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- __终结____终结__
  ·2021-04-27
  You know you love me, I know you careJust shout whenever and I'll be thereYou want my love, you want my heartAnd we will never, ever, ever be apartAre we an item? Girl, quit playingWe're just friends, what are you saying?Said "There's another," and looked right in my eyesMy first love broke my heart for the first time, and I was like
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- __终结____终结__
  ·2021-04-23
  You know you love me, I know you careJust shout whenever and I’ll be thereYou want my love, you want my heartAnd we will never, ever, ever be apartAre we an item? Girl, quit playingYou know you love me, I know you careJust shout whenever and I’ll be thereYou want my love, you want my heartAnd we will never, ever, ever be apartAre we an item? Girl, quit pla
  $544 Billion In Options Expire Today: Here's What Will Move
  While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire
  $544 Billion In Options Expire Today: Here's What Will Move
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- __终结____终结__
  ·2021-04-20
  ???
  Technology giants are building cars one after another, which is actually just a stepping stone
  加入中国电动车俱乐部，要先搞定2张门票。
  Technology giants are building cars one after another, which is actually just a stepping stone
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Girl, quit pla","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/376574304","repostId":"1175692875","repostType":2,"repost":{"id":"1175692875","kind":"news","pubTimestamp":1618582708,"share":"https://ttm.financial/m/news/1175692875?lang=en_US&edition=fundamental","pubTime":"2021-04-16 22:18","market":"us","language":"en","title":"$544 Billion In Options Expire Today: Here's What Will Move","url":"https://stock-news.laohu8.com/highlight/detail?id=1175692875","media":"zerohedge","summary":"While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire","content":"<p>While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.</p><p><b>In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.</b>As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.</p><p>How to trade this?</p><p>As Goldman's Vishal Vivek writes, at major expirations, options traders track situations where<b>a large amount of open interest is set to expire.</b>In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.</p><p>What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.</p><p>So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"<i>expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"</i></p><p><img src=\"https://static.tigerbbs.com/0dac61cb87c2f2700d8a0e8e64324f81\" tg-width=\"500\" tg-height=\"638\" referrerpolicy=\"no-referrer\">Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"</p><p>According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).<b>These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX&nbsp; (i.e. implied volatility) reversed.</b></p><p><img src=\"https://static.tigerbbs.com/ae7a60d873792b825bdda669cafa0ed3\" tg-width=\"500\" tg-height=\"297\" referrerpolicy=\"no-referrer\">And one other curious observation from SpotGamma:</p><blockquote>When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. <b>We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.</b></blockquote><p>With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower.&nbsp; Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism.&nbsp; Additionally, gamma is higher when IV is lower so gamma flips may have more juice.</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>$544 Billion In Options Expire Today: Here's What Will Move</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n$544 Billion In Options Expire Today: Here's What Will Move\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-16 22:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/544-billion-options-expire-today-heres-what-will-move?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/544-billion-options-expire-today-heres-what-will-move?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/544-billion-options-expire-today-heres-what-will-move?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175692875","content_text":"While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.How to trade this?As Goldman's Vishal Vivek writes, at major expirations, options traders track situations wherea large amount of open interest is set to expire.In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX  (i.e. implied volatility) reversed.And one other curious observation from SpotGamma:When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower.  Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism.  Additionally, gamma is higher when IV is lower so gamma flips may have more juice.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,"SPY":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":4164,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":371174174,"gmtCreate":1618924895498,"gmtModify":1704716943942,"author":{"id":"3581995487837192","authorId":"3581995487837192","name":"__终结__","avatar":"https://static.tigerbbs.com/48d96d27c52685b5613c1ee84fefedcc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581995487837192","authorIdStr":"3581995487837192"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/371174174","repostId":"1115381700","repostType":4,"repost":{"id":"1115381700","kind":"news","pubTimestamp":1618916552,"share":"https://ttm.financial/m/news/1115381700?lang=en_US&edition=fundamental","pubTime":"2021-04-20 19:02","market":"us","language":"zh","title":"Technology giants are building cars one after another, which is actually just a stepping stone","url":"https://stock-news.laohu8.com/highlight/detail?id=1115381700","media":"锐问 Record","summary":"加入中国电动车俱乐部，要先搞定2张门票。","content":"<p>In the past six months, the headlines of China's auto industry have come from big technology companies. The Shanghai Auto Show, which officially opened on April 19, is no exception.</p><p>Huawei, a smartphone manufacturer that claims not to build cars and wants to be a first-tier supplier, released a customized new model in conjunction with ARCFOX on this day. Zhiji Automobile, jointly built by SAIC and Ali, will also release its first mass-produced car.</p><p>Unlike the new forces investing in car manufacturing in the past five years, smartphone manufacturer Xiaomi and major Internet companies<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>, they all have to build cars themselves. In the future, this team may also have Didi Chuxing.</p><p>Technology giants are increasingly in urgent need of a new field to become a new growth point after the era of smartphones. Smart electric vehicles are one of the new directions they are looking for.</p><p>But from investing to building a car yourself, has it become easier to realize this wish?</p><p><b>To join the China Electric Vehicle Club, you must first get 2 tickets</b></p><p>In China, want to be like<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>To build a smart pure electric vehicle, the new company first needs two licenses. One piece is used to build factories and cars, led by the National Development and Reform Commission; One piece is used to build a company and sell cars, which is under the management of the Ministry of Industry and Information Technology.</p><p><img src=\"https://static.tigerbbs.com/67adccefb368ef6b178d50400188ab85\" tg-width=\"550\" tg-height=\"334\" referrerpolicy=\"no-referrer\">How many steps are there to become a dual-qualified electric vehicle company? Information source: National Development and Reform Commission, Ministry of Industry and Information Technology</p><p>But the application conditions seem to be gradually relaxing.</p><p>The first license plate is hard to get. In June 2017, China<a href=\"https://laohu8.com/S/600617\">National New Energy</a>In the controversy over automobile overcapacity, the National Development and Reform Commission no longer announced the approval information of new projects, and there was news that the approval had been substantially suspended. Now, even if access for new companies to build factories and build cars is reopened, they still face time-consuming approval cycles.</p><p>But it's not that there's no solution at all. Yao Lijuan, a partner at King & Wood Mallesons, believes that it will be easier for traditional car manufacturers that already have experience in manufacturing complete vehicles or parts to apply for production qualifications. In addition to independently applying for qualifications, for new car-making forces, they can also choose OEM production or directly acquire existing car manufacturers.</p><p>Among them, the automobile OEM model is gradually being recognized by policies.</p><p>In May 2018,<a href=\"https://laohu8.com/S/NIO\">Nio</a>Since the delivery of the first batch of mass-produced ES8, car owners have successively picked the \"JAC\" tail logo. Because according to the \"Measures for the Administration of External Identification of Automobile Products\" implemented in 2005, the rear of the car must have a modern factory brand.</p><p>In this regard, Li Bin, CEO of Nio, once said that the state's mandatory requirement for passenger cars to paste the name of manufacturer is out of date. For start-ups in the brand cultivation period, this regulation adds additional difficulty and also increases communication costs.</p><p>In other words, at that time, automobile OEM was still in the gray area of supervision.</p><p>It was not until December 2018 in the \"Measures for the Administration of Road Motor Vehicle Manufacturers and Product Access\" that the Ministry of Industry and Information Technology affirmed the automobile OEM model at the policy level for the first time, and also put forward new requirements. For example, new car companies that have not obtained production qualifications need to produce 30,000 vehicles by OEM before they are eligible to apply for qualifications and build factories.</p><p>The draft OEM management measures have not yet been released. However, in May 2020, at the second \"Ministerial Channel\" question-and-answer press conference of the Third Session of the 13th National People's Congress, Miao Wei, Minister of the Ministry of Industry and Information Technology, mentioned the orderly liberalization of OEM production of new energy companies, as well as the research and development of innovative new energy vehicle companies, implement brand authorization pilots.</p><p><img src=\"https://static.tigerbbs.com/d8124e0022f80c4d05da77d77d848146\" tg-width=\"550\" tg-height=\"445\" referrerpolicy=\"no-referrer\">At present, there are 18 companies on the market that have obtained this qualification. Source: According to public information, Tram Exchange</p><p>The process of applying for qualifications is slow and full of uncertainties, and the faster and more expensive way is to directly acquire an already qualified company. Zhao Gang, vice president of Leapmotor, once said, \"In the industry now, a qualification is about 400 million.\"</p><p>This price does not include the invisible debt behind the acquisition company that is difficult to figure out. For example, in September 2018, BYTON 1 yuan acquired FAW Huali and took over the latter's 800 million yuan debt. Later, BYTON couldn't raise money, and it was busy paying off debts due to money shortage.</p><p>Later,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Acquired Chongqing Lifan, and Evergrande acquired Guoneng. For new companies, there are fewer and fewer qualifications that can be acquired, and the asking price of suitable qualifications will only be higher.</p><p>Nio insists on the OEM model. Its co-founder Qin Lihong once said, \"We also like qualifications, but if you ask me to spend 1 billion to buy an empty shell, I will definitely not do it. We will not obtain production qualifications by acquiring shell resources.\"</p><p>In September last year, the application conditions for the second license were also relaxed.</p><p>In September 2020, the new regulations of the Ministry of Industry, Information and Information Technology of China's \"Regulations on the Administration of New Energy Vehicle Manufacturers and Product Access\" deleted the requirement of \"design and development capabilities\". In other words, if technology companies such as Xiaomi or Baidu want to apply for a company to build electric vehicles, they are no longer required to independently develop core technologies-batteries, motors and electronic controls.</p><p>Song Jian, executive vice president of Tsinghua University Automotive Engineering Development Research Institute, believes that the new regulations have lowered the entry threshold for enterprises and their products, and more new players are bound to enter the market to build cars, especially RMB players.</p><p>They can buy R&D technology, production technology, safety technology, etc., and even directly buy a traditional car factory, and successfully put products with reliable quality and users' favorite products on the market.</p><p>But after entering 2020, China's electric vehicle market has become cruel. No matter how fast the production car is pushed, the window period has closed. With the end of subsidies and the introduction of foreign capital, new companies are bound to face more intense competition. Xiaomi, Baidu, and Didi may face competitors not only Tesla, Nio, and XPeng, but also Volkswagen, General Motors, and Toyota.</p><p><b>The stepping stone to building a car is still a bit hard</b></p><p>Generally speaking, new companies will concentrate their superior resources to make a good car, and then push new models at a certain frequency. Tesla spent three years polishing the Model S before launching a new car in two years. Nio, Ideal, and XPeng also spent about four years each building their first production car.</p><p>But not all companies can succeed. If you are willing to spend money, you may not be able to build a good car. Dyson, which built hair dryers, spent four years and 2.5 billion pounds (about 22.7 billion yuan) to abandon its car-building plan.</p><p>Dyson and Old<a href=\"https://laohu8.com/S/GLP\">Partners Global</a>Peter Gammack, vice president of design and technology, personally checked the body design, trial and error. But car design pays attention to precision, and the learning curve is steep. Therefore, they also hired many people in the auto industry to point out the problems.</p><p>Since 2016, Dyson has added two more automotive professionals to its board of directors. Comprising,<a href=\"https://laohu8.com/S/AMLN.UK\">Aston Martin</a>Ian Minards, former chief engineer, and Ian Robertson, a key supporter of BMW's electric vehicle plan.</p><p><img src=\"https://static.tigerbbs.com/647a748492535a79d1257995c247452e\" tg-width=\"550\" tg-height=\"364\" referrerpolicy=\"no-referrer\">Dyson Concept EV</p><p>Even with a bunch of automotive professionals checking the gate, the Dyson concept car still adopts a series of radical designs. Including a low roof, larger wheels, frameless window glass, and a \"suicide\" door that only luxury cars are equipped with.</p><p>In addition to research and development and planning of new models, OEMs are also responsible for integrating complete vehicles. The supplier is responsible for developing and producing parts. Although the number of parts of electric vehicles is smaller than that of fuel vehicles, every innovative design will increase the difficulty and cost of supplier development. The difficulty for OEMs to manage suppliers will also increase exponentially.</p><p>For big tires alone, Dyson has discussed the feasibility with several suppliers. In the end, only two tire manufacturers felt it could be done-Princestone of Japan and Michelin of France.</p><p>The more special design is inside the car. Dyson hired a group of engineers who had never been exposed to automobile air-conditioning systems, and built a set that could heat and cool this 7-seat SUV in zones, and also save electricity.</p><p>In addition to the body design, there is no need to stop to charge during urban journeys, and longer battery life is also the main selling point of Dyson. To this end, they have to independently develop suspension for more batteries, and make more space on it.</p><p>Similar to Dyson, major Chinese technology companies may not have to worry about brand appeal, and powerful suppliers are happy to cooperate. However, once the cost of difficult car design exceeds expectations, one car will lose money, and no amount of money will be able to fill the hole.</p><p>They may also fail to deliver goods on schedule, do not meet quality requirements, and have unclear standards, resulting in delays in projects. In China, the 15 engineering prototype vehicles handed over to the Ministry of Industry and Information Technology for inspection still need to meet safety regulations, and a professional team must know how to communicate with national ministries and commissions.</p><p>Due to the different sizes and processes of each model, the requirements for the production line are also different. Car companies usually put one or two models in one factory for centralized production. Leaner to invest and manage. To this end, Dyson specially purchased and repaired an airport, its warehouse and runway.</p><p>For new companies, if a new factory is put into production, it is necessary to synchronize the progress of civil engineering, including obtaining environmental impact assessment, fire protection, and civil engineering accreditation qualifications. Imported equipment should also follow up logistics. Once any link gets stuck, the capital flow needs to keep up.</p><p>In the end, James Dyson once lamented to the reporter of the Financial Times that he spent a lot of effort on research and development, but finally found that the mass production cost was too high. Batteries, battery management, electronics and cooling systems are much more expensive than internal combustion engines. \"To level the income and expenditure, an electric car has to sell at least $300,000.\"</p><p>It is already easier to mass-produce high-end models than low-end models. Buy one<a href=\"https://laohu8.com/S/RRN.UK\">Rolls-Royce</a>People believe in manufacturing technology; People who buy a Toyota Corolla are after failure-free, fuel-efficient and smooth. With an annual output of hundreds of thousands, reliability is the primary goal of automobiles.</p><p>In February of this year, Tesla CEO Musk also admitted that it is difficult to ensure that the details do not go wrong when the production capacity is ramping up. In a public interview, he advised consumers to either buy at the beginning or wait until the output stabilizes before buying.</p><p>A person close to Xiaomi's automobile research project once told Caixin that Xiaomi pursues cost-effectiveness, and it is likely to build cars in volume. Therefore, mass production is very important. But can car companies fully supply? Can supply chains such as batteries and chips keep up? I'm afraid the car companies themselves cannot guarantee these problems.</p><p>It is still a complicated project for a technology company to build a car that will continue to drive in rain, snow, wind and snow for 15 years.</p><p><b>Now no one has found a better way to make money except selling cars</b></p><p>In the era of fuel vehicles, traditional car manufacturers have established a 4S store distribution network to make a fortune when selling complete vehicles and another when repairing and maintaining them. Moreover, selling accessories is far more profitable than selling complete vehicles. In addition, supporting auto finance, such as loans to buy cars, is also an important source of profit.</p><p>An electric vehicle is more like an electronic device and requires less maintenance. Direct store sales can indeed ensure the sales experience and maximize profits. Looking at Tesla's 2020 books, the revenue was US $31.5 billion, 94% of which came from selling cars. The remaining 6% comes from selling regulatory points, software, and even brand peripherals.</p><p>Every extra car sold will dilute the cost of developing a model. However, since selling cars for 12 years, Tesla has suffered losses so far. Last year, it made $721 million by selling environmental supervision points to traditional car manufacturers. The previous year, it still lost $862 million on the books.</p><p>It seems that the era of electric vehicles has not yet arrived.</p><p>For consumers, purchasing electric vehicles may not be the best choice at this stage. \"Car Review No. 38\" once calculated that in China, if car purchase and electricity price subsidies are not considered, and depreciation is included, buying an electric vehicle is not more cost-effective than a fuel vehicle at this stage.</p><p><img src=\"https://static.tigerbbs.com/da93ed97c8c172097f872e34eed8f4f2\" tg-width=\"550\" tg-height=\"295\" referrerpolicy=\"no-referrer\"></p><p>Most of the reasons why people buy electric vehicles do not come from the manufacturer's product strength itself. In the 2021 McKinsey China Automobile Consumption Report, more than half of consumers' willingness to buy electric vehicles is based on some controversial views.</p><p>For example, 68% of respondents believe that electric vehicles are more environmentally friendly. However, until there is better battery recycling technology, electric vehicles are not necessarily more environmentally friendly.</p><p>Driven by policies such as environmental protection, battery costs have not dropped, and technology companies' cross-border manufacturing of electric vehicles cannot completely subvert the traditional automobile industry. But only when more people use their own hardware will they be likely to make money from technology in the future.</p><p>Last year, Tesla won the sales championship in China's pure electric vehicle market, selling 137,000 Model 3s. According to Wang Yongqing, general manager of Shanghai GM, it is difficult for traditional car companies to give up 95% of the existing fuel vehicle market. For pure electric vehicles with distinctive characteristics, the cash flow brought by higher selling prices can also support their bold application of new technologies.</p><p><img src=\"https://static.tigerbbs.com/2ec80237966c03fbc31c3e4dba9586fd\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\">Top 10 best-selling pure electric vehicle models in China in 2020 Data source: China Association of Automobile Manufacturers</p><p>Building and selling cars is just a stepping stone. What is more noteworthy is that major technology companies are developing autonomous driving technology.</p><p>In December 2020, there were constant rumors<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Finally, there are new rumors about the construction plan. Apple is indeed still working on a complete vehicle. This may be a self-driving car based on the modern electric vehicle platform E-GMP. The car chip has evolved from the A12 bionic chip and is equipped with breakthrough battery technology.</p><p>May be involved in Xiaomi's car manufacturing<a href=\"https://laohu8.com/S/688169\">Stone Technology</a>, is also independently developing multi-line lidar. This technology can be used not only in its flagship product, sweeping robots, but also in self-driving cars. The Jihu Alpha S equipped with Huawei'S ADS autonomous driving system has been unveiled at the Shanghai Auto Show and is expected to be delivered within this year.</p><p>Tesla, Uber, Google, and Apple have all envisioned the same future.</p><p>Robots will eventually rule the transportation industry. Unmanned vehicles carry passengers on the road and through the air, and drones are responsible for delivering goods. And companies with driverless technology will be at the center of all this. Better integration of hardware, software and services will become its core competitiveness.</p><p>By then, as Tesla CEO elon musk once envisioned-the company's profit growth will mainly come from self-driving travel services and paid software. If then, Tesla would still be the best-selling smart electric car brand.</p>","source":"lsy1616056435833","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Technology giants are building cars one after another, which is actually just a stepping stone</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTechnology giants are building cars one after another, which is actually just a stepping stone\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">锐问 Record</strong><span class=\"h-time small\">2021-04-20 19:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In the past six months, the headlines of China's auto industry have come from big technology companies. The Shanghai Auto Show, which officially opened on April 19, is no exception.</p><p>Huawei, a smartphone manufacturer that claims not to build cars and wants to be a first-tier supplier, released a customized new model in conjunction with ARCFOX on this day. Zhiji Automobile, jointly built by SAIC and Ali, will also release its first mass-produced car.</p><p>Unlike the new forces investing in car manufacturing in the past five years, smartphone manufacturer Xiaomi and major Internet companies<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>, they all have to build cars themselves. In the future, this team may also have Didi Chuxing.</p><p>Technology giants are increasingly in urgent need of a new field to become a new growth point after the era of smartphones. Smart electric vehicles are one of the new directions they are looking for.</p><p>But from investing to building a car yourself, has it become easier to realize this wish?</p><p><b>To join the China Electric Vehicle Club, you must first get 2 tickets</b></p><p>In China, want to be like<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>To build a smart pure electric vehicle, the new company first needs two licenses. One piece is used to build factories and cars, led by the National Development and Reform Commission; One piece is used to build a company and sell cars, which is under the management of the Ministry of Industry and Information Technology.</p><p><img src=\"https://static.tigerbbs.com/67adccefb368ef6b178d50400188ab85\" tg-width=\"550\" tg-height=\"334\" referrerpolicy=\"no-referrer\">How many steps are there to become a dual-qualified electric vehicle company? Information source: National Development and Reform Commission, Ministry of Industry and Information Technology</p><p>But the application conditions seem to be gradually relaxing.</p><p>The first license plate is hard to get. In June 2017, China<a href=\"https://laohu8.com/S/600617\">National New Energy</a>In the controversy over automobile overcapacity, the National Development and Reform Commission no longer announced the approval information of new projects, and there was news that the approval had been substantially suspended. Now, even if access for new companies to build factories and build cars is reopened, they still face time-consuming approval cycles.</p><p>But it's not that there's no solution at all. Yao Lijuan, a partner at King & Wood Mallesons, believes that it will be easier for traditional car manufacturers that already have experience in manufacturing complete vehicles or parts to apply for production qualifications. In addition to independently applying for qualifications, for new car-making forces, they can also choose OEM production or directly acquire existing car manufacturers.</p><p>Among them, the automobile OEM model is gradually being recognized by policies.</p><p>In May 2018,<a href=\"https://laohu8.com/S/NIO\">Nio</a>Since the delivery of the first batch of mass-produced ES8, car owners have successively picked the \"JAC\" tail logo. Because according to the \"Measures for the Administration of External Identification of Automobile Products\" implemented in 2005, the rear of the car must have a modern factory brand.</p><p>In this regard, Li Bin, CEO of Nio, once said that the state's mandatory requirement for passenger cars to paste the name of manufacturer is out of date. For start-ups in the brand cultivation period, this regulation adds additional difficulty and also increases communication costs.</p><p>In other words, at that time, automobile OEM was still in the gray area of supervision.</p><p>It was not until December 2018 in the \"Measures for the Administration of Road Motor Vehicle Manufacturers and Product Access\" that the Ministry of Industry and Information Technology affirmed the automobile OEM model at the policy level for the first time, and also put forward new requirements. For example, new car companies that have not obtained production qualifications need to produce 30,000 vehicles by OEM before they are eligible to apply for qualifications and build factories.</p><p>The draft OEM management measures have not yet been released. However, in May 2020, at the second \"Ministerial Channel\" question-and-answer press conference of the Third Session of the 13th National People's Congress, Miao Wei, Minister of the Ministry of Industry and Information Technology, mentioned the orderly liberalization of OEM production of new energy companies, as well as the research and development of innovative new energy vehicle companies, implement brand authorization pilots.</p><p><img src=\"https://static.tigerbbs.com/d8124e0022f80c4d05da77d77d848146\" tg-width=\"550\" tg-height=\"445\" referrerpolicy=\"no-referrer\">At present, there are 18 companies on the market that have obtained this qualification. Source: According to public information, Tram Exchange</p><p>The process of applying for qualifications is slow and full of uncertainties, and the faster and more expensive way is to directly acquire an already qualified company. Zhao Gang, vice president of Leapmotor, once said, \"In the industry now, a qualification is about 400 million.\"</p><p>This price does not include the invisible debt behind the acquisition company that is difficult to figure out. For example, in September 2018, BYTON 1 yuan acquired FAW Huali and took over the latter's 800 million yuan debt. Later, BYTON couldn't raise money, and it was busy paying off debts due to money shortage.</p><p>Later,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Acquired Chongqing Lifan, and Evergrande acquired Guoneng. For new companies, there are fewer and fewer qualifications that can be acquired, and the asking price of suitable qualifications will only be higher.</p><p>Nio insists on the OEM model. Its co-founder Qin Lihong once said, \"We also like qualifications, but if you ask me to spend 1 billion to buy an empty shell, I will definitely not do it. We will not obtain production qualifications by acquiring shell resources.\"</p><p>In September last year, the application conditions for the second license were also relaxed.</p><p>In September 2020, the new regulations of the Ministry of Industry, Information and Information Technology of China's \"Regulations on the Administration of New Energy Vehicle Manufacturers and Product Access\" deleted the requirement of \"design and development capabilities\". In other words, if technology companies such as Xiaomi or Baidu want to apply for a company to build electric vehicles, they are no longer required to independently develop core technologies-batteries, motors and electronic controls.</p><p>Song Jian, executive vice president of Tsinghua University Automotive Engineering Development Research Institute, believes that the new regulations have lowered the entry threshold for enterprises and their products, and more new players are bound to enter the market to build cars, especially RMB players.</p><p>They can buy R&D technology, production technology, safety technology, etc., and even directly buy a traditional car factory, and successfully put products with reliable quality and users' favorite products on the market.</p><p>But after entering 2020, China's electric vehicle market has become cruel. No matter how fast the production car is pushed, the window period has closed. With the end of subsidies and the introduction of foreign capital, new companies are bound to face more intense competition. Xiaomi, Baidu, and Didi may face competitors not only Tesla, Nio, and XPeng, but also Volkswagen, General Motors, and Toyota.</p><p><b>The stepping stone to building a car is still a bit hard</b></p><p>Generally speaking, new companies will concentrate their superior resources to make a good car, and then push new models at a certain frequency. Tesla spent three years polishing the Model S before launching a new car in two years. Nio, Ideal, and XPeng also spent about four years each building their first production car.</p><p>But not all companies can succeed. If you are willing to spend money, you may not be able to build a good car. Dyson, which built hair dryers, spent four years and 2.5 billion pounds (about 22.7 billion yuan) to abandon its car-building plan.</p><p>Dyson and Old<a href=\"https://laohu8.com/S/GLP\">Partners Global</a>Peter Gammack, vice president of design and technology, personally checked the body design, trial and error. But car design pays attention to precision, and the learning curve is steep. Therefore, they also hired many people in the auto industry to point out the problems.</p><p>Since 2016, Dyson has added two more automotive professionals to its board of directors. Comprising,<a href=\"https://laohu8.com/S/AMLN.UK\">Aston Martin</a>Ian Minards, former chief engineer, and Ian Robertson, a key supporter of BMW's electric vehicle plan.</p><p><img src=\"https://static.tigerbbs.com/647a748492535a79d1257995c247452e\" tg-width=\"550\" tg-height=\"364\" referrerpolicy=\"no-referrer\">Dyson Concept EV</p><p>Even with a bunch of automotive professionals checking the gate, the Dyson concept car still adopts a series of radical designs. Including a low roof, larger wheels, frameless window glass, and a \"suicide\" door that only luxury cars are equipped with.</p><p>In addition to research and development and planning of new models, OEMs are also responsible for integrating complete vehicles. The supplier is responsible for developing and producing parts. Although the number of parts of electric vehicles is smaller than that of fuel vehicles, every innovative design will increase the difficulty and cost of supplier development. The difficulty for OEMs to manage suppliers will also increase exponentially.</p><p>For big tires alone, Dyson has discussed the feasibility with several suppliers. In the end, only two tire manufacturers felt it could be done-Princestone of Japan and Michelin of France.</p><p>The more special design is inside the car. Dyson hired a group of engineers who had never been exposed to automobile air-conditioning systems, and built a set that could heat and cool this 7-seat SUV in zones, and also save electricity.</p><p>In addition to the body design, there is no need to stop to charge during urban journeys, and longer battery life is also the main selling point of Dyson. To this end, they have to independently develop suspension for more batteries, and make more space on it.</p><p>Similar to Dyson, major Chinese technology companies may not have to worry about brand appeal, and powerful suppliers are happy to cooperate. However, once the cost of difficult car design exceeds expectations, one car will lose money, and no amount of money will be able to fill the hole.</p><p>They may also fail to deliver goods on schedule, do not meet quality requirements, and have unclear standards, resulting in delays in projects. In China, the 15 engineering prototype vehicles handed over to the Ministry of Industry and Information Technology for inspection still need to meet safety regulations, and a professional team must know how to communicate with national ministries and commissions.</p><p>Due to the different sizes and processes of each model, the requirements for the production line are also different. Car companies usually put one or two models in one factory for centralized production. Leaner to invest and manage. To this end, Dyson specially purchased and repaired an airport, its warehouse and runway.</p><p>For new companies, if a new factory is put into production, it is necessary to synchronize the progress of civil engineering, including obtaining environmental impact assessment, fire protection, and civil engineering accreditation qualifications. Imported equipment should also follow up logistics. Once any link gets stuck, the capital flow needs to keep up.</p><p>In the end, James Dyson once lamented to the reporter of the Financial Times that he spent a lot of effort on research and development, but finally found that the mass production cost was too high. Batteries, battery management, electronics and cooling systems are much more expensive than internal combustion engines. \"To level the income and expenditure, an electric car has to sell at least $300,000.\"</p><p>It is already easier to mass-produce high-end models than low-end models. Buy one<a href=\"https://laohu8.com/S/RRN.UK\">Rolls-Royce</a>People believe in manufacturing technology; People who buy a Toyota Corolla are after failure-free, fuel-efficient and smooth. With an annual output of hundreds of thousands, reliability is the primary goal of automobiles.</p><p>In February of this year, Tesla CEO Musk also admitted that it is difficult to ensure that the details do not go wrong when the production capacity is ramping up. In a public interview, he advised consumers to either buy at the beginning or wait until the output stabilizes before buying.</p><p>A person close to Xiaomi's automobile research project once told Caixin that Xiaomi pursues cost-effectiveness, and it is likely to build cars in volume. Therefore, mass production is very important. But can car companies fully supply? Can supply chains such as batteries and chips keep up? I'm afraid the car companies themselves cannot guarantee these problems.</p><p>It is still a complicated project for a technology company to build a car that will continue to drive in rain, snow, wind and snow for 15 years.</p><p><b>Now no one has found a better way to make money except selling cars</b></p><p>In the era of fuel vehicles, traditional car manufacturers have established a 4S store distribution network to make a fortune when selling complete vehicles and another when repairing and maintaining them. Moreover, selling accessories is far more profitable than selling complete vehicles. In addition, supporting auto finance, such as loans to buy cars, is also an important source of profit.</p><p>An electric vehicle is more like an electronic device and requires less maintenance. Direct store sales can indeed ensure the sales experience and maximize profits. Looking at Tesla's 2020 books, the revenue was US $31.5 billion, 94% of which came from selling cars. The remaining 6% comes from selling regulatory points, software, and even brand peripherals.</p><p>Every extra car sold will dilute the cost of developing a model. However, since selling cars for 12 years, Tesla has suffered losses so far. Last year, it made $721 million by selling environmental supervision points to traditional car manufacturers. The previous year, it still lost $862 million on the books.</p><p>It seems that the era of electric vehicles has not yet arrived.</p><p>For consumers, purchasing electric vehicles may not be the best choice at this stage. \"Car Review No. 38\" once calculated that in China, if car purchase and electricity price subsidies are not considered, and depreciation is included, buying an electric vehicle is not more cost-effective than a fuel vehicle at this stage.</p><p><img src=\"https://static.tigerbbs.com/da93ed97c8c172097f872e34eed8f4f2\" tg-width=\"550\" tg-height=\"295\" referrerpolicy=\"no-referrer\"></p><p>Most of the reasons why people buy electric vehicles do not come from the manufacturer's product strength itself. In the 2021 McKinsey China Automobile Consumption Report, more than half of consumers' willingness to buy electric vehicles is based on some controversial views.</p><p>For example, 68% of respondents believe that electric vehicles are more environmentally friendly. However, until there is better battery recycling technology, electric vehicles are not necessarily more environmentally friendly.</p><p>Driven by policies such as environmental protection, battery costs have not dropped, and technology companies' cross-border manufacturing of electric vehicles cannot completely subvert the traditional automobile industry. But only when more people use their own hardware will they be likely to make money from technology in the future.</p><p>Last year, Tesla won the sales championship in China's pure electric vehicle market, selling 137,000 Model 3s. According to Wang Yongqing, general manager of Shanghai GM, it is difficult for traditional car companies to give up 95% of the existing fuel vehicle market. For pure electric vehicles with distinctive characteristics, the cash flow brought by higher selling prices can also support their bold application of new technologies.</p><p><img src=\"https://static.tigerbbs.com/2ec80237966c03fbc31c3e4dba9586fd\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\">Top 10 best-selling pure electric vehicle models in China in 2020 Data source: China Association of Automobile Manufacturers</p><p>Building and selling cars is just a stepping stone. What is more noteworthy is that major technology companies are developing autonomous driving technology.</p><p>In December 2020, there were constant rumors<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Finally, there are new rumors about the construction plan. Apple is indeed still working on a complete vehicle. This may be a self-driving car based on the modern electric vehicle platform E-GMP. The car chip has evolved from the A12 bionic chip and is equipped with breakthrough battery technology.</p><p>May be involved in Xiaomi's car manufacturing<a href=\"https://laohu8.com/S/688169\">Stone Technology</a>, is also independently developing multi-line lidar. This technology can be used not only in its flagship product, sweeping robots, but also in self-driving cars. The Jihu Alpha S equipped with Huawei'S ADS autonomous driving system has been unveiled at the Shanghai Auto Show and is expected to be delivered within this year.</p><p>Tesla, Uber, Google, and Apple have all envisioned the same future.</p><p>Robots will eventually rule the transportation industry. Unmanned vehicles carry passengers on the road and through the air, and drones are responsible for delivering goods. And companies with driverless technology will be at the center of all this. Better integration of hardware, software and services will become its core competitiveness.</p><p>By then, as Tesla CEO elon musk once envisioned-the company's profit growth will mainly come from self-driving travel services and paid software. If then, Tesla would still be the best-selling smart electric car brand.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://finance.sina.com.cn/tech/csj/2021-04-20/doc-ikmyaawc0804418.shtml\">锐问 Record</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/747a43d33fdea5605f94cd4071257af1","relate_stocks":{"09888":"百度集团-SW","BIDU":"百度","01810":"小米集团-W","AAPL":"苹果"},"source_url":"http://finance.sina.com.cn/tech/csj/2021-04-20/doc-ikmyaawc0804418.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115381700","content_text":"最近半年，中国汽车业的头条新闻都来自科技大公司。4月19日正式开幕的上海车展也不例外。\n声称不造车，想做一级供应商的智能手机厂商华为，这天联合北汽极狐（ARCFOX）发布了定制的新车型。上汽和阿里联合打造的智已汽车也要发布首款量产车。\n和过去5年里，投资造车新势力不同，智能手机厂商小米和互联网大公司百度，都要亲自下场造车。未来，这个队伍可能还有滴滴出行。\n科技巨头们越来越迫切需要一个新领域，成为智能手机时代之后的新增长点。智能电动汽车是它们找的新方向之一。\n但从投资到亲自造车，想要实现这一愿望变容易了么？\n加入中国电动车俱乐部，要先搞定2张门票\n在中国，想要像特斯拉一样造智能纯电动汽车，新公司首先需要两块牌照。一块用来建厂造车，由国家发改委主导；一块用来建公司，卖车，归工信部管。\n成为双资质电动车企，一共分几步？信息来源：发改委、工信部\n但申请条件似乎在逐渐放宽。\n第一块牌照很难拿。2017年6月，中国新能源汽车产能过剩的争议中，发改委不再公布新项目审批信息，一度传出审批实质上已暂停的消息。现在，即使新公司建厂造车的准入重新开放，它们也面临耗时的审批周期。\n可也不是完全没有解决方案。金杜律师事务所合伙人姚丽娟认为，申请生产资质的话，已经有整车或者零部件制造经验的传统车厂会更容易些。除了独立申请资质外，对造车新势力来说，还可以选择代工生产或者直接收购现有汽车生产企业。\n其中，汽车代工模式正在逐渐被政策认可。\n2018年5月，蔚来交付首批量产ES8以来，陆续出现过车主抠“江淮”尾标。因为照2005年施行的《汽车产品外部标识管理办法》，车尾必须出现代工厂品牌。\n对此，蔚来CEO李斌曾表示，国家强制要求乘用车粘贴生产企业名称的规定已经不合时宜，对于处在品牌培育期的初创企业，这项规定增加了额外的难度，同时也增加了沟通成本。\n换句话说，当时汽车代工还在监管的灰色地带。\n直到2018年12月《道路机动车辆生产企业及产品准入管理办法》中，工信部才首次在政策层面肯定了汽车代工模式，同时也提了新要求。比如，未获得生产资质的新造车企业需先代工生产3万辆，才有资格申请资质以及建设工厂。\n代工管理办法草案目前尚未出台。不过，2020年5月，第十三届全国人大三次会议第二场“部长通道”问答记者会上，工信部部长苗圩提到，有序放开新能源企业代工生产，以及对于研发创新型新能源汽车企业，实行品牌授权试点。\n目前，市面上拿到这一资质的公司共18家。来源：据公开信息整理，电车汇\n申请资质进程缓慢，充满不确定性，而更快，也更花钱的办法是直接收购一家已经有资质的公司。零跑汽车副总裁赵刚曾表示，“现在行业里，一个资质大概4个亿。”\n这一价格不包括收购企业背后难以摸清的隐形债务。比如，2018年9月，拜腾1元收购一汽华利，接管后者8亿元债务。后来，拜腾融不到钱，闹钱荒还要忙着还债。\n后来，理想汽车收购重庆力帆，恒大收购国能。对新入场的公司而言，可收购的资质已经越来越少，其中合适的资质要价只会更高。\n而蔚来坚持代工模式。其联合创始人秦力洪曾表示，“资质我们也喜欢，但你让我花10个亿去买个空壳，我肯定不干。我们不会通过收购壳资源获得生产资质。”\n去年9月，第二块牌照的申请条件也放宽了。\n2020年9月，中国工信和信息化部《新能源汽车生产企业及产品准入管理规定》新规，删除了关于“设计开发能力” 的要求。也就是说，小米或者百度这些科技公司想要申请一家公司造电动车，不再要求必须自主研发核心技术——电池、电机和电控。\n清华大学汽车工程开发研究院常务副院长宋健认为，新规降低了企业及其产品的准入门槛，更多新玩家势必进场造车，特别是人民币玩家。\n他们能购买研发技术、生产技术、安全技术等，甚至直接买下一家传统车厂，顺利将质量可靠、用户喜爱的产品投向市场。\n可进入2020年后，中国电动汽车市场变得残酷起来。量产车推得再快，窗口期也已经关闭。补贴结束，外资引入，新公司势必面临更激烈的竞争。小米、百度、滴滴可能面对的竞争对手，不只有特斯拉、蔚来、小鹏，还有大众、通用和丰田。\n造车这块敲门砖，还是有点硬\n一般来说，新入场的公司会集中优势资源做好一辆车，再按照一定频率推新车型。特斯拉花3年打磨 Model S，才开始两年推一款新车。蔚来、理想、小鹏也各自花了约4年时间打造第一款量产车。\n但不是所有公司都能成功。肯花钱也不一定能造好车。造电吹风的戴森耗了四年时间，花了25亿英镑（约227亿元人民币），放弃了造车计划。\n戴森和老伙伴全球设计和技术副总裁彼得·盖马克（Peter Gammack）亲自把关车身设计，反复试验。但汽车设计讲究精度，学习曲线陡峭。因此，他们还聘用了很多汽车业人士，用来指出问题所在。\n2016年起，戴森董事会里多了两位汽车专业人士。包括，阿斯顿马丁前总工程师Ian Minards和宝马电动车计划的重要支持者Ian Robertson。\n戴森概念电动车\n即使有一帮汽车专业人士把关，戴森概念车还是采用了一系列激进的设计。包括低矮的车顶、更大的车轮、无框的窗玻璃，以及豪车才会配置的“自杀”门。\n除了研发、规划新车型，主机厂还要负责集成整车。而供应商负责开发、生产零部件。虽然电动汽车的零部件数量比燃油车要少，但每一个创新的设计，都会增加供应商开发难度和成本。主机厂管理供应商的难度，也会指数级上升。\n光是大轮胎，戴森就和好几家供应商讨论过可行性。最后只有两家轮胎制造商觉得可以做到——日本的普林斯通和法国的米其林。\n更特别的设计在汽车内部。戴森请了一批从未接触过汽车空气调节系统的工程师，搞了一套能给这辆7座SUV分区加热、制冷的，而且还要做到省电。\n除了车身设计，不用在城市旅途中停下来充电，更长的续航时间也是戴森汽车主打的卖点。为此，他们不得不为更多的电池，自主研发悬架，并在上面腾出更多的空间。\n和戴森类似，中国科技大公司或许也不用担心品牌号召力，有实力的供应商乐得合作。但高难度的汽车设计，一旦成本超出预期，造一台亏一台，有多少钱都填不上这个窟窿。\n它们还有可能无法如期交货，不按质量要求行事，标准扯不清楚，导致项目一拖再拖。在中国，交给工信部检验的15辆工程样车，还需要满足安全法规，要有专业团队懂得和国家部委上下沟通。\n由于每款车型的尺寸、工艺不同，对生产线的要求也不同。车企通常会把一、两个车型放在一个工厂集中生产。投资和管理起来更加精益。为此，戴森专门购买并修复了一座机场，及其仓库和跑道。\n对新公司来说，如果有新厂投产，还要同步土建进度，包括拿到环评，消防，土建认可资格。进口设备也要跟进物流。一旦哪个环节卡壳，资金流需要跟得上。\n最终，詹姆斯·戴森曾对《金融时报》的记者感慨，花了很多力气研发，但最后发现量产成本太高了。电池，电池管理，电子设备和冷却系统比内燃机要贵得多。“要收支打平，电动车至少得卖30万美元一辆。”\n而量产高端车型已经比中低端车型容易。买一辆劳斯莱斯的人，信奉的是制造工艺；买一辆丰田卡罗拉的人，追求的是不出故障、省油和平顺。年产数十万以后，可靠性是汽车的首要目标。\n今年2月，特斯拉CEO马斯克也承认，在产能爬坡时，保证细节不出错很难。他曾在公开采访中，建议消费者，要么一开始就买，要么等产量稳定下来再买。\n一位接近小米汽车调研项目的人士曾对《财新》表示，小米追求性价比，它造车大概率要走量的。因此规模量产很重要。但车企能否充分供应？电池、芯片等供应链是不是能跟上？这些问题恐怕车企自己都无法保证。\n科技公司要制造一辆要在雨雪、风雪中持续行驶15年的汽车，至今仍是一项复杂的工程。\n现在除了卖车，没谁找到更好的赚钱办法\n燃油车时代，传统车厂建立4S店经销网络，卖整车时赚一笔钱，维修保养时再赚一笔。而且，卖配件远比卖整车更赚钱。除此之外，配套的汽车金融，比如贷款买车，也是其重要的利润来源。\n电动车更像一台电子设备，不太需要保养。直接开店销售的确更能保证销售体验和利润最大化。翻开特斯拉2020年的账簿，收入315亿美元，其中94%正来自卖车。剩下6%来自出售监管积分、卖软件，甚至是卖品牌周边。\n每多卖一辆车，就会摊薄研发一个车型的成本。不过，卖车12年以来，特斯拉亏损至今。去年，它靠把环保监管积分卖给传统车厂，才赚了7.21亿美元。前一年还账面上都还亏着8.62亿美元。\n属于电动汽车的时代似乎还没有来。\n对消费者来说，现阶段，购置电动车可能也还不是最优选择。《38号车评》曾测算过，在中国，如果不考虑购车和电价补贴，算上折旧，现阶段买电动车并不比燃油车划算。\n\n人们购买电动车的理由，大多还不来自制造商的产品力本身。2021年麦肯锡中国汽车消费报告中，过半的消费者购买电动车的意愿，基于一些尚存争议的观点。\n例如，68%的受访者认为，电动车更环保。然而，在没有更好的电池回收技术前，电动车不一定更环保。\n环保等政策驱动下，电池成本没降下来，科技公司跨界造电动汽车还不能完全颠覆传统的汽车行业。但也只有当更多人使用自己的硬件时，它们未来才有可能靠技术赚钱。\n去年，特斯拉在中国纯电动车市场拿了个销售冠军，卖掉了13.7万辆Model 3。在上海通用总经理王永清看来，传统车企很难放弃现有95%的燃油车市场。而特点鲜明的纯电动车，较高售价带来的现金流，还能支撑其大胆应用新技术。\n2020年，中国卖得最好的纯电动车车型Top10  数据来源：中国汽车工业协会\n造车，卖车只是一块敲门砖。更值得留意的是，科技大公司都正在研发自动驾驶技术。\n2020年12月，一直传言不断的苹果造计划终于有了新传言。苹果确实仍在开发一款整车。这可能是一款基于现代电动车平台E-GMP的自动驾驶汽车，汽车芯片由A12仿生芯片进化而来，并搭载突破性的电池技术。\n可能参与小米造车的石头科技，也正在自主研发多线激光雷达。这一技术既可以用于其主打产品扫地机器人，也许还能用在自动驾驶汽车上。而搭载华为ADS自动驾驶系统的极狐阿尔法S已经亮相上海车展，预计今年年内交付。\n特斯拉、Uber、Google、苹果都曾设想过同一个未来。\n机器人最终会统治交通运输业。无人车载着乘客在道路上和空中穿梭，无人机负责送货。而拥有无人驾驶技术的公司将成为这一切的中心。更好的硬件，软件和服务集成在一起会成为其核心竞争力。\n到时，像特斯拉CEO埃隆·马斯克曾设想的那样——公司利润增长将主要来源于自动驾驶出行服务和付费软件。如果那时，特斯拉还是卖得最好的智能电动汽车品牌。","news_type":1,"symbols_score_info":{"AAPL":0.9,"09888":0.9,"01810":0.9,"BIDU":0.9}},"isVote":1,"tweetType":1,"viewCount":1937,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}