threat to other EV makers.\nWinner here: Ford.\nDifferentiation and BaaS revenue model\nBoth Ford and NIO know about the importance of differentiation in a market that will only get more competitive over time, which is why both companies are investing heavily in a related field that can break or solidify dominance in the EV market: Battery technology.\nFord is forming a joint venture with South Korean battery technology company SK Innovation to secure supply of traction battery cells and array modules. The joint venture is meant to accelerate battery deliveries and will produce approximately 60 GWh annually, enough to cover 25% of Ford’s estimated annual energy demand by 2030. NIO is also investing in battery technology and has formed its own joint venture to secure battery supply.\nThe difference to Ford is that NIO’s battery investment strategy revolves around a battery subscription model, also called “battery-as-a-service”, which creates a strong, long term revenue opportunity for the Chinese vehicle maker. Under this “BaaS” model, users who buy a NIO electric vehicle get a 70,000 RMB initial discount, equivalent to $10,800, and can sign up for a monthly subscription to rent a rechargeable 70 kWh battery. Batteries can then be exchanged at one of NIO’s battery-swapping stations which can be found in most big Chinese cities. A battery subscription costs 980 RMB monthly which is the equivalent of $150.\nThe BaaS model has a couple of benefits for both the vehicle maker and the user: Purchasing an electric vehicle from NIO gets a lot more affordable due to the up-front discount and the subscription model ensures that users benefit from advancement in battery technology and better performance over time. Decoupling battery costs from vehicle prices creates an entirely new revenue stream on a subscription basis for NIO. Revenues from “BaaS” subscriptions could be used to increase the density of NIO’s network of charging/replacement stations. The battery subscription model also binds customers to NIO, potentially increasing customer lifetime value.\nFord and NIO are primed to benefit from falling battery costs for electric vehicles as they ramp up capital allocations. As more investments flow into developing more efficient batteries, performance will go up and costs will go down which should drive EV adoption and benefit all EV makers. This is because lower battery prices make EVs more competitive to passenger vehicles with combustion engines. But since NIO is structuring a part of its business model explicitly around battery subscriptions, NIO could benefit more than Ford.\nBattery costs for EVs have decreased 70% since 2014, based on information provided by investment firm Schroders, and are set to decrease more this decade.\n(Source: Schroders)\nThe “BaaS” model is genius and could develop into a $500M a year revenue opportunity for NIO long term. Although Ford is ramping up its investments in battery technology, the winner in this category is: NIO.\nSales growth and valuation\nFord’s sales in May grew 4.1% Y/Y but electrified vehicle sales (including hybrids) surged 184% Y/Y as Ford sold a record 10,364 EVs/hybrids in May. Escape electrified sales and Explorer Hybrid grew sales at 125% and 132% Y/Y showing strong customer uptake. NIO delivered 6,711 vehicles last month including 3,017 ES6s, 1,412 ES8s and 2,282 EC6s. Total Y/Y delivery growth for May was 95.3%.\nFord's sales are fifty-four times larger than NIO's which creates more sales growth and revaluation potential for NIO.\nData by YCharts\nThe difference in valuation between Ford and NIO is like the difference between night and day. This is because Ford is still seen as a mature vehicle maker with expected enterprise sales growth in the low-to-mid digits, despite explosive growth in the EV category. Ford is expected to grow revenues by 33% until FY 2025 (base year: FY 2020) and NIO by 808%!\nDue to these differences in sales growth, NIO is the complete opposite of Ford, at least as far as valuation goes. The Chinese EV-maker is expected to see sales and delivery growth close to 100% this year and since NIO is only dealing in EVs, NIO gets a much higher market-cap-to-sales ratio than Ford.\n(Source: Author)\nNIO has larger risks...\nNIO is the more risky venture, but also the one that offers the most promise. Government policy favors EV-makers like NIO. The potential for total global sales growth is larger for NIO as it operates from a smaller revenue base compared to Ford. But there are also a few things that work against NIO. For example, recalls due to production defects would be a much bigger challenge for NIO to overcome than for Ford which can rely on a global service and distribution network. NIO’s valuation is also not without risk as an unexpected slowing of sales growth due to production setbacks would leave a much larger dent in the financials.\nFinal verdict\nNIO is definitely the more “sexy” vehicle maker. Strong adoption and sales growth in China and Europe support NIO. Its super smart BaaS model which decouples vehicle purchase prices from battery costs is genius. You pay a high price for this growth but the market opportunity for NIO is immense.\nFord’s EV sales are booming and the percentage of EV sales will increase as the vehicle maker electrifies its fleet. Ford has a lot of potential in the EV market but since EV sales are still a relatively low percentage of total sales, it will take a long time for Ford to complete its transformation.\nIf you believe in the potential of the global EV market, buy NIO. If you believe in the potential of the global EV market and don’t like much risk, buy Ford.","news_type":1,"symbols_score_info":{"F":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":2576,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127096110,"gmtCreate":1624800737930,"gmtModify":1633948518726,"author":{"id":"3577914647547876","authorId":"3577914647547876","name":"Jieshenggoh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577914647547876","idStr":"3577914647547876"},"themes":[],"title":"","htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/127096110","repostId":"1172710941","repostType":4,"isVote":1,"tweetType":1,"viewCount":2274,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":109184602,"gmtCreate":1619673554706,"gmtModify":1634210812159,"author":{"id":"3577914647547876","authorId":"3577914647547876","name":"Jieshenggoh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577914647547876","idStr":"3577914647547876"},"themes":[],"title":"","htmlText":"Up up up&nbsp;","listText":"Up up up&nbsp;","text":"Up up up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/109184602","repostId":"1132578048","repostType":4,"isVote":1,"tweetType":1,"viewCount":1973,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":374474349,"gmtCreate":1619479618481,"gmtModify":1634273181900,"author":{"id":"3577914647547876","authorId":"3577914647547876","name":"Jieshenggoh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577914647547876","idStr":"3577914647547876"},"themes":[],"title":"","htmlText":"OK","listText":"OK","text":"OK","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/374474349","repostId":"1184991623","repostType":4,"repost":{"id":"1184991623","kind":"news","pubTimestamp":1619448590,"share":"https://www.laohunote.com/m/news/1184991623?lang=zh_CN&edition=full","pubTime":"2021-04-26 22:49","market":"us","language":"en","title":"Berkshire Hathaway’s Annual Meeting Is Saturday. Here’s What Warren Buffett Is Likely to Be Asked About.<blockquote>伯克希尔-哈撒韦公司的年会将于周六举行。以下是沃伦-巴菲特可能会被问到的问题。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1184991623","media":"MarketWatch","summary":"Berkshire HathawayCEO Warren Buffett may field shareholder questions about the company’s stock buyba","content":"<p>Berkshire HathawayCEO Warren Buffett may field shareholder questions about the company’s stock buyback program, investment activity, the acquisition environment, key subsidiaries, succession, and topics like Bitcoin and the SPAC mania at the company’s annual meeting on Saturday.</p><p><blockquote>伯克希尔-哈撒韦公司（Berkshire Hathaway）首席执行官沃伦-巴菲特（Warren Buffett）可能会在周六的公司年会上回答股东有关公司股票回购计划、投资活动、收购环境、主要子公司、继任以及比特币和 SPAC 狂热等话题的问题。</blockquote></p><p> The meeting, normally in Omaha, will take place virtually from Los Angeles, enabling longtime vice chairman Charlie Munger, 97, to join the 90-year-old Buffett for 3½ hours of shareholder questions starting at 1:30 p.m. Eastern time.</p><p><blockquote>会议通常在奥马哈举行，将在洛杉矶举行，使 97 岁的长期副董事长查理·芒格 (Charlie Munger) 能够与 90 岁的巴菲特一起从下午 1:30 开始进行 3.5 小时的股东提问。东部时间。</blockquote></p><p> Buffett is hoping to resume the Omaha extravaganza, which he calls a “Woodstock for Capitalists,” in 2022. The outspoken Munger, who didn’t participate in last year’s meeting, is popular with the Berkshire faithful. Buffett has run Berkshire for 56 years.</p><p><blockquote>巴菲特希望在 2022 年恢复奥马哈盛会，他将奥马哈盛会评级为 “资本家的伍德斯托克”。直言不讳的芒格没有参加去年的会议，但他很受伯克希尔忠实信徒的欢迎。巴菲特经营伯克希尔已经56年了。</blockquote></p><p> Berkshire shareholders will likely be in a good mood with the stock on a roll this year. The class A shares hit a record Monday and are up 0.9% to $412,365 on the session. The class B stock is up 0.7% to $273.96 Monday. The class A stock is up 18% this year, comfortably ahead of the S&amp;P 500’s 12% total return, after badly lagging behind the index in both 2019 and 2020.</p><p><blockquote>随着该股今年的上涨，伯克希尔股东可能会心情很好。A 类股周一创下历史新高，盘中上涨 0.9%，至 412,365 美元。B类股周一上涨0.7%，至273.96美元。A 类股今年上涨了 18%，轻松领先于标普500 12% 的总回报率，而 2019 年和 2020 年都严重落后于该指数。</blockquote></p><p> Berkshire’s aggressive stock repurchase program will probably be a major topic at the meeting. Investors are interested in Buffett’s current appetite for buybacks given the stock’s rally this year.</p><p><blockquote>伯克希尔积极的股票回购计划可能会成为会议的一个主要议题。鉴于巴菲特今年的股价上涨，投资者对巴菲特目前的回购意愿很感兴趣。</blockquote></p><p> The company ramped up its buybacks in the second half of 2020, with about $9 billion repurchased in each of the final two quarters of 2020, up from a total of nearly $7 billion in the first half of the year.</p><p><blockquote>该公司在2020年下半年加大了回购力度，2020年最后两个季度的回购总额约为90亿美元，高于上半年的近70亿美元。</blockquote></p><p> Before the meeting on Saturday, Berkshire will release its first-quarter earnings, and investors will be focused on the buyback. The company’s operating profits are expected to be up 6%, to $2.55 a class B share, according to FactSet.</p><p><blockquote>在周六的会议之前，伯克希尔将发布第一季度财报，投资者将关注此次回购。FactSet 的数据显示，该公司的营业利润预计将增长 6%，达到每股 B 类股 2.55 美元。</blockquote></p><p> <i>Barron’s</i>has estimated that Berkshire bought back about $5 billion of stock from year-end through early March based on the share count disclosed in the recent proxy statement. Investors will look to see how much more stock Berkshire repurchased during the rest of March as the share price rose. Our guess is that Berkshire probably didn’t match the fourth-quarter total of $9 billion in the first quarter.</p><p><blockquote><i>巴伦</i>根据最近委托书中披露的股份数量，估计伯克希尔从年底到 3 月初回购了约 50 亿美元的股票。随着股价上涨，投资者将关注伯克希尔在 3 月份剩余时间内回购了多少股票。我们的猜测是，伯克希尔可能没有达到第一季度 90 亿美元的第四季度总额。</blockquote></p><p> “I’m interested to see their enthusiasm for the buyback program given the performance of the stock,” says James Shanahan, an Edward Jones analyst, referring to Buffett and Munger.</p><p><blockquote>“爱德华-琼斯（Edward Jones）分析师詹姆斯-沙纳汉（James Shanahan）在谈到巴菲特和芒格时说：”鉴于股票的表现，我很想看看他们对回购计划的热情。</blockquote></p><p> Buffett has said Berkshire will be price conscious about buybacks, but has not provided any specifics.</p><p><blockquote>巴菲特表示，伯克希尔将关注回购的价格，但没有提供任何细节。</blockquote></p><p> Shanahan sees a rise in the book value to $296,000 a class A share on March 31 from $287,000 at year-end 2020. The stock now trades for about 1.4 times that March 31 estimate, up from a low of around 1.1 times book a year ago and close to the five-year average.</p><p><blockquote>Shanahan 预计 3 月 31 日 A 类股票的账面价值将从 2020 年底的 287,000 美元升至 296,000 美元。该股目前的交易价格约为 3 月 31 日估计的 1.4 倍，高于一年前约 1.1 倍的低点，接近五年平均水平。</blockquote></p><p> There could also be shareholder questions about climate change and diversity at Berkshire. The company has recommended that shareholders reject proposals about providing more disclosure about both issues.</p><p><blockquote>伯克希尔的股东也可能会对伯克希尔的气候变化和多元化提出疑问。该公司建议股东拒绝就这两个问题提供更多披露的提议。</blockquote></p><p> Buffett is likely to weigh in on the current investment landscape.</p><p><blockquote>巴菲特可能会对当前的投资格局发表意见。</blockquote></p><p> He wasn’t aggressive on making new investments in 2020, as Berkshire sold a net $8 billion of stocks, including a group of airlines, and stakes inJPMorgan Chase(JPM) andGoldman Sachs Group(GS).</p><p><blockquote>伯克希尔在 2020 年并没有积极进行新的投资，因为伯克希尔净出售了 80 亿美元的股票，其中包括一批航空公司，并持有摩根大通（JPM）和高盛集团（GS）的股份。</blockquote></p><p> This disappointed many holders who hoped Buffett would have been a big buyer of stocks during the selloff and follow his maxim to be “fearful when others are greedy, and greedy when others are fearful.”</p><p><blockquote>这让许多持有者感到失望，他们希望巴菲特能在抛售期间成为股票的大买家，并遵循他的格言，即 “别人贪婪时恐惧，别人恐惧时贪婪 ”。</blockquote></p><p> Berkshire did establish sizable stakes inVerizon Communications(VZ) andChevron(CVX). Buffett may be asked about those purchases and the outlook for bank stocks and the overall market, which is now trading at lofty valuation, with the S&amp;P 500 at around 23 times projected 2021 earnings.</p><p><blockquote>伯克希尔确实持有 inVerizon Communications (VZ) 和雪佛龙 (CVX) 的大量股份。巴菲特可能会被问及这些购买以及银行股和整体市场的前景，目前整个市场的估值很高，标普500约为 2021 年预期收益的 23 倍。</blockquote></p><p> Berkshire has also been quiet on acquisitions with only one notable deal in 2020, a roughly $10 billion purchase ofDominion Energy’s(D) natural-gas pipeline business by Berkshire Hathaway’s big utility unit, Berkshire Hathaway Energy.</p><p><blockquote>伯克希尔在收购方面也一直保持沉默，2020 年只有一笔值得注意的交易，即伯克希尔-哈撒韦公司（Berkshire Hathaway）的大型公用事业部门伯克希尔-哈撒韦能源公司（Berkshire Hathaway Energy）以约 100 亿美元收购 Dominion Energy（D）的天然气管道业务。</blockquote></p><p> Buffett has long sought to land what he has called an “elephant,” or a large acquisition, but that has proven elusive. Berkshire’s only big deal in the past decade was its $33 billion purchase of Precision Castparts in 2016. The deal for the aircraft-parts maker hasn’t gone well, with the company hit by the aerospace downturn in 2020, forcing Berkshire to take a roughly $11 billion write-down. Amid an improving aerospace market, Buffett might be queried about the outlook for Precision Castparts.</p><p><blockquote>巴菲特长期以来一直在寻求收购他所谓的 “大象 ”或大型收购，但事实证明这难以实现。伯克希尔在过去十年中唯一的一笔大交易是在 2016 年以 330 亿美元收购了 Precision Castparts。这家飞机零部件制造商的交易进展并不顺利，该公司在 2020 年受到航空航天业低迷的打击，迫使伯克希尔公司减记了约 110 亿美元的资产。在航空航天市场不断改善的情况下，巴菲特可能会被问及精密铸件的前景。</blockquote></p><p> Buffett has complained in the past that aggressive private-equity firms have made it tough for Berkshire to land big deals. Now, the acquisition environment is even tougher amid record stock prices and a big new buyer of private companies in SPACs, or special-purpose acquisition companies, that have raised about $100 billion this year alone to pursue deals.</p><p><blockquote>巴菲特过去曾抱怨说，激进的私募股权公司使伯克希尔很难达成大交易。现在，在创纪录的股价和SPAC（特殊目的收购公司）中私营公司的大型新买家中，收购环境变得更加艰难，仅今年一年就筹集了约1000亿美元来进行交易。</blockquote></p><p></p><p> “It’s unlikely there will be a major acquisition soon,” Shanahan says. Berkshire handicaps itself by refusing to participate in corporate auctions. Buffett prefers old-style handshake deals and tells potential sellers that Berkshire’s generally hands-off approach to its dozens of subsidiaries makes it an ideal home for their businesses.</p><p><blockquote>“沙纳汉说：”不太可能很快进行重大收购。伯克希尔拒绝参与公司拍卖，从而使自己陷入困境。巴菲特更喜欢老式的握手交易，并告诉潜在卖家，伯克希尔对其数十家子公司通常采取不干涉的态度，使其成为他们业务的理想基地。</blockquote></p><p> Investors may ask Buffett about trends in the reinsurance business, an important part of Berkshire’s big property and casualty insurance operations. Pricing has been improving in the P&amp;C market. Investors also may query him about Berkshire’s Geico unit, which has been losing ground to its chief auto-insurance rival,Progressive(PGR) in the past year. Geico and Progressive are the two best-run auto insurers in the country and now rank second and third, respectively, behind State Farm.</p><p><blockquote>投资者可能会向巴菲特询问再保险业务的趋势，再保险业务是伯克希尔庞大的财产和意外伤害保险业务的重要组成部分。P&amp;C市场的定价一直在改善。投资者还可能向他询问伯克希尔旗下的 Geico 部门，该部门在过去一年中一直在输给其主要汽车保险竞争对手 Progressive (PGR)。Geico 和 Progressive 是美国运营最好的两家汽车保险公司，目前分别排名第二和第三，仅次于 State Farm。</blockquote></p><p> In a surprise move, Berkshire decided to name one of Buffett’s top investment lieutenants, Todd Combs, as CEO of Geico at the start of 2020. Investors may want to know how long Combs plans to stay at Geico.</p><p><blockquote>伯克希尔出人意料地决定在 2020 年初任命巴菲特的高级投资副手之一托德-库姆斯（Todd Combs）为 Geico 的首席执行官。投资者可能想知道库姆斯计划在 Geico 待多久。</blockquote></p><p> There also may be questions about the investment performance of Combs and Ted Weschler, who together run an estimated 10% of Berkshire’s $295 billion equity investment portfolio. The two are a good bet to run the entire equity portfolio in the post-Buffett era.</p><p><blockquote>库姆斯和特德-韦施勒（Ted Weschler）的投资业绩也可能受到质疑，他们共同管理着伯克希尔2950亿美元股票投资组合的约10%。这两者是后巴菲特时代管理整个股票投资组合的好选择。</blockquote></p><p> Another topic is likely to be the railroad industry given the bidding war forKansas City Southern(KSU) by two leading Canadian railroads. Berkshire owns Burlington Northern Santa Fe, one of the big four railroads in the country. Berkshire is unlikely to get involved in the contest for Kansas City Southern.</p><p><blockquote>另一个话题可能是铁路行业，因为加拿大两家领先的铁路公司对堪萨斯城南部（KSU）的竞购战。伯克希尔拥有伯灵顿北圣达菲铁路公司，这是美国四大铁路公司之一。伯克希尔不太可能参与堪萨斯城南方的竞争。</blockquote></p><p> BNSF is probably the single most valuable division within Berkshire and would be worth close to $150 billion, in line with its public rivalUnion Pacific(UNP), if it were a stand-alone company. Berkshire is now valued at around $625 billion.</p><p><blockquote>BNSF 可能是伯克希尔旗下最有价值的部门，如果是一家独立公司，其价值将接近 1500 亿美元，与其公共竞争对手联合太平洋 (UNP) 持平。伯克希尔目前的估值约为 6250 亿美元。</blockquote></p><p> Buffett has been a prominent Bitcoin skeptic, having called it “rat poison squared” and not a legitimate asset class. Shareholders may ask what he thinks now that Bitcoin has soared.</p><p><blockquote>巴菲特一直是比特币的著名怀疑论者，称其为 “老鼠药的平方”，而不是合法的资产类别。股东们可能会问，既然比特币已经飙升，他怎么看。</blockquote></p><p> Also on hand to answer questions will be Berkshire’s vice chairmen, Ajit Jain and Greg Abel, who head Berkshire’s insurance and non-insurance operations, respectively.<i>Barron’s</i>has identified Abel as the most likely successor to Buffett as CEO.</p><p><blockquote>伯克希尔副董事长阿吉特-贾恩（Ajit Jain）和格雷格-阿贝尔（Greg Abel）也将到场回答问题，他们分别负责伯克希尔的保险和非保险业务。<i>巴伦</i>已确定阿贝尔是巴菲特最有可能的首席执行官继任者。</blockquote></p><p> Some investors—and<i>Barron’s</i>—would like to see Jain, Abel, Combs, and Weschler get more exposure at the meeting as the likely next generation of leadership at Berkshire. But Buffett is a creature of habit and he likes the Warren and Charlie show. So that’s what it will be.</p><p><blockquote>一些投资者——以及<i>巴伦</i>——希望看到贾恩、阿贝尔、库姆斯和韦施勒作为伯克希尔可能的下一代领导层，在会议上获得更多曝光。但巴菲特是一个习惯性的生物，他喜欢沃伦和查理秀。这就是它的样子。</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>Berkshire Hathaway’s Annual Meeting Is Saturday. Here’s What Warren Buffett Is Likely to Be Asked About.<blockquote>伯克希尔-哈撒韦公司的年会将于周六举行。以下是沃伦-巴菲特可能会被问到的问题。</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\">\nBerkshire Hathaway’s Annual Meeting Is Saturday. Here’s What Warren Buffett Is Likely to Be Asked About.<blockquote>伯克希尔-哈撒韦公司的年会将于周六举行。以下是沃伦-巴菲特可能会被问到的问题。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-04-26 22:49</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Berkshire HathawayCEO Warren Buffett may field shareholder questions about the company’s stock buyback program, investment activity, the acquisition environment, key subsidiaries, succession, and topics like Bitcoin and the SPAC mania at the company’s annual meeting on Saturday.</p><p><blockquote>伯克希尔-哈撒韦公司（Berkshire Hathaway）首席执行官沃伦-巴菲特（Warren Buffett）可能会在周六的公司年会上回答股东有关公司股票回购计划、投资活动、收购环境、主要子公司、继任以及比特币和 SPAC 狂热等话题的问题。</blockquote></p><p> The meeting, normally in Omaha, will take place virtually from Los Angeles, enabling longtime vice chairman Charlie Munger, 97, to join the 90-year-old Buffett for 3½ hours of shareholder questions starting at 1:30 p.m. Eastern time.</p><p><blockquote>会议通常在奥马哈举行，将在洛杉矶举行，使 97 岁的长期副董事长查理·芒格 (Charlie Munger) 能够与 90 岁的巴菲特一起从下午 1:30 开始进行 3.5 小时的股东提问。东部时间。</blockquote></p><p> Buffett is hoping to resume the Omaha extravaganza, which he calls a “Woodstock for Capitalists,” in 2022. The outspoken Munger, who didn’t participate in last year’s meeting, is popular with the Berkshire faithful. Buffett has run Berkshire for 56 years.</p><p><blockquote>巴菲特希望在 2022 年恢复奥马哈盛会，他将奥马哈盛会评级为 “资本家的伍德斯托克”。直言不讳的芒格没有参加去年的会议，但他很受伯克希尔忠实信徒的欢迎。巴菲特经营伯克希尔已经56年了。</blockquote></p><p> Berkshire shareholders will likely be in a good mood with the stock on a roll this year. The class A shares hit a record Monday and are up 0.9% to $412,365 on the session. The class B stock is up 0.7% to $273.96 Monday. The class A stock is up 18% this year, comfortably ahead of the S&amp;P 500’s 12% total return, after badly lagging behind the index in both 2019 and 2020.</p><p><blockquote>随着该股今年的上涨，伯克希尔股东可能会心情很好。A 类股周一创下历史新高，盘中上涨 0.9%，至 412,365 美元。B类股周一上涨0.7%，至273.96美元。A 类股今年上涨了 18%，轻松领先于标普500 12% 的总回报率，而 2019 年和 2020 年都严重落后于该指数。</blockquote></p><p> Berkshire’s aggressive stock repurchase program will probably be a major topic at the meeting. Investors are interested in Buffett’s current appetite for buybacks given the stock’s rally this year.</p><p><blockquote>伯克希尔积极的股票回购计划可能会成为会议的一个主要议题。鉴于巴菲特今年的股价上涨，投资者对巴菲特目前的回购意愿很感兴趣。</blockquote></p><p> The company ramped up its buybacks in the second half of 2020, with about $9 billion repurchased in each of the final two quarters of 2020, up from a total of nearly $7 billion in the first half of the year.</p><p><blockquote>该公司在2020年下半年加大了回购力度，2020年最后两个季度的回购总额约为90亿美元，高于上半年的近70亿美元。</blockquote></p><p> Before the meeting on Saturday, Berkshire will release its first-quarter earnings, and investors will be focused on the buyback. The company’s operating profits are expected to be up 6%, to $2.55 a class B share, according to FactSet.</p><p><blockquote>在周六的会议之前，伯克希尔将发布第一季度财报，投资者将关注此次回购。FactSet 的数据显示，该公司的营业利润预计将增长 6%，达到每股 B 类股 2.55 美元。</blockquote></p><p> <i>Barron’s</i>has estimated that Berkshire bought back about $5 billion of stock from year-end through early March based on the share count disclosed in the recent proxy statement. Investors will look to see how much more stock Berkshire repurchased during the rest of March as the share price rose. Our guess is that Berkshire probably didn’t match the fourth-quarter total of $9 billion in the first quarter.</p><p><blockquote><i>巴伦</i>根据最近委托书中披露的股份数量，估计伯克希尔从年底到 3 月初回购了约 50 亿美元的股票。随着股价上涨，投资者将关注伯克希尔在 3 月份剩余时间内回购了多少股票。我们的猜测是，伯克希尔可能没有达到第一季度 90 亿美元的第四季度总额。</blockquote></p><p> “I’m interested to see their enthusiasm for the buyback program given the performance of the stock,” says James Shanahan, an Edward Jones analyst, referring to Buffett and Munger.</p><p><blockquote>“爱德华-琼斯（Edward Jones）分析师詹姆斯-沙纳汉（James Shanahan）在谈到巴菲特和芒格时说：”鉴于股票的表现，我很想看看他们对回购计划的热情。</blockquote></p><p> Buffett has said Berkshire will be price conscious about buybacks, but has not provided any specifics.</p><p><blockquote>巴菲特表示，伯克希尔将关注回购的价格，但没有提供任何细节。</blockquote></p><p> Shanahan sees a rise in the book value to $296,000 a class A share on March 31 from $287,000 at year-end 2020. The stock now trades for about 1.4 times that March 31 estimate, up from a low of around 1.1 times book a year ago and close to the five-year average.</p><p><blockquote>Shanahan 预计 3 月 31 日 A 类股票的账面价值将从 2020 年底的 287,000 美元升至 296,000 美元。该股目前的交易价格约为 3 月 31 日估计的 1.4 倍，高于一年前约 1.1 倍的低点，接近五年平均水平。</blockquote></p><p> There could also be shareholder questions about climate change and diversity at Berkshire. The company has recommended that shareholders reject proposals about providing more disclosure about both issues.</p><p><blockquote>伯克希尔的股东也可能会对伯克希尔的气候变化和多元化提出疑问。该公司建议股东拒绝就这两个问题提供更多披露的提议。</blockquote></p><p> Buffett is likely to weigh in on the current investment landscape.</p><p><blockquote>巴菲特可能会对当前的投资格局发表意见。</blockquote></p><p> He wasn’t aggressive on making new investments in 2020, as Berkshire sold a net $8 billion of stocks, including a group of airlines, and stakes inJPMorgan Chase(JPM) andGoldman Sachs Group(GS).</p><p><blockquote>伯克希尔在 2020 年并没有积极进行新的投资，因为伯克希尔净出售了 80 亿美元的股票，其中包括一批航空公司，并持有摩根大通（JPM）和高盛集团（GS）的股份。</blockquote></p><p> This disappointed many holders who hoped Buffett would have been a big buyer of stocks during the selloff and follow his maxim to be “fearful when others are greedy, and greedy when others are fearful.”</p><p><blockquote>这让许多持有者感到失望，他们希望巴菲特能在抛售期间成为股票的大买家，并遵循他的格言，即 “别人贪婪时恐惧，别人恐惧时贪婪 ”。</blockquote></p><p> Berkshire did establish sizable stakes inVerizon Communications(VZ) andChevron(CVX). Buffett may be asked about those purchases and the outlook for bank stocks and the overall market, which is now trading at lofty valuation, with the S&amp;P 500 at around 23 times projected 2021 earnings.</p><p><blockquote>伯克希尔确实持有 inVerizon Communications (VZ) 和雪佛龙 (CVX) 的大量股份。巴菲特可能会被问及这些购买以及银行股和整体市场的前景，目前整个市场的估值很高，标普500约为 2021 年预期收益的 23 倍。</blockquote></p><p> Berkshire has also been quiet on acquisitions with only one notable deal in 2020, a roughly $10 billion purchase ofDominion Energy’s(D) natural-gas pipeline business by Berkshire Hathaway’s big utility unit, Berkshire Hathaway Energy.</p><p><blockquote>伯克希尔在收购方面也一直保持沉默，2020 年只有一笔值得注意的交易，即伯克希尔-哈撒韦公司（Berkshire Hathaway）的大型公用事业部门伯克希尔-哈撒韦能源公司（Berkshire Hathaway Energy）以约 100 亿美元收购 Dominion Energy（D）的天然气管道业务。</blockquote></p><p> Buffett has long sought to land what he has called an “elephant,” or a large acquisition, but that has proven elusive. Berkshire’s only big deal in the past decade was its $33 billion purchase of Precision Castparts in 2016. The deal for the aircraft-parts maker hasn’t gone well, with the company hit by the aerospace downturn in 2020, forcing Berkshire to take a roughly $11 billion write-down. Amid an improving aerospace market, Buffett might be queried about the outlook for Precision Castparts.</p><p><blockquote>巴菲特长期以来一直在寻求收购他所谓的 “大象 ”或大型收购，但事实证明这难以实现。伯克希尔在过去十年中唯一的一笔大交易是在 2016 年以 330 亿美元收购了 Precision Castparts。这家飞机零部件制造商的交易进展并不顺利，该公司在 2020 年受到航空航天业低迷的打击，迫使伯克希尔公司减记了约 110 亿美元的资产。在航空航天市场不断改善的情况下，巴菲特可能会被问及精密铸件的前景。</blockquote></p><p> Buffett has complained in the past that aggressive private-equity firms have made it tough for Berkshire to land big deals. Now, the acquisition environment is even tougher amid record stock prices and a big new buyer of private companies in SPACs, or special-purpose acquisition companies, that have raised about $100 billion this year alone to pursue deals.</p><p><blockquote>巴菲特过去曾抱怨说，激进的私募股权公司使伯克希尔很难达成大交易。现在，在创纪录的股价和SPAC（特殊目的收购公司）中私营公司的大型新买家中，收购环境变得更加艰难，仅今年一年就筹集了约1000亿美元来进行交易。</blockquote></p><p></p><p> “It’s unlikely there will be a major acquisition soon,” Shanahan says. Berkshire handicaps itself by refusing to participate in corporate auctions. Buffett prefers old-style handshake deals and tells potential sellers that Berkshire’s generally hands-off approach to its dozens of subsidiaries makes it an ideal home for their businesses.</p><p><blockquote>“沙纳汉说：”不太可能很快进行重大收购。伯克希尔拒绝参与公司拍卖，从而使自己陷入困境。巴菲特更喜欢老式的握手交易，并告诉潜在卖家，伯克希尔对其数十家子公司通常采取不干涉的态度，使其成为他们业务的理想基地。</blockquote></p><p> Investors may ask Buffett about trends in the reinsurance business, an important part of Berkshire’s big property and casualty insurance operations. Pricing has been improving in the P&amp;C market. Investors also may query him about Berkshire’s Geico unit, which has been losing ground to its chief auto-insurance rival,Progressive(PGR) in the past year. Geico and Progressive are the two best-run auto insurers in the country and now rank second and third, respectively, behind State Farm.</p><p><blockquote>投资者可能会向巴菲特询问再保险业务的趋势，再保险业务是伯克希尔庞大的财产和意外伤害保险业务的重要组成部分。P&amp;C市场的定价一直在改善。投资者还可能向他询问伯克希尔旗下的 Geico 部门，该部门在过去一年中一直在输给其主要汽车保险竞争对手 Progressive (PGR)。Geico 和 Progressive 是美国运营最好的两家汽车保险公司，目前分别排名第二和第三，仅次于 State Farm。</blockquote></p><p> In a surprise move, Berkshire decided to name one of Buffett’s top investment lieutenants, Todd Combs, as CEO of Geico at the start of 2020. Investors may want to know how long Combs plans to stay at Geico.</p><p><blockquote>伯克希尔出人意料地决定在 2020 年初任命巴菲特的高级投资副手之一托德-库姆斯（Todd Combs）为 Geico 的首席执行官。投资者可能想知道库姆斯计划在 Geico 待多久。</blockquote></p><p> There also may be questions about the investment performance of Combs and Ted Weschler, who together run an estimated 10% of Berkshire’s $295 billion equity investment portfolio. The two are a good bet to run the entire equity portfolio in the post-Buffett era.</p><p><blockquote>库姆斯和特德-韦施勒（Ted Weschler）的投资业绩也可能受到质疑，他们共同管理着伯克希尔2950亿美元股票投资组合的约10%。这两者是后巴菲特时代管理整个股票投资组合的好选择。</blockquote></p><p> Another topic is likely to be the railroad industry given the bidding war forKansas City Southern(KSU) by two leading Canadian railroads. Berkshire owns Burlington Northern Santa Fe, one of the big four railroads in the country. Berkshire is unlikely to get involved in the contest for Kansas City Southern.</p><p><blockquote>另一个话题可能是铁路行业，因为加拿大两家领先的铁路公司对堪萨斯城南部（KSU）的竞购战。伯克希尔拥有伯灵顿北圣达菲铁路公司，这是美国四大铁路公司之一。伯克希尔不太可能参与堪萨斯城南方的竞争。</blockquote></p><p> BNSF is probably the single most valuable division within Berkshire and would be worth close to $150 billion, in line with its public rivalUnion Pacific(UNP), if it were a stand-alone company. Berkshire is now valued at around $625 billion.</p><p><blockquote>BNSF 可能是伯克希尔旗下最有价值的部门，如果是一家独立公司，其价值将接近 1500 亿美元，与其公共竞争对手联合太平洋 (UNP) 持平。伯克希尔目前的估值约为 6250 亿美元。</blockquote></p><p> Buffett has been a prominent Bitcoin skeptic, having called it “rat poison squared” and not a legitimate asset class. Shareholders may ask what he thinks now that Bitcoin has soared.</p><p><blockquote>巴菲特一直是比特币的著名怀疑论者，称其为 “老鼠药的平方”，而不是合法的资产类别。股东们可能会问，既然比特币已经飙升，他怎么看。</blockquote></p><p> Also on hand to answer questions will be Berkshire’s vice chairmen, Ajit Jain and Greg Abel, who head Berkshire’s insurance and non-insurance operations, respectively.<i>Barron’s</i>has identified Abel as the most likely successor to Buffett as CEO.</p><p><blockquote>伯克希尔副董事长阿吉特-贾恩（Ajit Jain）和格雷格-阿贝尔（Greg Abel）也将到场回答问题，他们分别负责伯克希尔的保险和非保险业务。<i>巴伦</i>已确定阿贝尔是巴菲特最有可能的首席执行官继任者。</blockquote></p><p> Some investors—and<i>Barron’s</i>—would like to see Jain, Abel, Combs, and Weschler get more exposure at the meeting as the likely next generation of leadership at Berkshire. But Buffett is a creature of habit and he likes the Warren and Charlie show. So that’s what it will be.</p><p><blockquote>一些投资者——以及<i>巴伦</i>——希望看到贾恩、阿贝尔、库姆斯和韦施勒作为伯克希尔可能的下一代领导层，在会议上获得更多曝光。但巴菲特是一个习惯性的生物，他喜欢沃伦和查理秀。这就是它的样子。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/articles/berkshire-hathaways-annual-meeting-is-saturday-heres-what-to-expect-51619447849?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":{"BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"https://www.marketwatch.com/articles/berkshire-hathaways-annual-meeting-is-saturday-heres-what-to-expect-51619447849?mod=mw_latestnews","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184991623","content_text":"Berkshire HathawayCEO Warren Buffett may field shareholder questions about the company’s stock buyback program, investment activity, the acquisition environment, key subsidiaries, succession, and topics like Bitcoin and the SPAC mania at the company’s annual meeting on Saturday.\nThe meeting, normally in Omaha, will take place virtually from Los Angeles, enabling longtime vice chairman Charlie Munger, 97, to join the 90-year-old Buffett for 3½ hours of shareholder questions starting at 1:30 p.m. Eastern time.\nBuffett is hoping to resume the Omaha extravaganza, which he calls a “Woodstock for Capitalists,” in 2022. The outspoken Munger, who didn’t participate in last year’s meeting, is popular with the Berkshire faithful. Buffett has run Berkshire for 56 years.\nBerkshire shareholders will likely be in a good mood with the stock on a roll this year. The class A shares hit a record Monday and are up 0.9% to $412,365 on the session. The class B stock is up 0.7% to $273.96 Monday. The class A stock is up 18% this year, comfortably ahead of the S&P 500’s 12% total return, after badly lagging behind the index in both 2019 and 2020.\nBerkshire’s aggressive stock repurchase program will probably be a major topic at the meeting. Investors are interested in Buffett’s current appetite for buybacks given the stock’s rally this year.\nThe company ramped up its buybacks in the second half of 2020, with about $9 billion repurchased in each of the final two quarters of 2020, up from a total of nearly $7 billion in the first half of the year.\nBefore the meeting on Saturday, Berkshire will release its first-quarter earnings, and investors will be focused on the buyback. The company’s operating profits are expected to be up 6%, to $2.55 a class B share, according to FactSet.\nBarron’shas estimated that Berkshire bought back about $5 billion of stock from year-end through early March based on the share count disclosed in the recent proxy statement. Investors will look to see how much more stock Berkshire repurchased during the rest of March as the share price rose. Our guess is that Berkshire probably didn’t match the fourth-quarter total of $9 billion in the first quarter.\n“I’m interested to see their enthusiasm for the buyback program given the performance of the stock,” says James Shanahan, an Edward Jones analyst, referring to Buffett and Munger.\nBuffett has said Berkshire will be price conscious about buybacks, but has not provided any specifics.\nShanahan sees a rise in the book value to $296,000 a class A share on March 31 from $287,000 at year-end 2020. The stock now trades for about 1.4 times that March 31 estimate, up from a low of around 1.1 times book a year ago and close to the five-year average.\nThere could also be shareholder questions about climate change and diversity at Berkshire. The company has recommended that shareholders reject proposals about providing more disclosure about both issues.\nBuffett is likely to weigh in on the current investment landscape.\nHe wasn’t aggressive on making new investments in 2020, as Berkshire sold a net $8 billion of stocks, including a group of airlines, and stakes inJPMorgan Chase(JPM) andGoldman Sachs Group(GS).\nThis disappointed many holders who hoped Buffett would have been a big buyer of stocks during the selloff and follow his maxim to be “fearful when others are greedy, and greedy when others are fearful.”\nBerkshire did establish sizable stakes inVerizon Communications(VZ) andChevron(CVX). Buffett may be asked about those purchases and the outlook for bank stocks and the overall market, which is now trading at lofty valuation, with the S&P 500 at around 23 times projected 2021 earnings.\nBerkshire has also been quiet on acquisitions with only one notable deal in 2020, a roughly $10 billion purchase ofDominion Energy’s(D) natural-gas pipeline business by Berkshire Hathaway’s big utility unit, Berkshire Hathaway Energy.\nBuffett has long sought to land what he has called an “elephant,” or a large acquisition, but that has proven elusive. Berkshire’s only big deal in the past decade was its $33 billion purchase of Precision Castparts in 2016. The deal for the aircraft-parts maker hasn’t gone well, with the company hit by the aerospace downturn in 2020, forcing Berkshire to take a roughly $11 billion write-down. Amid an improving aerospace market, Buffett might be queried about the outlook for Precision Castparts.\nBuffett has complained in the past that aggressive private-equity firms have made it tough for Berkshire to land big deals. Now, the acquisition environment is even tougher amid record stock prices and a big new buyer of private companies in SPACs, or special-purpose acquisition companies, that have raised about $100 billion this year alone to pursue deals.\n“It’s unlikely there will be a major acquisition soon,” Shanahan says. Berkshire handicaps itself by refusing to participate in corporate auctions. Buffett prefers old-style handshake deals and tells potential sellers that Berkshire’s generally hands-off approach to its dozens of subsidiaries makes it an ideal home for their businesses.\nInvestors may ask Buffett about trends in the reinsurance business, an important part of Berkshire’s big property and casualty insurance operations. Pricing has been improving in the P&C market. Investors also may query him about Berkshire’s Geico unit, which has been losing ground to its chief auto-insurance rival,Progressive(PGR) in the past year. Geico and Progressive are the two best-run auto insurers in the country and now rank second and third, respectively, behind State Farm.\nIn a surprise move, Berkshire decided to name one of Buffett’s top investment lieutenants, Todd Combs, as CEO of Geico at the start of 2020. Investors may want to know how long Combs plans to stay at Geico.\nThere also may be questions about the investment performance of Combs and Ted Weschler, who together run an estimated 10% of Berkshire’s $295 billion equity investment portfolio. The two are a good bet to run the entire equity portfolio in the post-Buffett era.\nAnother topic is likely to be the railroad industry given the bidding war forKansas City Southern(KSU) by two leading Canadian railroads. Berkshire owns Burlington Northern Santa Fe, one of the big four railroads in the country. Berkshire is unlikely to get involved in the contest for Kansas City Southern.\nBNSF is probably the single most valuable division within Berkshire and would be worth close to $150 billion, in line with its public rivalUnion Pacific(UNP), if it were a stand-alone company. Berkshire is now valued at around $625 billion.\nBuffett has been a prominent Bitcoin skeptic, having called it “rat poison squared” and not a legitimate asset class. Shareholders may ask what he thinks now that Bitcoin has soared.\nAlso on hand to answer questions will be Berkshire’s vice chairmen, Ajit Jain and Greg Abel, who head Berkshire’s insurance and non-insurance operations, respectively.Barron’shas identified Abel as the most likely successor to Buffett as CEO.\nSome investors—andBarron’s—would like to see Jain, Abel, Combs, and Weschler get more exposure at the meeting as the likely next generation of leadership at Berkshire. But Buffett is a creature of habit and he likes the Warren and Charlie show. So that’s what it will be.","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":1812,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":374475678,"gmtCreate":1619479591094,"gmtModify":1634273182461,"author":{"id":"3577914647547876","authorId":"3577914647547876","name":"Jieshenggoh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577914647547876","idStr":"3577914647547876"},"themes":[],"title":"","htmlText":"power","listText":"power","text":"power","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/374475678","repostId":"1179520467","repostType":4,"repost":{"id":"1179520467","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1619448994,"share":"https://www.laohunote.com/m/news/1179520467?lang=zh_CN&edition=full","pubTime":"2021-04-26 22:56","market":"us","language":"en","title":"Amazon Invests In 9 Renewable Energy Projects In 5 Countries<blockquote>亚马逊在5个国家投资9个可再生能源项目</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1179520467","media":"Benzinga Earnings","summary":"Amazon.com Inc. (NASDAQ: AMZN) has announced investments in nine new renewable energy projects acros","content":"<p><b>Amazon.com Inc.</b> (NASDAQ: <a href=\"https://www.benzinga.com/stock/amzn#NASDAQ\" target=\"_blank\">AMZN</a>) has announced investments in nine new renewable energy projects across five countries.</p><p><blockquote><b>亚马逊公司。</b>（纳斯达克：<a href=\"https://www.benzinga.com/stock/amzn#NASDAQ\" target=\"_blank\">亚马逊</a>）已宣布在五个国家投资九个新的可再生能源项目。</blockquote></p><p> <b>What Happened:</b> The Seattle-headquartered company’s investments in North America encompass a 100 MW solar project in The Valley of the Kings, California, that will generate enough energy to power more than 28,000 homes a year, including 70 MW of storage; a&nbsp;118 MW wind power project in Murray County, Oklahoma,&nbsp;the company’s first investment in that state;&nbsp;and new solar projects in three Ohio counties that will generate more than 400 MW of electricity.</p><p><blockquote><b>发生了什么：</b>这家总部位于西雅图的公司在北美的投资包括在加利福尼亚州国王谷的一个 100 兆瓦太阳能项目，该项目每年将产生足够的能源为 28,000 多个家庭供电，其中包括 70 兆瓦的储能设施；位于俄克拉荷马州默里县的 118 兆瓦风力发电项目，这是该公司在该州的首笔投资；俄亥俄州三个县的新太阳能项目将产生超过 400 兆瓦的电力。</blockquote></p><p> In Europe, Amazon is investing in the U.K.’s largest corporate renewable energy project, a 350 MW wind farm off the coast of Scotland. The company is also investing in two solar projects&nbsp;in Spain&nbsp;that add more than 170 MW to the nation’s grid and a 258 MW onshore wind project in northern Sweden.</p><p><blockquote>在欧洲，亚马逊正在投资英国最大的企业可再生能源项目--苏格兰海岸附近的一个 350 兆瓦风电场。该公司还在西班牙投资两个太阳能项目，为该国电网增加 170 多兆瓦的装机容量，并在瑞典北部投资一个 258 兆瓦的陆上风电项目。</blockquote></p><p> The company did not disclose the financial aspects of its new investments.</p><p><blockquote>该公司没有披露其新投资的财务方面。</blockquote></p><p> <b>Why It Matters:</b> In announcing the new projects, Amazon stated it now has investments in 206 renewable energy projects worldwide with a total generating capacity of 8.5 GW. The investments include 71 utility-scale wind and solar projects and 135 solar roof projects on commercial properties.</p><p><blockquote><b>为什么重要：</b>亚马逊在宣布新项目时表示，目前在全球投资了206个可再生能源项目，总发电能力为8.5吉瓦。这些投资包括71个公用事业规模的风能和太阳能项目以及135个商业地产的太阳能屋顶项目。</blockquote></p><p> “Many of our businesses are already operating using renewable energy, which we expect to use to power all Amazon sectors by 2025 —&nbsp;five years ahead of the original 2030 target,” said company founder and CEO Jeff Bezos in a press statement.</p><p><blockquote>“公司创始人兼首席执行官杰夫·贝索斯在一份新闻声明中说：”我们的许多业务已经在使用可再生能源运营，我们预计到 2025 年，亚马逊所有部门都将使用可再生能源供电，这比最初的 2030 年目标提前了五年。</blockquote></p><p></p>","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>Amazon Invests In 9 Renewable Energy Projects In 5 Countries<blockquote>亚马逊在5个国家投资9个可再生能源项目</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; 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}\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\">\nAmazon Invests In 9 Renewable Energy Projects In 5 Countries<blockquote>亚马逊在5个国家投资9个可再生能源项目</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-04-26 22:56</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b>Amazon.com Inc.</b> (NASDAQ: <a href=\"https://www.benzinga.com/stock/amzn#NASDAQ\" target=\"_blank\">AMZN</a>) has announced investments in nine new renewable energy projects across five countries.</p><p><blockquote><b>亚马逊公司。</b>（纳斯达克：<a href=\"https://www.benzinga.com/stock/amzn#NASDAQ\" target=\"_blank\">亚马逊</a>）已宣布在五个国家投资九个新的可再生能源项目。</blockquote></p><p> <b>What Happened:</b> The Seattle-headquartered company’s investments in North America encompass a 100 MW solar project in The Valley of the Kings, California, that will generate enough energy to power more than 28,000 homes a year, including 70 MW of storage; a&nbsp;118 MW wind power project in Murray County, Oklahoma,&nbsp;the company’s first investment in that state;&nbsp;and new solar projects in three Ohio counties that will generate more than 400 MW of electricity.</p><p><blockquote><b>发生了什么：</b>这家总部位于西雅图的公司在北美的投资包括在加利福尼亚州国王谷的一个 100 兆瓦太阳能项目，该项目每年将产生足够的能源为 28,000 多个家庭供电，其中包括 70 兆瓦的储能设施；位于俄克拉荷马州默里县的 118 兆瓦风力发电项目，这是该公司在该州的首笔投资；俄亥俄州三个县的新太阳能项目将产生超过 400 兆瓦的电力。</blockquote></p><p> In Europe, Amazon is investing in the U.K.’s largest corporate renewable energy project, a 350 MW wind farm off the coast of Scotland. The company is also investing in two solar projects&nbsp;in Spain&nbsp;that add more than 170 MW to the nation’s grid and a 258 MW onshore wind project in northern Sweden.</p><p><blockquote>在欧洲，亚马逊正在投资英国最大的企业可再生能源项目--苏格兰海岸附近的一个 350 兆瓦风电场。该公司还在西班牙投资两个太阳能项目，为该国电网增加 170 多兆瓦的装机容量，并在瑞典北部投资一个 258 兆瓦的陆上风电项目。</blockquote></p><p> The company did not disclose the financial aspects of its new investments.</p><p><blockquote>该公司没有披露其新投资的财务方面。</blockquote></p><p> <b>Why It Matters:</b> In announcing the new projects, Amazon stated it now has investments in 206 renewable energy projects worldwide with a total generating capacity of 8.5 GW. The investments include 71 utility-scale wind and solar projects and 135 solar roof projects on commercial properties.</p><p><blockquote><b>为什么重要：</b>亚马逊在宣布新项目时表示，目前在全球投资了206个可再生能源项目，总发电能力为8.5吉瓦。这些投资包括71个公用事业规模的风能和太阳能项目以及135个商业地产的太阳能屋顶项目。</blockquote></p><p> “Many of our businesses are already operating using renewable energy, which we expect to use to power all Amazon sectors by 2025 —&nbsp;five years ahead of the original 2030 target,” said company founder and CEO Jeff Bezos in a press statement.</p><p><blockquote>“公司创始人兼首席执行官杰夫·贝索斯在一份新闻声明中说：”我们的许多业务已经在使用可再生能源运营，我们预计到 2025 年，亚马逊所有部门都将使用可再生能源供电，这比最初的 2030 年目标提前了五年。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179520467","content_text":"Amazon.com Inc. (NASDAQ: AMZN) has announced investments in nine new renewable energy projects across five countries.\nWhat Happened: The Seattle-headquartered company’s investments in North America encompass a 100 MW solar project in The Valley of the Kings, California, that will generate enough energy to power more than 28,000 homes a year, including 70 MW of storage; a 118 MW wind power project in Murray County, Oklahoma, the company’s first investment in that state; and new solar projects in three Ohio counties that will generate more than 400 MW of electricity.\nIn Europe, Amazon is investing in the U.K.’s largest corporate renewable energy project, a 350 MW wind farm off the coast of Scotland. The company is also investing in two solar projects in Spain that add more than 170 MW to the nation’s grid and a 258 MW onshore wind project in northern Sweden.\nThe company did not disclose the financial aspects of its new investments.\nWhy It Matters: In announcing the new projects, Amazon stated it now has investments in 206 renewable energy projects worldwide with a total generating capacity of 8.5 GW. The investments include 71 utility-scale wind and solar projects and 135 solar roof projects on commercial properties.\n“Many of our businesses are already operating using renewable energy, which we expect to use to power all Amazon sectors by 2025 — five years ahead of the original 2030 target,” said company founder and CEO Jeff Bezos in a press statement.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":3071,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":379273342,"gmtCreate":1618753708786,"gmtModify":1634291095984,"author":{"id":"3577914647547876","authorId":"3577914647547876","name":"Jieshenggoh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577914647547876","idStr":"3577914647547876"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/379273342","repostId":"1157544444","repostType":4,"isVote":1,"tweetType":1,"viewCount":2238,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}