VW Shares Continue To Scorch Higher On EV Promise As Tesla Slumps

zerohedg2021-03-17

It was inevitable that somereversion to the mean would have to happen between names like Tesla and, well, the rest of the auto industry. While Tesla shares are lower on Wednesday in early trade, VW ...

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精彩评论

Tomji
2021-03-19
Tomji
There is some sense in the article. Is Tesla the only EV marker out there? Sooner or later the traditional car markers are going to realise that they need to evolve or extinct.
Teruwa
2021-03-18
Teruwa
interestingly
JFK
2021-03-18
JFK
Will buy again.
MGHuat
2021-03-18
MGHuat
Interesting. like n comment pls.
- Blubber:
  Nice!
- JFK:
  Ok.
Dinalee
2021-03-17
Dinalee
Tesla and NIO
LEEKONGYONG
2021-03-17
LEEKONGYONG
Buy the dip

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While Tesla shares are lower on Wednesday in early trade, VW ...\n\n<a href=\"https://www.zerohedge.com/markets/vw-shares-continue-scorch-higher\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"VLKAY","symbol_name":"大众汽车","start_time":0,"source_url":"https://www.zerohedge.com/markets/vw-shares-continue-scorch-higher","article_id":"1179080939","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1179080939","pubTimestamp":1615991600,"columns":[],"sourceInfo":null,"weMediaInfo":null,"summary":"It was inevitable that somereversion to the mean would have to happen between names like Tesla and, ","collect":0,"end_time":0,"defaultTopTitle":"zerohedge.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"VLKAY":"大众汽车","TSLA":"特斯拉"},"translate_title":"随着特斯拉的下滑，大众汽车的股价在电动汽车的承诺下继续走高","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TSLA":0.9,"VLKAY":0.9},"content_text":"It was inevitable that somereversion to the mean would have to happen between names like Tesla and, well, the rest of the auto industry. While Tesla shares are lower on Wednesday in early trade, VW might be the leading frontrunner to meet the mean from the other direction. Shares of VW common and preferred have continued to scorch higher, adding to yesterday's gains.\n\nThis extendsyesterday's monster gainswhich saw VW shares climb over 30% at one point. And, as you can see below, VW is starting to look a bit like Tesla's chart over the last 18 months. The key exception is, of course, that VW is a consistently cash generating legacy automaker with decades of history behind it.\nThe reversion to the mean could be very bad news for Tesla, as VW could be just the first of many valuation \"reality checks\" that Musk's company could be in for. Eventually, people are destined to realize that legacy automakers can make quality EVs that are inevitably going to compete - seriously - with Tesla. Recall, names like Apple, BMW, Jaguar and Audi - just to name a few - are also throwing their hats into the respective ring.\nYesterday VW upgraded its profit guidance laid out plans for expanding the company's EV offering out through 2030 which also includes dethroning Tesla as the reigning EV world champ. VW hosted its \"Power Day\" yesterday and revealed plans to build six \"gigafactories\" with a total capacity of 240 gigawatt hours per year.\n\"The company is aiming to achieve an operating margin between 7% and 8% after 2021. VOW also confirmed it is looking to finish the year at the upper and of a 5% - 6.5% range in 2021. Higher profitability will be achieved through lower costs with as much as 2 billion euros savings identified for 2023 compared to 2020,\" the company said yesterday, according to StreetInsider.\nChief Executive Herbert Diess said on CNBC: “This period is probably the most crucial for the whole industry. Within the next 15 years we will see a total turnover of the industry. Electric cars are taking the lead and then software really becomes the core driver of the industry.”\n“Electric cars already today are very, very competitive and they’re becoming more competitive over time. that gives us the certainty that this is the right way going forward. Electric cars actually will bring down the cost of individual mobility further,” he continued.\nVW also disclosed yesterday that it was working on a \"new unified battery cell\" to be launched in 2023. Diess said: \"The one size fits almost all cell design will radically reduce battery costs ... by up to 50% compared to today. Lower prices for batteries means more affordable cars, which makes electric vehicles more attractive for customers.\"\nAlso probably contributing to its ascent is the fact that VW is a \"less liquid\" share listing, as Bloomberg notes that it is \"owned by major shareholders Porsche SE, the German state of Lower Saxony and Qatar\".\nThe move is also part of a general hysteria surrounding EV stocks. Recall, we wrote days ago that Rob Arnott of Research Affiliates referred to it as a \"big delusion\". Arnott's predictions could eventually rope in valuations across the board in EVs, not just for any one player.\nCurrent valuations in EVs are due to \"pricing delusion\", Arnott said in a new paper calling EVs the \"Big Market Delusion\" last week. “The electric vehicle industry, with its astronomical growth in market-cap over the 12 months ending January 31, 2021, is a prime example of a big market delusion,” he wrote.\nIn his paper, he defines a big market delusion as \"when all the firms in an evolving industry rise together, despite that fact that they are competing against each other.\" He used airlines as an example of the BMD in the past. Technology “does not translate into great fortunes for investors unless it is associated with barriers to entry that allow a company to earn returns significantly in excess of the cost of capital for an extended period,” he argued.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[{"id":327256448,"gmtCreate":1616094607984,"gmtModify":1634527267219,"author":{"id":"3577325505292125","authorId":"3577325505292125","name":"Tomji","avatar":"https://static.tigerbbs.com/532a3a0ad4f7404cd51e8a18187863b7","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3577325505292125","authorIdStr":"3577325505292125"},"htmlText":"There is some sense in the article. Is Tesla the only EV marker out there? Sooner or later the traditional car markers are going to realise that they need to evolve or extinct.&nbsp;","listText":"There is some sense in the article. Is Tesla the only EV marker out there? Sooner or later the traditional car markers are going to realise that they need to evolve or extinct.&nbsp;","text":"There is some sense in the article. Is Tesla the only EV marker out there? Sooner or later the traditional car markers are going to realise that they need to evolve or extinct.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/327256448","repostId":1179080939,"repostType":2,"repost":{"id":"1179080939","kind":"news","pubTimestamp":1615991600,"share":"https://www.laohu8.com/m/news/1179080939?lang=zh_CN&edition=full","pubTime":"2021-03-17 22:33","market":"us","language":"en","title":"VW Shares Continue To Scorch Higher On EV Promise As Tesla Slumps<blockquote>随着特斯拉股价暴跌，大众股价因电动汽车承诺而继续走高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1179080939","media":"zerohedg","summary":"It was inevitable that somereversion to the mean would have to happen between names like Tesla and, ","content":"It was inevitable that&nbsp;somereversion to the mean would have to happen between names like Tesla and, well, the rest of the auto industry. While Tesla shares are lower on Wednesday in early trade, VW might be the leading frontrunner to meet the mean from the other direction. Shares of VW common and preferred have continued to scorch higher, adding to yesterday's gains.<blockquote>不可避免的是一些回归均值必须发生在特斯拉等公司和汽车行业的其他公司之间。尽管特斯拉股价周三早盘走低，但大众汽车可能是从另一个方向达到均值的领先领跑者。大众普通股和优先股继续走高，延续了昨天的涨幅。</blockquote> <img src=\"https://static.tigerbbs.com/9c08ac7151c24e77c8d56d29034d05f5\" tg-width=\"685\" tg-height=\"496\"><blockquote></blockquote> This extendsyesterday's monster gainswhich saw VW shares climb over 30% at one point. And, as you can see below, VW is starting to look a bit like Tesla's chart over the last 18 months. The key exception is, of course, that VW is a consistently cash generating legacy automaker with decades of history behind it.<blockquote>这延续了昨天大众股价一度上涨30%以上的巨大涨幅。而且，正如您在下面看到的，大众汽车在过去18个月中开始看起来有点像特斯拉的图表。当然，关键的例外是，大众是一家拥有数十年历史的持续产生现金的传统汽车制造商。</blockquote> <img src=\"https://static.tigerbbs.com/2eca047b9aff188d55c809f9e9855ea1\" tg-width=\"500\" tg-height=\"307\">The reversion to the mean could be very bad news for Tesla, as VW could be just the first of many valuation \"reality checks\" that Musk's company could be in for. Eventually, people are destined to realize that legacy automakers can make quality EVs that are inevitably going to compete - seriously - with Tesla. Recall, names like Apple, BMW, Jaguar and Audi - just to name a few - are also throwing their hats into the respective ring.<blockquote>回归均值对特斯拉来说可能是非常坏的消息，因为大众可能只是马斯克的公司可能面临的众多估值“现实检查”中的第一个。最终，人们注定会意识到传统汽车制造商可以制造优质电动汽车，而这些电动汽车将不可避免地与特斯拉展开激烈竞争。回想一下，苹果、宝马、捷豹和奥迪等品牌——仅举几例——也纷纷加入各自的行列。</blockquote> Yesterday VW upgraded its profit guidance laid out plans for expanding the company's EV offering out through 2030 which also includes dethroning Tesla as the reigning EV world champ. VW hosted its \"Power Day\" yesterday and revealed plans to build six \"gigafactories\" with a total capacity of 240 gigawatt hours per year.<blockquote>昨天，大众汽车上调了利润指引，制定了到2030年扩大公司电动汽车产品的计划，其中还包括取代特斯拉成为电动汽车世界冠军。大众汽车昨天举办了“电力日”，并透露了建造六个“超级工厂”的计划，总产能为每年240吉瓦时。</blockquote> \"The company is aiming to achieve an operating margin between 7% and 8% after 2021. VOW also confirmed it is looking to finish the year at the upper and of a 5% - 6.5% range in 2021. Higher profitability will be achieved through lower costs with as much as 2 billion euros savings identified for 2023 compared to 2020,\" the company said yesterday, according to&nbsp;StreetInsider.<blockquote>“该公司的目标是在2021年之后实现7%至8%之间的营业利润率。VOW还证实，它希望在2021年年底达到5%-6.5%的上限。将实现更高的盈利能力据StreetInsider报道，该公司昨天表示，与2020年相比，2023年将节省多达20亿欧元。”</blockquote> Chief Executive Herbert Diess said on CNBC:&nbsp;“This period is probably the most crucial for the whole industry. Within the next 15 years we will see a total turnover of the industry. Electric cars are taking the lead and then software really becomes the core driver of the industry.”<blockquote>首席执行官赫伯特·迪斯(Elon Musk)在CNBC上表示：“这个时期对整个行业来说可能是最关键的。在未来15年内，我们将看到该行业的总营业额。电动汽车处于领先地位，然后软件真正成为行业的核心驱动力。”</blockquote> “Electric cars already today are very, very competitive and they’re becoming more competitive over time. that gives us the certainty that this is the right way going forward. Electric cars actually will bring down the cost of individual mobility further,” he continued.<blockquote>“今天的电动汽车已经非常非常有竞争力，而且随着时间的推移，它们的竞争力会变得越来越强。这让我们确信这是正确的前进方向。电动汽车实际上将进一步降低个人出行的成本，”他继续说道。</blockquote> VW also disclosed yesterday that it was working on a \"new unified battery cell\" to be launched in 2023. Diess said:&nbsp;\"The one size fits almost all cell design will radically reduce battery costs ... by up to 50% compared to today. Lower prices for batteries means more affordable cars, which makes electric vehicles more attractive for customers.\"<blockquote>大众昨天还透露，正在开发一种“新的统一电池”，将于2023年推出。迪斯表示：“几乎一刀切的电池设计将从根本上降低电池成本……与今天相比，降低高达50%。电池的价格更低意味着更实惠的汽车，这使得电动汽车对客户更具吸引力。”</blockquote> Also probably contributing to its ascent is the fact that VW is a \"less liquid\" share listing, as Bloomberg notes that it is \"owned by major shareholders Porsche SE, the German state of Lower Saxony and Qatar\".<blockquote>大众汽车是一家“流动性较差”的股票上市公司，彭博社指出，该公司“由主要股东保时捷SE、德国下萨克森州和卡塔尔所有”，这也可能有助于其崛起。</blockquote> The move is also part of a general hysteria surrounding EV stocks. Recall,&nbsp;we wrote days ago&nbsp;that Rob Arnott of Research Affiliates referred to it as a \"big delusion\". Arnott's predictions could eventually rope in valuations across the board in EVs, not just for any one player.<blockquote>此举也是围绕电动汽车股票的普遍歇斯底里情绪的一部分。回想一下，我们几天前写道，Research Affiliates的Rob Arnott称之为“巨大的错觉”。阿诺特的预测最终可能会影响电动汽车的全面估值，而不仅仅是任何一个参与者的估值。</blockquote> Current valuations in EVs are due to \"pricing delusion\", Arnott said in a&nbsp;new paper&nbsp;calling EVs the \"Big Market Delusion\"&nbsp;last week.&nbsp;“The electric vehicle industry, with its astronomical growth in market-cap over the 12 months ending January 31, 2021, is a prime example of a big market delusion,” he wrote.<blockquote>阿诺特上周在一篇将电动汽车称为“大市场错觉”的新论文中表示，目前电动汽车的估值是由于“定价错觉”造成的。“电动汽车行业在截至2021年1月31日的12个月内市值出现了天文数字的增长，这是大市场错觉的一个典型例子，”他写道。</blockquote> <img src=\"https://static.tigerbbs.com/d2a5f96a4a5704f2233e4c71ce2f7610\" tg-width=\"500\" tg-height=\"317\">In his paper, he defines a big market delusion as \"when all the firms in an evolving industry rise together, despite that fact that they are competing against each other.\" He used airlines as an example of the BMD in the past. Technology&nbsp;“does not translate into great fortunes for investors unless it is associated with barriers to entry that allow a company to earn returns significantly in excess of the cost of capital for an extended period,” he argued.<blockquote>在他的论文中，他将大市场错觉定义为“当一个不断发展的行业中的所有公司共同崛起，尽管事实上它们正在相互竞争。”他过去用航空公司作为BMD的例子。他认为，技术“不会为投资者带来巨大的财富，除非它与进入壁垒相关，使公司能够在较长一段时间内赚取远远超过资本成本的回报”。</blockquote>","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>VW Shares Continue To Scorch Higher On EV Promise As Tesla Slumps<blockquote>随着特斯拉股价暴跌，大众股价因电动汽车承诺而继续走高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nVW Shares Continue To Scorch Higher On EV Promise As Tesla Slumps<blockquote>随着特斯拉股价暴跌，大众股价因电动汽车承诺而继续走高</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedg2021-03-17 22:33\n\n</h4>\n</header>\n<article>\nIt was inevitable that&nbsp;somereversion to the mean would have to happen between names like Tesla and, well, the rest of the auto industry. While Tesla shares are lower on Wednesday in early trade, VW might be the leading frontrunner to meet the mean from the other direction. Shares of VW common and preferred have continued to scorch higher, adding to yesterday's gains.<blockquote>不可避免的是一些回归均值必须发生在特斯拉等公司和汽车行业的其他公司之间。尽管特斯拉股价周三早盘走低，但大众汽车可能是从另一个方向达到均值的领先领跑者。大众普通股和优先股继续走高，延续了昨天的涨幅。</blockquote> <img src=\"https://static.tigerbbs.com/9c08ac7151c24e77c8d56d29034d05f5\" tg-width=\"685\" tg-height=\"496\"><blockquote></blockquote> This extendsyesterday's monster gainswhich saw VW shares climb over 30% at one point. And, as you can see below, VW is starting to look a bit like Tesla's chart over the last 18 months. The key exception is, of course, that VW is a consistently cash generating legacy automaker with decades of history behind it.<blockquote>这延续了昨天大众股价一度上涨30%以上的巨大涨幅。而且，正如您在下面看到的，大众汽车在过去18个月中开始看起来有点像特斯拉的图表。当然，关键的例外是，大众是一家拥有数十年历史的持续产生现金的传统汽车制造商。</blockquote> <img src=\"https://static.tigerbbs.com/2eca047b9aff188d55c809f9e9855ea1\" tg-width=\"500\" tg-height=\"307\">The reversion to the mean could be very bad news for Tesla, as VW could be just the first of many valuation \"reality checks\" that Musk's company could be in for. Eventually, people are destined to realize that legacy automakers can make quality EVs that are inevitably going to compete - seriously - with Tesla. Recall, names like Apple, BMW, Jaguar and Audi - just to name a few - are also throwing their hats into the respective ring.<blockquote>回归均值对特斯拉来说可能是非常坏的消息，因为大众可能只是马斯克的公司可能面临的众多估值“现实检查”中的第一个。最终，人们注定会意识到传统汽车制造商可以制造优质电动汽车，而这些电动汽车将不可避免地与特斯拉展开激烈竞争。回想一下，苹果、宝马、捷豹和奥迪等品牌——仅举几例——也纷纷加入各自的行列。</blockquote> Yesterday VW upgraded its profit guidance laid out plans for expanding the company's EV offering out through 2030 which also includes dethroning Tesla as the reigning EV world champ. VW hosted its \"Power Day\" yesterday and revealed plans to build six \"gigafactories\" with a total capacity of 240 gigawatt hours per year.<blockquote>昨天，大众汽车上调了利润指引，制定了到2030年扩大公司电动汽车产品的计划，其中还包括取代特斯拉成为电动汽车世界冠军。大众汽车昨天举办了“电力日”，并透露了建造六个“超级工厂”的计划，总产能为每年240吉瓦时。</blockquote> \"The company is aiming to achieve an operating margin between 7% and 8% after 2021. VOW also confirmed it is looking to finish the year at the upper and of a 5% - 6.5% range in 2021. Higher profitability will be achieved through lower costs with as much as 2 billion euros savings identified for 2023 compared to 2020,\" the company said yesterday, according to&nbsp;StreetInsider.<blockquote>“该公司的目标是在2021年之后实现7%至8%之间的营业利润率。VOW还证实，它希望在2021年年底达到5%-6.5%的上限。将实现更高的盈利能力据StreetInsider报道，该公司昨天表示，与2020年相比，2023年将节省多达20亿欧元。”</blockquote> Chief Executive Herbert Diess said on CNBC:&nbsp;“This period is probably the most crucial for the whole industry. Within the next 15 years we will see a total turnover of the industry. Electric cars are taking the lead and then software really becomes the core driver of the industry.”<blockquote>首席执行官赫伯特·迪斯(Elon Musk)在CNBC上表示：“这个时期对整个行业来说可能是最关键的。在未来15年内，我们将看到该行业的总营业额。电动汽车处于领先地位，然后软件真正成为行业的核心驱动力。”</blockquote> “Electric cars already today are very, very competitive and they’re becoming more competitive over time. that gives us the certainty that this is the right way going forward. Electric cars actually will bring down the cost of individual mobility further,” he continued.<blockquote>“今天的电动汽车已经非常非常有竞争力，而且随着时间的推移，它们的竞争力会变得越来越强。这让我们确信这是正确的前进方向。电动汽车实际上将进一步降低个人出行的成本，”他继续说道。</blockquote> VW also disclosed yesterday that it was working on a \"new unified battery cell\" to be launched in 2023. Diess said:&nbsp;\"The one size fits almost all cell design will radically reduce battery costs ... by up to 50% compared to today. Lower prices for batteries means more affordable cars, which makes electric vehicles more attractive for customers.\"<blockquote>大众昨天还透露，正在开发一种“新的统一电池”，将于2023年推出。迪斯表示：“几乎一刀切的电池设计将从根本上降低电池成本……与今天相比，降低高达50%。电池的价格更低意味着更实惠的汽车，这使得电动汽车对客户更具吸引力。”</blockquote> Also probably contributing to its ascent is the fact that VW is a \"less liquid\" share listing, as Bloomberg notes that it is \"owned by major shareholders Porsche SE, the German state of Lower Saxony and Qatar\".<blockquote>大众汽车是一家“流动性较差”的股票上市公司，彭博社指出，该公司“由主要股东保时捷SE、德国下萨克森州和卡塔尔所有”，这也可能有助于其崛起。</blockquote> The move is also part of a general hysteria surrounding EV stocks. Recall,&nbsp;we wrote days ago&nbsp;that Rob Arnott of Research Affiliates referred to it as a \"big delusion\". Arnott's predictions could eventually rope in valuations across the board in EVs, not just for any one player.<blockquote>此举也是围绕电动汽车股票的普遍歇斯底里情绪的一部分。回想一下，我们几天前写道，Research Affiliates的Rob Arnott称之为“巨大的错觉”。阿诺特的预测最终可能会影响电动汽车的全面估值，而不仅仅是任何一个参与者的估值。</blockquote> Current valuations in EVs are due to \"pricing delusion\", Arnott said in a&nbsp;new paper&nbsp;calling EVs the \"Big Market Delusion\"&nbsp;last week.&nbsp;“The electric vehicle industry, with its astronomical growth in market-cap over the 12 months ending January 31, 2021, is a prime example of a big market delusion,” he wrote.<blockquote>阿诺特上周在一篇将电动汽车称为“大市场错觉”的新论文中表示，目前电动汽车的估值是由于“定价错觉”造成的。“电动汽车行业在截至2021年1月31日的12个月内市值出现了天文数字的增长，这是大市场错觉的一个典型例子，”他写道。</blockquote> <img src=\"https://static.tigerbbs.com/d2a5f96a4a5704f2233e4c71ce2f7610\" tg-width=\"500\" tg-height=\"317\">In his paper, he defines a big market delusion as \"when all the firms in an evolving industry rise together, despite that fact that they are competing against each other.\" He used airlines as an example of the BMD in the past. Technology&nbsp;“does not translate into great fortunes for investors unless it is associated with barriers to entry that allow a company to earn returns significantly in excess of the cost of capital for an extended period,” he argued.<blockquote>在他的论文中，他将大市场错觉定义为“当一个不断发展的行业中的所有公司共同崛起，尽管事实上它们正在相互竞争。”他过去用航空公司作为BMD的例子。他认为，技术“不会为投资者带来巨大的财富，除非它与进入壁垒相关，使公司能够在较长一段时间内赚取远远超过资本成本的回报”。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/vw-shares-continue-scorch-higher\">zerohedg</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"VLKAY":"大众汽车","TSLA":"特斯拉"},"source_url":"https://www.zerohedge.com/markets/vw-shares-continue-scorch-higher","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179080939","content_text":"It was inevitable that somereversion to the mean would have to happen between names like Tesla and, well, the rest of the auto industry. While Tesla shares are lower on Wednesday in early trade, VW might be the leading frontrunner to meet the mean from the other direction. Shares of VW common and preferred have continued to scorch higher, adding to yesterday's gains.\n\nThis extendsyesterday's monster gainswhich saw VW shares climb over 30% at one point. And, as you can see below, VW is starting to look a bit like Tesla's chart over the last 18 months. The key exception is, of course, that VW is a consistently cash generating legacy automaker with decades of history behind it.\nThe reversion to the mean could be very bad news for Tesla, as VW could be just the first of many valuation \"reality checks\" that Musk's company could be in for. Eventually, people are destined to realize that legacy automakers can make quality EVs that are inevitably going to compete - seriously - with Tesla. Recall, names like Apple, BMW, Jaguar and Audi - just to name a few - are also throwing their hats into the respective ring.\nYesterday VW upgraded its profit guidance laid out plans for expanding the company's EV offering out through 2030 which also includes dethroning Tesla as the reigning EV world champ. VW hosted its \"Power Day\" yesterday and revealed plans to build six \"gigafactories\" with a total capacity of 240 gigawatt hours per year.\n\"The company is aiming to achieve an operating margin between 7% and 8% after 2021. VOW also confirmed it is looking to finish the year at the upper and of a 5% - 6.5% range in 2021. Higher profitability will be achieved through lower costs with as much as 2 billion euros savings identified for 2023 compared to 2020,\" the company said yesterday, according to StreetInsider.\nChief Executive Herbert Diess said on CNBC: “This period is probably the most crucial for the whole industry. Within the next 15 years we will see a total turnover of the industry. Electric cars are taking the lead and then software really becomes the core driver of the industry.”\n“Electric cars already today are very, very competitive and they’re becoming more competitive over time. that gives us the certainty that this is the right way going forward. Electric cars actually will bring down the cost of individual mobility further,” he continued.\nVW also disclosed yesterday that it was working on a \"new unified battery cell\" to be launched in 2023. Diess said: \"The one size fits almost all cell design will radically reduce battery costs ... by up to 50% compared to today. Lower prices for batteries means more affordable cars, which makes electric vehicles more attractive for customers.\"\nAlso probably contributing to its ascent is the fact that VW is a \"less liquid\" share listing, as Bloomberg notes that it is \"owned by major shareholders Porsche SE, the German state of Lower Saxony and Qatar\".\nThe move is also part of a general hysteria surrounding EV stocks. Recall, we wrote days ago that Rob Arnott of Research Affiliates referred to it as a \"big delusion\". Arnott's predictions could eventually rope in valuations across the board in EVs, not just for any one player.\nCurrent valuations in EVs are due to \"pricing delusion\", Arnott said in a new paper calling EVs the \"Big Market Delusion\" last week. “The electric vehicle industry, with its astronomical growth in market-cap over the 12 months ending January 31, 2021, is a prime example of a big market delusion,” he wrote.\nIn his paper, he defines a big market delusion as \"when all the firms in an evolving industry rise together, despite that fact that they are competing against each other.\" He used airlines as an example of the BMD in the past. Technology “does not translate into great fortunes for investors unless it is associated with barriers to entry that allow a company to earn returns significantly in excess of the cost of capital for an extended period,” he argued.","news_type":1,"symbols_score_info":{"TSLA":0.9,"VLKAY":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":324426741,"gmtCreate":1616026624583,"gmtModify":1703496486891,"author":{"id":"3575581511094836","authorId":"3575581511094836","name":"Teruwa","avatar":"https://static.tigerbbs.com/88dfe40f779bb792adcca626b50b5b72","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3575581511094836","authorIdStr":"3575581511094836"},"htmlText":"interestingly&nbsp;","listText":"interestingly&nbsp;","text":"interestingly","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/324426741","repostId":1179080939,"repostType":4,"repost":{"id":"1179080939","kind":"news","pubTimestamp":1615991600,"share":"https://www.laohu8.com/m/news/1179080939?lang=zh_CN&edition=full","pubTime":"2021-03-17 22:33","market":"us","language":"en","title":"VW Shares Continue To Scorch Higher On EV Promise As Tesla Slumps<blockquote>随着特斯拉股价暴跌，大众股价因电动汽车承诺而继续走高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1179080939","media":"zerohedg","summary":"It was inevitable that somereversion to the mean would have to happen between names like Tesla and, ","content":"It was inevitable that&nbsp;somereversion to the mean would have to happen between names like Tesla and, well, the rest of the auto industry. While Tesla shares are lower on Wednesday in early trade, VW might be the leading frontrunner to meet the mean from the other direction. Shares of VW common and preferred have continued to scorch higher, adding to yesterday's gains.<blockquote>不可避免的是一些回归均值必须发生在特斯拉等公司和汽车行业的其他公司之间。尽管特斯拉股价周三早盘走低，但大众汽车可能是从另一个方向达到均值的领先领跑者。大众普通股和优先股继续走高，延续了昨天的涨幅。</blockquote> <img src=\"https://static.tigerbbs.com/9c08ac7151c24e77c8d56d29034d05f5\" tg-width=\"685\" tg-height=\"496\"><blockquote></blockquote> This extendsyesterday's monster gainswhich saw VW shares climb over 30% at one point. And, as you can see below, VW is starting to look a bit like Tesla's chart over the last 18 months. The key exception is, of course, that VW is a consistently cash generating legacy automaker with decades of history behind it.<blockquote>这延续了昨天大众股价一度上涨30%以上的巨大涨幅。而且，正如您在下面看到的，大众汽车在过去18个月中开始看起来有点像特斯拉的图表。当然，关键的例外是，大众是一家拥有数十年历史的持续产生现金的传统汽车制造商。</blockquote> <img src=\"https://static.tigerbbs.com/2eca047b9aff188d55c809f9e9855ea1\" tg-width=\"500\" tg-height=\"307\">The reversion to the mean could be very bad news for Tesla, as VW could be just the first of many valuation \"reality checks\" that Musk's company could be in for. Eventually, people are destined to realize that legacy automakers can make quality EVs that are inevitably going to compete - seriously - with Tesla. Recall, names like Apple, BMW, Jaguar and Audi - just to name a few - are also throwing their hats into the respective ring.<blockquote>回归均值对特斯拉来说可能是非常坏的消息，因为大众可能只是马斯克的公司可能面临的众多估值“现实检查”中的第一个。最终，人们注定会意识到传统汽车制造商可以制造优质电动汽车，而这些电动汽车将不可避免地与特斯拉展开激烈竞争。回想一下，苹果、宝马、捷豹和奥迪等品牌——仅举几例——也纷纷加入各自的行列。</blockquote> Yesterday VW upgraded its profit guidance laid out plans for expanding the company's EV offering out through 2030 which also includes dethroning Tesla as the reigning EV world champ. VW hosted its \"Power Day\" yesterday and revealed plans to build six \"gigafactories\" with a total capacity of 240 gigawatt hours per year.<blockquote>昨天，大众汽车上调了利润指引，制定了到2030年扩大公司电动汽车产品的计划，其中还包括取代特斯拉成为电动汽车世界冠军。大众汽车昨天举办了“电力日”，并透露了建造六个“超级工厂”的计划，总产能为每年240吉瓦时。</blockquote> \"The company is aiming to achieve an operating margin between 7% and 8% after 2021. VOW also confirmed it is looking to finish the year at the upper and of a 5% - 6.5% range in 2021. Higher profitability will be achieved through lower costs with as much as 2 billion euros savings identified for 2023 compared to 2020,\" the company said yesterday, according to&nbsp;StreetInsider.<blockquote>“该公司的目标是在2021年之后实现7%至8%之间的营业利润率。VOW还证实，它希望在2021年年底达到5%-6.5%的上限。将实现更高的盈利能力据StreetInsider报道，该公司昨天表示，与2020年相比，2023年将节省多达20亿欧元。”</blockquote> Chief Executive Herbert Diess said on CNBC:&nbsp;“This period is probably the most crucial for the whole industry. Within the next 15 years we will see a total turnover of the industry. Electric cars are taking the lead and then software really becomes the core driver of the industry.”<blockquote>首席执行官赫伯特·迪斯(Elon Musk)在CNBC上表示：“这个时期对整个行业来说可能是最关键的。在未来15年内，我们将看到该行业的总营业额。电动汽车处于领先地位，然后软件真正成为行业的核心驱动力。”</blockquote> “Electric cars already today are very, very competitive and they’re becoming more competitive over time. that gives us the certainty that this is the right way going forward. Electric cars actually will bring down the cost of individual mobility further,” he continued.<blockquote>“今天的电动汽车已经非常非常有竞争力，而且随着时间的推移，它们的竞争力会变得越来越强。这让我们确信这是正确的前进方向。电动汽车实际上将进一步降低个人出行的成本，”他继续说道。</blockquote> VW also disclosed yesterday that it was working on a \"new unified battery cell\" to be launched in 2023. Diess said:&nbsp;\"The one size fits almost all cell design will radically reduce battery costs ... by up to 50% compared to today. Lower prices for batteries means more affordable cars, which makes electric vehicles more attractive for customers.\"<blockquote>大众昨天还透露，正在开发一种“新的统一电池”，将于2023年推出。迪斯表示：“几乎一刀切的电池设计将从根本上降低电池成本……与今天相比，降低高达50%。电池的价格更低意味着更实惠的汽车，这使得电动汽车对客户更具吸引力。”</blockquote> Also probably contributing to its ascent is the fact that VW is a \"less liquid\" share listing, as Bloomberg notes that it is \"owned by major shareholders Porsche SE, the German state of Lower Saxony and Qatar\".<blockquote>大众汽车是一家“流动性较差”的股票上市公司，彭博社指出，该公司“由主要股东保时捷SE、德国下萨克森州和卡塔尔所有”，这也可能有助于其崛起。</blockquote> The move is also part of a general hysteria surrounding EV stocks. Recall,&nbsp;we wrote days ago&nbsp;that Rob Arnott of Research Affiliates referred to it as a \"big delusion\". Arnott's predictions could eventually rope in valuations across the board in EVs, not just for any one player.<blockquote>此举也是围绕电动汽车股票的普遍歇斯底里情绪的一部分。回想一下，我们几天前写道，Research Affiliates的Rob Arnott称之为“巨大的错觉”。阿诺特的预测最终可能会影响电动汽车的全面估值，而不仅仅是任何一个参与者的估值。</blockquote> Current valuations in EVs are due to \"pricing delusion\", Arnott said in a&nbsp;new paper&nbsp;calling EVs the \"Big Market Delusion\"&nbsp;last week.&nbsp;“The electric vehicle industry, with its astronomical growth in market-cap over the 12 months ending January 31, 2021, is a prime example of a big market delusion,” he wrote.<blockquote>阿诺特上周在一篇将电动汽车称为“大市场错觉”的新论文中表示，目前电动汽车的估值是由于“定价错觉”造成的。“电动汽车行业在截至2021年1月31日的12个月内市值出现了天文数字的增长，这是大市场错觉的一个典型例子，”他写道。</blockquote> <img src=\"https://static.tigerbbs.com/d2a5f96a4a5704f2233e4c71ce2f7610\" tg-width=\"500\" tg-height=\"317\">In his paper, he defines a big market delusion as \"when all the firms in an evolving industry rise together, despite that fact that they are competing against each other.\" He used airlines as an example of the BMD in the past. Technology&nbsp;“does not translate into great fortunes for investors unless it is associated with barriers to entry that allow a company to earn returns significantly in excess of the cost of capital for an extended period,” he argued.<blockquote>在他的论文中，他将大市场错觉定义为“当一个不断发展的行业中的所有公司共同崛起，尽管事实上它们正在相互竞争。”他过去用航空公司作为BMD的例子。他认为，技术“不会为投资者带来巨大的财富，除非它与进入壁垒相关，使公司能够在较长一段时间内赚取远远超过资本成本的回报”。</blockquote>","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>VW Shares Continue To Scorch Higher On EV Promise As Tesla Slumps<blockquote>随着特斯拉股价暴跌，大众股价因电动汽车承诺而继续走高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nVW Shares Continue To Scorch Higher On EV Promise As Tesla Slumps<blockquote>随着特斯拉股价暴跌，大众股价因电动汽车承诺而继续走高</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedg2021-03-17 22:33\n\n</h4>\n</header>\n<article>\nIt was inevitable that&nbsp;somereversion to the mean would have to happen between names like Tesla and, well, the rest of the auto industry. While Tesla shares are lower on Wednesday in early trade, VW might be the leading frontrunner to meet the mean from the other direction. Shares of VW common and preferred have continued to scorch higher, adding to yesterday's gains.<blockquote>不可避免的是一些回归均值必须发生在特斯拉等公司和汽车行业的其他公司之间。尽管特斯拉股价周三早盘走低，但大众汽车可能是从另一个方向达到均值的领先领跑者。大众普通股和优先股继续走高，延续了昨天的涨幅。</blockquote> <img src=\"https://static.tigerbbs.com/9c08ac7151c24e77c8d56d29034d05f5\" tg-width=\"685\" tg-height=\"496\"><blockquote></blockquote> This extendsyesterday's monster gainswhich saw VW shares climb over 30% at one point. And, as you can see below, VW is starting to look a bit like Tesla's chart over the last 18 months. The key exception is, of course, that VW is a consistently cash generating legacy automaker with decades of history behind it.<blockquote>这延续了昨天大众股价一度上涨30%以上的巨大涨幅。而且，正如您在下面看到的，大众汽车在过去18个月中开始看起来有点像特斯拉的图表。当然，关键的例外是，大众是一家拥有数十年历史的持续产生现金的传统汽车制造商。</blockquote> <img src=\"https://static.tigerbbs.com/2eca047b9aff188d55c809f9e9855ea1\" tg-width=\"500\" tg-height=\"307\">The reversion to the mean could be very bad news for Tesla, as VW could be just the first of many valuation \"reality checks\" that Musk's company could be in for. Eventually, people are destined to realize that legacy automakers can make quality EVs that are inevitably going to compete - seriously - with Tesla. Recall, names like Apple, BMW, Jaguar and Audi - just to name a few - are also throwing their hats into the respective ring.<blockquote>回归均值对特斯拉来说可能是非常坏的消息，因为大众可能只是马斯克的公司可能面临的众多估值“现实检查”中的第一个。最终，人们注定会意识到传统汽车制造商可以制造优质电动汽车，而这些电动汽车将不可避免地与特斯拉展开激烈竞争。回想一下，苹果、宝马、捷豹和奥迪等品牌——仅举几例——也纷纷加入各自的行列。</blockquote> Yesterday VW upgraded its profit guidance laid out plans for expanding the company's EV offering out through 2030 which also includes dethroning Tesla as the reigning EV world champ. VW hosted its \"Power Day\" yesterday and revealed plans to build six \"gigafactories\" with a total capacity of 240 gigawatt hours per year.<blockquote>昨天，大众汽车上调了利润指引，制定了到2030年扩大公司电动汽车产品的计划，其中还包括取代特斯拉成为电动汽车世界冠军。大众汽车昨天举办了“电力日”，并透露了建造六个“超级工厂”的计划，总产能为每年240吉瓦时。</blockquote> \"The company is aiming to achieve an operating margin between 7% and 8% after 2021. VOW also confirmed it is looking to finish the year at the upper and of a 5% - 6.5% range in 2021. Higher profitability will be achieved through lower costs with as much as 2 billion euros savings identified for 2023 compared to 2020,\" the company said yesterday, according to&nbsp;StreetInsider.<blockquote>“该公司的目标是在2021年之后实现7%至8%之间的营业利润率。VOW还证实，它希望在2021年年底达到5%-6.5%的上限。将实现更高的盈利能力据StreetInsider报道，该公司昨天表示，与2020年相比，2023年将节省多达20亿欧元。”</blockquote> Chief Executive Herbert Diess said on CNBC:&nbsp;“This period is probably the most crucial for the whole industry. Within the next 15 years we will see a total turnover of the industry. Electric cars are taking the lead and then software really becomes the core driver of the industry.”<blockquote>首席执行官赫伯特·迪斯(Elon Musk)在CNBC上表示：“这个时期对整个行业来说可能是最关键的。在未来15年内，我们将看到该行业的总营业额。电动汽车处于领先地位，然后软件真正成为行业的核心驱动力。”</blockquote> “Electric cars already today are very, very competitive and they’re becoming more competitive over time. that gives us the certainty that this is the right way going forward. Electric cars actually will bring down the cost of individual mobility further,” he continued.<blockquote>“今天的电动汽车已经非常非常有竞争力，而且随着时间的推移，它们的竞争力会变得越来越强。这让我们确信这是正确的前进方向。电动汽车实际上将进一步降低个人出行的成本，”他继续说道。</blockquote> VW also disclosed yesterday that it was working on a \"new unified battery cell\" to be launched in 2023. Diess said:&nbsp;\"The one size fits almost all cell design will radically reduce battery costs ... by up to 50% compared to today. Lower prices for batteries means more affordable cars, which makes electric vehicles more attractive for customers.\"<blockquote>大众昨天还透露，正在开发一种“新的统一电池”，将于2023年推出。迪斯表示：“几乎一刀切的电池设计将从根本上降低电池成本……与今天相比，降低高达50%。电池的价格更低意味着更实惠的汽车，这使得电动汽车对客户更具吸引力。”</blockquote> Also probably contributing to its ascent is the fact that VW is a \"less liquid\" share listing, as Bloomberg notes that it is \"owned by major shareholders Porsche SE, the German state of Lower Saxony and Qatar\".<blockquote>大众汽车是一家“流动性较差”的股票上市公司，彭博社指出，该公司“由主要股东保时捷SE、德国下萨克森州和卡塔尔所有”，这也可能有助于其崛起。</blockquote> The move is also part of a general hysteria surrounding EV stocks. Recall,&nbsp;we wrote days ago&nbsp;that Rob Arnott of Research Affiliates referred to it as a \"big delusion\". Arnott's predictions could eventually rope in valuations across the board in EVs, not just for any one player.<blockquote>此举也是围绕电动汽车股票的普遍歇斯底里情绪的一部分。回想一下，我们几天前写道，Research Affiliates的Rob Arnott称之为“巨大的错觉”。阿诺特的预测最终可能会影响电动汽车的全面估值，而不仅仅是任何一个参与者的估值。</blockquote> Current valuations in EVs are due to \"pricing delusion\", Arnott said in a&nbsp;new paper&nbsp;calling EVs the \"Big Market Delusion\"&nbsp;last week.&nbsp;“The electric vehicle industry, with its astronomical growth in market-cap over the 12 months ending January 31, 2021, is a prime example of a big market delusion,” he wrote.<blockquote>阿诺特上周在一篇将电动汽车称为“大市场错觉”的新论文中表示，目前电动汽车的估值是由于“定价错觉”造成的。“电动汽车行业在截至2021年1月31日的12个月内市值出现了天文数字的增长，这是大市场错觉的一个典型例子，”他写道。</blockquote> <img src=\"https://static.tigerbbs.com/d2a5f96a4a5704f2233e4c71ce2f7610\" tg-width=\"500\" tg-height=\"317\">In his paper, he defines a big market delusion as \"when all the firms in an evolving industry rise together, despite that fact that they are competing against each other.\" He used airlines as an example of the BMD in the past. Technology&nbsp;“does not translate into great fortunes for investors unless it is associated with barriers to entry that allow a company to earn returns significantly in excess of the cost of capital for an extended period,” he argued.<blockquote>在他的论文中，他将大市场错觉定义为“当一个不断发展的行业中的所有公司共同崛起，尽管事实上它们正在相互竞争。”他过去用航空公司作为BMD的例子。他认为，技术“不会为投资者带来巨大的财富，除非它与进入壁垒相关，使公司能够在较长一段时间内赚取远远超过资本成本的回报”。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/vw-shares-continue-scorch-higher\">zerohedg</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"VLKAY":"大众汽车","TSLA":"特斯拉"},"source_url":"https://www.zerohedge.com/markets/vw-shares-continue-scorch-higher","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179080939","content_text":"It was inevitable that somereversion to the mean would have to happen between names like Tesla and, well, the rest of the auto industry. While Tesla shares are lower on Wednesday in early trade, VW might be the leading frontrunner to meet the mean from the other direction. Shares of VW common and preferred have continued to scorch higher, adding to yesterday's gains.\n\nThis extendsyesterday's monster gainswhich saw VW shares climb over 30% at one point. And, as you can see below, VW is starting to look a bit like Tesla's chart over the last 18 months. The key exception is, of course, that VW is a consistently cash generating legacy automaker with decades of history behind it.\nThe reversion to the mean could be very bad news for Tesla, as VW could be just the first of many valuation \"reality checks\" that Musk's company could be in for. Eventually, people are destined to realize that legacy automakers can make quality EVs that are inevitably going to compete - seriously - with Tesla. Recall, names like Apple, BMW, Jaguar and Audi - just to name a few - are also throwing their hats into the respective ring.\nYesterday VW upgraded its profit guidance laid out plans for expanding the company's EV offering out through 2030 which also includes dethroning Tesla as the reigning EV world champ. VW hosted its \"Power Day\" yesterday and revealed plans to build six \"gigafactories\" with a total capacity of 240 gigawatt hours per year.\n\"The company is aiming to achieve an operating margin between 7% and 8% after 2021. VOW also confirmed it is looking to finish the year at the upper and of a 5% - 6.5% range in 2021. Higher profitability will be achieved through lower costs with as much as 2 billion euros savings identified for 2023 compared to 2020,\" the company said yesterday, according to StreetInsider.\nChief Executive Herbert Diess said on CNBC: “This period is probably the most crucial for the whole industry. Within the next 15 years we will see a total turnover of the industry. Electric cars are taking the lead and then software really becomes the core driver of the industry.”\n“Electric cars already today are very, very competitive and they’re becoming more competitive over time. that gives us the certainty that this is the right way going forward. Electric cars actually will bring down the cost of individual mobility further,” he continued.\nVW also disclosed yesterday that it was working on a \"new unified battery cell\" to be launched in 2023. Diess said: \"The one size fits almost all cell design will radically reduce battery costs ... by up to 50% compared to today. Lower prices for batteries means more affordable cars, which makes electric vehicles more attractive for customers.\"\nAlso probably contributing to its ascent is the fact that VW is a \"less liquid\" share listing, as Bloomberg notes that it is \"owned by major shareholders Porsche SE, the German state of Lower Saxony and Qatar\".\nThe move is also part of a general hysteria surrounding EV stocks. Recall, we wrote days ago that Rob Arnott of Research Affiliates referred to it as a \"big delusion\". Arnott's predictions could eventually rope in valuations across the board in EVs, not just for any one player.\nCurrent valuations in EVs are due to \"pricing delusion\", Arnott said in a new paper calling EVs the \"Big Market Delusion\" last week. “The electric vehicle industry, with its astronomical growth in market-cap over the 12 months ending January 31, 2021, is a prime example of a big market delusion,” he wrote.\nIn his paper, he defines a big market delusion as \"when all the firms in an evolving industry rise together, despite that fact that they are competing against each other.\" He used airlines as an example of the BMD in the past. Technology “does not translate into great fortunes for investors unless it is associated with barriers to entry that allow a company to earn returns significantly in excess of the cost of capital for an extended period,” he argued.","news_type":1,"symbols_score_info":{"TSLA":0.9,"VLKAY":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":324466151,"gmtCreate":1616026078473,"gmtModify":1703496472369,"author":{"id":"3567221235003553","authorId":"3567221235003553","name":"JFK","avatar":"https://static.tigerbbs.com/d8cdaf8b81ae245f2f2ea5ff303a6722","vip":1,"crmLevel":12,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3567221235003553","authorIdStr":"3567221235003553"},"htmlText":"Will buy again.&nbsp;","listText":"Will buy again.&nbsp;","text":"Will buy again.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/324466151","repostId":1179080939,"repostType":4,"repost":{"id":"1179080939","kind":"news","pubTimestamp":1615991600,"share":"https://www.laohu8.com/m/news/1179080939?lang=zh_CN&edition=full","pubTime":"2021-03-17 22:33","market":"us","language":"en","title":"VW Shares Continue To Scorch Higher On EV Promise As Tesla Slumps<blockquote>随着特斯拉股价暴跌，大众股价因电动汽车承诺而继续走高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1179080939","media":"zerohedg","summary":"It was inevitable that somereversion to the mean would have to happen between names like Tesla and, ","content":"It was inevitable that&nbsp;somereversion to the mean would have to happen between names like Tesla and, well, the rest of the auto industry. While Tesla shares are lower on Wednesday in early trade, VW might be the leading frontrunner to meet the mean from the other direction. Shares of VW common and preferred have continued to scorch higher, adding to yesterday's gains.<blockquote>不可避免的是一些回归均值必须发生在特斯拉等公司和汽车行业的其他公司之间。尽管特斯拉股价周三早盘走低，但大众汽车可能是从另一个方向达到均值的领先领跑者。大众普通股和优先股继续走高，延续了昨天的涨幅。</blockquote> <img src=\"https://static.tigerbbs.com/9c08ac7151c24e77c8d56d29034d05f5\" tg-width=\"685\" tg-height=\"496\"><blockquote></blockquote> This extendsyesterday's monster gainswhich saw VW shares climb over 30% at one point. And, as you can see below, VW is starting to look a bit like Tesla's chart over the last 18 months. The key exception is, of course, that VW is a consistently cash generating legacy automaker with decades of history behind it.<blockquote>这延续了昨天大众股价一度上涨30%以上的巨大涨幅。而且，正如您在下面看到的，大众汽车在过去18个月中开始看起来有点像特斯拉的图表。当然，关键的例外是，大众是一家拥有数十年历史的持续产生现金的传统汽车制造商。</blockquote> <img src=\"https://static.tigerbbs.com/2eca047b9aff188d55c809f9e9855ea1\" tg-width=\"500\" tg-height=\"307\">The reversion to the mean could be very bad news for Tesla, as VW could be just the first of many valuation \"reality checks\" that Musk's company could be in for. Eventually, people are destined to realize that legacy automakers can make quality EVs that are inevitably going to compete - seriously - with Tesla. Recall, names like Apple, BMW, Jaguar and Audi - just to name a few - are also throwing their hats into the respective ring.<blockquote>回归均值对特斯拉来说可能是非常坏的消息，因为大众可能只是马斯克的公司可能面临的众多估值“现实检查”中的第一个。最终，人们注定会意识到传统汽车制造商可以制造优质电动汽车，而这些电动汽车将不可避免地与特斯拉展开激烈竞争。回想一下，苹果、宝马、捷豹和奥迪等品牌——仅举几例——也纷纷加入各自的行列。</blockquote> Yesterday VW upgraded its profit guidance laid out plans for expanding the company's EV offering out through 2030 which also includes dethroning Tesla as the reigning EV world champ. VW hosted its \"Power Day\" yesterday and revealed plans to build six \"gigafactories\" with a total capacity of 240 gigawatt hours per year.<blockquote>昨天，大众汽车上调了利润指引，制定了到2030年扩大公司电动汽车产品的计划，其中还包括取代特斯拉成为电动汽车世界冠军。大众汽车昨天举办了“电力日”，并透露了建造六个“超级工厂”的计划，总产能为每年240吉瓦时。</blockquote> \"The company is aiming to achieve an operating margin between 7% and 8% after 2021. VOW also confirmed it is looking to finish the year at the upper and of a 5% - 6.5% range in 2021. Higher profitability will be achieved through lower costs with as much as 2 billion euros savings identified for 2023 compared to 2020,\" the company said yesterday, according to&nbsp;StreetInsider.<blockquote>“该公司的目标是在2021年之后实现7%至8%之间的营业利润率。VOW还证实，它希望在2021年年底达到5%-6.5%的上限。将实现更高的盈利能力据StreetInsider报道，该公司昨天表示，与2020年相比，2023年将节省多达20亿欧元。”</blockquote> Chief Executive Herbert Diess said on CNBC:&nbsp;“This period is probably the most crucial for the whole industry. Within the next 15 years we will see a total turnover of the industry. Electric cars are taking the lead and then software really becomes the core driver of the industry.”<blockquote>首席执行官赫伯特·迪斯(Elon Musk)在CNBC上表示：“这个时期对整个行业来说可能是最关键的。在未来15年内，我们将看到该行业的总营业额。电动汽车处于领先地位，然后软件真正成为行业的核心驱动力。”</blockquote> “Electric cars already today are very, very competitive and they’re becoming more competitive over time. that gives us the certainty that this is the right way going forward. Electric cars actually will bring down the cost of individual mobility further,” he continued.<blockquote>“今天的电动汽车已经非常非常有竞争力，而且随着时间的推移，它们的竞争力会变得越来越强。这让我们确信这是正确的前进方向。电动汽车实际上将进一步降低个人出行的成本，”他继续说道。</blockquote> VW also disclosed yesterday that it was working on a \"new unified battery cell\" to be launched in 2023. Diess said:&nbsp;\"The one size fits almost all cell design will radically reduce battery costs ... by up to 50% compared to today. Lower prices for batteries means more affordable cars, which makes electric vehicles more attractive for customers.\"<blockquote>大众昨天还透露，正在开发一种“新的统一电池”，将于2023年推出。迪斯表示：“几乎一刀切的电池设计将从根本上降低电池成本……与今天相比，降低高达50%。电池的价格更低意味着更实惠的汽车，这使得电动汽车对客户更具吸引力。”</blockquote> Also probably contributing to its ascent is the fact that VW is a \"less liquid\" share listing, as Bloomberg notes that it is \"owned by major shareholders Porsche SE, the German state of Lower Saxony and Qatar\".<blockquote>大众汽车是一家“流动性较差”的股票上市公司，彭博社指出，该公司“由主要股东保时捷SE、德国下萨克森州和卡塔尔所有”，这也可能有助于其崛起。</blockquote> The move is also part of a general hysteria surrounding EV stocks. Recall,&nbsp;we wrote days ago&nbsp;that Rob Arnott of Research Affiliates referred to it as a \"big delusion\". Arnott's predictions could eventually rope in valuations across the board in EVs, not just for any one player.<blockquote>此举也是围绕电动汽车股票的普遍歇斯底里情绪的一部分。回想一下，我们几天前写道，Research Affiliates的Rob Arnott称之为“巨大的错觉”。阿诺特的预测最终可能会影响电动汽车的全面估值，而不仅仅是任何一个参与者的估值。</blockquote> Current valuations in EVs are due to \"pricing delusion\", Arnott said in a&nbsp;new paper&nbsp;calling EVs the \"Big Market Delusion\"&nbsp;last week.&nbsp;“The electric vehicle industry, with its astronomical growth in market-cap over the 12 months ending January 31, 2021, is a prime example of a big market delusion,” he wrote.<blockquote>阿诺特上周在一篇将电动汽车称为“大市场错觉”的新论文中表示，目前电动汽车的估值是由于“定价错觉”造成的。“电动汽车行业在截至2021年1月31日的12个月内市值出现了天文数字的增长，这是大市场错觉的一个典型例子，”他写道。</blockquote> <img src=\"https://static.tigerbbs.com/d2a5f96a4a5704f2233e4c71ce2f7610\" tg-width=\"500\" tg-height=\"317\">In his paper, he defines a big market delusion as \"when all the firms in an evolving industry rise together, despite that fact that they are competing against each other.\" He used airlines as an example of the BMD in the past. Technology&nbsp;“does not translate into great fortunes for investors unless it is associated with barriers to entry that allow a company to earn returns significantly in excess of the cost of capital for an extended period,” he argued.<blockquote>在他的论文中，他将大市场错觉定义为“当一个不断发展的行业中的所有公司共同崛起，尽管事实上它们正在相互竞争。”他过去用航空公司作为BMD的例子。他认为，技术“不会为投资者带来巨大的财富，除非它与进入壁垒相关，使公司能够在较长一段时间内赚取远远超过资本成本的回报”。</blockquote>","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>VW Shares Continue To Scorch Higher On EV Promise As Tesla Slumps<blockquote>随着特斯拉股价暴跌，大众股价因电动汽车承诺而继续走高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nVW Shares Continue To Scorch Higher On EV Promise As Tesla Slumps<blockquote>随着特斯拉股价暴跌，大众股价因电动汽车承诺而继续走高</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedg2021-03-17 22:33\n\n</h4>\n</header>\n<article>\nIt was inevitable that&nbsp;somereversion to the mean would have to happen between names like Tesla and, well, the rest of the auto industry. While Tesla shares are lower on Wednesday in early trade, VW might be the leading frontrunner to meet the mean from the other direction. Shares of VW common and preferred have continued to scorch higher, adding to yesterday's gains.<blockquote>不可避免的是一些回归均值必须发生在特斯拉等公司和汽车行业的其他公司之间。尽管特斯拉股价周三早盘走低，但大众汽车可能是从另一个方向达到均值的领先领跑者。大众普通股和优先股继续走高，延续了昨天的涨幅。</blockquote> <img src=\"https://static.tigerbbs.com/9c08ac7151c24e77c8d56d29034d05f5\" tg-width=\"685\" tg-height=\"496\"><blockquote></blockquote> This extendsyesterday's monster gainswhich saw VW shares climb over 30% at one point. And, as you can see below, VW is starting to look a bit like Tesla's chart over the last 18 months. The key exception is, of course, that VW is a consistently cash generating legacy automaker with decades of history behind it.<blockquote>这延续了昨天大众股价一度上涨30%以上的巨大涨幅。而且，正如您在下面看到的，大众汽车在过去18个月中开始看起来有点像特斯拉的图表。当然，关键的例外是，大众是一家拥有数十年历史的持续产生现金的传统汽车制造商。</blockquote> <img src=\"https://static.tigerbbs.com/2eca047b9aff188d55c809f9e9855ea1\" tg-width=\"500\" tg-height=\"307\">The reversion to the mean could be very bad news for Tesla, as VW could be just the first of many valuation \"reality checks\" that Musk's company could be in for. Eventually, people are destined to realize that legacy automakers can make quality EVs that are inevitably going to compete - seriously - with Tesla. Recall, names like Apple, BMW, Jaguar and Audi - just to name a few - are also throwing their hats into the respective ring.<blockquote>回归均值对特斯拉来说可能是非常坏的消息，因为大众可能只是马斯克的公司可能面临的众多估值“现实检查”中的第一个。最终，人们注定会意识到传统汽车制造商可以制造优质电动汽车，而这些电动汽车将不可避免地与特斯拉展开激烈竞争。回想一下，苹果、宝马、捷豹和奥迪等品牌——仅举几例——也纷纷加入各自的行列。</blockquote> Yesterday VW upgraded its profit guidance laid out plans for expanding the company's EV offering out through 2030 which also includes dethroning Tesla as the reigning EV world champ. VW hosted its \"Power Day\" yesterday and revealed plans to build six \"gigafactories\" with a total capacity of 240 gigawatt hours per year.<blockquote>昨天，大众汽车上调了利润指引，制定了到2030年扩大公司电动汽车产品的计划，其中还包括取代特斯拉成为电动汽车世界冠军。大众汽车昨天举办了“电力日”，并透露了建造六个“超级工厂”的计划，总产能为每年240吉瓦时。</blockquote> \"The company is aiming to achieve an operating margin between 7% and 8% after 2021. VOW also confirmed it is looking to finish the year at the upper and of a 5% - 6.5% range in 2021. Higher profitability will be achieved through lower costs with as much as 2 billion euros savings identified for 2023 compared to 2020,\" the company said yesterday, according to&nbsp;StreetInsider.<blockquote>“该公司的目标是在2021年之后实现7%至8%之间的营业利润率。VOW还证实，它希望在2021年年底达到5%-6.5%的上限。将实现更高的盈利能力据StreetInsider报道，该公司昨天表示，与2020年相比，2023年将节省多达20亿欧元。”</blockquote> Chief Executive Herbert Diess said on CNBC:&nbsp;“This period is probably the most crucial for the whole industry. Within the next 15 years we will see a total turnover of the industry. Electric cars are taking the lead and then software really becomes the core driver of the industry.”<blockquote>首席执行官赫伯特·迪斯(Elon Musk)在CNBC上表示：“这个时期对整个行业来说可能是最关键的。在未来15年内，我们将看到该行业的总营业额。电动汽车处于领先地位，然后软件真正成为行业的核心驱动力。”</blockquote> “Electric cars already today are very, very competitive and they’re becoming more competitive over time. that gives us the certainty that this is the right way going forward. Electric cars actually will bring down the cost of individual mobility further,” he continued.<blockquote>“今天的电动汽车已经非常非常有竞争力，而且随着时间的推移，它们的竞争力会变得越来越强。这让我们确信这是正确的前进方向。电动汽车实际上将进一步降低个人出行的成本，”他继续说道。</blockquote> VW also disclosed yesterday that it was working on a \"new unified battery cell\" to be launched in 2023. Diess said:&nbsp;\"The one size fits almost all cell design will radically reduce battery costs ... by up to 50% compared to today. Lower prices for batteries means more affordable cars, which makes electric vehicles more attractive for customers.\"<blockquote>大众昨天还透露，正在开发一种“新的统一电池”，将于2023年推出。迪斯表示：“几乎一刀切的电池设计将从根本上降低电池成本……与今天相比，降低高达50%。电池的价格更低意味着更实惠的汽车，这使得电动汽车对客户更具吸引力。”</blockquote> Also probably contributing to its ascent is the fact that VW is a \"less liquid\" share listing, as Bloomberg notes that it is \"owned by major shareholders Porsche SE, the German state of Lower Saxony and Qatar\".<blockquote>大众汽车是一家“流动性较差”的股票上市公司，彭博社指出，该公司“由主要股东保时捷SE、德国下萨克森州和卡塔尔所有”，这也可能有助于其崛起。</blockquote> The move is also part of a general hysteria surrounding EV stocks. Recall,&nbsp;we wrote days ago&nbsp;that Rob Arnott of Research Affiliates referred to it as a \"big delusion\". Arnott's predictions could eventually rope in valuations across the board in EVs, not just for any one player.<blockquote>此举也是围绕电动汽车股票的普遍歇斯底里情绪的一部分。回想一下，我们几天前写道，Research Affiliates的Rob Arnott称之为“巨大的错觉”。阿诺特的预测最终可能会影响电动汽车的全面估值，而不仅仅是任何一个参与者的估值。</blockquote> Current valuations in EVs are due to \"pricing delusion\", Arnott said in a&nbsp;new paper&nbsp;calling EVs the \"Big Market Delusion\"&nbsp;last week.&nbsp;“The electric vehicle industry, with its astronomical growth in market-cap over the 12 months ending January 31, 2021, is a prime example of a big market delusion,” he wrote.<blockquote>阿诺特上周在一篇将电动汽车称为“大市场错觉”的新论文中表示，目前电动汽车的估值是由于“定价错觉”造成的。“电动汽车行业在截至2021年1月31日的12个月内市值出现了天文数字的增长，这是大市场错觉的一个典型例子，”他写道。</blockquote> <img src=\"https://static.tigerbbs.com/d2a5f96a4a5704f2233e4c71ce2f7610\" tg-width=\"500\" tg-height=\"317\">In his paper, he defines a big market delusion as \"when all the firms in an evolving industry rise together, despite that fact that they are competing against each other.\" He used airlines as an example of the BMD in the past. Technology&nbsp;“does not translate into great fortunes for investors unless it is associated with barriers to entry that allow a company to earn returns significantly in excess of the cost of capital for an extended period,” he argued.<blockquote>在他的论文中，他将大市场错觉定义为“当一个不断发展的行业中的所有公司共同崛起，尽管事实上它们正在相互竞争。”他过去用航空公司作为BMD的例子。他认为，技术“不会为投资者带来巨大的财富，除非它与进入壁垒相关，使公司能够在较长一段时间内赚取远远超过资本成本的回报”。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/vw-shares-continue-scorch-higher\">zerohedg</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"VLKAY":"大众汽车","TSLA":"特斯拉"},"source_url":"https://www.zerohedge.com/markets/vw-shares-continue-scorch-higher","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179080939","content_text":"It was inevitable that somereversion to the mean would have to happen between names like Tesla and, well, the rest of the auto industry. While Tesla shares are lower on Wednesday in early trade, VW might be the leading frontrunner to meet the mean from the other direction. Shares of VW common and preferred have continued to scorch higher, adding to yesterday's gains.\n\nThis extendsyesterday's monster gainswhich saw VW shares climb over 30% at one point. And, as you can see below, VW is starting to look a bit like Tesla's chart over the last 18 months. The key exception is, of course, that VW is a consistently cash generating legacy automaker with decades of history behind it.\nThe reversion to the mean could be very bad news for Tesla, as VW could be just the first of many valuation \"reality checks\" that Musk's company could be in for. Eventually, people are destined to realize that legacy automakers can make quality EVs that are inevitably going to compete - seriously - with Tesla. Recall, names like Apple, BMW, Jaguar and Audi - just to name a few - are also throwing their hats into the respective ring.\nYesterday VW upgraded its profit guidance laid out plans for expanding the company's EV offering out through 2030 which also includes dethroning Tesla as the reigning EV world champ. VW hosted its \"Power Day\" yesterday and revealed plans to build six \"gigafactories\" with a total capacity of 240 gigawatt hours per year.\n\"The company is aiming to achieve an operating margin between 7% and 8% after 2021. VOW also confirmed it is looking to finish the year at the upper and of a 5% - 6.5% range in 2021. Higher profitability will be achieved through lower costs with as much as 2 billion euros savings identified for 2023 compared to 2020,\" the company said yesterday, according to StreetInsider.\nChief Executive Herbert Diess said on CNBC: “This period is probably the most crucial for the whole industry. Within the next 15 years we will see a total turnover of the industry. Electric cars are taking the lead and then software really becomes the core driver of the industry.”\n“Electric cars already today are very, very competitive and they’re becoming more competitive over time. that gives us the certainty that this is the right way going forward. Electric cars actually will bring down the cost of individual mobility further,” he continued.\nVW also disclosed yesterday that it was working on a \"new unified battery cell\" to be launched in 2023. Diess said: \"The one size fits almost all cell design will radically reduce battery costs ... by up to 50% compared to today. Lower prices for batteries means more affordable cars, which makes electric vehicles more attractive for customers.\"\nAlso probably contributing to its ascent is the fact that VW is a \"less liquid\" share listing, as Bloomberg notes that it is \"owned by major shareholders Porsche SE, the German state of Lower Saxony and Qatar\".\nThe move is also part of a general hysteria surrounding EV stocks. Recall, we wrote days ago that Rob Arnott of Research Affiliates referred to it as a \"big delusion\". Arnott's predictions could eventually rope in valuations across the board in EVs, not just for any one player.\nCurrent valuations in EVs are due to \"pricing delusion\", Arnott said in a new paper calling EVs the \"Big Market Delusion\" last week. “The electric vehicle industry, with its astronomical growth in market-cap over the 12 months ending January 31, 2021, is a prime example of a big market delusion,” he wrote.\nIn his paper, he defines a big market delusion as \"when all the firms in an evolving industry rise together, despite that fact that they are competing against each other.\" He used airlines as an example of the BMD in the past. Technology “does not translate into great fortunes for investors unless it is associated with barriers to entry that allow a company to earn returns significantly in excess of the cost of capital for an extended period,” he argued.","news_type":1,"symbols_score_info":{"TSLA":0.9,"VLKAY":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":324540657,"gmtCreate":1616019480979,"gmtModify":1703496366504,"author":{"id":"3572388238861982","authorId":"3572388238861982","name":"MGHuat","avatar":"https://static.tigerbbs.com/bd2cbc6e014ed9c700e2d9cd01ae2b08","vip":1,"crmLevel":3,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3572388238861982","authorIdStr":"3572388238861982"},"htmlText":"Interesting. like n comment pls.","listText":"Interesting. like n comment pls.","text":"Interesting. like n comment pls.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/324540657","repostId":1179080939,"repostType":4,"repost":{"id":"1179080939","kind":"news","pubTimestamp":1615991600,"share":"https://www.laohu8.com/m/news/1179080939?lang=zh_CN&edition=full","pubTime":"2021-03-17 22:33","market":"us","language":"en","title":"VW Shares Continue To Scorch Higher On EV Promise As Tesla Slumps<blockquote>随着特斯拉股价暴跌，大众股价因电动汽车承诺而继续走高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1179080939","media":"zerohedg","summary":"It was inevitable that somereversion to the mean would have to happen between names like Tesla and, ","content":"It was inevitable that&nbsp;somereversion to the mean would have to happen between names like Tesla and, well, the rest of the auto industry. While Tesla shares are lower on Wednesday in early trade, VW might be the leading frontrunner to meet the mean from the other direction. Shares of VW common and preferred have continued to scorch higher, adding to yesterday's gains.<blockquote>不可避免的是一些回归均值必须发生在特斯拉等公司和汽车行业的其他公司之间。尽管特斯拉股价周三早盘走低，但大众汽车可能是从另一个方向达到均值的领先领跑者。大众普通股和优先股继续走高，延续了昨天的涨幅。</blockquote> <img src=\"https://static.tigerbbs.com/9c08ac7151c24e77c8d56d29034d05f5\" tg-width=\"685\" tg-height=\"496\"><blockquote></blockquote> This extendsyesterday's monster gainswhich saw VW shares climb over 30% at one point. And, as you can see below, VW is starting to look a bit like Tesla's chart over the last 18 months. The key exception is, of course, that VW is a consistently cash generating legacy automaker with decades of history behind it.<blockquote>这延续了昨天大众股价一度上涨30%以上的巨大涨幅。而且，正如您在下面看到的，大众汽车在过去18个月中开始看起来有点像特斯拉的图表。当然，关键的例外是，大众是一家拥有数十年历史的持续产生现金的传统汽车制造商。</blockquote> <img src=\"https://static.tigerbbs.com/2eca047b9aff188d55c809f9e9855ea1\" tg-width=\"500\" tg-height=\"307\">The reversion to the mean could be very bad news for Tesla, as VW could be just the first of many valuation \"reality checks\" that Musk's company could be in for. Eventually, people are destined to realize that legacy automakers can make quality EVs that are inevitably going to compete - seriously - with Tesla. Recall, names like Apple, BMW, Jaguar and Audi - just to name a few - are also throwing their hats into the respective ring.<blockquote>回归均值对特斯拉来说可能是非常坏的消息，因为大众可能只是马斯克的公司可能面临的众多估值“现实检查”中的第一个。最终，人们注定会意识到传统汽车制造商可以制造优质电动汽车，而这些电动汽车将不可避免地与特斯拉展开激烈竞争。回想一下，苹果、宝马、捷豹和奥迪等品牌——仅举几例——也纷纷加入各自的行列。</blockquote> Yesterday VW upgraded its profit guidance laid out plans for expanding the company's EV offering out through 2030 which also includes dethroning Tesla as the reigning EV world champ. VW hosted its \"Power Day\" yesterday and revealed plans to build six \"gigafactories\" with a total capacity of 240 gigawatt hours per year.<blockquote>昨天，大众汽车上调了利润指引，制定了到2030年扩大公司电动汽车产品的计划，其中还包括取代特斯拉成为电动汽车世界冠军。大众汽车昨天举办了“电力日”，并透露了建造六个“超级工厂”的计划，总产能为每年240吉瓦时。</blockquote> \"The company is aiming to achieve an operating margin between 7% and 8% after 2021. VOW also confirmed it is looking to finish the year at the upper and of a 5% - 6.5% range in 2021. Higher profitability will be achieved through lower costs with as much as 2 billion euros savings identified for 2023 compared to 2020,\" the company said yesterday, according to&nbsp;StreetInsider.<blockquote>“该公司的目标是在2021年之后实现7%至8%之间的营业利润率。VOW还证实，它希望在2021年年底达到5%-6.5%的上限。将实现更高的盈利能力据StreetInsider报道，该公司昨天表示，与2020年相比，2023年将节省多达20亿欧元。”</blockquote> Chief Executive Herbert Diess said on CNBC:&nbsp;“This period is probably the most crucial for the whole industry. Within the next 15 years we will see a total turnover of the industry. Electric cars are taking the lead and then software really becomes the core driver of the industry.”<blockquote>首席执行官赫伯特·迪斯(Elon Musk)在CNBC上表示：“这个时期对整个行业来说可能是最关键的。在未来15年内，我们将看到该行业的总营业额。电动汽车处于领先地位，然后软件真正成为行业的核心驱动力。”</blockquote> “Electric cars already today are very, very competitive and they’re becoming more competitive over time. that gives us the certainty that this is the right way going forward. Electric cars actually will bring down the cost of individual mobility further,” he continued.<blockquote>“今天的电动汽车已经非常非常有竞争力，而且随着时间的推移，它们的竞争力会变得越来越强。这让我们确信这是正确的前进方向。电动汽车实际上将进一步降低个人出行的成本，”他继续说道。</blockquote> VW also disclosed yesterday that it was working on a \"new unified battery cell\" to be launched in 2023. Diess said:&nbsp;\"The one size fits almost all cell design will radically reduce battery costs ... by up to 50% compared to today. Lower prices for batteries means more affordable cars, which makes electric vehicles more attractive for customers.\"<blockquote>大众昨天还透露，正在开发一种“新的统一电池”，将于2023年推出。迪斯表示：“几乎一刀切的电池设计将从根本上降低电池成本……与今天相比，降低高达50%。电池的价格更低意味着更实惠的汽车，这使得电动汽车对客户更具吸引力。”</blockquote> Also probably contributing to its ascent is the fact that VW is a \"less liquid\" share listing, as Bloomberg notes that it is \"owned by major shareholders Porsche SE, the German state of Lower Saxony and Qatar\".<blockquote>大众汽车是一家“流动性较差”的股票上市公司，彭博社指出，该公司“由主要股东保时捷SE、德国下萨克森州和卡塔尔所有”，这也可能有助于其崛起。</blockquote> The move is also part of a general hysteria surrounding EV stocks. Recall,&nbsp;we wrote days ago&nbsp;that Rob Arnott of Research Affiliates referred to it as a \"big delusion\". Arnott's predictions could eventually rope in valuations across the board in EVs, not just for any one player.<blockquote>此举也是围绕电动汽车股票的普遍歇斯底里情绪的一部分。回想一下，我们几天前写道，Research Affiliates的Rob Arnott称之为“巨大的错觉”。阿诺特的预测最终可能会影响电动汽车的全面估值，而不仅仅是任何一个参与者的估值。</blockquote> Current valuations in EVs are due to \"pricing delusion\", Arnott said in a&nbsp;new paper&nbsp;calling EVs the \"Big Market Delusion\"&nbsp;last week.&nbsp;“The electric vehicle industry, with its astronomical growth in market-cap over the 12 months ending January 31, 2021, is a prime example of a big market delusion,” he wrote.<blockquote>阿诺特上周在一篇将电动汽车称为“大市场错觉”的新论文中表示，目前电动汽车的估值是由于“定价错觉”造成的。“电动汽车行业在截至2021年1月31日的12个月内市值出现了天文数字的增长，这是大市场错觉的一个典型例子，”他写道。</blockquote> <img src=\"https://static.tigerbbs.com/d2a5f96a4a5704f2233e4c71ce2f7610\" tg-width=\"500\" tg-height=\"317\">In his paper, he defines a big market delusion as \"when all the firms in an evolving industry rise together, despite that fact that they are competing against each other.\" He used airlines as an example of the BMD in the past. Technology&nbsp;“does not translate into great fortunes for investors unless it is associated with barriers to entry that allow a company to earn returns significantly in excess of the cost of capital for an extended period,” he argued.<blockquote>在他的论文中，他将大市场错觉定义为“当一个不断发展的行业中的所有公司共同崛起，尽管事实上它们正在相互竞争。”他过去用航空公司作为BMD的例子。他认为，技术“不会为投资者带来巨大的财富，除非它与进入壁垒相关，使公司能够在较长一段时间内赚取远远超过资本成本的回报”。</blockquote>","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>VW Shares Continue To Scorch Higher On EV Promise As Tesla Slumps<blockquote>随着特斯拉股价暴跌，大众股价因电动汽车承诺而继续走高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nVW Shares Continue To Scorch Higher On EV Promise As Tesla Slumps<blockquote>随着特斯拉股价暴跌，大众股价因电动汽车承诺而继续走高</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedg2021-03-17 22:33\n\n</h4>\n</header>\n<article>\nIt was inevitable that&nbsp;somereversion to the mean would have to happen between names like Tesla and, well, the rest of the auto industry. While Tesla shares are lower on Wednesday in early trade, VW might be the leading frontrunner to meet the mean from the other direction. Shares of VW common and preferred have continued to scorch higher, adding to yesterday's gains.<blockquote>不可避免的是一些回归均值必须发生在特斯拉等公司和汽车行业的其他公司之间。尽管特斯拉股价周三早盘走低，但大众汽车可能是从另一个方向达到均值的领先领跑者。大众普通股和优先股继续走高，延续了昨天的涨幅。</blockquote> <img src=\"https://static.tigerbbs.com/9c08ac7151c24e77c8d56d29034d05f5\" tg-width=\"685\" tg-height=\"496\"><blockquote></blockquote> This extendsyesterday's monster gainswhich saw VW shares climb over 30% at one point. And, as you can see below, VW is starting to look a bit like Tesla's chart over the last 18 months. The key exception is, of course, that VW is a consistently cash generating legacy automaker with decades of history behind it.<blockquote>这延续了昨天大众股价一度上涨30%以上的巨大涨幅。而且，正如您在下面看到的，大众汽车在过去18个月中开始看起来有点像特斯拉的图表。当然，关键的例外是，大众是一家拥有数十年历史的持续产生现金的传统汽车制造商。</blockquote> <img src=\"https://static.tigerbbs.com/2eca047b9aff188d55c809f9e9855ea1\" tg-width=\"500\" tg-height=\"307\">The reversion to the mean could be very bad news for Tesla, as VW could be just the first of many valuation \"reality checks\" that Musk's company could be in for. Eventually, people are destined to realize that legacy automakers can make quality EVs that are inevitably going to compete - seriously - with Tesla. Recall, names like Apple, BMW, Jaguar and Audi - just to name a few - are also throwing their hats into the respective ring.<blockquote>回归均值对特斯拉来说可能是非常坏的消息，因为大众可能只是马斯克的公司可能面临的众多估值“现实检查”中的第一个。最终，人们注定会意识到传统汽车制造商可以制造优质电动汽车，而这些电动汽车将不可避免地与特斯拉展开激烈竞争。回想一下，苹果、宝马、捷豹和奥迪等品牌——仅举几例——也纷纷加入各自的行列。</blockquote> Yesterday VW upgraded its profit guidance laid out plans for expanding the company's EV offering out through 2030 which also includes dethroning Tesla as the reigning EV world champ. VW hosted its \"Power Day\" yesterday and revealed plans to build six \"gigafactories\" with a total capacity of 240 gigawatt hours per year.<blockquote>昨天，大众汽车上调了利润指引，制定了到2030年扩大公司电动汽车产品的计划，其中还包括取代特斯拉成为电动汽车世界冠军。大众汽车昨天举办了“电力日”，并透露了建造六个“超级工厂”的计划，总产能为每年240吉瓦时。</blockquote> \"The company is aiming to achieve an operating margin between 7% and 8% after 2021. VOW also confirmed it is looking to finish the year at the upper and of a 5% - 6.5% range in 2021. Higher profitability will be achieved through lower costs with as much as 2 billion euros savings identified for 2023 compared to 2020,\" the company said yesterday, according to&nbsp;StreetInsider.<blockquote>“该公司的目标是在2021年之后实现7%至8%之间的营业利润率。VOW还证实，它希望在2021年年底达到5%-6.5%的上限。将实现更高的盈利能力据StreetInsider报道，该公司昨天表示，与2020年相比，2023年将节省多达20亿欧元。”</blockquote> Chief Executive Herbert Diess said on CNBC:&nbsp;“This period is probably the most crucial for the whole industry. Within the next 15 years we will see a total turnover of the industry. Electric cars are taking the lead and then software really becomes the core driver of the industry.”<blockquote>首席执行官赫伯特·迪斯(Elon Musk)在CNBC上表示：“这个时期对整个行业来说可能是最关键的。在未来15年内，我们将看到该行业的总营业额。电动汽车处于领先地位，然后软件真正成为行业的核心驱动力。”</blockquote> “Electric cars already today are very, very competitive and they’re becoming more competitive over time. that gives us the certainty that this is the right way going forward. Electric cars actually will bring down the cost of individual mobility further,” he continued.<blockquote>“今天的电动汽车已经非常非常有竞争力，而且随着时间的推移，它们的竞争力会变得越来越强。这让我们确信这是正确的前进方向。电动汽车实际上将进一步降低个人出行的成本，”他继续说道。</blockquote> VW also disclosed yesterday that it was working on a \"new unified battery cell\" to be launched in 2023. Diess said:&nbsp;\"The one size fits almost all cell design will radically reduce battery costs ... by up to 50% compared to today. Lower prices for batteries means more affordable cars, which makes electric vehicles more attractive for customers.\"<blockquote>大众昨天还透露，正在开发一种“新的统一电池”，将于2023年推出。迪斯表示：“几乎一刀切的电池设计将从根本上降低电池成本……与今天相比，降低高达50%。电池的价格更低意味着更实惠的汽车，这使得电动汽车对客户更具吸引力。”</blockquote> Also probably contributing to its ascent is the fact that VW is a \"less liquid\" share listing, as Bloomberg notes that it is \"owned by major shareholders Porsche SE, the German state of Lower Saxony and Qatar\".<blockquote>大众汽车是一家“流动性较差”的股票上市公司，彭博社指出，该公司“由主要股东保时捷SE、德国下萨克森州和卡塔尔所有”，这也可能有助于其崛起。</blockquote> The move is also part of a general hysteria surrounding EV stocks. Recall,&nbsp;we wrote days ago&nbsp;that Rob Arnott of Research Affiliates referred to it as a \"big delusion\". Arnott's predictions could eventually rope in valuations across the board in EVs, not just for any one player.<blockquote>此举也是围绕电动汽车股票的普遍歇斯底里情绪的一部分。回想一下，我们几天前写道，Research Affiliates的Rob Arnott称之为“巨大的错觉”。阿诺特的预测最终可能会影响电动汽车的全面估值，而不仅仅是任何一个参与者的估值。</blockquote> Current valuations in EVs are due to \"pricing delusion\", Arnott said in a&nbsp;new paper&nbsp;calling EVs the \"Big Market Delusion\"&nbsp;last week.&nbsp;“The electric vehicle industry, with its astronomical growth in market-cap over the 12 months ending January 31, 2021, is a prime example of a big market delusion,” he wrote.<blockquote>阿诺特上周在一篇将电动汽车称为“大市场错觉”的新论文中表示，目前电动汽车的估值是由于“定价错觉”造成的。“电动汽车行业在截至2021年1月31日的12个月内市值出现了天文数字的增长，这是大市场错觉的一个典型例子，”他写道。</blockquote> <img src=\"https://static.tigerbbs.com/d2a5f96a4a5704f2233e4c71ce2f7610\" tg-width=\"500\" tg-height=\"317\">In his paper, he defines a big market delusion as \"when all the firms in an evolving industry rise together, despite that fact that they are competing against each other.\" He used airlines as an example of the BMD in the past. Technology&nbsp;“does not translate into great fortunes for investors unless it is associated with barriers to entry that allow a company to earn returns significantly in excess of the cost of capital for an extended period,” he argued.<blockquote>在他的论文中，他将大市场错觉定义为“当一个不断发展的行业中的所有公司共同崛起，尽管事实上它们正在相互竞争。”他过去用航空公司作为BMD的例子。他认为，技术“不会为投资者带来巨大的财富，除非它与进入壁垒相关，使公司能够在较长一段时间内赚取远远超过资本成本的回报”。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/vw-shares-continue-scorch-higher\">zerohedg</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"VLKAY":"大众汽车","TSLA":"特斯拉"},"source_url":"https://www.zerohedge.com/markets/vw-shares-continue-scorch-higher","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179080939","content_text":"It was inevitable that somereversion to the mean would have to happen between names like Tesla and, well, the rest of the auto industry. While Tesla shares are lower on Wednesday in early trade, VW might be the leading frontrunner to meet the mean from the other direction. Shares of VW common and preferred have continued to scorch higher, adding to yesterday's gains.\n\nThis extendsyesterday's monster gainswhich saw VW shares climb over 30% at one point. And, as you can see below, VW is starting to look a bit like Tesla's chart over the last 18 months. The key exception is, of course, that VW is a consistently cash generating legacy automaker with decades of history behind it.\nThe reversion to the mean could be very bad news for Tesla, as VW could be just the first of many valuation \"reality checks\" that Musk's company could be in for. Eventually, people are destined to realize that legacy automakers can make quality EVs that are inevitably going to compete - seriously - with Tesla. Recall, names like Apple, BMW, Jaguar and Audi - just to name a few - are also throwing their hats into the respective ring.\nYesterday VW upgraded its profit guidance laid out plans for expanding the company's EV offering out through 2030 which also includes dethroning Tesla as the reigning EV world champ. VW hosted its \"Power Day\" yesterday and revealed plans to build six \"gigafactories\" with a total capacity of 240 gigawatt hours per year.\n\"The company is aiming to achieve an operating margin between 7% and 8% after 2021. VOW also confirmed it is looking to finish the year at the upper and of a 5% - 6.5% range in 2021. Higher profitability will be achieved through lower costs with as much as 2 billion euros savings identified for 2023 compared to 2020,\" the company said yesterday, according to StreetInsider.\nChief Executive Herbert Diess said on CNBC: “This period is probably the most crucial for the whole industry. Within the next 15 years we will see a total turnover of the industry. Electric cars are taking the lead and then software really becomes the core driver of the industry.”\n“Electric cars already today are very, very competitive and they’re becoming more competitive over time. that gives us the certainty that this is the right way going forward. Electric cars actually will bring down the cost of individual mobility further,” he continued.\nVW also disclosed yesterday that it was working on a \"new unified battery cell\" to be launched in 2023. Diess said: \"The one size fits almost all cell design will radically reduce battery costs ... by up to 50% compared to today. Lower prices for batteries means more affordable cars, which makes electric vehicles more attractive for customers.\"\nAlso probably contributing to its ascent is the fact that VW is a \"less liquid\" share listing, as Bloomberg notes that it is \"owned by major shareholders Porsche SE, the German state of Lower Saxony and Qatar\".\nThe move is also part of a general hysteria surrounding EV stocks. Recall, we wrote days ago that Rob Arnott of Research Affiliates referred to it as a \"big delusion\". Arnott's predictions could eventually rope in valuations across the board in EVs, not just for any one player.\nCurrent valuations in EVs are due to \"pricing delusion\", Arnott said in a new paper calling EVs the \"Big Market Delusion\" last week. “The electric vehicle industry, with its astronomical growth in market-cap over the 12 months ending January 31, 2021, is a prime example of a big market delusion,” he wrote.\nIn his paper, he defines a big market delusion as \"when all the firms in an evolving industry rise together, despite that fact that they are competing against each other.\" He used airlines as an example of the BMD in the past. Technology “does not translate into great fortunes for investors unless it is associated with barriers to entry that allow a company to earn returns significantly in excess of the cost of capital for an extended period,” he argued.","news_type":1,"symbols_score_info":{"TSLA":0.9,"VLKAY":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3820727,"gmtCreate":1616023092624,"gmtModify":1635752980291,"authorId":3574203435871118,"author":{"id":3574203435871118,"idStr":"3574203435871118","authorId":3574203435871118,"name":"Blubber","avatar":"https://static.tigerbbs.com/8fc25d1ac92658c939c9704630201621","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":324540657,"type":1,"supId":0,"prevId":0,"content":"Nice!","text":"Nice!","html":"Nice!"},{"id":3821212,"gmtCreate":1616026055467,"gmtModify":1635752939307,"authorId":3567221235003553,"author":{"id":3567221235003553,"idStr":"3567221235003553","authorId":3567221235003553,"name":"JFK","avatar":"https://static.tigerbbs.com/d8cdaf8b81ae245f2f2ea5ff303a6722","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":324540657,"type":1,"supId":3820727,"prevId":0,"content":"Ok.","text":"Ok.","html":"Ok."}],"langContent":"EN"},{"id":324229913,"gmtCreate":1615996215732,"gmtModify":1703496201608,"author":{"id":"3575194352308069","authorId":"3575194352308069","name":"Dinalee","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3575194352308069","authorIdStr":"3575194352308069"},"htmlText":"Tesla and NIO","listText":"Tesla and NIO","text":"Tesla and NIO","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/324229913","repostId":1179080939,"repostType":4,"repost":{"id":"1179080939","kind":"news","pubTimestamp":1615991600,"share":"https://www.laohu8.com/m/news/1179080939?lang=zh_CN&edition=full","pubTime":"2021-03-17 22:33","market":"us","language":"en","title":"VW Shares Continue To Scorch Higher On EV Promise As Tesla Slumps<blockquote>随着特斯拉股价暴跌，大众股价因电动汽车承诺而继续走高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1179080939","media":"zerohedg","summary":"It was inevitable that somereversion to the mean would have to happen between names like Tesla and, ","content":"It was inevitable that&nbsp;somereversion to the mean would have to happen between names like Tesla and, well, the rest of the auto industry. While Tesla shares are lower on Wednesday in early trade, VW might be the leading frontrunner to meet the mean from the other direction. Shares of VW common and preferred have continued to scorch higher, adding to yesterday's gains.<blockquote>不可避免的是一些回归均值必须发生在特斯拉等公司和汽车行业的其他公司之间。尽管特斯拉股价周三早盘走低，但大众汽车可能是从另一个方向达到均值的领先领跑者。大众普通股和优先股继续走高，延续了昨天的涨幅。</blockquote> <img src=\"https://static.tigerbbs.com/9c08ac7151c24e77c8d56d29034d05f5\" tg-width=\"685\" tg-height=\"496\"><blockquote></blockquote> This extendsyesterday's monster gainswhich saw VW shares climb over 30% at one point. And, as you can see below, VW is starting to look a bit like Tesla's chart over the last 18 months. The key exception is, of course, that VW is a consistently cash generating legacy automaker with decades of history behind it.<blockquote>这延续了昨天大众股价一度上涨30%以上的巨大涨幅。而且，正如您在下面看到的，大众汽车在过去18个月中开始看起来有点像特斯拉的图表。当然，关键的例外是，大众是一家拥有数十年历史的持续产生现金的传统汽车制造商。</blockquote> <img src=\"https://static.tigerbbs.com/2eca047b9aff188d55c809f9e9855ea1\" tg-width=\"500\" tg-height=\"307\">The reversion to the mean could be very bad news for Tesla, as VW could be just the first of many valuation \"reality checks\" that Musk's company could be in for. Eventually, people are destined to realize that legacy automakers can make quality EVs that are inevitably going to compete - seriously - with Tesla. Recall, names like Apple, BMW, Jaguar and Audi - just to name a few - are also throwing their hats into the respective ring.<blockquote>回归均值对特斯拉来说可能是非常坏的消息，因为大众可能只是马斯克的公司可能面临的众多估值“现实检查”中的第一个。最终，人们注定会意识到传统汽车制造商可以制造优质电动汽车，而这些电动汽车将不可避免地与特斯拉展开激烈竞争。回想一下，苹果、宝马、捷豹和奥迪等品牌——仅举几例——也纷纷加入各自的行列。</blockquote> Yesterday VW upgraded its profit guidance laid out plans for expanding the company's EV offering out through 2030 which also includes dethroning Tesla as the reigning EV world champ. VW hosted its \"Power Day\" yesterday and revealed plans to build six \"gigafactories\" with a total capacity of 240 gigawatt hours per year.<blockquote>昨天，大众汽车上调了利润指引，制定了到2030年扩大公司电动汽车产品的计划，其中还包括取代特斯拉成为电动汽车世界冠军。大众汽车昨天举办了“电力日”，并透露了建造六个“超级工厂”的计划，总产能为每年240吉瓦时。</blockquote> \"The company is aiming to achieve an operating margin between 7% and 8% after 2021. VOW also confirmed it is looking to finish the year at the upper and of a 5% - 6.5% range in 2021. Higher profitability will be achieved through lower costs with as much as 2 billion euros savings identified for 2023 compared to 2020,\" the company said yesterday, according to&nbsp;StreetInsider.<blockquote>“该公司的目标是在2021年之后实现7%至8%之间的营业利润率。VOW还证实，它希望在2021年年底达到5%-6.5%的上限。将实现更高的盈利能力据StreetInsider报道，该公司昨天表示，与2020年相比，2023年将节省多达20亿欧元。”</blockquote> Chief Executive Herbert Diess said on CNBC:&nbsp;“This period is probably the most crucial for the whole industry. Within the next 15 years we will see a total turnover of the industry. Electric cars are taking the lead and then software really becomes the core driver of the industry.”<blockquote>首席执行官赫伯特·迪斯(Elon Musk)在CNBC上表示：“这个时期对整个行业来说可能是最关键的。在未来15年内，我们将看到该行业的总营业额。电动汽车处于领先地位，然后软件真正成为行业的核心驱动力。”</blockquote> “Electric cars already today are very, very competitive and they’re becoming more competitive over time. that gives us the certainty that this is the right way going forward. Electric cars actually will bring down the cost of individual mobility further,” he continued.<blockquote>“今天的电动汽车已经非常非常有竞争力，而且随着时间的推移，它们的竞争力会变得越来越强。这让我们确信这是正确的前进方向。电动汽车实际上将进一步降低个人出行的成本，”他继续说道。</blockquote> VW also disclosed yesterday that it was working on a \"new unified battery cell\" to be launched in 2023. Diess said:&nbsp;\"The one size fits almost all cell design will radically reduce battery costs ... by up to 50% compared to today. Lower prices for batteries means more affordable cars, which makes electric vehicles more attractive for customers.\"<blockquote>大众昨天还透露，正在开发一种“新的统一电池”，将于2023年推出。迪斯表示：“几乎一刀切的电池设计将从根本上降低电池成本……与今天相比，降低高达50%。电池的价格更低意味着更实惠的汽车，这使得电动汽车对客户更具吸引力。”</blockquote> Also probably contributing to its ascent is the fact that VW is a \"less liquid\" share listing, as Bloomberg notes that it is \"owned by major shareholders Porsche SE, the German state of Lower Saxony and Qatar\".<blockquote>大众汽车是一家“流动性较差”的股票上市公司，彭博社指出，该公司“由主要股东保时捷SE、德国下萨克森州和卡塔尔所有”，这也可能有助于其崛起。</blockquote> The move is also part of a general hysteria surrounding EV stocks. Recall,&nbsp;we wrote days ago&nbsp;that Rob Arnott of Research Affiliates referred to it as a \"big delusion\". Arnott's predictions could eventually rope in valuations across the board in EVs, not just for any one player.<blockquote>此举也是围绕电动汽车股票的普遍歇斯底里情绪的一部分。回想一下，我们几天前写道，Research Affiliates的Rob Arnott称之为“巨大的错觉”。阿诺特的预测最终可能会影响电动汽车的全面估值，而不仅仅是任何一个参与者的估值。</blockquote> Current valuations in EVs are due to \"pricing delusion\", Arnott said in a&nbsp;new paper&nbsp;calling EVs the \"Big Market Delusion\"&nbsp;last week.&nbsp;“The electric vehicle industry, with its astronomical growth in market-cap over the 12 months ending January 31, 2021, is a prime example of a big market delusion,” he wrote.<blockquote>阿诺特上周在一篇将电动汽车称为“大市场错觉”的新论文中表示，目前电动汽车的估值是由于“定价错觉”造成的。“电动汽车行业在截至2021年1月31日的12个月内市值出现了天文数字的增长，这是大市场错觉的一个典型例子，”他写道。</blockquote> <img src=\"https://static.tigerbbs.com/d2a5f96a4a5704f2233e4c71ce2f7610\" tg-width=\"500\" tg-height=\"317\">In his paper, he defines a big market delusion as \"when all the firms in an evolving industry rise together, despite that fact that they are competing against each other.\" He used airlines as an example of the BMD in the past. Technology&nbsp;“does not translate into great fortunes for investors unless it is associated with barriers to entry that allow a company to earn returns significantly in excess of the cost of capital for an extended period,” he argued.<blockquote>在他的论文中，他将大市场错觉定义为“当一个不断发展的行业中的所有公司共同崛起，尽管事实上它们正在相互竞争。”他过去用航空公司作为BMD的例子。他认为，技术“不会为投资者带来巨大的财富，除非它与进入壁垒相关，使公司能够在较长一段时间内赚取远远超过资本成本的回报”。</blockquote>","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>VW Shares Continue To Scorch Higher On EV Promise As Tesla Slumps<blockquote>随着特斯拉股价暴跌，大众股价因电动汽车承诺而继续走高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nVW Shares Continue To Scorch Higher On EV Promise As Tesla Slumps<blockquote>随着特斯拉股价暴跌，大众股价因电动汽车承诺而继续走高</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedg2021-03-17 22:33\n\n</h4>\n</header>\n<article>\nIt was inevitable that&nbsp;somereversion to the mean would have to happen between names like Tesla and, well, the rest of the auto industry. While Tesla shares are lower on Wednesday in early trade, VW might be the leading frontrunner to meet the mean from the other direction. Shares of VW common and preferred have continued to scorch higher, adding to yesterday's gains.<blockquote>不可避免的是一些回归均值必须发生在特斯拉等公司和汽车行业的其他公司之间。尽管特斯拉股价周三早盘走低，但大众汽车可能是从另一个方向达到均值的领先领跑者。大众普通股和优先股继续走高，延续了昨天的涨幅。</blockquote> <img src=\"https://static.tigerbbs.com/9c08ac7151c24e77c8d56d29034d05f5\" tg-width=\"685\" tg-height=\"496\"><blockquote></blockquote> This extendsyesterday's monster gainswhich saw VW shares climb over 30% at one point. And, as you can see below, VW is starting to look a bit like Tesla's chart over the last 18 months. The key exception is, of course, that VW is a consistently cash generating legacy automaker with decades of history behind it.<blockquote>这延续了昨天大众股价一度上涨30%以上的巨大涨幅。而且，正如您在下面看到的，大众汽车在过去18个月中开始看起来有点像特斯拉的图表。当然，关键的例外是，大众是一家拥有数十年历史的持续产生现金的传统汽车制造商。</blockquote> <img src=\"https://static.tigerbbs.com/2eca047b9aff188d55c809f9e9855ea1\" tg-width=\"500\" tg-height=\"307\">The reversion to the mean could be very bad news for Tesla, as VW could be just the first of many valuation \"reality checks\" that Musk's company could be in for. Eventually, people are destined to realize that legacy automakers can make quality EVs that are inevitably going to compete - seriously - with Tesla. Recall, names like Apple, BMW, Jaguar and Audi - just to name a few - are also throwing their hats into the respective ring.<blockquote>回归均值对特斯拉来说可能是非常坏的消息，因为大众可能只是马斯克的公司可能面临的众多估值“现实检查”中的第一个。最终，人们注定会意识到传统汽车制造商可以制造优质电动汽车，而这些电动汽车将不可避免地与特斯拉展开激烈竞争。回想一下，苹果、宝马、捷豹和奥迪等品牌——仅举几例——也纷纷加入各自的行列。</blockquote> Yesterday VW upgraded its profit guidance laid out plans for expanding the company's EV offering out through 2030 which also includes dethroning Tesla as the reigning EV world champ. VW hosted its \"Power Day\" yesterday and revealed plans to build six \"gigafactories\" with a total capacity of 240 gigawatt hours per year.<blockquote>昨天，大众汽车上调了利润指引，制定了到2030年扩大公司电动汽车产品的计划，其中还包括取代特斯拉成为电动汽车世界冠军。大众汽车昨天举办了“电力日”，并透露了建造六个“超级工厂”的计划，总产能为每年240吉瓦时。</blockquote> \"The company is aiming to achieve an operating margin between 7% and 8% after 2021. VOW also confirmed it is looking to finish the year at the upper and of a 5% - 6.5% range in 2021. Higher profitability will be achieved through lower costs with as much as 2 billion euros savings identified for 2023 compared to 2020,\" the company said yesterday, according to&nbsp;StreetInsider.<blockquote>“该公司的目标是在2021年之后实现7%至8%之间的营业利润率。VOW还证实，它希望在2021年年底达到5%-6.5%的上限。将实现更高的盈利能力据StreetInsider报道，该公司昨天表示，与2020年相比，2023年将节省多达20亿欧元。”</blockquote> Chief Executive Herbert Diess said on CNBC:&nbsp;“This period is probably the most crucial for the whole industry. Within the next 15 years we will see a total turnover of the industry. Electric cars are taking the lead and then software really becomes the core driver of the industry.”<blockquote>首席执行官赫伯特·迪斯(Elon Musk)在CNBC上表示：“这个时期对整个行业来说可能是最关键的。在未来15年内，我们将看到该行业的总营业额。电动汽车处于领先地位，然后软件真正成为行业的核心驱动力。”</blockquote> “Electric cars already today are very, very competitive and they’re becoming more competitive over time. that gives us the certainty that this is the right way going forward. Electric cars actually will bring down the cost of individual mobility further,” he continued.<blockquote>“今天的电动汽车已经非常非常有竞争力，而且随着时间的推移，它们的竞争力会变得越来越强。这让我们确信这是正确的前进方向。电动汽车实际上将进一步降低个人出行的成本，”他继续说道。</blockquote> VW also disclosed yesterday that it was working on a \"new unified battery cell\" to be launched in 2023. Diess said:&nbsp;\"The one size fits almost all cell design will radically reduce battery costs ... by up to 50% compared to today. Lower prices for batteries means more affordable cars, which makes electric vehicles more attractive for customers.\"<blockquote>大众昨天还透露，正在开发一种“新的统一电池”，将于2023年推出。迪斯表示：“几乎一刀切的电池设计将从根本上降低电池成本……与今天相比，降低高达50%。电池的价格更低意味着更实惠的汽车，这使得电动汽车对客户更具吸引力。”</blockquote> Also probably contributing to its ascent is the fact that VW is a \"less liquid\" share listing, as Bloomberg notes that it is \"owned by major shareholders Porsche SE, the German state of Lower Saxony and Qatar\".<blockquote>大众汽车是一家“流动性较差”的股票上市公司，彭博社指出，该公司“由主要股东保时捷SE、德国下萨克森州和卡塔尔所有”，这也可能有助于其崛起。</blockquote> The move is also part of a general hysteria surrounding EV stocks. Recall,&nbsp;we wrote days ago&nbsp;that Rob Arnott of Research Affiliates referred to it as a \"big delusion\". Arnott's predictions could eventually rope in valuations across the board in EVs, not just for any one player.<blockquote>此举也是围绕电动汽车股票的普遍歇斯底里情绪的一部分。回想一下，我们几天前写道，Research Affiliates的Rob Arnott称之为“巨大的错觉”。阿诺特的预测最终可能会影响电动汽车的全面估值，而不仅仅是任何一个参与者的估值。</blockquote> Current valuations in EVs are due to \"pricing delusion\", Arnott said in a&nbsp;new paper&nbsp;calling EVs the \"Big Market Delusion\"&nbsp;last week.&nbsp;“The electric vehicle industry, with its astronomical growth in market-cap over the 12 months ending January 31, 2021, is a prime example of a big market delusion,” he wrote.<blockquote>阿诺特上周在一篇将电动汽车称为“大市场错觉”的新论文中表示，目前电动汽车的估值是由于“定价错觉”造成的。“电动汽车行业在截至2021年1月31日的12个月内市值出现了天文数字的增长，这是大市场错觉的一个典型例子，”他写道。</blockquote> <img src=\"https://static.tigerbbs.com/d2a5f96a4a5704f2233e4c71ce2f7610\" tg-width=\"500\" tg-height=\"317\">In his paper, he defines a big market delusion as \"when all the firms in an evolving industry rise together, despite that fact that they are competing against each other.\" He used airlines as an example of the BMD in the past. Technology&nbsp;“does not translate into great fortunes for investors unless it is associated with barriers to entry that allow a company to earn returns significantly in excess of the cost of capital for an extended period,” he argued.<blockquote>在他的论文中，他将大市场错觉定义为“当一个不断发展的行业中的所有公司共同崛起，尽管事实上它们正在相互竞争。”他过去用航空公司作为BMD的例子。他认为，技术“不会为投资者带来巨大的财富，除非它与进入壁垒相关，使公司能够在较长一段时间内赚取远远超过资本成本的回报”。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/vw-shares-continue-scorch-higher\">zerohedg</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"VLKAY":"大众汽车","TSLA":"特斯拉"},"source_url":"https://www.zerohedge.com/markets/vw-shares-continue-scorch-higher","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179080939","content_text":"It was inevitable that somereversion to the mean would have to happen between names like Tesla and, well, the rest of the auto industry. While Tesla shares are lower on Wednesday in early trade, VW might be the leading frontrunner to meet the mean from the other direction. Shares of VW common and preferred have continued to scorch higher, adding to yesterday's gains.\n\nThis extendsyesterday's monster gainswhich saw VW shares climb over 30% at one point. And, as you can see below, VW is starting to look a bit like Tesla's chart over the last 18 months. The key exception is, of course, that VW is a consistently cash generating legacy automaker with decades of history behind it.\nThe reversion to the mean could be very bad news for Tesla, as VW could be just the first of many valuation \"reality checks\" that Musk's company could be in for. Eventually, people are destined to realize that legacy automakers can make quality EVs that are inevitably going to compete - seriously - with Tesla. Recall, names like Apple, BMW, Jaguar and Audi - just to name a few - are also throwing their hats into the respective ring.\nYesterday VW upgraded its profit guidance laid out plans for expanding the company's EV offering out through 2030 which also includes dethroning Tesla as the reigning EV world champ. VW hosted its \"Power Day\" yesterday and revealed plans to build six \"gigafactories\" with a total capacity of 240 gigawatt hours per year.\n\"The company is aiming to achieve an operating margin between 7% and 8% after 2021. VOW also confirmed it is looking to finish the year at the upper and of a 5% - 6.5% range in 2021. Higher profitability will be achieved through lower costs with as much as 2 billion euros savings identified for 2023 compared to 2020,\" the company said yesterday, according to StreetInsider.\nChief Executive Herbert Diess said on CNBC: “This period is probably the most crucial for the whole industry. Within the next 15 years we will see a total turnover of the industry. Electric cars are taking the lead and then software really becomes the core driver of the industry.”\n“Electric cars already today are very, very competitive and they’re becoming more competitive over time. that gives us the certainty that this is the right way going forward. Electric cars actually will bring down the cost of individual mobility further,” he continued.\nVW also disclosed yesterday that it was working on a \"new unified battery cell\" to be launched in 2023. Diess said: \"The one size fits almost all cell design will radically reduce battery costs ... by up to 50% compared to today. Lower prices for batteries means more affordable cars, which makes electric vehicles more attractive for customers.\"\nAlso probably contributing to its ascent is the fact that VW is a \"less liquid\" share listing, as Bloomberg notes that it is \"owned by major shareholders Porsche SE, the German state of Lower Saxony and Qatar\".\nThe move is also part of a general hysteria surrounding EV stocks. Recall, we wrote days ago that Rob Arnott of Research Affiliates referred to it as a \"big delusion\". Arnott's predictions could eventually rope in valuations across the board in EVs, not just for any one player.\nCurrent valuations in EVs are due to \"pricing delusion\", Arnott said in a new paper calling EVs the \"Big Market Delusion\" last week. “The electric vehicle industry, with its astronomical growth in market-cap over the 12 months ending January 31, 2021, is a prime example of a big market delusion,” he wrote.\nIn his paper, he defines a big market delusion as \"when all the firms in an evolving industry rise together, despite that fact that they are competing against each other.\" He used airlines as an example of the BMD in the past. Technology “does not translate into great fortunes for investors unless it is associated with barriers to entry that allow a company to earn returns significantly in excess of the cost of capital for an extended period,” he argued.","news_type":1,"symbols_score_info":{"TSLA":0.9,"VLKAY":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":324207460,"gmtCreate":1615992697750,"gmtModify":1703496126911,"author":{"id":"3570232772432396","authorId":"3570232772432396","name":"LEEKONGYONG","avatar":"https://static.tigerbbs.com/c74d9c9f2649cfda0fddd357a5291916","vip":1,"crmLevel":12,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3570232772432396","authorIdStr":"3570232772432396"},"htmlText":"Buy the dip","listText":"Buy the dip","text":"Buy the dip","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/324207460","repostId":1179080939,"repostType":4,"repost":{"id":"1179080939","kind":"news","pubTimestamp":1615991600,"share":"https://www.laohu8.com/m/news/1179080939?lang=zh_CN&edition=full","pubTime":"2021-03-17 22:33","market":"us","language":"en","title":"VW Shares Continue To Scorch Higher On EV Promise As Tesla Slumps<blockquote>随着特斯拉股价暴跌，大众股价因电动汽车承诺而继续走高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1179080939","media":"zerohedg","summary":"It was inevitable that somereversion to the mean would have to happen between names like Tesla and, ","content":"It was inevitable that&nbsp;somereversion to the mean would have to happen between names like Tesla and, well, the rest of the auto industry. While Tesla shares are lower on Wednesday in early trade, VW might be the leading frontrunner to meet the mean from the other direction. Shares of VW common and preferred have continued to scorch higher, adding to yesterday's gains.<blockquote>不可避免的是一些回归均值必须发生在特斯拉等公司和汽车行业的其他公司之间。尽管特斯拉股价周三早盘走低，但大众汽车可能是从另一个方向达到均值的领先领跑者。大众普通股和优先股继续走高，延续了昨天的涨幅。</blockquote> <img src=\"https://static.tigerbbs.com/9c08ac7151c24e77c8d56d29034d05f5\" tg-width=\"685\" tg-height=\"496\"><blockquote></blockquote> This extendsyesterday's monster gainswhich saw VW shares climb over 30% at one point. And, as you can see below, VW is starting to look a bit like Tesla's chart over the last 18 months. The key exception is, of course, that VW is a consistently cash generating legacy automaker with decades of history behind it.<blockquote>这延续了昨天大众股价一度上涨30%以上的巨大涨幅。而且，正如您在下面看到的，大众汽车在过去18个月中开始看起来有点像特斯拉的图表。当然，关键的例外是，大众是一家拥有数十年历史的持续产生现金的传统汽车制造商。</blockquote> <img src=\"https://static.tigerbbs.com/2eca047b9aff188d55c809f9e9855ea1\" tg-width=\"500\" tg-height=\"307\">The reversion to the mean could be very bad news for Tesla, as VW could be just the first of many valuation \"reality checks\" that Musk's company could be in for. Eventually, people are destined to realize that legacy automakers can make quality EVs that are inevitably going to compete - seriously - with Tesla. Recall, names like Apple, BMW, Jaguar and Audi - just to name a few - are also throwing their hats into the respective ring.<blockquote>回归均值对特斯拉来说可能是非常坏的消息，因为大众可能只是马斯克的公司可能面临的众多估值“现实检查”中的第一个。最终，人们注定会意识到传统汽车制造商可以制造优质电动汽车，而这些电动汽车将不可避免地与特斯拉展开激烈竞争。回想一下，苹果、宝马、捷豹和奥迪等品牌——仅举几例——也纷纷加入各自的行列。</blockquote> Yesterday VW upgraded its profit guidance laid out plans for expanding the company's EV offering out through 2030 which also includes dethroning Tesla as the reigning EV world champ. VW hosted its \"Power Day\" yesterday and revealed plans to build six \"gigafactories\" with a total capacity of 240 gigawatt hours per year.<blockquote>昨天，大众汽车上调了利润指引，制定了到2030年扩大公司电动汽车产品的计划，其中还包括取代特斯拉成为电动汽车世界冠军。大众汽车昨天举办了“电力日”，并透露了建造六个“超级工厂”的计划，总产能为每年240吉瓦时。</blockquote> \"The company is aiming to achieve an operating margin between 7% and 8% after 2021. VOW also confirmed it is looking to finish the year at the upper and of a 5% - 6.5% range in 2021. Higher profitability will be achieved through lower costs with as much as 2 billion euros savings identified for 2023 compared to 2020,\" the company said yesterday, according to&nbsp;StreetInsider.<blockquote>“该公司的目标是在2021年之后实现7%至8%之间的营业利润率。VOW还证实，它希望在2021年年底达到5%-6.5%的上限。将实现更高的盈利能力据StreetInsider报道，该公司昨天表示，与2020年相比，2023年将节省多达20亿欧元。”</blockquote> Chief Executive Herbert Diess said on CNBC:&nbsp;“This period is probably the most crucial for the whole industry. Within the next 15 years we will see a total turnover of the industry. Electric cars are taking the lead and then software really becomes the core driver of the industry.”<blockquote>首席执行官赫伯特·迪斯(Elon Musk)在CNBC上表示：“这个时期对整个行业来说可能是最关键的。在未来15年内，我们将看到该行业的总营业额。电动汽车处于领先地位，然后软件真正成为行业的核心驱动力。”</blockquote> “Electric cars already today are very, very competitive and they’re becoming more competitive over time. that gives us the certainty that this is the right way going forward. Electric cars actually will bring down the cost of individual mobility further,” he continued.<blockquote>“今天的电动汽车已经非常非常有竞争力，而且随着时间的推移，它们的竞争力会变得越来越强。这让我们确信这是正确的前进方向。电动汽车实际上将进一步降低个人出行的成本，”他继续说道。</blockquote> VW also disclosed yesterday that it was working on a \"new unified battery cell\" to be launched in 2023. Diess said:&nbsp;\"The one size fits almost all cell design will radically reduce battery costs ... by up to 50% compared to today. Lower prices for batteries means more affordable cars, which makes electric vehicles more attractive for customers.\"<blockquote>大众昨天还透露，正在开发一种“新的统一电池”，将于2023年推出。迪斯表示：“几乎一刀切的电池设计将从根本上降低电池成本……与今天相比，降低高达50%。电池的价格更低意味着更实惠的汽车，这使得电动汽车对客户更具吸引力。”</blockquote> Also probably contributing to its ascent is the fact that VW is a \"less liquid\" share listing, as Bloomberg notes that it is \"owned by major shareholders Porsche SE, the German state of Lower Saxony and Qatar\".<blockquote>大众汽车是一家“流动性较差”的股票上市公司，彭博社指出，该公司“由主要股东保时捷SE、德国下萨克森州和卡塔尔所有”，这也可能有助于其崛起。</blockquote> The move is also part of a general hysteria surrounding EV stocks. Recall,&nbsp;we wrote days ago&nbsp;that Rob Arnott of Research Affiliates referred to it as a \"big delusion\". Arnott's predictions could eventually rope in valuations across the board in EVs, not just for any one player.<blockquote>此举也是围绕电动汽车股票的普遍歇斯底里情绪的一部分。回想一下，我们几天前写道，Research Affiliates的Rob Arnott称之为“巨大的错觉”。阿诺特的预测最终可能会影响电动汽车的全面估值，而不仅仅是任何一个参与者的估值。</blockquote> Current valuations in EVs are due to \"pricing delusion\", Arnott said in a&nbsp;new paper&nbsp;calling EVs the \"Big Market Delusion\"&nbsp;last week.&nbsp;“The electric vehicle industry, with its astronomical growth in market-cap over the 12 months ending January 31, 2021, is a prime example of a big market delusion,” he wrote.<blockquote>阿诺特上周在一篇将电动汽车称为“大市场错觉”的新论文中表示，目前电动汽车的估值是由于“定价错觉”造成的。“电动汽车行业在截至2021年1月31日的12个月内市值出现了天文数字的增长，这是大市场错觉的一个典型例子，”他写道。</blockquote> <img src=\"https://static.tigerbbs.com/d2a5f96a4a5704f2233e4c71ce2f7610\" tg-width=\"500\" tg-height=\"317\">In his paper, he defines a big market delusion as \"when all the firms in an evolving industry rise together, despite that fact that they are competing against each other.\" He used airlines as an example of the BMD in the past. Technology&nbsp;“does not translate into great fortunes for investors unless it is associated with barriers to entry that allow a company to earn returns significantly in excess of the cost of capital for an extended period,” he argued.<blockquote>在他的论文中，他将大市场错觉定义为“当一个不断发展的行业中的所有公司共同崛起，尽管事实上它们正在相互竞争。”他过去用航空公司作为BMD的例子。他认为，技术“不会为投资者带来巨大的财富，除非它与进入壁垒相关，使公司能够在较长一段时间内赚取远远超过资本成本的回报”。</blockquote>","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>VW Shares Continue To Scorch Higher On EV Promise As Tesla Slumps<blockquote>随着特斯拉股价暴跌，大众股价因电动汽车承诺而继续走高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nVW Shares Continue To Scorch Higher On EV Promise As Tesla Slumps<blockquote>随着特斯拉股价暴跌，大众股价因电动汽车承诺而继续走高</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedg2021-03-17 22:33\n\n</h4>\n</header>\n<article>\nIt was inevitable that&nbsp;somereversion to the mean would have to happen between names like Tesla and, well, the rest of the auto industry. While Tesla shares are lower on Wednesday in early trade, VW might be the leading frontrunner to meet the mean from the other direction. Shares of VW common and preferred have continued to scorch higher, adding to yesterday's gains.<blockquote>不可避免的是一些回归均值必须发生在特斯拉等公司和汽车行业的其他公司之间。尽管特斯拉股价周三早盘走低，但大众汽车可能是从另一个方向达到均值的领先领跑者。大众普通股和优先股继续走高，延续了昨天的涨幅。</blockquote> <img src=\"https://static.tigerbbs.com/9c08ac7151c24e77c8d56d29034d05f5\" tg-width=\"685\" tg-height=\"496\"><blockquote></blockquote> This extendsyesterday's monster gainswhich saw VW shares climb over 30% at one point. And, as you can see below, VW is starting to look a bit like Tesla's chart over the last 18 months. The key exception is, of course, that VW is a consistently cash generating legacy automaker with decades of history behind it.<blockquote>这延续了昨天大众股价一度上涨30%以上的巨大涨幅。而且，正如您在下面看到的，大众汽车在过去18个月中开始看起来有点像特斯拉的图表。当然，关键的例外是，大众是一家拥有数十年历史的持续产生现金的传统汽车制造商。</blockquote> <img src=\"https://static.tigerbbs.com/2eca047b9aff188d55c809f9e9855ea1\" tg-width=\"500\" tg-height=\"307\">The reversion to the mean could be very bad news for Tesla, as VW could be just the first of many valuation \"reality checks\" that Musk's company could be in for. Eventually, people are destined to realize that legacy automakers can make quality EVs that are inevitably going to compete - seriously - with Tesla. Recall, names like Apple, BMW, Jaguar and Audi - just to name a few - are also throwing their hats into the respective ring.<blockquote>回归均值对特斯拉来说可能是非常坏的消息，因为大众可能只是马斯克的公司可能面临的众多估值“现实检查”中的第一个。最终，人们注定会意识到传统汽车制造商可以制造优质电动汽车，而这些电动汽车将不可避免地与特斯拉展开激烈竞争。回想一下，苹果、宝马、捷豹和奥迪等品牌——仅举几例——也纷纷加入各自的行列。</blockquote> Yesterday VW upgraded its profit guidance laid out plans for expanding the company's EV offering out through 2030 which also includes dethroning Tesla as the reigning EV world champ. VW hosted its \"Power Day\" yesterday and revealed plans to build six \"gigafactories\" with a total capacity of 240 gigawatt hours per year.<blockquote>昨天，大众汽车上调了利润指引，制定了到2030年扩大公司电动汽车产品的计划，其中还包括取代特斯拉成为电动汽车世界冠军。大众汽车昨天举办了“电力日”，并透露了建造六个“超级工厂”的计划，总产能为每年240吉瓦时。</blockquote> \"The company is aiming to achieve an operating margin between 7% and 8% after 2021. VOW also confirmed it is looking to finish the year at the upper and of a 5% - 6.5% range in 2021. Higher profitability will be achieved through lower costs with as much as 2 billion euros savings identified for 2023 compared to 2020,\" the company said yesterday, according to&nbsp;StreetInsider.<blockquote>“该公司的目标是在2021年之后实现7%至8%之间的营业利润率。VOW还证实，它希望在2021年年底达到5%-6.5%的上限。将实现更高的盈利能力据StreetInsider报道，该公司昨天表示，与2020年相比，2023年将节省多达20亿欧元。”</blockquote> Chief Executive Herbert Diess said on CNBC:&nbsp;“This period is probably the most crucial for the whole industry. Within the next 15 years we will see a total turnover of the industry. Electric cars are taking the lead and then software really becomes the core driver of the industry.”<blockquote>首席执行官赫伯特·迪斯(Elon Musk)在CNBC上表示：“这个时期对整个行业来说可能是最关键的。在未来15年内，我们将看到该行业的总营业额。电动汽车处于领先地位，然后软件真正成为行业的核心驱动力。”</blockquote> “Electric cars already today are very, very competitive and they’re becoming more competitive over time. that gives us the certainty that this is the right way going forward. Electric cars actually will bring down the cost of individual mobility further,” he continued.<blockquote>“今天的电动汽车已经非常非常有竞争力，而且随着时间的推移，它们的竞争力会变得越来越强。这让我们确信这是正确的前进方向。电动汽车实际上将进一步降低个人出行的成本，”他继续说道。</blockquote> VW also disclosed yesterday that it was working on a \"new unified battery cell\" to be launched in 2023. Diess said:&nbsp;\"The one size fits almost all cell design will radically reduce battery costs ... by up to 50% compared to today. Lower prices for batteries means more affordable cars, which makes electric vehicles more attractive for customers.\"<blockquote>大众昨天还透露，正在开发一种“新的统一电池”，将于2023年推出。迪斯表示：“几乎一刀切的电池设计将从根本上降低电池成本……与今天相比，降低高达50%。电池的价格更低意味着更实惠的汽车，这使得电动汽车对客户更具吸引力。”</blockquote> Also probably contributing to its ascent is the fact that VW is a \"less liquid\" share listing, as Bloomberg notes that it is \"owned by major shareholders Porsche SE, the German state of Lower Saxony and Qatar\".<blockquote>大众汽车是一家“流动性较差”的股票上市公司，彭博社指出，该公司“由主要股东保时捷SE、德国下萨克森州和卡塔尔所有”，这也可能有助于其崛起。</blockquote> The move is also part of a general hysteria surrounding EV stocks. Recall,&nbsp;we wrote days ago&nbsp;that Rob Arnott of Research Affiliates referred to it as a \"big delusion\". Arnott's predictions could eventually rope in valuations across the board in EVs, not just for any one player.<blockquote>此举也是围绕电动汽车股票的普遍歇斯底里情绪的一部分。回想一下，我们几天前写道，Research Affiliates的Rob Arnott称之为“巨大的错觉”。阿诺特的预测最终可能会影响电动汽车的全面估值，而不仅仅是任何一个参与者的估值。</blockquote> Current valuations in EVs are due to \"pricing delusion\", Arnott said in a&nbsp;new paper&nbsp;calling EVs the \"Big Market Delusion\"&nbsp;last week.&nbsp;“The electric vehicle industry, with its astronomical growth in market-cap over the 12 months ending January 31, 2021, is a prime example of a big market delusion,” he wrote.<blockquote>阿诺特上周在一篇将电动汽车称为“大市场错觉”的新论文中表示，目前电动汽车的估值是由于“定价错觉”造成的。“电动汽车行业在截至2021年1月31日的12个月内市值出现了天文数字的增长，这是大市场错觉的一个典型例子，”他写道。</blockquote> <img src=\"https://static.tigerbbs.com/d2a5f96a4a5704f2233e4c71ce2f7610\" tg-width=\"500\" tg-height=\"317\">In his paper, he defines a big market delusion as \"when all the firms in an evolving industry rise together, despite that fact that they are competing against each other.\" He used airlines as an example of the BMD in the past. Technology&nbsp;“does not translate into great fortunes for investors unless it is associated with barriers to entry that allow a company to earn returns significantly in excess of the cost of capital for an extended period,” he argued.<blockquote>在他的论文中，他将大市场错觉定义为“当一个不断发展的行业中的所有公司共同崛起，尽管事实上它们正在相互竞争。”他过去用航空公司作为BMD的例子。他认为，技术“不会为投资者带来巨大的财富，除非它与进入壁垒相关，使公司能够在较长一段时间内赚取远远超过资本成本的回报”。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/vw-shares-continue-scorch-higher\">zerohedg</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"VLKAY":"大众汽车","TSLA":"特斯拉"},"source_url":"https://www.zerohedge.com/markets/vw-shares-continue-scorch-higher","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179080939","content_text":"It was inevitable that somereversion to the mean would have to happen between names like Tesla and, well, the rest of the auto industry. While Tesla shares are lower on Wednesday in early trade, VW might be the leading frontrunner to meet the mean from the other direction. Shares of VW common and preferred have continued to scorch higher, adding to yesterday's gains.\n\nThis extendsyesterday's monster gainswhich saw VW shares climb over 30% at one point. And, as you can see below, VW is starting to look a bit like Tesla's chart over the last 18 months. The key exception is, of course, that VW is a consistently cash generating legacy automaker with decades of history behind it.\nThe reversion to the mean could be very bad news for Tesla, as VW could be just the first of many valuation \"reality checks\" that Musk's company could be in for. Eventually, people are destined to realize that legacy automakers can make quality EVs that are inevitably going to compete - seriously - with Tesla. Recall, names like Apple, BMW, Jaguar and Audi - just to name a few - are also throwing their hats into the respective ring.\nYesterday VW upgraded its profit guidance laid out plans for expanding the company's EV offering out through 2030 which also includes dethroning Tesla as the reigning EV world champ. VW hosted its \"Power Day\" yesterday and revealed plans to build six \"gigafactories\" with a total capacity of 240 gigawatt hours per year.\n\"The company is aiming to achieve an operating margin between 7% and 8% after 2021. VOW also confirmed it is looking to finish the year at the upper and of a 5% - 6.5% range in 2021. Higher profitability will be achieved through lower costs with as much as 2 billion euros savings identified for 2023 compared to 2020,\" the company said yesterday, according to StreetInsider.\nChief Executive Herbert Diess said on CNBC: “This period is probably the most crucial for the whole industry. Within the next 15 years we will see a total turnover of the industry. Electric cars are taking the lead and then software really becomes the core driver of the industry.”\n“Electric cars already today are very, very competitive and they’re becoming more competitive over time. that gives us the certainty that this is the right way going forward. Electric cars actually will bring down the cost of individual mobility further,” he continued.\nVW also disclosed yesterday that it was working on a \"new unified battery cell\" to be launched in 2023. Diess said: \"The one size fits almost all cell design will radically reduce battery costs ... by up to 50% compared to today. Lower prices for batteries means more affordable cars, which makes electric vehicles more attractive for customers.\"\nAlso probably contributing to its ascent is the fact that VW is a \"less liquid\" share listing, as Bloomberg notes that it is \"owned by major shareholders Porsche SE, the German state of Lower Saxony and Qatar\".\nThe move is also part of a general hysteria surrounding EV stocks. Recall, we wrote days ago that Rob Arnott of Research Affiliates referred to it as a \"big delusion\". Arnott's predictions could eventually rope in valuations across the board in EVs, not just for any one player.\nCurrent valuations in EVs are due to \"pricing delusion\", Arnott said in a new paper calling EVs the \"Big Market Delusion\" last week. “The electric vehicle industry, with its astronomical growth in market-cap over the 12 months ending January 31, 2021, is a prime example of a big market delusion,” he wrote.\nIn his paper, he defines a big market delusion as \"when all the firms in an evolving industry rise together, despite that fact that they are competing against each other.\" He used airlines as an example of the BMD in the past. Technology “does not translate into great fortunes for investors unless it is associated with barriers to entry that allow a company to earn returns significantly in excess of the cost of capital for an extended period,” he argued.","news_type":1,"symbols_score_info":{"TSLA":0.9,"VLKAY":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":22,"commentSize":8,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.43.1","shortVersion":"4.43.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1179080939","isCrawlerRequest":true}