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2021-04-20
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The fact that tech giants are building cars is actually just a stepping stone.
Quest
2021-03-04
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U.S. inflation has broken through 2.5% for the first time since 2008.
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19:02","market":"hk","language":"zh","title":"The fact that tech giants are building cars is actually just a stepping stone.","url":"https://stock-news.laohu8.com/highlight/detail?id=1115381700","media":"锐问 Record","summary":"加入中国电动车俱乐部，要先搞定2张门票。","content":"<p>In the past six months, the headlines of China's automotive industry have all come from large technology companies. The Shanghai Auto Show, which officially opened on April 19, is no exception.</p><p>Huawei, a smartphone manufacturer that claims it doesn't manufacture cars and wants to be a Tier 1 supplier, released a customized new model in conjunction with BAIC ARCFOX on the same day. SAIC and Alibaba are also planning to release their first mass-produced vehicle, Zhiyi Auto.</p><p>Unlike the investment in emerging car manufacturers over the past five years, smartphone manufacturer Xiaomi and major internet companies...<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>They all have to personally get involved in car manufacturing. In the future, this team may also include Didi Chuxing.</p><p>Tech giants are increasingly in urgent need of a new field to become a new growth point after the smartphone era. Smart electric vehicles are one of the new directions they are looking for.</p><p>But from investing to building cars yourself, has it become easier to realize this dream?</p><p><b>To join the China Electric Vehicle Club, you need to secure two tickets first.</b></p><p>In China, if you want to be like<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>To manufacture intelligent pure electric vehicles, a new company first needs two licenses. One part will be used to build a factory and manufacture cars, led by the National Development and Reform Commission; One of them was used to build a company and sell cars, and it was under the jurisdiction of the Ministry of Industry and</p><p><img src=\"https://static.tigerbbs.com/67adccefb368ef6b178d50400188ab85\" tg-width=\"550\" tg-height=\"334\" referrerpolicy=\"no-referrer\">How many steps are involved in becoming a dual-licensed electric vehicle manufacturer? Information source: National Development and Reform Commission,</p><p>However, the application requirements seem to be gradually being relaxed.</p><p>The first license plate is very difficult to get. June 2017, China<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>Amid the controversy over automobile overcapacity, the National Development and Reform Commission (NDRC) has stopped releasing information on new project approvals, leading to reports that approvals have been effectively suspended. Now, even if new companies reopen access to build factories and manufacture cars, they still face a time-consuming approval cycle.</p><p>But it's not entirely without solutions. Yao Lijuan, a partner at King & Wood Mallesons, believes that applying for production qualifications will be easier for traditional automakers that already have experience in manufacturing complete vehicles or parts. In addition to independently applying for qualifications, emerging car manufacturers can also choose to contract manufacturing or directly acquire existing car manufacturers.</p><p>Among them, the automobile OEM model is gradually being recognized by policies.</p><p>In May 2018,<a href=\"https://laohu8.com/S/NIO\">Nio</a>Since the delivery of the first batch of mass-produced ES8s, there have been instances of car owners picking at the end of the \"JAC\" logo. According to the \"Administrative Measures for External Identification of Automobile Products\" implemented in 2005, the OEM brand must appear on the rear of the vehicle.</p><p>In response, Nio CEO Li Bin once stated that the national mandatory requirement for passenger vehicles to display the manufacturer's name is no longer timely. For startups in the brand building stage, this regulation adds extra difficulty and also increases communication costs.</p><p>In other words, at that time, automobile manufacturing was still in a gray area of regulation.</p><p>It wasn't until December 2018, in the \"Administrative Measures for the Access of Road Motor Vehicle Manufacturers and Products,\" that the Ministry of Industry and Information Technology affirmed the automobile OEM model for the first time at the policy level, while also putting forward new requirements. For example, new car manufacturers that have not obtained production qualifications must first manufacture 30,000 vehicles before they are eligible to apply for qualifications and build factories.</p><p>The draft regulations for the management of OEM manufacturing have not yet been released. However, in May 2020, at the second \"Ministerial Corridor\" Q&A press conference of the Third Session of the 13th National People's Congress, Miao Wei, Minister of Industry and Information Technology, mentioned the orderly opening up of OEM production for new energy companies and the implementation of brand authorization pilot programs for companies that develop innovative new energy vehicles.</p><p><img src=\"https://static.tigerbbs.com/d8124e0022f80c4d05da77d77d848146\" tg-width=\"550\" tg-height=\"445\" referrerpolicy=\"no-referrer\">Currently, there are 18 companies on the market that have obtained this qualification. Source: Compiled from publicly available information, Tram Hub</p><p>The application process for qualifications is slow and uncertain, and a faster and more expensive way is to directly acquire an already qualified company. Zhao Gang, vice president of Leapmotor, once said, \"In the industry now, a qualification is worth about 400 million yuan.\"</p><p>This price does not include the hidden debts behind the acquired companies that are difficult to figure out. For example, in September 2018, Byton acquired FAW Huali for 1 yuan, taking over the latter's 800 million yuan debt. Later, Byton couldn't raise money, faced a cash crunch, and was busy paying off debts.</p><p>Later,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Evergrande acquired Chongqing Lifan, and Evergrande acquired Guoneng. For new entrants, there are fewer and fewer qualifications available for acquisition, and the price of suitable qualifications will only be higher.</p><p>NIO, however, insists on the contract manufacturing model. Its co-founder, Qin Lihong, once said, \"We also like qualifications, but if you ask me to spend 1 billion yuan to buy an empty shell company, I definitely won't do it. We will not obtain production qualifications by acquiring shell company resources.\"</p><p>Last September, the application requirements for the second license were also relaxed.</p><p>In September 2020, the Ministry of Industry and Information Technology of China issued new regulations entitled \"Regulations on the Administration of Access to New Energy Vehicle Manufacturers and Products,\" which removed the requirement for \"design and development capabilities.\" In other words, technology companies like Xiaomi or Baidu are no longer required to independently develop core technologies—batteries, motors, and electronic controls—if they want to apply for a company to manufacture electric vehicles.</p><p>Song Jian, executive vice dean of the Automotive Engineering Development Institute of Tsinghua University, believes that the new regulations have lowered the entry threshold for companies and their products, and more new players will inevitably enter the car manufacturing market, especially RMB players.</p><p>They can purchase R&D technology, production technology, safety technology, etc., and even directly buy a traditional car manufacturer, successfully launching reliable products that users love to the market.</p><p>However, after entering 2020, China's electric vehicle market became more ruthless. No matter how quickly mass-produced cars are launched, the window of opportunity has already closed. With the end of subsidies and the introduction of foreign capital, new companies will inevitably face fiercer competition. The competitors that Xiaomi, Baidu, and Didi may face include not only Tesla, Nio, and XPeng, but also Volkswagen, GM, and Toyota.</p><p><b>The stepping stone to car manufacturing is still a bit tough.</b></p><p>Generally speaking, new entrants will concentrate their superior resources on making a good car, and then launch new models at a certain frequency. Tesla spent three years refining the Model S before launching a new car every two years. Nio, Li Auto, and XPeng each spent about four years developing their first mass-produced car.</p><p>But not all companies succeed. Even if you're willing to spend money, you might not be able to build a good car. Dyson, which manufactured hair dryers, spent four years and £2.5 billion (approximately 22.7 billion yuan) abandoning its car manufacturing plan.</p><p>Dyson and old<a href=\"https://laohu8.com/S/GLP\">Partners Global</a>Peter Gammack, Vice President of Design and Technology, personally oversaw the body design and tested it repeatedly. However, automotive design requires precision and has a steep learning curve. Therefore, they also hired many people from the automotive industry to point out the problems.</p><p>Since 2016, Dyson has added two automotive professionals to its board of directors. Including,<a href=\"https://laohu8.com/S/AMLN.UK\">Aston Martin</a>Former chief engineer Ian Minards and Ian Robertson, a key supporter of BMW's electric vehicle program.</p><p><img src=\"https://static.tigerbbs.com/647a748492535a79d1257995c247452e\" tg-width=\"550\" tg-height=\"364\" referrerpolicy=\"no-referrer\">Dyson concept electric vehicle</p><p>Even with a group of automotive professionals overseeing the process, the Dyson concept car still employed a series of radical designs. This includes a low roof, larger wheels, frameless windows, and a \"suicide\" door that only luxury cars feature.</p><p>In addition to developing and planning new models, OEMs are also responsible for integrating the entire vehicle. Suppliers are responsible for developing and producing components. Although electric vehicles have fewer parts than gasoline vehicles, each innovative design increases the difficulty and cost of supplier development. The difficulty for OEMs to manage suppliers will also increase exponentially.</p><p>For large tires alone, Dyson has discussed the feasibility with several suppliers. In the end, only two tire manufacturers felt they could do it—Princeton of Japan and Michelin of France.</p><p>A more unique design is found inside the car. Dyson hired a group of engineers who had never worked with car air conditioning systems before to develop a system that could heat and cool the 7-seater SUV in different zones, while also saving electricity.</p><p>Besides the body design, the fact that you don't need to stop to charge during city trips and the longer driving range are also Dyson's main selling points. Therefore, they had to independently develop suspensions for more batteries and free up more space on them.</p><p>Similar to Dyson, major Chinese technology companies may not need to worry about brand appeal; capable suppliers are happy to cooperate. However, if the cost of a highly complex car design exceeds expectations, and each car is manufactured at a loss, no amount of money can fill this gap.</p><p>They may also fail to deliver on time, fail to meet quality requirements, and have unclear standards, leading to repeated project delays. In China, the 15 engineering prototype vehicles submitted to the Ministry of Industry and Information Technology for inspection also need to meet safety regulations and have a professional team that knows how to communicate with national ministries and commissions.</p><p>Because each model has different sizes and processes, the requirements for the production line are also different. Automakers typically produce one or two models in a single factory. Investment and management are becoming more lean. To this end, Dyson specifically purchased and rehabilitated an airport, along with its warehouses and runways.</p><p>For new companies, if a new plant goes into operation, they also need to synchronize the civil engineering progress, including obtaining environmental impact assessment, fire protection, and civil engineering approval qualifications. Imported equipment also needs to be followed up with logistics. If any link gets stuck, the cash flow needs to keep up.</p><p>Ultimately, James Dyson lamented to a reporter from the Financial Times that he had put a lot of effort into research and development, but ultimately found that mass production costs were too high. Batteries, battery management, electronics, and cooling systems are much more expensive than internal combustion engines. \"To break even, electric vehicles need to sell for at least $300,000 each.\"</p><p>Mass production of high-end models is now easier than that of mid-to-low-end models. Buy one<a href=\"https://laohu8.com/S/RRN.UK\">Rolls-Royce</a>People who believe in manufacturing processes; People who buy a Toyota Corolla are looking for trouble-free, fuel-efficient, and smooth operation. With annual production of hundreds of thousands, reliability is the primary goal of automobiles.</p><p>In February of this year, Tesla CEO Elon Musk also admitted that it is difficult to ensure that details are correct when ramping up production capacity. In a public interview, he advised consumers to either buy from the start or wait until production stabilizes before buying.</p><p>A source close to Xiaomi's car research project once told Caixin that Xiaomi pursues cost-effectiveness, and its car manufacturing is likely to focus on high volume. Therefore, mass production is very important. But can automakers provide sufficient supply? Can the supply chain for batteries, chips, and other products keep up? Even automakers themselves probably cannot guarantee these issues.</p><p>It is still a complex project for technology companies to build a car that can run continuously in rain, snow, and wind for 15 years.</p><p><b>Now, besides selling cars, no one has found a better way to make money.</b></p><p>In the era of gasoline-powered vehicles, traditional car manufacturers established 4S store dealership networks, making a profit when selling complete vehicles and another profit when repairing and maintaining them. Moreover, selling parts is far more profitable than selling complete vehicles. In addition, supporting auto finance, such as car loans, is also an important source of profit.</p><p>Electric vehicles are more like electronic devices and require less maintenance. Opening a store directly can indeed maximize the sales experience and profits. Looking at Tesla's 2020 books, revenue reached $31.5 billion, 94% of which came from car sales. The remaining 6% comes from selling regulatory credits, software, and even branded merchandise.</p><p>Every additional car sold dilutes the cost of developing a model. However, Tesla has been losing money since it started selling cars 12 years ago. Last year, it only made $721 million by selling environmental regulatory credits to traditional automakers. The year before, they were still losing $862 million on the books.</p><p>The era of electric vehicles doesn't seem to have arrived yet.</p><p>For consumers, purchasing an electric vehicle may not be the best option at this stage. As Car Review No. 38 once calculated, in China, if you don't consider car purchase and electricity price subsidies, and include depreciation, buying an electric vehicle is not more cost-effective than buying a gasoline vehicle at this stage.</p><p><img src=\"https://static.tigerbbs.com/da93ed97c8c172097f872e34eed8f4f2\" tg-width=\"550\" tg-height=\"295\" referrerpolicy=\"no-referrer\"></p><p>Most of the reasons people buy electric vehicles do not come from the manufacturer's product strength itself. According to McKinsey's 2021 China Auto Consumption Report, more than half of consumers' willingness to buy electric vehicles is based on some controversial viewpoints.</p><p>For example, 68% of respondents believe that electric vehicles are more environmentally friendly. However, electric vehicles are not necessarily more environmentally friendly without better battery recycling technology.</p><p>Driven by policies such as environmental protection, battery costs have not decreased, and technology companies' cross-industry development of electric vehicles cannot yet completely disrupt the traditional automotive industry. But only when more people use their own hardware will they be able to make money through technology in the future.</p><p>Last year, Tesla topped the Chinese pure electric vehicle market, selling 137,000 Model 3s. According to Wang Yongqing, general manager of Shanghai GM, it will be difficult for traditional automakers to give up the existing 95% gasoline vehicle market. The distinctive features of pure electric vehicles and the cash flow generated by their higher prices can also support their bold application of new technologies.</p><p><img src=\"https://static.tigerbbs.com/2ec80237966c03fbc31c3e4dba9586fd\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\">Top 10 best-selling pure electric vehicles in China in 2020. Data source: China Association of Automobile Manufacturers.</p><p>Building and selling cars is just a stepping stone. What's even more noteworthy is that major tech companies are all developing autonomous driving technology.</p><p>In December 2020, rumors kept circulating.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>New rumors have finally emerged regarding the construction plan. Apple is indeed still developing a complete car. This could be an autonomous vehicle based on the modern electric vehicle platform E-GMP, with the automotive chip evolved from the A12 bionic chip and equipped with groundbreaking battery technology.</p><p>Possibly involved in Xiaomi's car manufacturing<a href=\"https://laohu8.com/S/688169\">Stone Technology</a>It is also independently developing multi-line LiDAR. This technology can be used in its flagship robotic vacuum cleaner product, and perhaps also in autonomous vehicles. The Jihu Alfa S, equipped with Huawei's ADS autonomous driving system, has already debuted at the Shanghai Auto Show and is expected to be delivered this year.</p><p>Tesla, Uber, Google, and Apple have all envisioned the same future.</p><p>Robots will eventually dominate the transportation industry. Driverless vehicles carry passengers on the road and in the air, while drones are responsible for delivering goods. Companies with autonomous driving technology will become the center of all of this. Better hardware, software, and services integrated together will become its core competitiveness.</p><p>At that time, as Tesla CEO Elon Musk once envisioned, the company's profit growth will mainly come from autonomous driving services and paid software. At that time, Tesla was still the best-selling smart electric vehicle brand.</p>","source":"lsy1616056435833","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>The fact that tech giants are building cars is actually just a stepping stone.</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\">\nThe fact that tech giants are building cars is actually just a stepping stone.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">锐问 Record</strong><span class=\"h-time small\">2021-04-20 19:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In the past six months, the headlines of China's automotive industry have all come from large technology companies. The Shanghai Auto Show, which officially opened on April 19, is no exception.</p><p>Huawei, a smartphone manufacturer that claims it doesn't manufacture cars and wants to be a Tier 1 supplier, released a customized new model in conjunction with BAIC ARCFOX on the same day. SAIC and Alibaba are also planning to release their first mass-produced vehicle, Zhiyi Auto.</p><p>Unlike the investment in emerging car manufacturers over the past five years, smartphone manufacturer Xiaomi and major internet companies...<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>They all have to personally get involved in car manufacturing. In the future, this team may also include Didi Chuxing.</p><p>Tech giants are increasingly in urgent need of a new field to become a new growth point after the smartphone era. Smart electric vehicles are one of the new directions they are looking for.</p><p>But from investing to building cars yourself, has it become easier to realize this dream?</p><p><b>To join the China Electric Vehicle Club, you need to secure two tickets first.</b></p><p>In China, if you want to be like<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>To manufacture intelligent pure electric vehicles, a new company first needs two licenses. One part will be used to build a factory and manufacture cars, led by the National Development and Reform Commission; One of them was used to build a company and sell cars, and it was under the jurisdiction of the Ministry of Industry and</p><p><img src=\"https://static.tigerbbs.com/67adccefb368ef6b178d50400188ab85\" tg-width=\"550\" tg-height=\"334\" referrerpolicy=\"no-referrer\">How many steps are involved in becoming a dual-licensed electric vehicle manufacturer? Information source: National Development and Reform Commission,</p><p>However, the application requirements seem to be gradually being relaxed.</p><p>The first license plate is very difficult to get. June 2017, China<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>Amid the controversy over automobile overcapacity, the National Development and Reform Commission (NDRC) has stopped releasing information on new project approvals, leading to reports that approvals have been effectively suspended. Now, even if new companies reopen access to build factories and manufacture cars, they still face a time-consuming approval cycle.</p><p>But it's not entirely without solutions. Yao Lijuan, a partner at King & Wood Mallesons, believes that applying for production qualifications will be easier for traditional automakers that already have experience in manufacturing complete vehicles or parts. In addition to independently applying for qualifications, emerging car manufacturers can also choose to contract manufacturing or directly acquire existing car manufacturers.</p><p>Among them, the automobile OEM model is gradually being recognized by policies.</p><p>In May 2018,<a href=\"https://laohu8.com/S/NIO\">Nio</a>Since the delivery of the first batch of mass-produced ES8s, there have been instances of car owners picking at the end of the \"JAC\" logo. According to the \"Administrative Measures for External Identification of Automobile Products\" implemented in 2005, the OEM brand must appear on the rear of the vehicle.</p><p>In response, Nio CEO Li Bin once stated that the national mandatory requirement for passenger vehicles to display the manufacturer's name is no longer timely. For startups in the brand building stage, this regulation adds extra difficulty and also increases communication costs.</p><p>In other words, at that time, automobile manufacturing was still in a gray area of regulation.</p><p>It wasn't until December 2018, in the \"Administrative Measures for the Access of Road Motor Vehicle Manufacturers and Products,\" that the Ministry of Industry and Information Technology affirmed the automobile OEM model for the first time at the policy level, while also putting forward new requirements. For example, new car manufacturers that have not obtained production qualifications must first manufacture 30,000 vehicles before they are eligible to apply for qualifications and build factories.</p><p>The draft regulations for the management of OEM manufacturing have not yet been released. However, in May 2020, at the second \"Ministerial Corridor\" Q&A press conference of the Third Session of the 13th National People's Congress, Miao Wei, Minister of Industry and Information Technology, mentioned the orderly opening up of OEM production for new energy companies and the implementation of brand authorization pilot programs for companies that develop innovative new energy vehicles.</p><p><img src=\"https://static.tigerbbs.com/d8124e0022f80c4d05da77d77d848146\" tg-width=\"550\" tg-height=\"445\" referrerpolicy=\"no-referrer\">Currently, there are 18 companies on the market that have obtained this qualification. Source: Compiled from publicly available information, Tram Hub</p><p>The application process for qualifications is slow and uncertain, and a faster and more expensive way is to directly acquire an already qualified company. Zhao Gang, vice president of Leapmotor, once said, \"In the industry now, a qualification is worth about 400 million yuan.\"</p><p>This price does not include the hidden debts behind the acquired companies that are difficult to figure out. For example, in September 2018, Byton acquired FAW Huali for 1 yuan, taking over the latter's 800 million yuan debt. Later, Byton couldn't raise money, faced a cash crunch, and was busy paying off debts.</p><p>Later,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Evergrande acquired Chongqing Lifan, and Evergrande acquired Guoneng. For new entrants, there are fewer and fewer qualifications available for acquisition, and the price of suitable qualifications will only be higher.</p><p>NIO, however, insists on the contract manufacturing model. Its co-founder, Qin Lihong, once said, \"We also like qualifications, but if you ask me to spend 1 billion yuan to buy an empty shell company, I definitely won't do it. We will not obtain production qualifications by acquiring shell company resources.\"</p><p>Last September, the application requirements for the second license were also relaxed.</p><p>In September 2020, the Ministry of Industry and Information Technology of China issued new regulations entitled \"Regulations on the Administration of Access to New Energy Vehicle Manufacturers and Products,\" which removed the requirement for \"design and development capabilities.\" In other words, technology companies like Xiaomi or Baidu are no longer required to independently develop core technologies—batteries, motors, and electronic controls—if they want to apply for a company to manufacture electric vehicles.</p><p>Song Jian, executive vice dean of the Automotive Engineering Development Institute of Tsinghua University, believes that the new regulations have lowered the entry threshold for companies and their products, and more new players will inevitably enter the car manufacturing market, especially RMB players.</p><p>They can purchase R&D technology, production technology, safety technology, etc., and even directly buy a traditional car manufacturer, successfully launching reliable products that users love to the market.</p><p>However, after entering 2020, China's electric vehicle market became more ruthless. No matter how quickly mass-produced cars are launched, the window of opportunity has already closed. With the end of subsidies and the introduction of foreign capital, new companies will inevitably face fiercer competition. The competitors that Xiaomi, Baidu, and Didi may face include not only Tesla, Nio, and XPeng, but also Volkswagen, GM, and Toyota.</p><p><b>The stepping stone to car manufacturing is still a bit tough.</b></p><p>Generally speaking, new entrants will concentrate their superior resources on making a good car, and then launch new models at a certain frequency. Tesla spent three years refining the Model S before launching a new car every two years. Nio, Li Auto, and XPeng each spent about four years developing their first mass-produced car.</p><p>But not all companies succeed. Even if you're willing to spend money, you might not be able to build a good car. Dyson, which manufactured hair dryers, spent four years and £2.5 billion (approximately 22.7 billion yuan) abandoning its car manufacturing plan.</p><p>Dyson and old<a href=\"https://laohu8.com/S/GLP\">Partners Global</a>Peter Gammack, Vice President of Design and Technology, personally oversaw the body design and tested it repeatedly. However, automotive design requires precision and has a steep learning curve. Therefore, they also hired many people from the automotive industry to point out the problems.</p><p>Since 2016, Dyson has added two automotive professionals to its board of directors. Including,<a href=\"https://laohu8.com/S/AMLN.UK\">Aston Martin</a>Former chief engineer Ian Minards and Ian Robertson, a key supporter of BMW's electric vehicle program.</p><p><img src=\"https://static.tigerbbs.com/647a748492535a79d1257995c247452e\" tg-width=\"550\" tg-height=\"364\" referrerpolicy=\"no-referrer\">Dyson concept electric vehicle</p><p>Even with a group of automotive professionals overseeing the process, the Dyson concept car still employed a series of radical designs. This includes a low roof, larger wheels, frameless windows, and a \"suicide\" door that only luxury cars feature.</p><p>In addition to developing and planning new models, OEMs are also responsible for integrating the entire vehicle. Suppliers are responsible for developing and producing components. Although electric vehicles have fewer parts than gasoline vehicles, each innovative design increases the difficulty and cost of supplier development. The difficulty for OEMs to manage suppliers will also increase exponentially.</p><p>For large tires alone, Dyson has discussed the feasibility with several suppliers. In the end, only two tire manufacturers felt they could do it—Princeton of Japan and Michelin of France.</p><p>A more unique design is found inside the car. Dyson hired a group of engineers who had never worked with car air conditioning systems before to develop a system that could heat and cool the 7-seater SUV in different zones, while also saving electricity.</p><p>Besides the body design, the fact that you don't need to stop to charge during city trips and the longer driving range are also Dyson's main selling points. Therefore, they had to independently develop suspensions for more batteries and free up more space on them.</p><p>Similar to Dyson, major Chinese technology companies may not need to worry about brand appeal; capable suppliers are happy to cooperate. However, if the cost of a highly complex car design exceeds expectations, and each car is manufactured at a loss, no amount of money can fill this gap.</p><p>They may also fail to deliver on time, fail to meet quality requirements, and have unclear standards, leading to repeated project delays. In China, the 15 engineering prototype vehicles submitted to the Ministry of Industry and Information Technology for inspection also need to meet safety regulations and have a professional team that knows how to communicate with national ministries and commissions.</p><p>Because each model has different sizes and processes, the requirements for the production line are also different. Automakers typically produce one or two models in a single factory. Investment and management are becoming more lean. To this end, Dyson specifically purchased and rehabilitated an airport, along with its warehouses and runways.</p><p>For new companies, if a new plant goes into operation, they also need to synchronize the civil engineering progress, including obtaining environmental impact assessment, fire protection, and civil engineering approval qualifications. Imported equipment also needs to be followed up with logistics. If any link gets stuck, the cash flow needs to keep up.</p><p>Ultimately, James Dyson lamented to a reporter from the Financial Times that he had put a lot of effort into research and development, but ultimately found that mass production costs were too high. Batteries, battery management, electronics, and cooling systems are much more expensive than internal combustion engines. \"To break even, electric vehicles need to sell for at least $300,000 each.\"</p><p>Mass production of high-end models is now easier than that of mid-to-low-end models. Buy one<a href=\"https://laohu8.com/S/RRN.UK\">Rolls-Royce</a>People who believe in manufacturing processes; People who buy a Toyota Corolla are looking for trouble-free, fuel-efficient, and smooth operation. With annual production of hundreds of thousands, reliability is the primary goal of automobiles.</p><p>In February of this year, Tesla CEO Elon Musk also admitted that it is difficult to ensure that details are correct when ramping up production capacity. In a public interview, he advised consumers to either buy from the start or wait until production stabilizes before buying.</p><p>A source close to Xiaomi's car research project once told Caixin that Xiaomi pursues cost-effectiveness, and its car manufacturing is likely to focus on high volume. Therefore, mass production is very important. But can automakers provide sufficient supply? Can the supply chain for batteries, chips, and other products keep up? Even automakers themselves probably cannot guarantee these issues.</p><p>It is still a complex project for technology companies to build a car that can run continuously in rain, snow, and wind for 15 years.</p><p><b>Now, besides selling cars, no one has found a better way to make money.</b></p><p>In the era of gasoline-powered vehicles, traditional car manufacturers established 4S store dealership networks, making a profit when selling complete vehicles and another profit when repairing and maintaining them. Moreover, selling parts is far more profitable than selling complete vehicles. In addition, supporting auto finance, such as car loans, is also an important source of profit.</p><p>Electric vehicles are more like electronic devices and require less maintenance. Opening a store directly can indeed maximize the sales experience and profits. Looking at Tesla's 2020 books, revenue reached $31.5 billion, 94% of which came from car sales. The remaining 6% comes from selling regulatory credits, software, and even branded merchandise.</p><p>Every additional car sold dilutes the cost of developing a model. However, Tesla has been losing money since it started selling cars 12 years ago. Last year, it only made $721 million by selling environmental regulatory credits to traditional automakers. The year before, they were still losing $862 million on the books.</p><p>The era of electric vehicles doesn't seem to have arrived yet.</p><p>For consumers, purchasing an electric vehicle may not be the best option at this stage. As Car Review No. 38 once calculated, in China, if you don't consider car purchase and electricity price subsidies, and include depreciation, buying an electric vehicle is not more cost-effective than buying a gasoline vehicle at this stage.</p><p><img src=\"https://static.tigerbbs.com/da93ed97c8c172097f872e34eed8f4f2\" tg-width=\"550\" tg-height=\"295\" referrerpolicy=\"no-referrer\"></p><p>Most of the reasons people buy electric vehicles do not come from the manufacturer's product strength itself. According to McKinsey's 2021 China Auto Consumption Report, more than half of consumers' willingness to buy electric vehicles is based on some controversial viewpoints.</p><p>For example, 68% of respondents believe that electric vehicles are more environmentally friendly. However, electric vehicles are not necessarily more environmentally friendly without better battery recycling technology.</p><p>Driven by policies such as environmental protection, battery costs have not decreased, and technology companies' cross-industry development of electric vehicles cannot yet completely disrupt the traditional automotive industry. But only when more people use their own hardware will they be able to make money through technology in the future.</p><p>Last year, Tesla topped the Chinese pure electric vehicle market, selling 137,000 Model 3s. According to Wang Yongqing, general manager of Shanghai GM, it will be difficult for traditional automakers to give up the existing 95% gasoline vehicle market. The distinctive features of pure electric vehicles and the cash flow generated by their higher prices can also support their bold application of new technologies.</p><p><img src=\"https://static.tigerbbs.com/2ec80237966c03fbc31c3e4dba9586fd\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\">Top 10 best-selling pure electric vehicles in China in 2020. Data source: China Association of Automobile Manufacturers.</p><p>Building and selling cars is just a stepping stone. What's even more noteworthy is that major tech companies are all developing autonomous driving technology.</p><p>In December 2020, rumors kept circulating.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>New rumors have finally emerged regarding the construction plan. Apple is indeed still developing a complete car. This could be an autonomous vehicle based on the modern electric vehicle platform E-GMP, with the automotive chip evolved from the A12 bionic chip and equipped with groundbreaking battery technology.</p><p>Possibly involved in Xiaomi's car manufacturing<a href=\"https://laohu8.com/S/688169\">Stone Technology</a>It is also independently developing multi-line LiDAR. This technology can be used in its flagship robotic vacuum cleaner product, and perhaps also in autonomous vehicles. The Jihu Alfa S, equipped with Huawei's ADS autonomous driving system, has already debuted at the Shanghai Auto Show and is expected to be delivered this year.</p><p>Tesla, Uber, Google, and Apple have all envisioned the same future.</p><p>Robots will eventually dominate the transportation industry. Driverless vehicles carry passengers on the road and in the air, while drones are responsible for delivering goods. Companies with autonomous driving technology will become the center of all of this. Better hardware, software, and services integrated together will become its core competitiveness.</p><p>At that time, as Tesla CEO Elon Musk once envisioned, the company's profit growth will mainly come from autonomous driving services and paid software. At that time, Tesla was still the best-selling smart electric vehicle brand.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://finance.sina.com.cn/tech/csj/2021-04-20/doc-ikmyaawc0804418.shtml\">锐问 Record</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/747a43d33fdea5605f94cd4071257af1","relate_stocks":{"AAPL":"苹果","BIDU":"百度","01810":"小米集团-W","09888":"百度集团-W"},"source_url":"http://finance.sina.com.cn/tech/csj/2021-04-20/doc-ikmyaawc0804418.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115381700","content_text":"最近半年，中国汽车业的头条新闻都来自科技大公司。4月19日正式开幕的上海车展也不例外。\n声称不造车，想做一级供应商的智能手机厂商华为，这天联合北汽极狐（ARCFOX）发布了定制的新车型。上汽和阿里联合打造的智已汽车也要发布首款量产车。\n和过去5年里，投资造车新势力不同，智能手机厂商小米和互联网大公司百度，都要亲自下场造车。未来，这个队伍可能还有滴滴出行。\n科技巨头们越来越迫切需要一个新领域，成为智能手机时代之后的新增长点。智能电动汽车是它们找的新方向之一。\n但从投资到亲自造车，想要实现这一愿望变容易了么？\n加入中国电动车俱乐部，要先搞定2张门票\n在中国，想要像特斯拉一样造智能纯电动汽车，新公司首先需要两块牌照。一块用来建厂造车，由国家发改委主导；一块用来建公司，卖车，归工信部管。\n成为双资质电动车企，一共分几步？信息来源：发改委、工信部\n但申请条件似乎在逐渐放宽。\n第一块牌照很难拿。2017年6月，中国新能源汽车产能过剩的争议中，发改委不再公布新项目审批信息，一度传出审批实质上已暂停的消息。现在，即使新公司建厂造车的准入重新开放，它们也面临耗时的审批周期。\n可也不是完全没有解决方案。金杜律师事务所合伙人姚丽娟认为，申请生产资质的话，已经有整车或者零部件制造经验的传统车厂会更容易些。除了独立申请资质外，对造车新势力来说，还可以选择代工生产或者直接收购现有汽车生产企业。\n其中，汽车代工模式正在逐渐被政策认可。\n2018年5月，蔚来交付首批量产ES8以来，陆续出现过车主抠“江淮”尾标。因为照2005年施行的《汽车产品外部标识管理办法》，车尾必须出现代工厂品牌。\n对此，蔚来CEO李斌曾表示，国家强制要求乘用车粘贴生产企业名称的规定已经不合时宜，对于处在品牌培育期的初创企业，这项规定增加了额外的难度，同时也增加了沟通成本。\n换句话说，当时汽车代工还在监管的灰色地带。\n直到2018年12月《道路机动车辆生产企业及产品准入管理办法》中，工信部才首次在政策层面肯定了汽车代工模式，同时也提了新要求。比如，未获得生产资质的新造车企业需先代工生产3万辆，才有资格申请资质以及建设工厂。\n代工管理办法草案目前尚未出台。不过，2020年5月，第十三届全国人大三次会议第二场“部长通道”问答记者会上，工信部部长苗圩提到，有序放开新能源企业代工生产，以及对于研发创新型新能源汽车企业，实行品牌授权试点。\n目前，市面上拿到这一资质的公司共18家。来源：据公开信息整理，电车汇\n申请资质进程缓慢，充满不确定性，而更快，也更花钱的办法是直接收购一家已经有资质的公司。零跑汽车副总裁赵刚曾表示，“现在行业里，一个资质大概4个亿。”\n这一价格不包括收购企业背后难以摸清的隐形债务。比如，2018年9月，拜腾1元收购一汽华利，接管后者8亿元债务。后来，拜腾融不到钱，闹钱荒还要忙着还债。\n后来，理想汽车收购重庆力帆，恒大收购国能。对新入场的公司而言，可收购的资质已经越来越少，其中合适的资质要价只会更高。\n而蔚来坚持代工模式。其联合创始人秦力洪曾表示，“资质我们也喜欢，但你让我花10个亿去买个空壳，我肯定不干。我们不会通过收购壳资源获得生产资质。”\n去年9月，第二块牌照的申请条件也放宽了。\n2020年9月，中国工信和信息化部《新能源汽车生产企业及产品准入管理规定》新规，删除了关于“设计开发能力” 的要求。也就是说，小米或者百度这些科技公司想要申请一家公司造电动车，不再要求必须自主研发核心技术——电池、电机和电控。\n清华大学汽车工程开发研究院常务副院长宋健认为，新规降低了企业及其产品的准入门槛，更多新玩家势必进场造车，特别是人民币玩家。\n他们能购买研发技术、生产技术、安全技术等，甚至直接买下一家传统车厂，顺利将质量可靠、用户喜爱的产品投向市场。\n可进入2020年后，中国电动汽车市场变得残酷起来。量产车推得再快，窗口期也已经关闭。补贴结束，外资引入，新公司势必面临更激烈的竞争。小米、百度、滴滴可能面对的竞争对手，不只有特斯拉、蔚来、小鹏，还有大众、通用和丰田。\n造车这块敲门砖，还是有点硬\n一般来说，新入场的公司会集中优势资源做好一辆车，再按照一定频率推新车型。特斯拉花3年打磨 Model S，才开始两年推一款新车。蔚来、理想、小鹏也各自花了约4年时间打造第一款量产车。\n但不是所有公司都能成功。肯花钱也不一定能造好车。造电吹风的戴森耗了四年时间，花了25亿英镑（约227亿元人民币），放弃了造车计划。\n戴森和老伙伴全球设计和技术副总裁彼得·盖马克（Peter Gammack）亲自把关车身设计，反复试验。但汽车设计讲究精度，学习曲线陡峭。因此，他们还聘用了很多汽车业人士，用来指出问题所在。\n2016年起，戴森董事会里多了两位汽车专业人士。包括，阿斯顿马丁前总工程师Ian Minards和宝马电动车计划的重要支持者Ian Robertson。\n戴森概念电动车\n即使有一帮汽车专业人士把关，戴森概念车还是采用了一系列激进的设计。包括低矮的车顶、更大的车轮、无框的窗玻璃，以及豪车才会配置的“自杀”门。\n除了研发、规划新车型，主机厂还要负责集成整车。而供应商负责开发、生产零部件。虽然电动汽车的零部件数量比燃油车要少，但每一个创新的设计，都会增加供应商开发难度和成本。主机厂管理供应商的难度，也会指数级上升。\n光是大轮胎，戴森就和好几家供应商讨论过可行性。最后只有两家轮胎制造商觉得可以做到——日本的普林斯通和法国的米其林。\n更特别的设计在汽车内部。戴森请了一批从未接触过汽车空气调节系统的工程师，搞了一套能给这辆7座SUV分区加热、制冷的，而且还要做到省电。\n除了车身设计，不用在城市旅途中停下来充电，更长的续航时间也是戴森汽车主打的卖点。为此，他们不得不为更多的电池，自主研发悬架，并在上面腾出更多的空间。\n和戴森类似，中国科技大公司或许也不用担心品牌号召力，有实力的供应商乐得合作。但高难度的汽车设计，一旦成本超出预期，造一台亏一台，有多少钱都填不上这个窟窿。\n它们还有可能无法如期交货，不按质量要求行事，标准扯不清楚，导致项目一拖再拖。在中国，交给工信部检验的15辆工程样车，还需要满足安全法规，要有专业团队懂得和国家部委上下沟通。\n由于每款车型的尺寸、工艺不同，对生产线的要求也不同。车企通常会把一、两个车型放在一个工厂集中生产。投资和管理起来更加精益。为此，戴森专门购买并修复了一座机场，及其仓库和跑道。\n对新公司来说，如果有新厂投产，还要同步土建进度，包括拿到环评，消防，土建认可资格。进口设备也要跟进物流。一旦哪个环节卡壳，资金流需要跟得上。\n最终，詹姆斯·戴森曾对《金融时报》的记者感慨，花了很多力气研发，但最后发现量产成本太高了。电池，电池管理，电子设备和冷却系统比内燃机要贵得多。“要收支打平，电动车至少得卖30万美元一辆。”\n而量产高端车型已经比中低端车型容易。买一辆劳斯莱斯的人，信奉的是制造工艺；买一辆丰田卡罗拉的人，追求的是不出故障、省油和平顺。年产数十万以后，可靠性是汽车的首要目标。\n今年2月，特斯拉CEO马斯克也承认，在产能爬坡时，保证细节不出错很难。他曾在公开采访中，建议消费者，要么一开始就买，要么等产量稳定下来再买。\n一位接近小米汽车调研项目的人士曾对《财新》表示，小米追求性价比，它造车大概率要走量的。因此规模量产很重要。但车企能否充分供应？电池、芯片等供应链是不是能跟上？这些问题恐怕车企自己都无法保证。\n科技公司要制造一辆要在雨雪、风雪中持续行驶15年的汽车，至今仍是一项复杂的工程。\n现在除了卖车，没谁找到更好的赚钱办法\n燃油车时代，传统车厂建立4S店经销网络，卖整车时赚一笔钱，维修保养时再赚一笔。而且，卖配件远比卖整车更赚钱。除此之外，配套的汽车金融，比如贷款买车，也是其重要的利润来源。\n电动车更像一台电子设备，不太需要保养。直接开店销售的确更能保证销售体验和利润最大化。翻开特斯拉2020年的账簿，收入315亿美元，其中94%正来自卖车。剩下6%来自出售监管积分、卖软件，甚至是卖品牌周边。\n每多卖一辆车，就会摊薄研发一个车型的成本。不过，卖车12年以来，特斯拉亏损至今。去年，它靠把环保监管积分卖给传统车厂，才赚了7.21亿美元。前一年还账面上都还亏着8.62亿美元。\n属于电动汽车的时代似乎还没有来。\n对消费者来说，现阶段，购置电动车可能也还不是最优选择。《38号车评》曾测算过，在中国，如果不考虑购车和电价补贴，算上折旧，现阶段买电动车并不比燃油车划算。\n\n人们购买电动车的理由，大多还不来自制造商的产品力本身。2021年麦肯锡中国汽车消费报告中，过半的消费者购买电动车的意愿，基于一些尚存争议的观点。\n例如，68%的受访者认为，电动车更环保。然而，在没有更好的电池回收技术前，电动车不一定更环保。\n环保等政策驱动下，电池成本没降下来，科技公司跨界造电动汽车还不能完全颠覆传统的汽车行业。但也只有当更多人使用自己的硬件时，它们未来才有可能靠技术赚钱。\n去年，特斯拉在中国纯电动车市场拿了个销售冠军，卖掉了13.7万辆Model 3。在上海通用总经理王永清看来，传统车企很难放弃现有95%的燃油车市场。而特点鲜明的纯电动车，较高售价带来的现金流，还能支撑其大胆应用新技术。\n2020年，中国卖得最好的纯电动车车型Top10 数据来源：中国汽车工业协会\n造车，卖车只是一块敲门砖。更值得留意的是，科技大公司都正在研发自动驾驶技术。\n2020年12月，一直传言不断的苹果造计划终于有了新传言。苹果确实仍在开发一款整车。这可能是一款基于现代电动车平台E-GMP的自动驾驶汽车，汽车芯片由A12仿生芯片进化而来，并搭载突破性的电池技术。\n可能参与小米造车的石头科技，也正在自主研发多线激光雷达。这一技术既可以用于其主打产品扫地机器人，也许还能用在自动驾驶汽车上。而搭载华为ADS自动驾驶系统的极狐阿尔法S已经亮相上海车展，预计今年年内交付。\n特斯拉、Uber、Google、苹果都曾设想过同一个未来。\n机器人最终会统治交通运输业。无人车载着乘客在道路上和空中穿梭，无人机负责送货。而拥有无人驾驶技术的公司将成为这一切的中心。更好的硬件，软件和服务集成在一起会成为其核心竞争力。\n到时，像特斯拉CEO埃隆·马斯克曾设想的那样——公司利润增长将主要来源于自动驾驶出行服务和付费软件。如果那时，特斯拉还是卖得最好的智能电动汽车品牌。","news_type":1,"symbols_score_info":{"01810":0.9,"AAPL":0.9,"09888":0.9,"BIDU":0.9}},"isVote":1,"tweetType":1,"viewCount":4410,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":364955172,"gmtCreate":1614805093096,"gmtModify":1704775439629,"author":{"id":"3568003285919550","authorId":"3568003285919550","name":"Quest","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3568003285919550","idStr":"3568003285919550"},"themes":[],"title":"","htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/364955172","repostId":"1156410668","repostType":4,"repost":{"id":"1156410668","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1614782895,"share":"https://ttm.financial/m/news/1156410668?lang=en_US&edition=fundamental","pubTime":"2021-03-03 22:48","market":"us","language":"zh","title":"U.S. inflation has broken through 2.5% for the first time since 2008.","url":"https://stock-news.laohu8.com/highlight/detail?id=1156410668","media":"老虎资讯综合","summary":"美国五年期通胀保值国债（TIPS）损益平衡通胀率涨至2.5%上方，创2008年以来新高。10年期美债收益率涨向1.48%，日内当前涨幅超过8.0个基点。\n此前，媒体报道称，欧洲央行无意干预欧元区债券收","content":"<p>The U.S. five-year inflation-protected Treasury Bond (TIPS) break-even inflation rate rose above 2.5%, a new high since 2008. The yield on 10-year U.S. Treasury bonds rose to 1.48%, with an intraday increase of more than 8.0 basis points.</p><p>Previously, media reports indicated that the European Central Bank had no intention of intervening in the rise in Eurozone bond yields. The yield on the German 10-year Treasury Bond hit a daily high of -0.303%, with a current intraday gain of nearly 5.0 basis points.</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>U.S. inflation has broken through 2.5% for the first time since 2008.</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\">\nU.S. inflation has broken through 2.5% for the first time since 2008.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\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\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-03-03 22:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The U.S. five-year inflation-protected Treasury Bond (TIPS) break-even inflation rate rose above 2.5%, a new high since 2008. The yield on 10-year U.S. Treasury bonds rose to 1.48%, with an intraday increase of more than 8.0 basis points.</p><p>Previously, media reports indicated that the European Central Bank had no intention of intervening in the rise in Eurozone bond yields. The yield on the German 10-year Treasury Bond hit a daily high of -0.303%, with a current intraday gain of nearly 5.0 basis points.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/eaa375c3f2142c42f281c81029b9c0da","relate_stocks":{".DJI":"道琼斯"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156410668","content_text":"美国五年期通胀保值国债（TIPS）损益平衡通胀率涨至2.5%上方，创2008年以来新高。10年期美债收益率涨向1.48%，日内当前涨幅超过8.0个基点。\n此前，媒体报道称，欧洲央行无意干预欧元区债券收益率的涨势。德国10年期国债收益率刷新日高至-0.303%，日内当前涨幅将近5.0个基点。","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":4073,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":371842187,"gmtCreate":1618928544249,"gmtModify":1704717068980,"author":{"id":"3568003285919550","authorId":"3568003285919550","name":"Quest","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3568003285919550","idStr":"3568003285919550"},"themes":[],"title":"","htmlText":"??????","listText":"??????","text":"??????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/371842187","repostId":"1115381700","repostType":4,"repost":{"id":"1115381700","kind":"news","pubTimestamp":1618916552,"share":"https://ttm.financial/m/news/1115381700?lang=en_US&edition=fundamental","pubTime":"2021-04-20 19:02","market":"hk","language":"zh","title":"The fact that tech giants are building cars is actually just a stepping stone.","url":"https://stock-news.laohu8.com/highlight/detail?id=1115381700","media":"锐问 Record","summary":"加入中国电动车俱乐部，要先搞定2张门票。","content":"<p>In the past six months, the headlines of China's automotive industry have all come from large technology companies. The Shanghai Auto Show, which officially opened on April 19, is no exception.</p><p>Huawei, a smartphone manufacturer that claims it doesn't manufacture cars and wants to be a Tier 1 supplier, released a customized new model in conjunction with BAIC ARCFOX on the same day. SAIC and Alibaba are also planning to release their first mass-produced vehicle, Zhiyi Auto.</p><p>Unlike the investment in emerging car manufacturers over the past five years, smartphone manufacturer Xiaomi and major internet companies...<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>They all have to personally get involved in car manufacturing. In the future, this team may also include Didi Chuxing.</p><p>Tech giants are increasingly in urgent need of a new field to become a new growth point after the smartphone era. Smart electric vehicles are one of the new directions they are looking for.</p><p>But from investing to building cars yourself, has it become easier to realize this dream?</p><p><b>To join the China Electric Vehicle Club, you need to secure two tickets first.</b></p><p>In China, if you want to be like<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>To manufacture intelligent pure electric vehicles, a new company first needs two licenses. One part will be used to build a factory and manufacture cars, led by the National Development and Reform Commission; One of them was used to build a company and sell cars, and it was under the jurisdiction of the Ministry of Industry and</p><p><img src=\"https://static.tigerbbs.com/67adccefb368ef6b178d50400188ab85\" tg-width=\"550\" tg-height=\"334\" referrerpolicy=\"no-referrer\">How many steps are involved in becoming a dual-licensed electric vehicle manufacturer? Information source: National Development and Reform Commission,</p><p>However, the application requirements seem to be gradually being relaxed.</p><p>The first license plate is very difficult to get. June 2017, China<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>Amid the controversy over automobile overcapacity, the National Development and Reform Commission (NDRC) has stopped releasing information on new project approvals, leading to reports that approvals have been effectively suspended. Now, even if new companies reopen access to build factories and manufacture cars, they still face a time-consuming approval cycle.</p><p>But it's not entirely without solutions. Yao Lijuan, a partner at King & Wood Mallesons, believes that applying for production qualifications will be easier for traditional automakers that already have experience in manufacturing complete vehicles or parts. In addition to independently applying for qualifications, emerging car manufacturers can also choose to contract manufacturing or directly acquire existing car manufacturers.</p><p>Among them, the automobile OEM model is gradually being recognized by policies.</p><p>In May 2018,<a href=\"https://laohu8.com/S/NIO\">Nio</a>Since the delivery of the first batch of mass-produced ES8s, there have been instances of car owners picking at the end of the \"JAC\" logo. According to the \"Administrative Measures for External Identification of Automobile Products\" implemented in 2005, the OEM brand must appear on the rear of the vehicle.</p><p>In response, Nio CEO Li Bin once stated that the national mandatory requirement for passenger vehicles to display the manufacturer's name is no longer timely. For startups in the brand building stage, this regulation adds extra difficulty and also increases communication costs.</p><p>In other words, at that time, automobile manufacturing was still in a gray area of regulation.</p><p>It wasn't until December 2018, in the \"Administrative Measures for the Access of Road Motor Vehicle Manufacturers and Products,\" that the Ministry of Industry and Information Technology affirmed the automobile OEM model for the first time at the policy level, while also putting forward new requirements. For example, new car manufacturers that have not obtained production qualifications must first manufacture 30,000 vehicles before they are eligible to apply for qualifications and build factories.</p><p>The draft regulations for the management of OEM manufacturing have not yet been released. However, in May 2020, at the second \"Ministerial Corridor\" Q&A press conference of the Third Session of the 13th National People's Congress, Miao Wei, Minister of Industry and Information Technology, mentioned the orderly opening up of OEM production for new energy companies and the implementation of brand authorization pilot programs for companies that develop innovative new energy vehicles.</p><p><img src=\"https://static.tigerbbs.com/d8124e0022f80c4d05da77d77d848146\" tg-width=\"550\" tg-height=\"445\" referrerpolicy=\"no-referrer\">Currently, there are 18 companies on the market that have obtained this qualification. Source: Compiled from publicly available information, Tram Hub</p><p>The application process for qualifications is slow and uncertain, and a faster and more expensive way is to directly acquire an already qualified company. Zhao Gang, vice president of Leapmotor, once said, \"In the industry now, a qualification is worth about 400 million yuan.\"</p><p>This price does not include the hidden debts behind the acquired companies that are difficult to figure out. For example, in September 2018, Byton acquired FAW Huali for 1 yuan, taking over the latter's 800 million yuan debt. Later, Byton couldn't raise money, faced a cash crunch, and was busy paying off debts.</p><p>Later,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Evergrande acquired Chongqing Lifan, and Evergrande acquired Guoneng. For new entrants, there are fewer and fewer qualifications available for acquisition, and the price of suitable qualifications will only be higher.</p><p>NIO, however, insists on the contract manufacturing model. Its co-founder, Qin Lihong, once said, \"We also like qualifications, but if you ask me to spend 1 billion yuan to buy an empty shell company, I definitely won't do it. We will not obtain production qualifications by acquiring shell company resources.\"</p><p>Last September, the application requirements for the second license were also relaxed.</p><p>In September 2020, the Ministry of Industry and Information Technology of China issued new regulations entitled \"Regulations on the Administration of Access to New Energy Vehicle Manufacturers and Products,\" which removed the requirement for \"design and development capabilities.\" In other words, technology companies like Xiaomi or Baidu are no longer required to independently develop core technologies—batteries, motors, and electronic controls—if they want to apply for a company to manufacture electric vehicles.</p><p>Song Jian, executive vice dean of the Automotive Engineering Development Institute of Tsinghua University, believes that the new regulations have lowered the entry threshold for companies and their products, and more new players will inevitably enter the car manufacturing market, especially RMB players.</p><p>They can purchase R&D technology, production technology, safety technology, etc., and even directly buy a traditional car manufacturer, successfully launching reliable products that users love to the market.</p><p>However, after entering 2020, China's electric vehicle market became more ruthless. No matter how quickly mass-produced cars are launched, the window of opportunity has already closed. With the end of subsidies and the introduction of foreign capital, new companies will inevitably face fiercer competition. The competitors that Xiaomi, Baidu, and Didi may face include not only Tesla, Nio, and XPeng, but also Volkswagen, GM, and Toyota.</p><p><b>The stepping stone to car manufacturing is still a bit tough.</b></p><p>Generally speaking, new entrants will concentrate their superior resources on making a good car, and then launch new models at a certain frequency. Tesla spent three years refining the Model S before launching a new car every two years. Nio, Li Auto, and XPeng each spent about four years developing their first mass-produced car.</p><p>But not all companies succeed. Even if you're willing to spend money, you might not be able to build a good car. Dyson, which manufactured hair dryers, spent four years and £2.5 billion (approximately 22.7 billion yuan) abandoning its car manufacturing plan.</p><p>Dyson and old<a href=\"https://laohu8.com/S/GLP\">Partners Global</a>Peter Gammack, Vice President of Design and Technology, personally oversaw the body design and tested it repeatedly. However, automotive design requires precision and has a steep learning curve. Therefore, they also hired many people from the automotive industry to point out the problems.</p><p>Since 2016, Dyson has added two automotive professionals to its board of directors. Including,<a href=\"https://laohu8.com/S/AMLN.UK\">Aston Martin</a>Former chief engineer Ian Minards and Ian Robertson, a key supporter of BMW's electric vehicle program.</p><p><img src=\"https://static.tigerbbs.com/647a748492535a79d1257995c247452e\" tg-width=\"550\" tg-height=\"364\" referrerpolicy=\"no-referrer\">Dyson concept electric vehicle</p><p>Even with a group of automotive professionals overseeing the process, the Dyson concept car still employed a series of radical designs. This includes a low roof, larger wheels, frameless windows, and a \"suicide\" door that only luxury cars feature.</p><p>In addition to developing and planning new models, OEMs are also responsible for integrating the entire vehicle. Suppliers are responsible for developing and producing components. Although electric vehicles have fewer parts than gasoline vehicles, each innovative design increases the difficulty and cost of supplier development. The difficulty for OEMs to manage suppliers will also increase exponentially.</p><p>For large tires alone, Dyson has discussed the feasibility with several suppliers. In the end, only two tire manufacturers felt they could do it—Princeton of Japan and Michelin of France.</p><p>A more unique design is found inside the car. Dyson hired a group of engineers who had never worked with car air conditioning systems before to develop a system that could heat and cool the 7-seater SUV in different zones, while also saving electricity.</p><p>Besides the body design, the fact that you don't need to stop to charge during city trips and the longer driving range are also Dyson's main selling points. Therefore, they had to independently develop suspensions for more batteries and free up more space on them.</p><p>Similar to Dyson, major Chinese technology companies may not need to worry about brand appeal; capable suppliers are happy to cooperate. However, if the cost of a highly complex car design exceeds expectations, and each car is manufactured at a loss, no amount of money can fill this gap.</p><p>They may also fail to deliver on time, fail to meet quality requirements, and have unclear standards, leading to repeated project delays. In China, the 15 engineering prototype vehicles submitted to the Ministry of Industry and Information Technology for inspection also need to meet safety regulations and have a professional team that knows how to communicate with national ministries and commissions.</p><p>Because each model has different sizes and processes, the requirements for the production line are also different. Automakers typically produce one or two models in a single factory. Investment and management are becoming more lean. To this end, Dyson specifically purchased and rehabilitated an airport, along with its warehouses and runways.</p><p>For new companies, if a new plant goes into operation, they also need to synchronize the civil engineering progress, including obtaining environmental impact assessment, fire protection, and civil engineering approval qualifications. Imported equipment also needs to be followed up with logistics. If any link gets stuck, the cash flow needs to keep up.</p><p>Ultimately, James Dyson lamented to a reporter from the Financial Times that he had put a lot of effort into research and development, but ultimately found that mass production costs were too high. Batteries, battery management, electronics, and cooling systems are much more expensive than internal combustion engines. \"To break even, electric vehicles need to sell for at least $300,000 each.\"</p><p>Mass production of high-end models is now easier than that of mid-to-low-end models. Buy one<a href=\"https://laohu8.com/S/RRN.UK\">Rolls-Royce</a>People who believe in manufacturing processes; People who buy a Toyota Corolla are looking for trouble-free, fuel-efficient, and smooth operation. With annual production of hundreds of thousands, reliability is the primary goal of automobiles.</p><p>In February of this year, Tesla CEO Elon Musk also admitted that it is difficult to ensure that details are correct when ramping up production capacity. In a public interview, he advised consumers to either buy from the start or wait until production stabilizes before buying.</p><p>A source close to Xiaomi's car research project once told Caixin that Xiaomi pursues cost-effectiveness, and its car manufacturing is likely to focus on high volume. Therefore, mass production is very important. But can automakers provide sufficient supply? Can the supply chain for batteries, chips, and other products keep up? Even automakers themselves probably cannot guarantee these issues.</p><p>It is still a complex project for technology companies to build a car that can run continuously in rain, snow, and wind for 15 years.</p><p><b>Now, besides selling cars, no one has found a better way to make money.</b></p><p>In the era of gasoline-powered vehicles, traditional car manufacturers established 4S store dealership networks, making a profit when selling complete vehicles and another profit when repairing and maintaining them. Moreover, selling parts is far more profitable than selling complete vehicles. In addition, supporting auto finance, such as car loans, is also an important source of profit.</p><p>Electric vehicles are more like electronic devices and require less maintenance. Opening a store directly can indeed maximize the sales experience and profits. Looking at Tesla's 2020 books, revenue reached $31.5 billion, 94% of which came from car sales. The remaining 6% comes from selling regulatory credits, software, and even branded merchandise.</p><p>Every additional car sold dilutes the cost of developing a model. However, Tesla has been losing money since it started selling cars 12 years ago. Last year, it only made $721 million by selling environmental regulatory credits to traditional automakers. The year before, they were still losing $862 million on the books.</p><p>The era of electric vehicles doesn't seem to have arrived yet.</p><p>For consumers, purchasing an electric vehicle may not be the best option at this stage. As Car Review No. 38 once calculated, in China, if you don't consider car purchase and electricity price subsidies, and include depreciation, buying an electric vehicle is not more cost-effective than buying a gasoline vehicle at this stage.</p><p><img src=\"https://static.tigerbbs.com/da93ed97c8c172097f872e34eed8f4f2\" tg-width=\"550\" tg-height=\"295\" referrerpolicy=\"no-referrer\"></p><p>Most of the reasons people buy electric vehicles do not come from the manufacturer's product strength itself. According to McKinsey's 2021 China Auto Consumption Report, more than half of consumers' willingness to buy electric vehicles is based on some controversial viewpoints.</p><p>For example, 68% of respondents believe that electric vehicles are more environmentally friendly. However, electric vehicles are not necessarily more environmentally friendly without better battery recycling technology.</p><p>Driven by policies such as environmental protection, battery costs have not decreased, and technology companies' cross-industry development of electric vehicles cannot yet completely disrupt the traditional automotive industry. But only when more people use their own hardware will they be able to make money through technology in the future.</p><p>Last year, Tesla topped the Chinese pure electric vehicle market, selling 137,000 Model 3s. According to Wang Yongqing, general manager of Shanghai GM, it will be difficult for traditional automakers to give up the existing 95% gasoline vehicle market. The distinctive features of pure electric vehicles and the cash flow generated by their higher prices can also support their bold application of new technologies.</p><p><img src=\"https://static.tigerbbs.com/2ec80237966c03fbc31c3e4dba9586fd\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\">Top 10 best-selling pure electric vehicles in China in 2020. Data source: China Association of Automobile Manufacturers.</p><p>Building and selling cars is just a stepping stone. What's even more noteworthy is that major tech companies are all developing autonomous driving technology.</p><p>In December 2020, rumors kept circulating.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>New rumors have finally emerged regarding the construction plan. Apple is indeed still developing a complete car. This could be an autonomous vehicle based on the modern electric vehicle platform E-GMP, with the automotive chip evolved from the A12 bionic chip and equipped with groundbreaking battery technology.</p><p>Possibly involved in Xiaomi's car manufacturing<a href=\"https://laohu8.com/S/688169\">Stone Technology</a>It is also independently developing multi-line LiDAR. This technology can be used in its flagship robotic vacuum cleaner product, and perhaps also in autonomous vehicles. The Jihu Alfa S, equipped with Huawei's ADS autonomous driving system, has already debuted at the Shanghai Auto Show and is expected to be delivered this year.</p><p>Tesla, Uber, Google, and Apple have all envisioned the same future.</p><p>Robots will eventually dominate the transportation industry. Driverless vehicles carry passengers on the road and in the air, while drones are responsible for delivering goods. Companies with autonomous driving technology will become the center of all of this. Better hardware, software, and services integrated together will become its core competitiveness.</p><p>At that time, as Tesla CEO Elon Musk once envisioned, the company's profit growth will mainly come from autonomous driving services and paid software. At that time, Tesla was still the best-selling smart electric vehicle brand.</p>","source":"lsy1616056435833","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>The fact that tech giants are building cars is actually just a stepping stone.</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\">\nThe fact that tech giants are building cars is actually just a stepping stone.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">锐问 Record</strong><span class=\"h-time small\">2021-04-20 19:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In the past six months, the headlines of China's automotive industry have all come from large technology companies. The Shanghai Auto Show, which officially opened on April 19, is no exception.</p><p>Huawei, a smartphone manufacturer that claims it doesn't manufacture cars and wants to be a Tier 1 supplier, released a customized new model in conjunction with BAIC ARCFOX on the same day. SAIC and Alibaba are also planning to release their first mass-produced vehicle, Zhiyi Auto.</p><p>Unlike the investment in emerging car manufacturers over the past five years, smartphone manufacturer Xiaomi and major internet companies...<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>They all have to personally get involved in car manufacturing. In the future, this team may also include Didi Chuxing.</p><p>Tech giants are increasingly in urgent need of a new field to become a new growth point after the smartphone era. Smart electric vehicles are one of the new directions they are looking for.</p><p>But from investing to building cars yourself, has it become easier to realize this dream?</p><p><b>To join the China Electric Vehicle Club, you need to secure two tickets first.</b></p><p>In China, if you want to be like<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>To manufacture intelligent pure electric vehicles, a new company first needs two licenses. One part will be used to build a factory and manufacture cars, led by the National Development and Reform Commission; One of them was used to build a company and sell cars, and it was under the jurisdiction of the Ministry of Industry and</p><p><img src=\"https://static.tigerbbs.com/67adccefb368ef6b178d50400188ab85\" tg-width=\"550\" tg-height=\"334\" referrerpolicy=\"no-referrer\">How many steps are involved in becoming a dual-licensed electric vehicle manufacturer? Information source: National Development and Reform Commission,</p><p>However, the application requirements seem to be gradually being relaxed.</p><p>The first license plate is very difficult to get. June 2017, China<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>Amid the controversy over automobile overcapacity, the National Development and Reform Commission (NDRC) has stopped releasing information on new project approvals, leading to reports that approvals have been effectively suspended. Now, even if new companies reopen access to build factories and manufacture cars, they still face a time-consuming approval cycle.</p><p>But it's not entirely without solutions. Yao Lijuan, a partner at King & Wood Mallesons, believes that applying for production qualifications will be easier for traditional automakers that already have experience in manufacturing complete vehicles or parts. In addition to independently applying for qualifications, emerging car manufacturers can also choose to contract manufacturing or directly acquire existing car manufacturers.</p><p>Among them, the automobile OEM model is gradually being recognized by policies.</p><p>In May 2018,<a href=\"https://laohu8.com/S/NIO\">Nio</a>Since the delivery of the first batch of mass-produced ES8s, there have been instances of car owners picking at the end of the \"JAC\" logo. According to the \"Administrative Measures for External Identification of Automobile Products\" implemented in 2005, the OEM brand must appear on the rear of the vehicle.</p><p>In response, Nio CEO Li Bin once stated that the national mandatory requirement for passenger vehicles to display the manufacturer's name is no longer timely. For startups in the brand building stage, this regulation adds extra difficulty and also increases communication costs.</p><p>In other words, at that time, automobile manufacturing was still in a gray area of regulation.</p><p>It wasn't until December 2018, in the \"Administrative Measures for the Access of Road Motor Vehicle Manufacturers and Products,\" that the Ministry of Industry and Information Technology affirmed the automobile OEM model for the first time at the policy level, while also putting forward new requirements. For example, new car manufacturers that have not obtained production qualifications must first manufacture 30,000 vehicles before they are eligible to apply for qualifications and build factories.</p><p>The draft regulations for the management of OEM manufacturing have not yet been released. However, in May 2020, at the second \"Ministerial Corridor\" Q&A press conference of the Third Session of the 13th National People's Congress, Miao Wei, Minister of Industry and Information Technology, mentioned the orderly opening up of OEM production for new energy companies and the implementation of brand authorization pilot programs for companies that develop innovative new energy vehicles.</p><p><img src=\"https://static.tigerbbs.com/d8124e0022f80c4d05da77d77d848146\" tg-width=\"550\" tg-height=\"445\" referrerpolicy=\"no-referrer\">Currently, there are 18 companies on the market that have obtained this qualification. Source: Compiled from publicly available information, Tram Hub</p><p>The application process for qualifications is slow and uncertain, and a faster and more expensive way is to directly acquire an already qualified company. Zhao Gang, vice president of Leapmotor, once said, \"In the industry now, a qualification is worth about 400 million yuan.\"</p><p>This price does not include the hidden debts behind the acquired companies that are difficult to figure out. For example, in September 2018, Byton acquired FAW Huali for 1 yuan, taking over the latter's 800 million yuan debt. Later, Byton couldn't raise money, faced a cash crunch, and was busy paying off debts.</p><p>Later,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Evergrande acquired Chongqing Lifan, and Evergrande acquired Guoneng. For new entrants, there are fewer and fewer qualifications available for acquisition, and the price of suitable qualifications will only be higher.</p><p>NIO, however, insists on the contract manufacturing model. Its co-founder, Qin Lihong, once said, \"We also like qualifications, but if you ask me to spend 1 billion yuan to buy an empty shell company, I definitely won't do it. We will not obtain production qualifications by acquiring shell company resources.\"</p><p>Last September, the application requirements for the second license were also relaxed.</p><p>In September 2020, the Ministry of Industry and Information Technology of China issued new regulations entitled \"Regulations on the Administration of Access to New Energy Vehicle Manufacturers and Products,\" which removed the requirement for \"design and development capabilities.\" In other words, technology companies like Xiaomi or Baidu are no longer required to independently develop core technologies—batteries, motors, and electronic controls—if they want to apply for a company to manufacture electric vehicles.</p><p>Song Jian, executive vice dean of the Automotive Engineering Development Institute of Tsinghua University, believes that the new regulations have lowered the entry threshold for companies and their products, and more new players will inevitably enter the car manufacturing market, especially RMB players.</p><p>They can purchase R&D technology, production technology, safety technology, etc., and even directly buy a traditional car manufacturer, successfully launching reliable products that users love to the market.</p><p>However, after entering 2020, China's electric vehicle market became more ruthless. No matter how quickly mass-produced cars are launched, the window of opportunity has already closed. With the end of subsidies and the introduction of foreign capital, new companies will inevitably face fiercer competition. The competitors that Xiaomi, Baidu, and Didi may face include not only Tesla, Nio, and XPeng, but also Volkswagen, GM, and Toyota.</p><p><b>The stepping stone to car manufacturing is still a bit tough.</b></p><p>Generally speaking, new entrants will concentrate their superior resources on making a good car, and then launch new models at a certain frequency. Tesla spent three years refining the Model S before launching a new car every two years. Nio, Li Auto, and XPeng each spent about four years developing their first mass-produced car.</p><p>But not all companies succeed. Even if you're willing to spend money, you might not be able to build a good car. Dyson, which manufactured hair dryers, spent four years and £2.5 billion (approximately 22.7 billion yuan) abandoning its car manufacturing plan.</p><p>Dyson and old<a href=\"https://laohu8.com/S/GLP\">Partners Global</a>Peter Gammack, Vice President of Design and Technology, personally oversaw the body design and tested it repeatedly. However, automotive design requires precision and has a steep learning curve. Therefore, they also hired many people from the automotive industry to point out the problems.</p><p>Since 2016, Dyson has added two automotive professionals to its board of directors. Including,<a href=\"https://laohu8.com/S/AMLN.UK\">Aston Martin</a>Former chief engineer Ian Minards and Ian Robertson, a key supporter of BMW's electric vehicle program.</p><p><img src=\"https://static.tigerbbs.com/647a748492535a79d1257995c247452e\" tg-width=\"550\" tg-height=\"364\" referrerpolicy=\"no-referrer\">Dyson concept electric vehicle</p><p>Even with a group of automotive professionals overseeing the process, the Dyson concept car still employed a series of radical designs. This includes a low roof, larger wheels, frameless windows, and a \"suicide\" door that only luxury cars feature.</p><p>In addition to developing and planning new models, OEMs are also responsible for integrating the entire vehicle. Suppliers are responsible for developing and producing components. Although electric vehicles have fewer parts than gasoline vehicles, each innovative design increases the difficulty and cost of supplier development. The difficulty for OEMs to manage suppliers will also increase exponentially.</p><p>For large tires alone, Dyson has discussed the feasibility with several suppliers. In the end, only two tire manufacturers felt they could do it—Princeton of Japan and Michelin of France.</p><p>A more unique design is found inside the car. Dyson hired a group of engineers who had never worked with car air conditioning systems before to develop a system that could heat and cool the 7-seater SUV in different zones, while also saving electricity.</p><p>Besides the body design, the fact that you don't need to stop to charge during city trips and the longer driving range are also Dyson's main selling points. Therefore, they had to independently develop suspensions for more batteries and free up more space on them.</p><p>Similar to Dyson, major Chinese technology companies may not need to worry about brand appeal; capable suppliers are happy to cooperate. However, if the cost of a highly complex car design exceeds expectations, and each car is manufactured at a loss, no amount of money can fill this gap.</p><p>They may also fail to deliver on time, fail to meet quality requirements, and have unclear standards, leading to repeated project delays. In China, the 15 engineering prototype vehicles submitted to the Ministry of Industry and Information Technology for inspection also need to meet safety regulations and have a professional team that knows how to communicate with national ministries and commissions.</p><p>Because each model has different sizes and processes, the requirements for the production line are also different. Automakers typically produce one or two models in a single factory. Investment and management are becoming more lean. To this end, Dyson specifically purchased and rehabilitated an airport, along with its warehouses and runways.</p><p>For new companies, if a new plant goes into operation, they also need to synchronize the civil engineering progress, including obtaining environmental impact assessment, fire protection, and civil engineering approval qualifications. Imported equipment also needs to be followed up with logistics. If any link gets stuck, the cash flow needs to keep up.</p><p>Ultimately, James Dyson lamented to a reporter from the Financial Times that he had put a lot of effort into research and development, but ultimately found that mass production costs were too high. Batteries, battery management, electronics, and cooling systems are much more expensive than internal combustion engines. \"To break even, electric vehicles need to sell for at least $300,000 each.\"</p><p>Mass production of high-end models is now easier than that of mid-to-low-end models. Buy one<a href=\"https://laohu8.com/S/RRN.UK\">Rolls-Royce</a>People who believe in manufacturing processes; People who buy a Toyota Corolla are looking for trouble-free, fuel-efficient, and smooth operation. With annual production of hundreds of thousands, reliability is the primary goal of automobiles.</p><p>In February of this year, Tesla CEO Elon Musk also admitted that it is difficult to ensure that details are correct when ramping up production capacity. In a public interview, he advised consumers to either buy from the start or wait until production stabilizes before buying.</p><p>A source close to Xiaomi's car research project once told Caixin that Xiaomi pursues cost-effectiveness, and its car manufacturing is likely to focus on high volume. Therefore, mass production is very important. But can automakers provide sufficient supply? Can the supply chain for batteries, chips, and other products keep up? Even automakers themselves probably cannot guarantee these issues.</p><p>It is still a complex project for technology companies to build a car that can run continuously in rain, snow, and wind for 15 years.</p><p><b>Now, besides selling cars, no one has found a better way to make money.</b></p><p>In the era of gasoline-powered vehicles, traditional car manufacturers established 4S store dealership networks, making a profit when selling complete vehicles and another profit when repairing and maintaining them. Moreover, selling parts is far more profitable than selling complete vehicles. In addition, supporting auto finance, such as car loans, is also an important source of profit.</p><p>Electric vehicles are more like electronic devices and require less maintenance. Opening a store directly can indeed maximize the sales experience and profits. Looking at Tesla's 2020 books, revenue reached $31.5 billion, 94% of which came from car sales. The remaining 6% comes from selling regulatory credits, software, and even branded merchandise.</p><p>Every additional car sold dilutes the cost of developing a model. However, Tesla has been losing money since it started selling cars 12 years ago. Last year, it only made $721 million by selling environmental regulatory credits to traditional automakers. The year before, they were still losing $862 million on the books.</p><p>The era of electric vehicles doesn't seem to have arrived yet.</p><p>For consumers, purchasing an electric vehicle may not be the best option at this stage. As Car Review No. 38 once calculated, in China, if you don't consider car purchase and electricity price subsidies, and include depreciation, buying an electric vehicle is not more cost-effective than buying a gasoline vehicle at this stage.</p><p><img src=\"https://static.tigerbbs.com/da93ed97c8c172097f872e34eed8f4f2\" tg-width=\"550\" tg-height=\"295\" referrerpolicy=\"no-referrer\"></p><p>Most of the reasons people buy electric vehicles do not come from the manufacturer's product strength itself. According to McKinsey's 2021 China Auto Consumption Report, more than half of consumers' willingness to buy electric vehicles is based on some controversial viewpoints.</p><p>For example, 68% of respondents believe that electric vehicles are more environmentally friendly. However, electric vehicles are not necessarily more environmentally friendly without better battery recycling technology.</p><p>Driven by policies such as environmental protection, battery costs have not decreased, and technology companies' cross-industry development of electric vehicles cannot yet completely disrupt the traditional automotive industry. But only when more people use their own hardware will they be able to make money through technology in the future.</p><p>Last year, Tesla topped the Chinese pure electric vehicle market, selling 137,000 Model 3s. According to Wang Yongqing, general manager of Shanghai GM, it will be difficult for traditional automakers to give up the existing 95% gasoline vehicle market. The distinctive features of pure electric vehicles and the cash flow generated by their higher prices can also support their bold application of new technologies.</p><p><img src=\"https://static.tigerbbs.com/2ec80237966c03fbc31c3e4dba9586fd\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\">Top 10 best-selling pure electric vehicles in China in 2020. Data source: China Association of Automobile Manufacturers.</p><p>Building and selling cars is just a stepping stone. What's even more noteworthy is that major tech companies are all developing autonomous driving technology.</p><p>In December 2020, rumors kept circulating.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>New rumors have finally emerged regarding the construction plan. Apple is indeed still developing a complete car. This could be an autonomous vehicle based on the modern electric vehicle platform E-GMP, with the automotive chip evolved from the A12 bionic chip and equipped with groundbreaking battery technology.</p><p>Possibly involved in Xiaomi's car manufacturing<a href=\"https://laohu8.com/S/688169\">Stone Technology</a>It is also independently developing multi-line LiDAR. This technology can be used in its flagship robotic vacuum cleaner product, and perhaps also in autonomous vehicles. The Jihu Alfa S, equipped with Huawei's ADS autonomous driving system, has already debuted at the Shanghai Auto Show and is expected to be delivered this year.</p><p>Tesla, Uber, Google, and Apple have all envisioned the same future.</p><p>Robots will eventually dominate the transportation industry. Driverless vehicles carry passengers on the road and in the air, while drones are responsible for delivering goods. Companies with autonomous driving technology will become the center of all of this. Better hardware, software, and services integrated together will become its core competitiveness.</p><p>At that time, as Tesla CEO Elon Musk once envisioned, the company's profit growth will mainly come from autonomous driving services and paid software. At that time, Tesla was still the best-selling smart electric vehicle brand.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://finance.sina.com.cn/tech/csj/2021-04-20/doc-ikmyaawc0804418.shtml\">锐问 Record</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/747a43d33fdea5605f94cd4071257af1","relate_stocks":{"AAPL":"苹果","BIDU":"百度","01810":"小米集团-W","09888":"百度集团-W"},"source_url":"http://finance.sina.com.cn/tech/csj/2021-04-20/doc-ikmyaawc0804418.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115381700","content_text":"最近半年，中国汽车业的头条新闻都来自科技大公司。4月19日正式开幕的上海车展也不例外。\n声称不造车，想做一级供应商的智能手机厂商华为，这天联合北汽极狐（ARCFOX）发布了定制的新车型。上汽和阿里联合打造的智已汽车也要发布首款量产车。\n和过去5年里，投资造车新势力不同，智能手机厂商小米和互联网大公司百度，都要亲自下场造车。未来，这个队伍可能还有滴滴出行。\n科技巨头们越来越迫切需要一个新领域，成为智能手机时代之后的新增长点。智能电动汽车是它们找的新方向之一。\n但从投资到亲自造车，想要实现这一愿望变容易了么？\n加入中国电动车俱乐部，要先搞定2张门票\n在中国，想要像特斯拉一样造智能纯电动汽车，新公司首先需要两块牌照。一块用来建厂造车，由国家发改委主导；一块用来建公司，卖车，归工信部管。\n成为双资质电动车企，一共分几步？信息来源：发改委、工信部\n但申请条件似乎在逐渐放宽。\n第一块牌照很难拿。2017年6月，中国新能源汽车产能过剩的争议中，发改委不再公布新项目审批信息，一度传出审批实质上已暂停的消息。现在，即使新公司建厂造车的准入重新开放，它们也面临耗时的审批周期。\n可也不是完全没有解决方案。金杜律师事务所合伙人姚丽娟认为，申请生产资质的话，已经有整车或者零部件制造经验的传统车厂会更容易些。除了独立申请资质外，对造车新势力来说，还可以选择代工生产或者直接收购现有汽车生产企业。\n其中，汽车代工模式正在逐渐被政策认可。\n2018年5月，蔚来交付首批量产ES8以来，陆续出现过车主抠“江淮”尾标。因为照2005年施行的《汽车产品外部标识管理办法》，车尾必须出现代工厂品牌。\n对此，蔚来CEO李斌曾表示，国家强制要求乘用车粘贴生产企业名称的规定已经不合时宜，对于处在品牌培育期的初创企业，这项规定增加了额外的难度，同时也增加了沟通成本。\n换句话说，当时汽车代工还在监管的灰色地带。\n直到2018年12月《道路机动车辆生产企业及产品准入管理办法》中，工信部才首次在政策层面肯定了汽车代工模式，同时也提了新要求。比如，未获得生产资质的新造车企业需先代工生产3万辆，才有资格申请资质以及建设工厂。\n代工管理办法草案目前尚未出台。不过，2020年5月，第十三届全国人大三次会议第二场“部长通道”问答记者会上，工信部部长苗圩提到，有序放开新能源企业代工生产，以及对于研发创新型新能源汽车企业，实行品牌授权试点。\n目前，市面上拿到这一资质的公司共18家。来源：据公开信息整理，电车汇\n申请资质进程缓慢，充满不确定性，而更快，也更花钱的办法是直接收购一家已经有资质的公司。零跑汽车副总裁赵刚曾表示，“现在行业里，一个资质大概4个亿。”\n这一价格不包括收购企业背后难以摸清的隐形债务。比如，2018年9月，拜腾1元收购一汽华利，接管后者8亿元债务。后来，拜腾融不到钱，闹钱荒还要忙着还债。\n后来，理想汽车收购重庆力帆，恒大收购国能。对新入场的公司而言，可收购的资质已经越来越少，其中合适的资质要价只会更高。\n而蔚来坚持代工模式。其联合创始人秦力洪曾表示，“资质我们也喜欢，但你让我花10个亿去买个空壳，我肯定不干。我们不会通过收购壳资源获得生产资质。”\n去年9月，第二块牌照的申请条件也放宽了。\n2020年9月，中国工信和信息化部《新能源汽车生产企业及产品准入管理规定》新规，删除了关于“设计开发能力” 的要求。也就是说，小米或者百度这些科技公司想要申请一家公司造电动车，不再要求必须自主研发核心技术——电池、电机和电控。\n清华大学汽车工程开发研究院常务副院长宋健认为，新规降低了企业及其产品的准入门槛，更多新玩家势必进场造车，特别是人民币玩家。\n他们能购买研发技术、生产技术、安全技术等，甚至直接买下一家传统车厂，顺利将质量可靠、用户喜爱的产品投向市场。\n可进入2020年后，中国电动汽车市场变得残酷起来。量产车推得再快，窗口期也已经关闭。补贴结束，外资引入，新公司势必面临更激烈的竞争。小米、百度、滴滴可能面对的竞争对手，不只有特斯拉、蔚来、小鹏，还有大众、通用和丰田。\n造车这块敲门砖，还是有点硬\n一般来说，新入场的公司会集中优势资源做好一辆车，再按照一定频率推新车型。特斯拉花3年打磨 Model S，才开始两年推一款新车。蔚来、理想、小鹏也各自花了约4年时间打造第一款量产车。\n但不是所有公司都能成功。肯花钱也不一定能造好车。造电吹风的戴森耗了四年时间，花了25亿英镑（约227亿元人民币），放弃了造车计划。\n戴森和老伙伴全球设计和技术副总裁彼得·盖马克（Peter Gammack）亲自把关车身设计，反复试验。但汽车设计讲究精度，学习曲线陡峭。因此，他们还聘用了很多汽车业人士，用来指出问题所在。\n2016年起，戴森董事会里多了两位汽车专业人士。包括，阿斯顿马丁前总工程师Ian Minards和宝马电动车计划的重要支持者Ian Robertson。\n戴森概念电动车\n即使有一帮汽车专业人士把关，戴森概念车还是采用了一系列激进的设计。包括低矮的车顶、更大的车轮、无框的窗玻璃，以及豪车才会配置的“自杀”门。\n除了研发、规划新车型，主机厂还要负责集成整车。而供应商负责开发、生产零部件。虽然电动汽车的零部件数量比燃油车要少，但每一个创新的设计，都会增加供应商开发难度和成本。主机厂管理供应商的难度，也会指数级上升。\n光是大轮胎，戴森就和好几家供应商讨论过可行性。最后只有两家轮胎制造商觉得可以做到——日本的普林斯通和法国的米其林。\n更特别的设计在汽车内部。戴森请了一批从未接触过汽车空气调节系统的工程师，搞了一套能给这辆7座SUV分区加热、制冷的，而且还要做到省电。\n除了车身设计，不用在城市旅途中停下来充电，更长的续航时间也是戴森汽车主打的卖点。为此，他们不得不为更多的电池，自主研发悬架，并在上面腾出更多的空间。\n和戴森类似，中国科技大公司或许也不用担心品牌号召力，有实力的供应商乐得合作。但高难度的汽车设计，一旦成本超出预期，造一台亏一台，有多少钱都填不上这个窟窿。\n它们还有可能无法如期交货，不按质量要求行事，标准扯不清楚，导致项目一拖再拖。在中国，交给工信部检验的15辆工程样车，还需要满足安全法规，要有专业团队懂得和国家部委上下沟通。\n由于每款车型的尺寸、工艺不同，对生产线的要求也不同。车企通常会把一、两个车型放在一个工厂集中生产。投资和管理起来更加精益。为此，戴森专门购买并修复了一座机场，及其仓库和跑道。\n对新公司来说，如果有新厂投产，还要同步土建进度，包括拿到环评，消防，土建认可资格。进口设备也要跟进物流。一旦哪个环节卡壳，资金流需要跟得上。\n最终，詹姆斯·戴森曾对《金融时报》的记者感慨，花了很多力气研发，但最后发现量产成本太高了。电池，电池管理，电子设备和冷却系统比内燃机要贵得多。“要收支打平，电动车至少得卖30万美元一辆。”\n而量产高端车型已经比中低端车型容易。买一辆劳斯莱斯的人，信奉的是制造工艺；买一辆丰田卡罗拉的人，追求的是不出故障、省油和平顺。年产数十万以后，可靠性是汽车的首要目标。\n今年2月，特斯拉CEO马斯克也承认，在产能爬坡时，保证细节不出错很难。他曾在公开采访中，建议消费者，要么一开始就买，要么等产量稳定下来再买。\n一位接近小米汽车调研项目的人士曾对《财新》表示，小米追求性价比，它造车大概率要走量的。因此规模量产很重要。但车企能否充分供应？电池、芯片等供应链是不是能跟上？这些问题恐怕车企自己都无法保证。\n科技公司要制造一辆要在雨雪、风雪中持续行驶15年的汽车，至今仍是一项复杂的工程。\n现在除了卖车，没谁找到更好的赚钱办法\n燃油车时代，传统车厂建立4S店经销网络，卖整车时赚一笔钱，维修保养时再赚一笔。而且，卖配件远比卖整车更赚钱。除此之外，配套的汽车金融，比如贷款买车，也是其重要的利润来源。\n电动车更像一台电子设备，不太需要保养。直接开店销售的确更能保证销售体验和利润最大化。翻开特斯拉2020年的账簿，收入315亿美元，其中94%正来自卖车。剩下6%来自出售监管积分、卖软件，甚至是卖品牌周边。\n每多卖一辆车，就会摊薄研发一个车型的成本。不过，卖车12年以来，特斯拉亏损至今。去年，它靠把环保监管积分卖给传统车厂，才赚了7.21亿美元。前一年还账面上都还亏着8.62亿美元。\n属于电动汽车的时代似乎还没有来。\n对消费者来说，现阶段，购置电动车可能也还不是最优选择。《38号车评》曾测算过，在中国，如果不考虑购车和电价补贴，算上折旧，现阶段买电动车并不比燃油车划算。\n\n人们购买电动车的理由，大多还不来自制造商的产品力本身。2021年麦肯锡中国汽车消费报告中，过半的消费者购买电动车的意愿，基于一些尚存争议的观点。\n例如，68%的受访者认为，电动车更环保。然而，在没有更好的电池回收技术前，电动车不一定更环保。\n环保等政策驱动下，电池成本没降下来，科技公司跨界造电动汽车还不能完全颠覆传统的汽车行业。但也只有当更多人使用自己的硬件时，它们未来才有可能靠技术赚钱。\n去年，特斯拉在中国纯电动车市场拿了个销售冠军，卖掉了13.7万辆Model 3。在上海通用总经理王永清看来，传统车企很难放弃现有95%的燃油车市场。而特点鲜明的纯电动车，较高售价带来的现金流，还能支撑其大胆应用新技术。\n2020年，中国卖得最好的纯电动车车型Top10 数据来源：中国汽车工业协会\n造车，卖车只是一块敲门砖。更值得留意的是，科技大公司都正在研发自动驾驶技术。\n2020年12月，一直传言不断的苹果造计划终于有了新传言。苹果确实仍在开发一款整车。这可能是一款基于现代电动车平台E-GMP的自动驾驶汽车，汽车芯片由A12仿生芯片进化而来，并搭载突破性的电池技术。\n可能参与小米造车的石头科技，也正在自主研发多线激光雷达。这一技术既可以用于其主打产品扫地机器人，也许还能用在自动驾驶汽车上。而搭载华为ADS自动驾驶系统的极狐阿尔法S已经亮相上海车展，预计今年年内交付。\n特斯拉、Uber、Google、苹果都曾设想过同一个未来。\n机器人最终会统治交通运输业。无人车载着乘客在道路上和空中穿梭，无人机负责送货。而拥有无人驾驶技术的公司将成为这一切的中心。更好的硬件，软件和服务集成在一起会成为其核心竞争力。\n到时，像特斯拉CEO埃隆·马斯克曾设想的那样——公司利润增长将主要来源于自动驾驶出行服务和付费软件。如果那时，特斯拉还是卖得最好的智能电动汽车品牌。","news_type":1,"symbols_score_info":{"01810":0.9,"AAPL":0.9,"09888":0.9,"BIDU":0.9}},"isVote":1,"tweetType":1,"viewCount":4410,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":364955172,"gmtCreate":1614805093096,"gmtModify":1704775439629,"author":{"id":"3568003285919550","authorId":"3568003285919550","name":"Quest","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3568003285919550","idStr":"3568003285919550"},"themes":[],"title":"","htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/364955172","repostId":"1156410668","repostType":4,"repost":{"id":"1156410668","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1614782895,"share":"https://ttm.financial/m/news/1156410668?lang=en_US&edition=fundamental","pubTime":"2021-03-03 22:48","market":"us","language":"zh","title":"U.S. inflation has broken through 2.5% for the first time since 2008.","url":"https://stock-news.laohu8.com/highlight/detail?id=1156410668","media":"老虎资讯综合","summary":"美国五年期通胀保值国债（TIPS）损益平衡通胀率涨至2.5%上方，创2008年以来新高。10年期美债收益率涨向1.48%，日内当前涨幅超过8.0个基点。\n此前，媒体报道称，欧洲央行无意干预欧元区债券收","content":"<p>The U.S. five-year inflation-protected Treasury Bond (TIPS) break-even inflation rate rose above 2.5%, a new high since 2008. The yield on 10-year U.S. Treasury bonds rose to 1.48%, with an intraday increase of more than 8.0 basis points.</p><p>Previously, media reports indicated that the European Central Bank had no intention of intervening in the rise in Eurozone bond yields. The yield on the German 10-year Treasury Bond hit a daily high of -0.303%, with a current intraday gain of nearly 5.0 basis points.</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>U.S. inflation has broken through 2.5% for the first time since 2008.</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\">\nU.S. inflation has broken through 2.5% for the first time since 2008.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\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\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-03-03 22:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The U.S. five-year inflation-protected Treasury Bond (TIPS) break-even inflation rate rose above 2.5%, a new high since 2008. The yield on 10-year U.S. Treasury bonds rose to 1.48%, with an intraday increase of more than 8.0 basis points.</p><p>Previously, media reports indicated that the European Central Bank had no intention of intervening in the rise in Eurozone bond yields. The yield on the German 10-year Treasury Bond hit a daily high of -0.303%, with a current intraday gain of nearly 5.0 basis points.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/eaa375c3f2142c42f281c81029b9c0da","relate_stocks":{".DJI":"道琼斯"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156410668","content_text":"美国五年期通胀保值国债（TIPS）损益平衡通胀率涨至2.5%上方，创2008年以来新高。10年期美债收益率涨向1.48%，日内当前涨幅超过8.0个基点。\n此前，媒体报道称，欧洲央行无意干预欧元区债券收益率的涨势。德国10年期国债收益率刷新日高至-0.303%，日内当前涨幅将近5.0个基点。","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":4073,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
