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- Terry888Terry888
  ·2021-07-29
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  非常抱歉，此主贴已删除
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- Terry888Terry888
  ·2021-06-24
  Nice
  Apple banks on physical stores as economies reopen, retail chief says<blockquote>零售业主管表示，随着经济重新开放，苹果寄希望于实体店</blockquote>
  By Stephen Nellis June 24 (Reuters) - Apple Inc is expanding retail operations as the United St
  Apple banks on physical stores as economies reopen, retail chief says<blockquote>零售业主管表示，随着经济重新开放，苹果寄希望于实体店</blockquote>
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- Terry888Terry888
  ·2021-06-21
  Nice
  Tesla’s Profitability and the Surprising Thing That Could Threaten It<blockquote>特斯拉的盈利能力以及可能威胁它的令人惊讶的事情</blockquote>
  Rising competition in the electric vehicle space could not only put a crimp in Tesla’s growth rate,
  Tesla’s Profitability and the Surprising Thing That Could Threaten It<blockquote>特斯拉的盈利能力以及可能威胁它的令人惊讶的事情</blockquote>
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- Terry888Terry888
  ·2021-06-21
  Nice
  非常抱歉，此主贴已删除
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have reopened as of June 14.</p><p><blockquote>例如，为帮助顾客更有效地提取在线订单而出现的快速柜台将成为苹果全球 500 多家商店的常规功能，所有商店已于 6 月 14 日重新开业。</blockquote></p><p>   The iPhone maker is also adding a new \"Creative Studios\" program, starting in Los Angeles and Beijing, that aims to teach young people from underrepresented communities to use Apple products to create music, films and photography. That adds to a broader array of classes based out of the stores designed to bring in customers in contact with Apple more frequently.</p><p><blockquote>这家iPhone制造商还在增加一个新的“创意工作室”项目，从洛杉矶和北京开始，旨在教来自代表性不足社区的年轻人使用苹果产品创作音乐、电影和摄影。这增加了更广泛的商店课程，旨在让顾客更频繁地接触苹果。</blockquote></p><p>   \"We're looking at this moment right now as a way to really begin again, and begin again in every way,\" Deirdre O'Brien, Apple's senior vice president of retail and people, told Reuters as the company prepared on Thursday to open a new store at the renovated <a href=\"https://laohu8.com/S/TWR.AU\">Tower</a> Theatre in downtown Los Angeles, Apple's second new U.S. retail outlet since the beginning of the pandemic.</p><p><blockquote>苹果公司负责零售和人力资源的高级副总裁迪尔德丽·奥布莱恩 (Deirdre O'Brien) 告诉路透社，“我们现在将这一时刻视为真正重新开始的一种方式，并且以各种方式重新开始。”该公司准备于周四在翻新后的苹果公司开设一家新店<a href=\"https://laohu8.com/S/TWR.AU\">塔楼</a>洛杉矶市中心的剧院是自疫情开始以来苹果在美国的第二家新零售店。</blockquote></p><p>   Apple boomed during the pandemic, hitting $2 trillion in market capitalization in August 2020 and setting records for sales of iPhones and several other categories. </p><p><blockquote>苹果在疫情期间蓬勃发展，2020 年 8 月市值达到 2 万亿美元，并创下了 iPhone 和其他几个类别的销售记录。</blockquote></p><p>   One of the retail-related weak spots in its financial results, analysts said, was a slowdown in sales of AppleCare, a device insurance plan that is often an upsell during a store visit but easier for consumers to skip online. Apple also experienced supply chain missteps over the past year, delivering its iPhone 12 later than usual last year and saying in April that the global semiconductor shortage would cost it several billion dollars in sales.</p><p><blockquote>分析师表示，其财务业绩中与零售相关的弱点之一是 AppleCare 的销售放缓，AppleCare 是一种设备保险计划，通常在商店参观期间会出现追加销售，但消费者更容易跳过在线购买。苹果在过去一年也经历了供应链失误，去年交付 iPhone 12 的时间比往常晚，并在 4 月份表示，全球半导体短缺将使其损失数十亿美元的销售额。</blockquote></p><p>   PERSONAL EXPERIENCE</p><p><blockquote>个人经历</blockquote></p><p>   Part of Apple's retail success amid closures was streamlining its buy-online, pick-up-in-person process. Apple's long-held retail strategy has been to encourage customers to wander its airy stores to touch and feel its devices. </p><p><blockquote>苹果在关闭期间的零售成功部分原因是简化了其在线购买、亲自提货流程。苹果长期以来的零售策略一直是鼓励顾客在通风良好的商店里闲逛，触摸和感受它的设备。</blockquote></p><p>   During the pandemic, Apple re-worked many stores to have small express counters designed to facilitate pickups quickly but still give a personal touch, sometimes by following up online or by phone later to set up devices.</p><p><blockquote>在疫情期间，苹果对许多商店进行了改造，设置了小型快递柜台，旨在方便快速取货，但仍然提供个人风格，有时通过在线跟进或稍后通过电话设置设备。</blockquote></p><p>   \"The goal was really for speed, which is very different than what we usually experience in a retail store,\" O'Brien said. \"We want to make sure that in that experience that they can come in, quickly get the product they want. But we do want to make sure that we can also have a quick conversation with them to make sure that they have everything they need.\"</p><p><blockquote>“我们的目标确实是速度，这与我们通常在零售店体验的非常不同，”奥布莱恩说。“我们希望确保在这种体验中，他们可以进来，快速获得他们想要的产品。但我们确实希望确保我们也可以与他们进行快速交谈，以确保他们拥有他们需要的一切。”</blockquote></p><p>   As local rules allow, Apple is returning to in-person events and classes at its stores. The \"Creative Studios\" effort will eventually roll out to other major cities, O'Brien said. </p><p><blockquote>根据当地规定，苹果将恢复在其商店举办面对面的活动和课程。奥布莱恩说，“创意工作室”的努力最终将推广到其他主要城市。</blockquote></p><p>   Carolina Milanesi, principal analyst at Creative Strategies, said programs like those, in addition to courses designed to teach computer coding and other tech skills, are ways for Apple to bolster its brand with consumers between purchases.</p><p><blockquote>Creative Strategies 首席分析师 Carolina Milanesi 表示，除了旨在教授计算机编码和其他技术技能的课程外，此类项目也是苹果在购物间隙向消费者推广其品牌的方式。</blockquote></p><p>   “The more they can get you to use the device, the more engaged you are, the more loyal you’re going to be,\" Milanesi said. </p><p><blockquote>“米兰内西说：”他们越能让你使用该设备，你就越投入，你就会越忠诚。</blockquote></p><p> (Reporting by Stephen Nellis in San Francisco Editing by Peter Henderson and Frances Kerry)</p><p><blockquote>（斯蒂芬·内利斯旧金山报道，彼得·亨德森和弗朗西斯·克里编辑）</blockquote></p><p>((Stephen.Nellis@thomsonreuters.com; (415) 344-4934;))</p><p><blockquote>（（Stephen.Nellis@thomsonreuters.com；（415）344-4934；））</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; 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}\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\">\nApple banks on physical stores as economies reopen, retail chief says<blockquote>零售业主管表示，随着经济重新开放，苹果寄希望于实体店</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time smaller\">2021-06-24 21:50</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><body>By Stephen Nellis</p><p><blockquote><html><body>斯蒂芬·内利斯</body></html></blockquote></p><p>   June 24 (Reuters) - Apple Inc    is expanding retail operations as the United States emerges from the pandemic, betting that a combination of strategies developed before and during COVID-19 will make its stores more popular than ever, its retail chief told Reuters.</p><p><blockquote>路透 6 月 24 日 - 苹果零售主管告诉路透社，随着美国摆脱疫情，该公司正在扩大零售业务，押注在 COVID-19 之前和期间制定的战略组合将使其商店比以往任何时候都更受欢迎。</blockquote></p><p>   Apple is doing this as the retail industry works out what the post-pandemic future will look like, including consumers who have become used to ordering almost everything online.</p><p><blockquote>苹果这样做是因为零售业正在研究大流行后的未来，包括已经习惯于在线订购几乎所有东西的消费者。</blockquote></p><p>   For Apple, the answer is keeping what helped it through the pandemic, and doubling down on its pre-pandemic strategy of in-store events and experiences beyond shopping.</p><p><blockquote>对于苹果来说，答案是保留帮助它度过疫情的东西，并加倍推进疫情前的店内活动和购物以外的体验战略。</blockquote></p><p>   The express counters that popped up to help customers more efficiently pick up online orders, for example, will become regular features of Apple's 500-plus stores around the world, all of which have reopened as of June 14.</p><p><blockquote>例如，为帮助顾客更有效地提取在线订单而出现的快速柜台将成为苹果全球 500 多家商店的常规功能，所有商店已于 6 月 14 日重新开业。</blockquote></p><p>   The iPhone maker is also adding a new \"Creative Studios\" program, starting in Los Angeles and Beijing, that aims to teach young people from underrepresented communities to use Apple products to create music, films and photography. That adds to a broader array of classes based out of the stores designed to bring in customers in contact with Apple more frequently.</p><p><blockquote>这家iPhone制造商还在增加一个新的“创意工作室”项目，从洛杉矶和北京开始，旨在教来自代表性不足社区的年轻人使用苹果产品创作音乐、电影和摄影。这增加了更广泛的商店课程，旨在让顾客更频繁地接触苹果。</blockquote></p><p>   \"We're looking at this moment right now as a way to really begin again, and begin again in every way,\" Deirdre O'Brien, Apple's senior vice president of retail and people, told Reuters as the company prepared on Thursday to open a new store at the renovated <a href=\"https://laohu8.com/S/TWR.AU\">Tower</a> Theatre in downtown Los Angeles, Apple's second new U.S. retail outlet since the beginning of the pandemic.</p><p><blockquote>苹果公司负责零售和人力资源的高级副总裁迪尔德丽·奥布莱恩 (Deirdre O'Brien) 告诉路透社，“我们现在将这一时刻视为真正重新开始的一种方式，并且以各种方式重新开始。”该公司准备于周四在翻新后的苹果公司开设一家新店<a href=\"https://laohu8.com/S/TWR.AU\">塔楼</a>洛杉矶市中心的剧院是自疫情开始以来苹果在美国的第二家新零售店。</blockquote></p><p>   Apple boomed during the pandemic, hitting $2 trillion in market capitalization in August 2020 and setting records for sales of iPhones and several other categories. </p><p><blockquote>苹果在疫情期间蓬勃发展，2020 年 8 月市值达到 2 万亿美元，并创下了 iPhone 和其他几个类别的销售记录。</blockquote></p><p>   One of the retail-related weak spots in its financial results, analysts said, was a slowdown in sales of AppleCare, a device insurance plan that is often an upsell during a store visit but easier for consumers to skip online. Apple also experienced supply chain missteps over the past year, delivering its iPhone 12 later than usual last year and saying in April that the global semiconductor shortage would cost it several billion dollars in sales.</p><p><blockquote>分析师表示，其财务业绩中与零售相关的弱点之一是 AppleCare 的销售放缓，AppleCare 是一种设备保险计划，通常在商店参观期间会出现追加销售，但消费者更容易跳过在线购买。苹果在过去一年也经历了供应链失误，去年交付 iPhone 12 的时间比往常晚，并在 4 月份表示，全球半导体短缺将使其损失数十亿美元的销售额。</blockquote></p><p>   PERSONAL EXPERIENCE</p><p><blockquote>个人经历</blockquote></p><p>   Part of Apple's retail success amid closures was streamlining its buy-online, pick-up-in-person process. Apple's long-held retail strategy has been to encourage customers to wander its airy stores to touch and feel its devices. </p><p><blockquote>苹果在关闭期间的零售成功部分原因是简化了其在线购买、亲自提货流程。苹果长期以来的零售策略一直是鼓励顾客在通风良好的商店里闲逛，触摸和感受它的设备。</blockquote></p><p>   During the pandemic, Apple re-worked many stores to have small express counters designed to facilitate pickups quickly but still give a personal touch, sometimes by following up online or by phone later to set up devices.</p><p><blockquote>在疫情期间，苹果对许多商店进行了改造，设置了小型快递柜台，旨在方便快速取货，但仍然提供个人风格，有时通过在线跟进或稍后通过电话设置设备。</blockquote></p><p>   \"The goal was really for speed, which is very different than what we usually experience in a retail store,\" O'Brien said. \"We want to make sure that in that experience that they can come in, quickly get the product they want. But we do want to make sure that we can also have a quick conversation with them to make sure that they have everything they need.\"</p><p><blockquote>“我们的目标确实是速度，这与我们通常在零售店体验的非常不同，”奥布莱恩说。“我们希望确保在这种体验中，他们可以进来，快速获得他们想要的产品。但我们确实希望确保我们也可以与他们进行快速交谈，以确保他们拥有他们需要的一切。”</blockquote></p><p>   As local rules allow, Apple is returning to in-person events and classes at its stores. The \"Creative Studios\" effort will eventually roll out to other major cities, O'Brien said. </p><p><blockquote>根据当地规定，苹果将恢复在其商店举办面对面的活动和课程。奥布莱恩说，“创意工作室”的努力最终将推广到其他主要城市。</blockquote></p><p>   Carolina Milanesi, principal analyst at Creative Strategies, said programs like those, in addition to courses designed to teach computer coding and other tech skills, are ways for Apple to bolster its brand with consumers between purchases.</p><p><blockquote>Creative Strategies 首席分析师 Carolina Milanesi 表示，除了旨在教授计算机编码和其他技术技能的课程外，此类项目也是苹果在购物间隙向消费者推广其品牌的方式。</blockquote></p><p>   “The more they can get you to use the device, the more engaged you are, the more loyal you’re going to be,\" Milanesi said. </p><p><blockquote>“米兰内西说：”他们越能让你使用该设备，你就越投入，你就会越忠诚。</blockquote></p><p> (Reporting by Stephen Nellis in San Francisco Editing by Peter Henderson and Frances Kerry)</p><p><blockquote>（斯蒂芬·内利斯旧金山报道，彼得·亨德森和弗朗西斯·克里编辑）</blockquote></p><p>((Stephen.Nellis@thomsonreuters.com; (415) 344-4934;))</p><p><blockquote>（（Stephen.Nellis@thomsonreuters.com；（415）344-4934；））</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09086":"华夏纳指-U","03086":"华夏纳指","AAPL":"苹果"},"source_url":"http://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2145425050","content_text":"By Stephen Nellis   June 24 (Reuters) - Apple Inc    is expanding retail operations as the United States emerges from the pandemic, betting that a combination of strategies developed before and during COVID-19 will make its stores more popular than ever, its retail chief told Reuters.   Apple is doing this as the retail industry works out what the post-pandemic future will look like, including consumers who have become used to ordering almost everything online.   For Apple, the answer is keeping what helped it through the pandemic, and doubling down on its pre-pandemic strategy of in-store events and experiences beyond shopping.   The express counters that popped up to help customers more efficiently pick up online orders, for example, will become regular features of Apple's 500-plus stores around the world, all of which have reopened as of June 14.   The iPhone maker is also adding a new \"Creative Studios\" program, starting in Los Angeles and Beijing, that aims to teach young people from underrepresented communities to use Apple products to create music, films and photography. That adds to a broader array of classes based out of the stores designed to bring in customers in contact with Apple more frequently.   \"We're looking at this moment right now as a way to really begin again, and begin again in every way,\" Deirdre O'Brien, Apple's senior vice president of retail and people, told Reuters as the company prepared on Thursday to open a new store at the renovated Tower Theatre in downtown Los Angeles, Apple's second new U.S. retail outlet since the beginning of the pandemic.   Apple boomed during the pandemic, hitting $2 trillion in market capitalization in August 2020 and setting records for sales of iPhones and several other categories.    One of the retail-related weak spots in its financial results, analysts said, was a slowdown in sales of AppleCare, a device insurance plan that is often an upsell during a store visit but easier for consumers to skip online. Apple also experienced supply chain missteps over the past year, delivering its iPhone 12 later than usual last year and saying in April that the global semiconductor shortage would cost it several billion dollars in sales.   PERSONAL EXPERIENCE   Part of Apple's retail success amid closures was streamlining its buy-online, pick-up-in-person process. Apple's long-held retail strategy has been to encourage customers to wander its airy stores to touch and feel its devices.    During the pandemic, Apple re-worked many stores to have small express counters designed to facilitate pickups quickly but still give a personal touch, sometimes by following up online or by phone later to set up devices.   \"The goal was really for speed, which is very different than what we usually experience in a retail store,\" O'Brien said. \"We want to make sure that in that experience that they can come in, quickly get the product they want. But we do want to make sure that we can also have a quick conversation with them to make sure that they have everything they need.\"   As local rules allow, Apple is returning to in-person events and classes at its stores. The \"Creative Studios\" effort will eventually roll out to other major cities, O'Brien said.    Carolina Milanesi, principal analyst at Creative Strategies, said programs like those, in addition to courses designed to teach computer coding and other tech skills, are ways for Apple to bolster its brand with consumers between purchases.   “The more they can get you to use the device, the more engaged you are, the more loyal you’re going to be,\" Milanesi said.  (Reporting by Stephen Nellis in San Francisco Editing by Peter Henderson and Frances Kerry)((Stephen.Nellis@thomsonreuters.com; (415) 344-4934;))","news_type":1,"symbols_score_info":{"AAPL":1,"09086":0.6,"03086":0.6}},"isVote":1,"tweetType":1,"viewCount":1941,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167487077,"gmtCreate":1624282457199,"gmtModify":1634008464204,"author":{"id":"3571806796080670","authorId":"3571806796080670","name":"Terry888","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571806796080670","idStr":"3571806796080670"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167487077","repostId":"1100861051","repostType":2,"repost":{"id":"1100861051","kind":"news","pubTimestamp":1624280482,"share":"https://www.laohunote.com/m/news/1100861051?lang=zh_CN&edition=full","pubTime":"2021-06-21 21:01","market":"us","language":"en","title":"Tesla’s Profitability and the Surprising Thing That Could Threaten It<blockquote>特斯拉的盈利能力以及可能威胁它的令人惊讶的事情</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1100861051","media":"The Street","summary":"Rising competition in the electric vehicle space could not only put a crimp in Tesla’s growth rate, ","content":"<p>  Rising competition in the electric vehicle space could not only put a crimp in Tesla’s growth rate, but diminish a big source of income as well.  The explosion in electric vehicle (EV) demand has served to vindicate the vision of Tesla’s&nbsp;(<b>TSLA</b>) -Get Report&nbsp;celebrity CEO Elon Musk. Indeed, the surge in demand for EVs has not only vindicated his foresight, but allowed his company to remain a market leader above late-coming competitors.</p><p><blockquote>电动汽车领域日益激烈的竞争不仅会抑制特斯拉的增长率，还会减少一个重要的收入来源。电动汽车（EV）需求的爆炸式增长证明了特斯拉的愿景（<b>特斯拉</b>) -获取名人首席执行官埃隆·马斯克的报告。事实上，电动汽车需求的激增不仅证明了他的远见，而且使他的公司仍然是超越后来竞争对手的市场领导者。</blockquote></p><p> However, while the company Musk leads as Technoking is no doubt a market leader, it has not solely cashed in by beating its competitors in terms of sales. Instead, a key to the company's recent turn to profitability has come from taking advantage of government incentives and selling the excess incentives it holds to these very same competitors. And now that many of these competitors are engaging more aggressively in EVs themselves, Tesla may soon find itself without many of these customers and, therefore, without a significant contributor to its profits.</p><p><blockquote>然而，尽管马斯克领导的 Technoking 公司无疑是市场领导者，但它并不仅仅是通过在销售额方面击败竞争对手来获利。相反，该公司最近扭亏为盈的一个关键来自于利用政府激励措施并将其持有的多余激励措施出售给这些完全相同的竞争对手。现在，这些竞争对手中的许多人正在更积极地涉足电动汽车领域，特斯拉可能很快就会发现自己失去了许多这样的客户，因此，其利润也没有一个重要的贡献者。</blockquote></p><p> <b>Raking in the Regulatory Credits</b></p><p><blockquote><b>挖掘监管信用</b></blockquote></p><p> The credits that Tesla has handsomely profited from are tradable credits offered by various governments around the world for zero-emission vehicles. The fact that they are tradable is crucial since this allows Tesla to sell the credits to other automakers who might not otherwise comply with emission standards without the use of these credits. The set-up allows Tesla to book the credits as purely additive to its top line, with the automakers buying these credits avoiding hefty fines from regulators.</p><p><blockquote>特斯拉从中获得丰厚利润的积分是世界各国政府为零排放汽车提供的可交易积分。它们是可交易的这一事实至关重要，因为这使得特斯拉能够将积分出售给其他汽车制造商，如果不使用这些积分，这些汽车制造商可能无法遵守排放标准。这种安排允许特斯拉将积分纯粹作为其营收的附加物来预订，汽车制造商购买这些积分可以避免监管机构的巨额罚款。</blockquote></p><p> Per Tesla’s most recent 10-K filing, the company earned $1.58 billion from the sale of these credits in 2020, up from $594 million in the year prior and $419 million in 2018. The year-over -year jump notwithstanding, the credit sales might appear to be a paltry sum given the company’s $31.5 billion in total revenue in 2020. However, their nature as purely profit, in contrast to capital intensive auto manufacturing, means they have been a pivotal part of Tesla’s push towards profitability.</p><p><blockquote>根据特斯拉最新的 10-K 文件，该公司在 2020 年从出售这些信用额度中获得了 15.8 亿美元，高于上一年的 5.94 亿美元和 2018 年的 4.19 亿美元。尽管同比有所增长，但考虑到该公司 2020 年 315 亿美元的总收入，赊销销售额似乎微不足道。然而，与资本密集型汽车制造业相比，它们的纯粹利润性质意味着它们一直是特斯拉实现盈利的关键部分。</blockquote></p><p> Indeed, Tesla’s much-lauded $721 million profit in 2020, the very first profitable full year in its history, was clearly boosted over the top by the surge in regulatory credit sales. Had they remained consistent with the prior periods, the landmark year would have been left short of break-even, keeping up the company's trend of annual losses maintained since its inception.</p><p><blockquote>事实上，特斯拉在 2020 年获得了备受赞誉的 7.21 亿美元利润，这是其历史上第一个盈利的全年，这显然是由于监管信贷销售的激增而高于预期的。如果与前期保持一致，这一具有里程碑意义的一年将无法实现收支平衡，从而延续该公司自成立以来的年度亏损趋势。</blockquote></p><p> The trend has continued into 2021 as the company reported $518 million in revenues from credit salesin the first quarter, which boosted the company once again to a $438-million quarterly profit. While vehicle deliveries consistently catch the headlines, it's clear that the regulatory credits are buoying the automaker into the black.</p><p><blockquote>这一趋势一直持续到 2021 年，该公司报告第一季度信贷销售收入为 5.18 亿美元，这使该公司的季度利润再次达到 4.38 亿美元。虽然汽车交付量一直占据头条新闻，但很明显，监管信贷正在推动这家汽车制造商陷入亏损。</blockquote></p><p> <b>Competition Cuts Into Cash Flow</b></p><p><blockquote><b>竞争削减现金流</b></blockquote></p><p> The problem with the profit margin may be approaching faster than some have anticipated as well, with the increased entry of traditional automakers like Ford&nbsp;(<b>F</b>) -Get Report, General Motors&nbsp;(<b>GM</b>) -Get Report, and Stellantis STLA into the EV space.</p><p><blockquote>随着福特等传统汽车制造商越来越多地进入市场，利润率问题也可能比一些人预期的更快（<b>F</b>）-获取报告，通用汽车公司（<b>通用汽车</b>) -获取报告，Stellantis STLA 进入电动汽车领域。</blockquote></p><p> While much of the focus revolves around these companies’ threat to Tesla’s core auto sales, the popularity of Tesla among its devoted fans might sustain it amidst the hard-charging competition. As such, the trajectory of its sales, while now threatened by competent competition, remains somewhat murky at the moment.</p><p><blockquote>虽然大部分焦点都集中在这些公司对特斯拉核心汽车销售的威胁上，但特斯拉在其忠实车迷中的受欢迎程度可能会让它在激烈的竞争中得以维持。因此，其销售轨迹虽然现在受到竞争对手的威胁，但目前仍有些模糊。</blockquote></p><p> The question of regulatory credit impact is much more straightforward. If Tesla’s competitors are producing their own electric vehicles and fewer ICE autos, they have no need to spend so substantially on buying credits from Tesla.</p><p><blockquote>监管信用影响的问题要简单得多。如果特斯拉的竞争对手生产自己的电动汽车和更少的内燃机汽车，他们就没有必要花费如此巨资从特斯拉购买积分。</blockquote></p><p> Per a Reuters report, Fiat Chrysler agreed to purchase $2.4 billion worth of emissions credits from Tesla from 2019 through 2021, likely accounting for a lion’s share of the roughly $2.2 billion recorded in total in credits sold in Tesla’s 2019 and 2020 10-K filings. However, after Fiat Chrysler merged with French automaker PSA Group in May to form Stellantis, this reliable revenue stream looks likely to fade.</p><p><blockquote>据路透社报道，菲亚特克莱斯勒同意从 2019 年到 2021 年从特斯拉购买价值 24 亿美元的排放信用额，这可能占特斯拉 2019 年和 2020 年 10-K 文件中出售的约 22 亿美元信用额总额的最大份额。然而，在菲亚特克莱斯勒5月份与法国汽车制造商PSA集团合并成立Stellantis后，这种可靠的收入来源看起来可能会消失。</blockquote></p><p> \"With the electrical technology that PSA brought to Stellantis, we will autonomously meet carbon dioxide emission regulations as early as this year,\" Stellantis CEO Carlos Tavares told French media after the merger. \"Thus, we will not need to call on European CO2 credits and [Fiat Chrysler] will no longer have to pool with Tesla or anyone.\"</p><p><blockquote>Stellantis 首席执行官卡洛斯·塔瓦雷斯 (Carlos Tavares) 在合并后对法国媒体表示：“凭借 PSA 为 Stellantis 带来的电气技术，我们最早将在今年自主满足二氧化碳排放法规。”“因此，我们将不再需要看涨期权欧洲二氧化碳信用额，[菲亚特克莱斯勒]也不再需要与特斯拉或任何人合作。”</blockquote></p><p> <b>Already Anticipated?</b></p><p><blockquote><b>已经预料到了？</b></blockquote></p><p> To be sure, the looming threat of regulatory credit sales eroding is by no means a novel development. CFO Zachary Kirkhorn noted in a call with analysts in mid-2020 that “we don’t manage the business with the assumption that regulatory credits will contribute significantly to the future. Eventually this will reduce.”</p><p><blockquote>可以肯定的是，监管信贷销售侵蚀的迫在眉睫的威胁绝不是一个新的发展。首席财务官扎卡里-柯克霍恩（Zachary Kirkhorn）在 2020 年年中与分析师举行的看涨期权上指出：“我们在管理业务时不会假设监管信贷将对未来做出重大贡献。最终，这种情况会减少。”</blockquote></p><p> Kirkhorn’s focus on the core business, especially in terms of battery technology, rather than the regulatory credit sales, is bolstered by the thoughts of prominent Tesla bulls.</p><p><blockquote>柯克霍恩专注于核心业务，尤其是电池技术方面，而不是监管信贷销售，这得益于特斯拉著名看涨者的想法。</blockquote></p><p></p><p> “We have owned Tesla for a decade and from day one we expected regulatory credits to go to zero within three years,” Jennison Associates analyst Owuraka Koney said. “They are comfortable without these regulatory credits and they make money when you exclude these credits and these non-recurring costs that they face.”</p><p><blockquote>“Jennison Associates 分析师 Owuraka Koney 说：”我们拥有特斯拉已有十年，从第一天起，我们就预计监管信用将在三年内归零。“他们没有这些监管信用也很舒服，当你排除这些信用和他们面临的这些非经常性成本时，他们就能赚钱”。</blockquote></p><p> Koney cited Elon Musk’smassive compensation packagetied to the company's recent stock surges as a key non-recurring cost in this context. Further, Koney argued that the regulatory credit benefits are being unfairly compared to overall profitability, which he sees as an apples-and-oranges comparison. He explained that the more relevant comparison is to Tesla’s operating income, which was $1.99 billion on a GAAP basis in 2020, up over $2 billion from the figure in 2019. The leap suggests strength greater than that simply achieved via the regulatory credit benefit, in his view.</p><p><blockquote>科尼认为，埃隆-马斯克（Elon Musk）为公司近期股价飙升提供的巨额薪酬是这种情况下的一个关键非经常性成本。此外，科尼认为，监管信贷优势与整体盈利能力进行了不公平的比较，他认为这是苹果和橙子的比较。他解释说，更相关的比较是特斯拉的经营利润，按公认会计准则计算，2020 年的经营利润为 19.9 亿美元，比 2019 年的数字增加了 20 多亿美元。在他看来，这一飞跃表明的实力比仅仅通过监管信贷优势实现的实力更大。</blockquote></p><p> Mike Dovororany, VP of Automotive &amp; Mobility at market research firm Escalent, seconded the rosier view held by Koney, reiterating that the risk of regulatory credits fading is well understood by savvy investors, and further that the current U.S. administration might actually aid Tesla’s ability to capitalize on regulation.</p><p><blockquote>市场研究公司 Escalent 的汽车与移动性副总裁 Mike Dovorany 赞同 Koney 的乐观观点，重申精明的投资者都清楚监管信用消退的风险，并进一步指出，现任美国政府实际上可能会帮助特斯拉利用监管的能力。</blockquote></p><p> “Because credit sales have always been the main driver behind Tesla’s profitability, investors should be well-accustomed to this risk,” he explained. “Also, as the Biden Administration looks to reconsider stricter emissions regulations, the EV credit market could become more important than ever.”</p><p><blockquote>“他解释说：”由于赊销一直是特斯拉盈利的主要驱动力，投资者应该对这种风险非常熟悉。“此外，随着拜登政府寻求重新考虑更严格的排放法规，电动汽车信贷市场可能会变得比以往任何时候都更加重要”。</blockquote></p><p> With the administration now proposing a $174-billion investment in the electric vehicle market aspart of the American Jobs Act, including new tax credits, there is certainly ample reason to be excited. Given Tesla's ability to capitalize on these incentives, it will be worth watching what the final bill entails when it crosses Biden's desk and whether it might mean lead to more big profits for Tesla.</p><p><blockquote>随着政府现在提议在《美国就业法案》之外对电动汽车市场投资1740亿美元，包括新的税收抵免，当然有足够的理由感到兴奋。鉴于特斯拉有能力利用这些激励措施，当最终法案提交给拜登时，值得关注的是最终法案会带来什么，以及它是否可能意味着为特斯拉带来更大的利润。</blockquote></p><p></p>","source":"lsy1610613172068","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla’s Profitability and the Surprising Thing That Could Threaten It<blockquote>特斯拉的盈利能力以及可能威胁它的令人惊讶的事情</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla’s Profitability and the Surprising Thing That Could Threaten It<blockquote>特斯拉的盈利能力以及可能威胁它的令人惊讶的事情</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Street</strong><span class=\"h-time small\">2021-06-21 21:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  Rising competition in the electric vehicle space could not only put a crimp in Tesla’s growth rate, but diminish a big source of income as well.  The explosion in electric vehicle (EV) demand has served to vindicate the vision of Tesla’s&nbsp;(<b>TSLA</b>) -Get Report&nbsp;celebrity CEO Elon Musk. Indeed, the surge in demand for EVs has not only vindicated his foresight, but allowed his company to remain a market leader above late-coming competitors.</p><p><blockquote>电动汽车领域日益激烈的竞争不仅会抑制特斯拉的增长率，还会减少一个重要的收入来源。电动汽车（EV）需求的爆炸式增长证明了特斯拉的愿景（<b>特斯拉</b>) -获取名人首席执行官埃隆·马斯克的报告。事实上，电动汽车需求的激增不仅证明了他的远见，而且使他的公司仍然是超越后来竞争对手的市场领导者。</blockquote></p><p> However, while the company Musk leads as Technoking is no doubt a market leader, it has not solely cashed in by beating its competitors in terms of sales. Instead, a key to the company's recent turn to profitability has come from taking advantage of government incentives and selling the excess incentives it holds to these very same competitors. And now that many of these competitors are engaging more aggressively in EVs themselves, Tesla may soon find itself without many of these customers and, therefore, without a significant contributor to its profits.</p><p><blockquote>然而，尽管马斯克领导的 Technoking 公司无疑是市场领导者，但它并不仅仅是通过在销售额方面击败竞争对手来获利。相反，该公司最近扭亏为盈的一个关键来自于利用政府激励措施并将其持有的多余激励措施出售给这些完全相同的竞争对手。现在，这些竞争对手中的许多人正在更积极地涉足电动汽车领域，特斯拉可能很快就会发现自己失去了许多这样的客户，因此，其利润也没有一个重要的贡献者。</blockquote></p><p> <b>Raking in the Regulatory Credits</b></p><p><blockquote><b>挖掘监管信用</b></blockquote></p><p> The credits that Tesla has handsomely profited from are tradable credits offered by various governments around the world for zero-emission vehicles. The fact that they are tradable is crucial since this allows Tesla to sell the credits to other automakers who might not otherwise comply with emission standards without the use of these credits. The set-up allows Tesla to book the credits as purely additive to its top line, with the automakers buying these credits avoiding hefty fines from regulators.</p><p><blockquote>特斯拉从中获得丰厚利润的积分是世界各国政府为零排放汽车提供的可交易积分。它们是可交易的这一事实至关重要，因为这使得特斯拉能够将积分出售给其他汽车制造商，如果不使用这些积分，这些汽车制造商可能无法遵守排放标准。这种安排允许特斯拉将积分纯粹作为其营收的附加物来预订，汽车制造商购买这些积分可以避免监管机构的巨额罚款。</blockquote></p><p> Per Tesla’s most recent 10-K filing, the company earned $1.58 billion from the sale of these credits in 2020, up from $594 million in the year prior and $419 million in 2018. The year-over -year jump notwithstanding, the credit sales might appear to be a paltry sum given the company’s $31.5 billion in total revenue in 2020. However, their nature as purely profit, in contrast to capital intensive auto manufacturing, means they have been a pivotal part of Tesla’s push towards profitability.</p><p><blockquote>根据特斯拉最新的 10-K 文件，该公司在 2020 年从出售这些信用额度中获得了 15.8 亿美元，高于上一年的 5.94 亿美元和 2018 年的 4.19 亿美元。尽管同比有所增长，但考虑到该公司 2020 年 315 亿美元的总收入，赊销销售额似乎微不足道。然而，与资本密集型汽车制造业相比，它们的纯粹利润性质意味着它们一直是特斯拉实现盈利的关键部分。</blockquote></p><p> Indeed, Tesla’s much-lauded $721 million profit in 2020, the very first profitable full year in its history, was clearly boosted over the top by the surge in regulatory credit sales. Had they remained consistent with the prior periods, the landmark year would have been left short of break-even, keeping up the company's trend of annual losses maintained since its inception.</p><p><blockquote>事实上，特斯拉在 2020 年获得了备受赞誉的 7.21 亿美元利润，这是其历史上第一个盈利的全年，这显然是由于监管信贷销售的激增而高于预期的。如果与前期保持一致，这一具有里程碑意义的一年将无法实现收支平衡，从而延续该公司自成立以来的年度亏损趋势。</blockquote></p><p> The trend has continued into 2021 as the company reported $518 million in revenues from credit salesin the first quarter, which boosted the company once again to a $438-million quarterly profit. While vehicle deliveries consistently catch the headlines, it's clear that the regulatory credits are buoying the automaker into the black.</p><p><blockquote>这一趋势一直持续到 2021 年，该公司报告第一季度信贷销售收入为 5.18 亿美元，这使该公司的季度利润再次达到 4.38 亿美元。虽然汽车交付量一直占据头条新闻，但很明显，监管信贷正在推动这家汽车制造商陷入亏损。</blockquote></p><p> <b>Competition Cuts Into Cash Flow</b></p><p><blockquote><b>竞争削减现金流</b></blockquote></p><p> The problem with the profit margin may be approaching faster than some have anticipated as well, with the increased entry of traditional automakers like Ford&nbsp;(<b>F</b>) -Get Report, General Motors&nbsp;(<b>GM</b>) -Get Report, and Stellantis STLA into the EV space.</p><p><blockquote>随着福特等传统汽车制造商越来越多地进入市场，利润率问题也可能比一些人预期的更快（<b>F</b>）-获取报告，通用汽车公司（<b>通用汽车</b>) -获取报告，Stellantis STLA 进入电动汽车领域。</blockquote></p><p> While much of the focus revolves around these companies’ threat to Tesla’s core auto sales, the popularity of Tesla among its devoted fans might sustain it amidst the hard-charging competition. As such, the trajectory of its sales, while now threatened by competent competition, remains somewhat murky at the moment.</p><p><blockquote>虽然大部分焦点都集中在这些公司对特斯拉核心汽车销售的威胁上，但特斯拉在其忠实车迷中的受欢迎程度可能会让它在激烈的竞争中得以维持。因此，其销售轨迹虽然现在受到竞争对手的威胁，但目前仍有些模糊。</blockquote></p><p> The question of regulatory credit impact is much more straightforward. If Tesla’s competitors are producing their own electric vehicles and fewer ICE autos, they have no need to spend so substantially on buying credits from Tesla.</p><p><blockquote>监管信用影响的问题要简单得多。如果特斯拉的竞争对手生产自己的电动汽车和更少的内燃机汽车，他们就没有必要花费如此巨资从特斯拉购买积分。</blockquote></p><p> Per a Reuters report, Fiat Chrysler agreed to purchase $2.4 billion worth of emissions credits from Tesla from 2019 through 2021, likely accounting for a lion’s share of the roughly $2.2 billion recorded in total in credits sold in Tesla’s 2019 and 2020 10-K filings. However, after Fiat Chrysler merged with French automaker PSA Group in May to form Stellantis, this reliable revenue stream looks likely to fade.</p><p><blockquote>据路透社报道，菲亚特克莱斯勒同意从 2019 年到 2021 年从特斯拉购买价值 24 亿美元的排放信用额，这可能占特斯拉 2019 年和 2020 年 10-K 文件中出售的约 22 亿美元信用额总额的最大份额。然而，在菲亚特克莱斯勒5月份与法国汽车制造商PSA集团合并成立Stellantis后，这种可靠的收入来源看起来可能会消失。</blockquote></p><p> \"With the electrical technology that PSA brought to Stellantis, we will autonomously meet carbon dioxide emission regulations as early as this year,\" Stellantis CEO Carlos Tavares told French media after the merger. \"Thus, we will not need to call on European CO2 credits and [Fiat Chrysler] will no longer have to pool with Tesla or anyone.\"</p><p><blockquote>Stellantis 首席执行官卡洛斯·塔瓦雷斯 (Carlos Tavares) 在合并后对法国媒体表示：“凭借 PSA 为 Stellantis 带来的电气技术，我们最早将在今年自主满足二氧化碳排放法规。”“因此，我们将不再需要看涨期权欧洲二氧化碳信用额，[菲亚特克莱斯勒]也不再需要与特斯拉或任何人合作。”</blockquote></p><p> <b>Already Anticipated?</b></p><p><blockquote><b>已经预料到了？</b></blockquote></p><p> To be sure, the looming threat of regulatory credit sales eroding is by no means a novel development. CFO Zachary Kirkhorn noted in a call with analysts in mid-2020 that “we don’t manage the business with the assumption that regulatory credits will contribute significantly to the future. Eventually this will reduce.”</p><p><blockquote>可以肯定的是，监管信贷销售侵蚀的迫在眉睫的威胁绝不是一个新的发展。首席财务官扎卡里-柯克霍恩（Zachary Kirkhorn）在 2020 年年中与分析师举行的看涨期权上指出：“我们在管理业务时不会假设监管信贷将对未来做出重大贡献。最终，这种情况会减少。”</blockquote></p><p> Kirkhorn’s focus on the core business, especially in terms of battery technology, rather than the regulatory credit sales, is bolstered by the thoughts of prominent Tesla bulls.</p><p><blockquote>柯克霍恩专注于核心业务，尤其是电池技术方面，而不是监管信贷销售，这得益于特斯拉著名看涨者的想法。</blockquote></p><p></p><p> “We have owned Tesla for a decade and from day one we expected regulatory credits to go to zero within three years,” Jennison Associates analyst Owuraka Koney said. “They are comfortable without these regulatory credits and they make money when you exclude these credits and these non-recurring costs that they face.”</p><p><blockquote>“Jennison Associates 分析师 Owuraka Koney 说：”我们拥有特斯拉已有十年，从第一天起，我们就预计监管信用将在三年内归零。“他们没有这些监管信用也很舒服，当你排除这些信用和他们面临的这些非经常性成本时，他们就能赚钱”。</blockquote></p><p> Koney cited Elon Musk’smassive compensation packagetied to the company's recent stock surges as a key non-recurring cost in this context. Further, Koney argued that the regulatory credit benefits are being unfairly compared to overall profitability, which he sees as an apples-and-oranges comparison. He explained that the more relevant comparison is to Tesla’s operating income, which was $1.99 billion on a GAAP basis in 2020, up over $2 billion from the figure in 2019. The leap suggests strength greater than that simply achieved via the regulatory credit benefit, in his view.</p><p><blockquote>科尼认为，埃隆-马斯克（Elon Musk）为公司近期股价飙升提供的巨额薪酬是这种情况下的一个关键非经常性成本。此外，科尼认为，监管信贷优势与整体盈利能力进行了不公平的比较，他认为这是苹果和橙子的比较。他解释说，更相关的比较是特斯拉的经营利润，按公认会计准则计算，2020 年的经营利润为 19.9 亿美元，比 2019 年的数字增加了 20 多亿美元。在他看来，这一飞跃表明的实力比仅仅通过监管信贷优势实现的实力更大。</blockquote></p><p> Mike Dovororany, VP of Automotive &amp; Mobility at market research firm Escalent, seconded the rosier view held by Koney, reiterating that the risk of regulatory credits fading is well understood by savvy investors, and further that the current U.S. administration might actually aid Tesla’s ability to capitalize on regulation.</p><p><blockquote>市场研究公司 Escalent 的汽车与移动性副总裁 Mike Dovorany 赞同 Koney 的乐观观点，重申精明的投资者都清楚监管信用消退的风险，并进一步指出，现任美国政府实际上可能会帮助特斯拉利用监管的能力。</blockquote></p><p> “Because credit sales have always been the main driver behind Tesla’s profitability, investors should be well-accustomed to this risk,” he explained. “Also, as the Biden Administration looks to reconsider stricter emissions regulations, the EV credit market could become more important than ever.”</p><p><blockquote>“他解释说：”由于赊销一直是特斯拉盈利的主要驱动力，投资者应该对这种风险非常熟悉。“此外，随着拜登政府寻求重新考虑更严格的排放法规，电动汽车信贷市场可能会变得比以往任何时候都更加重要”。</blockquote></p><p> With the administration now proposing a $174-billion investment in the electric vehicle market aspart of the American Jobs Act, including new tax credits, there is certainly ample reason to be excited. Given Tesla's ability to capitalize on these incentives, it will be worth watching what the final bill entails when it crosses Biden's desk and whether it might mean lead to more big profits for Tesla.</p><p><blockquote>随着政府现在提议在《美国就业法案》之外对电动汽车市场投资1740亿美元，包括新的税收抵免，当然有足够的理由感到兴奋。鉴于特斯拉有能力利用这些激励措施，当最终法案提交给拜登时，值得关注的是最终法案会带来什么，以及它是否可能意味着为特斯拉带来更大的利润。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/surprising-thing-that-could-threaten-teslas-profitability\">The Street</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.thestreet.com/investing/surprising-thing-that-could-threaten-teslas-profitability","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100861051","content_text":"Rising competition in the electric vehicle space could not only put a crimp in Tesla’s growth rate, but diminish a big source of income as well.\n\nThe explosion in electric vehicle (EV) demand has served to vindicate the vision of Tesla’s (TSLA) -Get Report celebrity CEO Elon Musk. Indeed, the surge in demand for EVs has not only vindicated his foresight, but allowed his company to remain a market leader above late-coming competitors.\nHowever, while the company Musk leads as Technoking is no doubt a market leader, it has not solely cashed in by beating its competitors in terms of sales. Instead, a key to the company's recent turn to profitability has come from taking advantage of government incentives and selling the excess incentives it holds to these very same competitors. And now that many of these competitors are engaging more aggressively in EVs themselves, Tesla may soon find itself without many of these customers and, therefore, without a significant contributor to its profits.\nRaking in the Regulatory Credits\nThe credits that Tesla has handsomely profited from are tradable credits offered by various governments around the world for zero-emission vehicles. The fact that they are tradable is crucial since this allows Tesla to sell the credits to other automakers who might not otherwise comply with emission standards without the use of these credits. The set-up allows Tesla to book the credits as purely additive to its top line, with the automakers buying these credits avoiding hefty fines from regulators.\nPer Tesla’s most recent 10-K filing, the company earned $1.58 billion from the sale of these credits in 2020, up from $594 million in the year prior and $419 million in 2018. The year-over -year jump notwithstanding, the credit sales might appear to be a paltry sum given the company’s $31.5 billion in total revenue in 2020. However, their nature as purely profit, in contrast to capital intensive auto manufacturing, means they have been a pivotal part of Tesla’s push towards profitability.\nIndeed, Tesla’s much-lauded $721 million profit in 2020, the very first profitable full year in its history, was clearly boosted over the top by the surge in regulatory credit sales. Had they remained consistent with the prior periods, the landmark year would have been left short of break-even, keeping up the company's trend of annual losses maintained since its inception.\nThe trend has continued into 2021 as the company reported $518 million in revenues from credit salesin the first quarter, which boosted the company once again to a $438-million quarterly profit. While vehicle deliveries consistently catch the headlines, it's clear that the regulatory credits are buoying the automaker into the black.\nCompetition Cuts Into Cash Flow\nThe problem with the profit margin may be approaching faster than some have anticipated as well, with the increased entry of traditional automakers like Ford (F) -Get Report, General Motors (GM) -Get Report, and Stellantis STLA into the EV space.\nWhile much of the focus revolves around these companies’ threat to Tesla’s core auto sales, the popularity of Tesla among its devoted fans might sustain it amidst the hard-charging competition. As such, the trajectory of its sales, while now threatened by competent competition, remains somewhat murky at the moment.\nThe question of regulatory credit impact is much more straightforward. If Tesla’s competitors are producing their own electric vehicles and fewer ICE autos, they have no need to spend so substantially on buying credits from Tesla.\nPer a Reuters report, Fiat Chrysler agreed to purchase $2.4 billion worth of emissions credits from Tesla from 2019 through 2021, likely accounting for a lion’s share of the roughly $2.2 billion recorded in total in credits sold in Tesla’s 2019 and 2020 10-K filings. However, after Fiat Chrysler merged with French automaker PSA Group in May to form Stellantis, this reliable revenue stream looks likely to fade.\n\"With the electrical technology that PSA brought to Stellantis, we will autonomously meet carbon dioxide emission regulations as early as this year,\" Stellantis CEO Carlos Tavares told French media after the merger. \"Thus, we will not need to call on European CO2 credits and [Fiat Chrysler] will no longer have to pool with Tesla or anyone.\"\nAlready Anticipated?\nTo be sure, the looming threat of regulatory credit sales eroding is by no means a novel development. CFO Zachary Kirkhorn noted in a call with analysts in mid-2020 that “we don’t manage the business with the assumption that regulatory credits will contribute significantly to the future. Eventually this will reduce.”\nKirkhorn’s focus on the core business, especially in terms of battery technology, rather than the regulatory credit sales, is bolstered by the thoughts of prominent Tesla bulls.\n“We have owned Tesla for a decade and from day one we expected regulatory credits to go to zero within three years,” Jennison Associates analyst Owuraka Koney said. “They are comfortable without these regulatory credits and they make money when you exclude these credits and these non-recurring costs that they face.”\nKoney cited Elon Musk’smassive compensation packagetied to the company's recent stock surges as a key non-recurring cost in this context. Further, Koney argued that the regulatory credit benefits are being unfairly compared to overall profitability, which he sees as an apples-and-oranges comparison. He explained that the more relevant comparison is to Tesla’s operating income, which was $1.99 billion on a GAAP basis in 2020, up over $2 billion from the figure in 2019. The leap suggests strength greater than that simply achieved via the regulatory credit benefit, in his view.\nMike Dovororany, VP of Automotive & Mobility at market research firm Escalent, seconded the rosier view held by Koney, reiterating that the risk of regulatory credits fading is well understood by savvy investors, and further that the current U.S. administration might actually aid Tesla’s ability to capitalize on regulation.\n“Because credit sales have always been the main driver behind Tesla’s profitability, investors should be well-accustomed to this risk,” he explained. “Also, as the Biden Administration looks to reconsider stricter emissions regulations, the EV credit market could become more important than ever.”\nWith the administration now proposing a $174-billion investment in the electric vehicle market aspart of the American Jobs Act, including new tax credits, there is certainly ample reason to be excited. Given Tesla's ability to capitalize on these incentives, it will be worth watching what the final bill entails when it crosses Biden's desk and whether it might mean lead to more big profits for Tesla.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":1763,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167484017,"gmtCreate":1624282412039,"gmtModify":1634008465019,"author":{"id":"3571806796080670","authorId":"3571806796080670","name":"Terry888","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571806796080670","idStr":"3571806796080670"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167484017","repostId":"2145852038","repostType":2,"isVote":1,"tweetType":1,"viewCount":1256,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":false}