蔚华
2023-01-19
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Deutsche Bank on XPeng Price Cut: Fighting for Volume Takes Priority<blockquote>德银谈小鹏降价：拼量优先</blockquote>
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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":626634845,"tweetId":"626634845","gmtCreate":1674096885288,"gmtModify":1674096989483,"author":{"id":3584821893344359,"idStr":"3584821893344359","authorId":3584821893344359,"authorIdStr":"3584821893344359","name":"蔚华","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":0,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"html":"<html><head></head><body>这篇文章不错，转发给大家看看</body></html>","htmlText":"<html><head></head><body>这篇文章不错，转发给大家看看</body></html>","text":"这篇文章不错，转发给大家看看","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/626634845","repostId":1142980295,"repostType":2,"repost":{"id":"1142980295","kind":"news","pubTimestamp":1674050483,"share":"https://www.laohu8.com/m/news/1142980295?lang=zh_CN&edition=full","pubTime":"2023-01-18 22:01","market":"us","language":"en","title":"Deutsche Bank on XPeng Price Cut: Fighting for Volume Takes Priority<blockquote>德银谈小鹏降价：拼量优先</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142980295","media":"CnEVPost","summary":"By fighting for volume, XPeng's gross margins will take a hit as costs are not materially lower, Edi","content":"<p><html><head></head><body>By fighting for volume, XPeng's gross margins will take a hit as costs are not materially lower, Edison Yu's team said.</p><p><blockquote><html><head></head><body>余爱迪生的团队表示，通过争夺销量，小鹏汽车的毛利率将受到打击，因为成本并没有大幅降低。</body></html></blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b0a7eb840fe02d96def3f6d80079b74e\" tg-width=\"1198\" tg-height=\"664\" width=\"100%\" height=\"auto\"/><span>Image credit: CnEVPos</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：CnEVPos</span></p></blockquote></p><p>XPeng (NYSE: XPEV) on Tuesday sharply cut the prices of all its models except its flagship SUV G9, which in Deutsche Bank's view suggests that fighting for volume takes priority for the electric vehicle maker, but that the move will take a hit to gross margins.</p><p><blockquote>小鹏汽车（纽约证券交易所股票代码：XPEV）周二大幅下调了除旗舰SUV G9以外的所有车型的价格，德意志银行认为，这表明这家电动汽车制造商优先考虑的是争取销量，但此举将对毛利率造成打击。</blockquote></p><p>The price cuts for the XPeng range from RMB 20,000 to 36,000 ($5,320), with the flagship sedan, the P7, receiving the largest drop.</p><p><blockquote>小鹏汽车的降价幅度从20,000元人民币到36,000元人民币（5,320美元）不等，其中旗舰轿车P7的降幅最大。</blockquote></p><p>The move is a response to Tesla's price cuts and the company's recognition that it could win back some share from BYD through more aggressive pricing, Deutsche Bank analyst Edison Yu's team said in a research note sent to investors on Tuesday.</p><p><blockquote>德银分析师Edison Yu的团队在周二发给投资者的一份研究报告中表示，此举是对特斯拉降价的回应，也是该公司认识到可以通过更激进的定价从比亚迪手中赢回部分份额。</blockquote></p><p>It is important to highlight that XPeng has offered discounts in the past few months, so these changes are not entirely incremental for customers, the team noted.</p><p><blockquote>该团队指出，需要强调的是，小鹏汽车在过去几个月中提供了折扣，因此这些变化对客户来说并不完全是增量的。</blockquote></p><p>Although XPeng management has emphasized a strategic pivot to higher priced models in 2023, they are increasingly aware that to remain relevant in the market in the short term, they cannot allow demand for existing cars to fade entirely, the team said.</p><p><blockquote>该团队表示，尽管小鹏汽车管理层强调在2023年战略转向价格更高的车型，但他们越来越意识到，为了在短期内保持市场影响力，他们不能让现有汽车的需求完全消退。</blockquote></p><p>By fighting for volume, XPeng's gross margin will take a hit because costs have not fallen materially, Yu's team said.</p><p><blockquote>于的团队表示，通过争夺销量，小鹏汽车的毛利率将受到打击，因为成本并未大幅下降。</blockquote></p><p>"Based on our estimates, XPeng will be generating zero or negative gross margin on G3i/P5 sales for 1Q with relief potentially coming later in the year if battery input prices come down," the team wrote.</p><p><blockquote>该团队写道：“根据我们的估计，小鹏汽车第一季度G3i/P5销售的毛利率将为零或负，如果电池投入价格下降，今年晚些时候可能会有所缓解。”</blockquote></p><p>This would suggest a downside to consensus expectations on margin for the first quarter and full year of 2023, the team said.</p><p><blockquote>该团队表示，这将表明对2023年第一季度和全年利润率的普遍预期有所下降。</blockquote></p><p>The XPeng P7's margin will naturally fall, but later this quarter the model will be updated with new technology and designed with a better cost structure, Yu's team said, adding that pricing for the model is expected to recover after this update, with the existing version to get phased out.</p><p><blockquote>于的团队表示，小鹏P7的利润率自然会下降，但本季度晚些时候该车型将采用新技术进行更新，并设计出更好的成本结构，并补充说，该车型的定价预计将在此次更新后恢复，现有版本将被淘汰。</blockquote></p><p>Overall, Yu's team believes the price cut is a sensible move, as XPeng can now afford it, given that it ended the third quarter with RMB 35 billion in net cash and plans to reduce R&D spending this year with less than RMB 3 billion in capital expenditure.</p><p><blockquote>总体而言，俞的团队认为降价是明智之举，因为小鹏汽车现在可以负担得起，因为该公司第三季度末净现金为350亿元人民币，并计划今年减少研发支出，资本支出不到30亿元人民币。</blockquote></p><p>Some of XPeng's lower-tier competitors, such as Neta and Leapmotor, will face greater challenges this year as their gross margins are already negative and losing demand momentum, the team noted.</p><p><blockquote>该团队指出，小鹏汽车的一些低端竞争对手，如Neta和零跑汽车，今年将面临更大的挑战，因为它们的毛利率已经为负，并且正在失去需求动力。</blockquote></p><p>XPeng's move yesterday is the biggest adjustment it has made to its product sales system since it significantly reduced the number of versions of its available models on 19 November 2022.</p><p><blockquote>小鹏汽车昨天的举动是自2022年11月19日大幅减少可用车型版本数量以来，对其产品销售体系做出的最大调整。</blockquote></p><p>The move is XPeng's normal price adjustment as its vehicle production costs have fallen, a spokesperson told CnEVPost yesterday.</p><p><blockquote>一位发言人昨天告诉CnEVPost，随着汽车生产成本下降，此举是小鹏汽车的正常价格调整。</blockquote></p><p>Previously, on January 6, Tesla sharply cut the prices of all its China-made models in an attempt to boost demand for its electric vehicles in the Chinese market. Subsequently, there were media reports that Tesla had regained a significant number of new orders.</p><p><blockquote>此前的1月6日，特斯拉大幅下调了旗下所有中国制造车型的价格，试图提振中国市场对其电动汽车的需求。随后，有媒体报道称，特斯拉重新获得了相当数量的新订单。</blockquote></p><p>On 13 January, Huawei-backed AITO announced price cuts on its two models, the M5 and the M7, becoming the first local car brand to follow Tesla's move.</p><p><blockquote>1月13日，华为支持的AITO宣布旗下M5和M7两款车型降价，成为第一个追随特斯拉举措的本土汽车品牌。</blockquote></p><p>AITO's price cut is around RMB 30,000, as demand for its models is lost to the Tesla Model Y, Yu's team noted.</p><p><blockquote>于的团队指出，由于对其车型的需求输给了特斯拉Model Y，AITO的降价幅度约为3万元人民币。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Deutsche Bank on XPeng Price Cut: Fighting for Volume Takes Priority<blockquote>德银谈小鹏降价：拼量优先</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{ 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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\">\nDeutsche Bank on XPeng Price Cut: Fighting for Volume Takes Priority<blockquote>德银谈小鹏降价：拼量优先</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CnEVPost</strong><span class=\"h-time small\">2023-01-18 22:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>By fighting for volume, XPeng's gross margins will take a hit as costs are not materially lower, Edison Yu's team said.</p><p><blockquote><html><head></head><body>余爱迪生的团队表示，通过争夺销量，小鹏汽车的毛利率将受到打击，因为成本并没有大幅降低。</body></html></blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b0a7eb840fe02d96def3f6d80079b74e\" tg-width=\"1198\" tg-height=\"664\" width=\"100%\" height=\"auto\"/><span>Image credit: CnEVPos</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：CnEVPos</span></p></blockquote></p><p>XPeng (NYSE: XPEV) on Tuesday sharply cut the prices of all its models except its flagship SUV G9, which in Deutsche Bank's view suggests that fighting for volume takes priority for the electric vehicle maker, but that the move will take a hit to gross margins.</p><p><blockquote>小鹏汽车（纽约证券交易所股票代码：XPEV）周二大幅下调了除旗舰SUV G9以外的所有车型的价格，德意志银行认为，这表明这家电动汽车制造商优先考虑的是争取销量，但此举将对毛利率造成打击。</blockquote></p><p>The price cuts for the XPeng range from RMB 20,000 to 36,000 ($5,320), with the flagship sedan, the P7, receiving the largest drop.</p><p><blockquote>小鹏汽车的降价幅度从20,000元人民币到36,000元人民币（5,320美元）不等，其中旗舰轿车P7的降幅最大。</blockquote></p><p>The move is a response to Tesla's price cuts and the company's recognition that it could win back some share from BYD through more aggressive pricing, Deutsche Bank analyst Edison Yu's team said in a research note sent to investors on Tuesday.</p><p><blockquote>德银分析师Edison Yu的团队在周二发给投资者的一份研究报告中表示，此举是对特斯拉降价的回应，也是该公司认识到可以通过更激进的定价从比亚迪手中赢回部分份额。</blockquote></p><p>It is important to highlight that XPeng has offered discounts in the past few months, so these changes are not entirely incremental for customers, the team noted.</p><p><blockquote>该团队指出，需要强调的是，小鹏汽车在过去几个月中提供了折扣，因此这些变化对客户来说并不完全是增量的。</blockquote></p><p>Although XPeng management has emphasized a strategic pivot to higher priced models in 2023, they are increasingly aware that to remain relevant in the market in the short term, they cannot allow demand for existing cars to fade entirely, the team said.</p><p><blockquote>该团队表示，尽管小鹏汽车管理层强调在2023年战略转向价格更高的车型，但他们越来越意识到，为了在短期内保持市场影响力，他们不能让现有汽车的需求完全消退。</blockquote></p><p>By fighting for volume, XPeng's gross margin will take a hit because costs have not fallen materially, Yu's team said.</p><p><blockquote>于的团队表示，通过争夺销量，小鹏汽车的毛利率将受到打击，因为成本并未大幅下降。</blockquote></p><p>"Based on our estimates, XPeng will be generating zero or negative gross margin on G3i/P5 sales for 1Q with relief potentially coming later in the year if battery input prices come down," the team wrote.</p><p><blockquote>该团队写道：“根据我们的估计，小鹏汽车第一季度G3i/P5销售的毛利率将为零或负，如果电池投入价格下降，今年晚些时候可能会有所缓解。”</blockquote></p><p>This would suggest a downside to consensus expectations on margin for the first quarter and full year of 2023, the team said.</p><p><blockquote>该团队表示，这将表明对2023年第一季度和全年利润率的普遍预期有所下降。</blockquote></p><p>The XPeng P7's margin will naturally fall, but later this quarter the model will be updated with new technology and designed with a better cost structure, Yu's team said, adding that pricing for the model is expected to recover after this update, with the existing version to get phased out.</p><p><blockquote>于的团队表示，小鹏P7的利润率自然会下降，但本季度晚些时候该车型将采用新技术进行更新，并设计出更好的成本结构，并补充说，该车型的定价预计将在此次更新后恢复，现有版本将被淘汰。</blockquote></p><p>Overall, Yu's team believes the price cut is a sensible move, as XPeng can now afford it, given that it ended the third quarter with RMB 35 billion in net cash and plans to reduce R&D spending this year with less than RMB 3 billion in capital expenditure.</p><p><blockquote>总体而言，俞的团队认为降价是明智之举，因为小鹏汽车现在可以负担得起，因为该公司第三季度末净现金为350亿元人民币，并计划今年减少研发支出，资本支出不到30亿元人民币。</blockquote></p><p>Some of XPeng's lower-tier competitors, such as Neta and Leapmotor, will face greater challenges this year as their gross margins are already negative and losing demand momentum, the team noted.</p><p><blockquote>该团队指出，小鹏汽车的一些低端竞争对手，如Neta和零跑汽车，今年将面临更大的挑战，因为它们的毛利率已经为负，并且正在失去需求动力。</blockquote></p><p>XPeng's move yesterday is the biggest adjustment it has made to its product sales system since it significantly reduced the number of versions of its available models on 19 November 2022.</p><p><blockquote>小鹏汽车昨天的举动是自2022年11月19日大幅减少可用车型版本数量以来，对其产品销售体系做出的最大调整。</blockquote></p><p>The move is XPeng's normal price adjustment as its vehicle production costs have fallen, a spokesperson told CnEVPost yesterday.</p><p><blockquote>一位发言人昨天告诉CnEVPost，随着汽车生产成本下降，此举是小鹏汽车的正常价格调整。</blockquote></p><p>Previously, on January 6, Tesla sharply cut the prices of all its China-made models in an attempt to boost demand for its electric vehicles in the Chinese market. Subsequently, there were media reports that Tesla had regained a significant number of new orders.</p><p><blockquote>此前的1月6日，特斯拉大幅下调了旗下所有中国制造车型的价格，试图提振中国市场对其电动汽车的需求。随后，有媒体报道称，特斯拉重新获得了相当数量的新订单。</blockquote></p><p>On 13 January, Huawei-backed AITO announced price cuts on its two models, the M5 and the M7, becoming the first local car brand to follow Tesla's move.</p><p><blockquote>1月13日，华为支持的AITO宣布旗下M5和M7两款车型降价，成为第一个追随特斯拉举措的本土汽车品牌。</blockquote></p><p>AITO's price cut is around RMB 30,000, as demand for its models is lost to the Tesla Model Y, Yu's team noted.</p><p><blockquote>于的团队指出，由于对其车型的需求输给了特斯拉Model Y，AITO的降价幅度约为3万元人民币。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://cnevpost.com/2023/01/18/deutsche-bank-on-xpeng-price-cut-fighting-for-volume/\">CnEVPost</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"XPEV":"小鹏汽车","09868":"小鹏汽车-W"},"source_url":"https://cnevpost.com/2023/01/18/deutsche-bank-on-xpeng-price-cut-fighting-for-volume/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142980295","content_text":"By fighting for volume, XPeng's gross margins will take a hit as costs are not materially lower, Edison Yu's team said.Image credit: CnEVPosXPeng (NYSE: XPEV) on Tuesday sharply cut the prices of all its models except its flagship SUV G9, which in Deutsche Bank's view suggests that fighting for volume takes priority for the electric vehicle maker, but that the move will take a hit to gross margins.The price cuts for the XPeng range from RMB 20,000 to 36,000 ($5,320), with the flagship sedan, the P7, receiving the largest drop.The move is a response to Tesla's price cuts and the company's recognition that it could win back some share from BYD through more aggressive pricing, Deutsche Bank analyst Edison Yu's team said in a research note sent to investors on Tuesday.It is important to highlight that XPeng has offered discounts in the past few months, so these changes are not entirely incremental for customers, the team noted.Although XPeng management has emphasized a strategic pivot to higher priced models in 2023, they are increasingly aware that to remain relevant in the market in the short term, they cannot allow demand for existing cars to fade entirely, the team said.By fighting for volume, XPeng's gross margin will take a hit because costs have not fallen materially, Yu's team said.\"Based on our estimates, XPeng will be generating zero or negative gross margin on G3i/P5 sales for 1Q with relief potentially coming later in the year if battery input prices come down,\" the team wrote.This would suggest a downside to consensus expectations on margin for the first quarter and full year of 2023, the team said.The XPeng P7's margin will naturally fall, but later this quarter the model will be updated with new technology and designed with a better cost structure, Yu's team said, adding that pricing for the model is expected to recover after this update, with the existing version to get phased out.Overall, Yu's team believes the price cut is a sensible move, as XPeng can now afford it, given that it ended the third quarter with RMB 35 billion in net cash and plans to reduce R&D spending this year with less than RMB 3 billion in capital expenditure.Some of XPeng's lower-tier competitors, such as Neta and Leapmotor, will face greater challenges this year as their gross margins are already negative and losing demand momentum, the team noted.XPeng's move yesterday is the biggest adjustment it has made to its product sales system since it significantly reduced the number of versions of its available models on 19 November 2022.The move is XPeng's normal price adjustment as its vehicle production costs have fallen, a spokesperson told CnEVPost yesterday.Previously, on January 6, Tesla sharply cut the prices of all its China-made models in an attempt to boost demand for its electric vehicles in the Chinese market. Subsequently, there were media reports that Tesla had regained a significant number of new orders.On 13 January, Huawei-backed AITO announced price cuts on its two models, the M5 and the M7, becoming the first local car brand to follow Tesla's move.AITO's price cut is around RMB 30,000, as demand for its models is lost to the Tesla Model Y, Yu's team noted.","news_type":1,"symbols_score_info":{"XPEV":0.9,"09868":0.9}},"isVote":1,"tweetType":1,"viewCount":816,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":27,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/626634845"}
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