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Nikoyang

Nikoyang

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2021-03-18

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2021-03-09

小鹏cfo的意思是国内上市股价又能起飞一波？

Exclusive: Chinese EV trio eye HK listings this year to raise combined $5 billion - sources

2021-02-24

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Based on their New York market capitalisation on Monday, proceeds could total around $5 billion.</p>\n<p>The EV makers have been working with advisors on the sales which could begin as early as mid-year, one of the people said. The three are looking to take advantage of growing demand from prospective investors in Asia, said another of the people, who declined to be identified due to confidentiality constraints.</p>\n<p>Li Auto, Nio and Xpeng declined to comment.</p>\n<p>The plans come as the trio increase capital raising efforts to fund technology development and expand sales networks, to better compete in the world's biggest EV market where U.S. peer Tesla Inc is boosting sales of its China-made vehicles.</p>\n<p>Auto executives have marked 2021 as a crucial year for EV makers to seize market share as the industry expects Chinese sales of new-energy vehicles (NEVs) to jump almost 40% from last year to 1.8 million units.</p>\n<p>Selling shares in Hong Kong would also add the trio to a slew of New York-listed Chinese firms seeking a presence on more local exchanges against a backdrop of political tension between the United States and China.</p>\n<p><b>TRACK RECORD</b></p>\n<p>Under Hong Kong rules, an issuer seeking a secondary listing must have had at least two financial years of good regulatory compliance on another qualifying exchange.</p>\n<p>Li Auto and Xpeng went public in the United States in the middle of last year so will likely apply in Hong Kong for a dual primary listing, said two of the people as well as a separate person with direct knowledge of the matter.</p>\n<p>As per Hong Kong's dual primary listing rules, firms are subject to full bourse requirements in Hong Kong and a second exchange, but are not bound by the two-year rule.</p>\n<p>Xpeng is also considering a third listing on Shanghai's STAR Market for new-economy firms, said two other people.</p>\n<p>\"In the long run, it's helpful for consumer-focused companies like us to connect with domestic capital markets and domestic investors,\" Xpeng President Brian Gu told Reuters last week when asked about local listing plans.</p>\n<p>\"This is the direction we should pay attention to,\" he said, declining to comment on any Hong Kong listing plan.</p>\n<p><b>GOING GREEN</b></p>\n<p>China's government has heavily promoted NEVs - such as battery-powered, plug-in petrol-electric hybrid and hydrogen fuel cell cars - to help reduce chronic air pollution, spurring interest from technology companies and investors alike.</p>\n<p>Last month, Reuters reported telecommunications firm Huawei Technologies Co Ltd plans to market EVs as early as this year.</p>\n<p>China forecasts NEVs will make up 20% of the country's annual auto sales by 2025 from around 5% in 2020.</p>\n<p>Domestic vehicle deliveries last year totalled 32,624 by Li Auto, 43,728 by Nio and 27,041 by Xpeng. That compared with 147,445 vehicles by Tesla, industry data showed.</p>\n<p>(Reporting by Julie Zhu and Scott Murdoch in Hong Kong, Yilei Sun in Beijing; Editing by Sumeet Chatterjee and Christopher Cushing)</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>Exclusive: Chinese EV trio eye HK listings this year to raise combined $5 billion - sources</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: 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\">\nExclusive: Chinese EV trio eye HK listings this year to raise combined $5 billion - sources\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\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\">2021-03-09 13:17</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>By Julie Zhu, Scott Murdoch and Yilei Sun</p>\n<p>HONG KONG/BEIJING (Reuters) - U.S.-listed Chinese electric vehicle (EV) makers Li Auto Inc, Nio Inc and Xpeng Inc plan to list in Hong Kong as soon as this year, to tap an investor base closer to home, said three people with direct knowledge of the matter.</p>\n<p>The trio each aim to sell at least 5% of their enlarged share capital in the Asian finiancial hub, the people said. Based on their New York market capitalisation on Monday, proceeds could total around $5 billion.</p>\n<p>The EV makers have been working with advisors on the sales which could begin as early as mid-year, one of the people said. The three are looking to take advantage of growing demand from prospective investors in Asia, said another of the people, who declined to be identified due to confidentiality constraints.</p>\n<p>Li Auto, Nio and Xpeng declined to comment.</p>\n<p>The plans come as the trio increase capital raising efforts to fund technology development and expand sales networks, to better compete in the world's biggest EV market where U.S. peer Tesla Inc is boosting sales of its China-made vehicles.</p>\n<p>Auto executives have marked 2021 as a crucial year for EV makers to seize market share as the industry expects Chinese sales of new-energy vehicles (NEVs) to jump almost 40% from last year to 1.8 million units.</p>\n<p>Selling shares in Hong Kong would also add the trio to a slew of New York-listed Chinese firms seeking a presence on more local exchanges against a backdrop of political tension between the United States and China.</p>\n<p><b>TRACK RECORD</b></p>\n<p>Under Hong Kong rules, an issuer seeking a secondary listing must have had at least two financial years of good regulatory compliance on another qualifying exchange.</p>\n<p>Li Auto and Xpeng went public in the United States in the middle of last year so will likely apply in Hong Kong for a dual primary listing, said two of the people as well as a separate person with direct knowledge of the matter.</p>\n<p>As per Hong Kong's dual primary listing rules, firms are subject to full bourse requirements in Hong Kong and a second exchange, but are not bound by the two-year rule.</p>\n<p>Xpeng is also considering a third listing on Shanghai's STAR Market for new-economy firms, said two other people.</p>\n<p>\"In the long run, it's helpful for consumer-focused companies like us to connect with domestic capital markets and domestic investors,\" Xpeng President Brian Gu told Reuters last week when asked about local listing plans.</p>\n<p>\"This is the direction we should pay attention to,\" he said, declining to comment on any Hong Kong listing plan.</p>\n<p><b>GOING GREEN</b></p>\n<p>China's government has heavily promoted NEVs - such as battery-powered, plug-in petrol-electric hybrid and hydrogen fuel cell cars - to help reduce chronic air pollution, spurring interest from technology companies and investors alike.</p>\n<p>Last month, Reuters reported telecommunications firm Huawei Technologies Co Ltd plans to market EVs as early as this year.</p>\n<p>China forecasts NEVs will make up 20% of the country's annual auto sales by 2025 from around 5% in 2020.</p>\n<p>Domestic vehicle deliveries last year totalled 32,624 by Li Auto, 43,728 by Nio and 27,041 by Xpeng. That compared with 147,445 vehicles by Tesla, industry data showed.</p>\n<p>(Reporting by Julie Zhu and Scott Murdoch in Hong Kong, Yilei Sun in Beijing; Editing by Sumeet Chatterjee and Christopher Cushing)</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来","XPEV":"小鹏汽车","LI":"理想汽车"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155785439","content_text":"By Julie Zhu, Scott Murdoch and Yilei Sun\nHONG KONG/BEIJING (Reuters) - U.S.-listed Chinese electric vehicle (EV) makers Li Auto Inc, Nio Inc and Xpeng Inc plan to list in Hong Kong as soon as this year, to tap an investor base closer to home, said three people with direct knowledge of the matter.\nThe trio each aim to sell at least 5% of their enlarged share capital in the Asian finiancial hub, the people said. Based on their New York market capitalisation on Monday, proceeds could total around $5 billion.\nThe EV makers have been working with advisors on the sales which could begin as early as mid-year, one of the people said. The three are looking to take advantage of growing demand from prospective investors in Asia, said another of the people, who declined to be identified due to confidentiality constraints.\nLi Auto, Nio and Xpeng declined to comment.\nThe plans come as the trio increase capital raising efforts to fund technology development and expand sales networks, to better compete in the world's biggest EV market where U.S. peer Tesla Inc is boosting sales of its China-made vehicles.\nAuto executives have marked 2021 as a crucial year for EV makers to seize market share as the industry expects Chinese sales of new-energy vehicles (NEVs) to jump almost 40% from last year to 1.8 million units.\nSelling shares in Hong Kong would also add the trio to a slew of New York-listed Chinese firms seeking a presence on more local exchanges against a backdrop of political tension between the United States and China.\nTRACK RECORD\nUnder Hong Kong rules, an issuer seeking a secondary listing must have had at least two financial years of good regulatory compliance on another qualifying exchange.\nLi Auto and Xpeng went public in the United States in the middle of last year so will likely apply in Hong Kong for a dual primary listing, said two of the people as well as a separate person with direct knowledge of the matter.\nAs per Hong Kong's dual primary listing rules, firms are subject to full bourse requirements in Hong Kong and a second exchange, but are not bound by the two-year rule.\nXpeng is also considering a third listing on Shanghai's STAR Market for new-economy firms, said two other people.\n\"In the long run, it's helpful for consumer-focused companies like us to connect with domestic capital markets and domestic investors,\" Xpeng President Brian Gu told Reuters last week when asked about local listing plans.\n\"This is the direction we should pay attention to,\" he said, declining to comment on any Hong Kong listing plan.\nGOING GREEN\nChina's government has heavily promoted NEVs - such as battery-powered, plug-in petrol-electric hybrid and hydrogen fuel cell cars - to help reduce chronic air pollution, spurring interest from technology companies and investors alike.\nLast month, Reuters reported telecommunications firm Huawei Technologies Co Ltd plans to market EVs as early as this year.\nChina forecasts NEVs will make up 20% of the country's annual auto sales by 2025 from around 5% in 2020.\nDomestic vehicle deliveries last year totalled 32,624 by Li Auto, 43,728 by Nio and 27,041 by Xpeng. That compared with 147,445 vehicles by Tesla, industry data showed.\n(Reporting by Julie Zhu and Scott Murdoch in Hong Kong, Yilei Sun in Beijing; Editing by Sumeet Chatterjee and Christopher Cushing)","news_type":1},"isVote":1,"tweetType":1,"viewCount":1394,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":363576445,"gmtCreate":1614159668787,"gmtModify":1614159668787,"author":{"id":"3516507126329885","authorId":"3516507126329885","name":"Nikoyang","avatar":"https://static.tigerbbs.com/fd8d5e86a394a83dc4ed38dae617cfbd","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"这文章我写的。。。","listText":"这文章我写的。。。","text":"这文章我写的。。。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/363576445","repostId":"1115367460","repostType":2,"isVote":1,"tweetType":1,"viewCount":613,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":329465743,"gmtCreate":1615271098582,"gmtModify":1703486540241,"author":{"id":"3516507126329885","authorId":"3516507126329885","name":"Nikoyang","avatar":"https://static.tigerbbs.com/fd8d5e86a394a83dc4ed38dae617cfbd","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"小鹏cfo的意思是国内上市股价又能起飞一波？","listText":"小鹏cfo的意思是国内上市股价又能起飞一波？","text":"小鹏cfo的意思是国内上市股价又能起飞一波？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/329465743","repostId":"1155785439","repostType":2,"isVote":1,"tweetType":1,"viewCount":1394,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":363576445,"gmtCreate":1614159668787,"gmtModify":1614159668787,"author":{"id":"3516507126329885","authorId":"3516507126329885","name":"Nikoyang","avatar":"https://static.tigerbbs.com/fd8d5e86a394a83dc4ed38dae617cfbd","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"这文章我写的。。。","listText":"这文章我写的。。。","text":"这文章我写的。。。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/363576445","repostId":"1115367460","repostType":2,"repost":{"id":"1115367460","pubTimestamp":1614137283,"share":"https://www.laohu8.com/m/news/1115367460?lang=&edition=full","pubTime":"2021-02-24 11:28","market":"us","language":"en","title":"Selecting Your Chinese NEV Stock: An Ultimate Guide To NIO, XPeng, And Li Auto","url":"https://stock-news.laohu8.com/highlight/detail?id=1115367460","media":"seekingalpha","summary":"Summary\n\nNIO, XPeng, and Li Auto share similar business development trajectories in the Chinese auto","content":"<p><b>Summary</b></p>\n<ul>\n <li>NIO, XPeng, and Li Auto share similar business development trajectories in the Chinese auto market.</li>\n <li>Their management teams are from divergent backgrounds and the companies prefer different types of talents.</li>\n <li>Both top Chinese capital managers and local governments support these EV pioneers.</li>\n <li>NIO is the absolute sales leader in the segment, while XPeng's NGP has the best features of autonomous driving.</li>\n <li>We remain bullish on NIO and XPeng in 2021, keeping our targets at USD 62 and USD 72 respectively.</li>\n</ul>\n<p>The electric vehicles (\"EVs\") market was under the spotlight in 2020. Benefiting from the rocketing value of Tesla (TSLA), Elon Musk became the richest person in the world. Meanwhile, a few EV startups, including XPeng (XPEV) and Li Auto (LI) went public, attracting diverse investors' attention. Their compatriot NIO (NIO), which went public in 2018, saw its stock surge by 1,110%. While some investors place bold bets on these companies, increasing the growing avalanche of hype, some believe these stocks are not worth investing in, as their business fundamentals and current market caps are not seen to match.</p>\n<p>To enhance the possibility of an objective view of the space, this article provides an in-depth comparison of Chinese EV pioneers - NIO, XPeng and Li Auto - across several essential dimensions. A combination of comprehensive business research and technology analysis allows us to tailor an actionable message for investors with different styles and angles regarding these companies. It is a long, data-heavy read for those willing to learn as much as possible about the trio.</p>\n<p><b>Core management</b></p>\n<p>Like many other inspiring startup stories, EV brands face a long process before they can truly succeed. Persistence, creativity and agile thinking are all indispensable. Another key element is the makeup of a company's core team, where compatible, complementary mindsets are fundamental to success. We will start the article by introducing the three management teams and how their backgrounds have been affecting the companies' strategies.</p>\n<p><img src=\"https://static.tigerbbs.com/283247e74e0caa4d46f1c454e05b15ce\" tg-width=\"1280\" tg-height=\"1276\" referrerpolicy=\"no-referrer\"></p>\n<p><img src=\"https://static.tigerbbs.com/a0eb9fcd6925222b8f46b5422a29a616\" tg-width=\"1280\" tg-height=\"529\" referrerpolicy=\"no-referrer\"></p>\n<p><b>NIO</b>'s management team was one of the earliest groups generating ideas for manufacturing NEVs in China. In the beginning phase, the company employed a number of talents who later moved on with XPeng and Li Auto. These include Li Auto's founder, who used to be a director at NextEV (NIO's original name). Moreover, to some extent, NIO is weighted towards management with finance backgrounds. The crew has abundant connections with the Chinese multinational technology conglomerates like Tencent, Xiaomi,JD.comand the Hefei government. Besides, the board has an outstanding spirit of surviving in adversity. For instance, NIO had some scandals like car safety problems, large layoffs and cash drain. But it was still revived in 2020 with consistent stellar car sales.</p>\n<p><b>XPeng</b>'s management has years of experience in the automobile industry. Most of the team members are from GAC, a top carmaker in China. Even though XPeng has sold fewer cars than NIO and Li Auto, with some bad press around their safety record, their cars do not actually have any severe safety problems - only a few design flaws grumbled about by buyers. For example, XPeng P7's trunk was once called not user-friendly and hard to open; another occasion made the company recall tens of thousands of the G3 units.</p>\n<p>In addition, some of XPeng's other core team members are from UCweb, another company founded earlier by XPeng's founder Mr. Xiaopeng He. Now a subsidiary of Alibaba (BABA), this corporation designs the most popular mobile browsers in China and Indonesia. With assistance from field experts, XPeng designs well-functioning software and in-car entertainment solutions. Recently, the management team has started to connect with a young generation who are willing to learn quickly. With a new marketing focus, XPeng has replicated NIO's strategies by branding itself through developing online communities and holding various activities with its stakeholders.</p>\n<p><b>Li Auto</b>'s management team primarily consists of private equity partners and staff led by Li Xiang. This team is less experienced in car production, but they are capable of delivering high-quality products - as proved by Li ONE's sales momentum in 2020. The founder of Li Auto and Autohome, a major online forum for automobile consumers in China, Mr. Li leads a group of professionals focusing on a single EREV (extended-range electric vehicle) model. With less focus on R&amp;D and vehicle design, this team doesn't seem to be as proficient as the top execs at NIO and XPeng.</p>\n<p><b>Recruiting layouts and strategies</b></p>\n<p>By October 2020,<b>NIO</b>'s employee number had reached 7,194, of which 36% were R&amp;D staff. Even if NIO is hiring fewer R&amp;D people than XPeng, it, on average, pays the most competitive salary. Besides, NIO has an immense cohort of salespeople, who take up the largest share in the company's headcount.</p>\n<p><b>XPeng</b>appears to be more tech-oriented, focusing on R&amp;D. The company is less concerned on the sales and marketing, with more weight on the manufacturing, administration and general management divisions.</p>\n<p><b>Li Auto</b>, as per its employee sourcing strategy, prioritizes cost-efficiency with less spending on R&amp;D and sales. However, it is currently the most active among the three in hiring sales personnel.</p>\n<p><b>Brand ethos and corporate vision</b></p>\n<p><b>NIO</b>'s motto is 'shaping a joyful lifestyle through selling premium smart electric vehicles.' Apart from their high-end SUVs, NIO differentiates itself from its competitors by highlighting customer services.</p>\n<p>Their 'worry-free' service permeates into small details. For instance, the company will offer free coffee to car owners while they are swapping batteries. Consumers tend to have a highly satisfying shopping experience, with door-to-door services and other leisure activities provided by NIO. These enjoyable experiences have boosted car sales and increased user stickiness in the NIO community.</p>\n<p>This leads to NIO's premium market position instead of lowering prices to obtain favors from its consumers. With a well-structured strategy, they have no incentive to change the pricing model. The company is also very likely to apply a similar business model in the European and other global markets it plans to expand to.</p>\n<p><b>XPeng</b>'s perspective concentrates on another popular type of business model. The company provides tailored service to China's middle-class tech-savvy consumers. This group wants to have smart EVs with the latest technology. It is consistent with the story in which a veteran engineer-CEO is leading lots of engineers doing R&amp;D. XPeng is known as the 'bravest' player in the industry striving for innovation-based growth.</p>\n<p>Taking a look at the EV blueprint, the prototype of<b>Li Auto</b>'s Li ONE is to solve issues for most middle-class families. This principle shows management's interpretation of the EV value proposition. As the CEO, Li Xiang can present a highly satisfying product in Autohome - he can also make acceptable EVs for consumers with a 7-seat model while having fewer worries about driving range. Li ONE's EREV model should boost the company's short-term growth as a transitional model. From this aspect, it will probably need to unveil another pure EV, which may pose a challenge in the future.</p>\n<p><b>The stories behind</b></p>\n<p><img src=\"https://static.tigerbbs.com/b66fa1a8fb48ed61505984de84c317e6\" tg-width=\"1280\" tg-height=\"1175\" referrerpolicy=\"no-referrer\"></p>\n<p>As the nominal leader in the Chinese EV race,<b>NIO</b>set off fast from its inception in 2014 and subsequently scrambled along at a steady pace. The company received funding regularly from 2015 to 2020. In total, NIO has four car models and three of those have been massively delivered. The company is supported solidly by many 'best-in-China' corporate players like Tencent, which invested in NIO twice in 2017. Other big tech players, including Xiaomi andJD.com, are also among its backers.</p>\n<p>Besides, the Hefei local government has made every effort to be an important pillar of NIO's success. They provide resources and funding support for the long-term growth of NIO in Hefei. As a return, NIO has to cooperate tightly with other local corporations, including building headquarters in the city. Deutsche Bank's analyst Edison Yubelievesthat it is a favorabledealfor NIO as the government didn't ask for much stake from the company. The relationship between the two parties is further improved by the intention of the Hefei government to build a local EV supply chain. Last but not least, NIO's chose Hefei-based JAC Motors to support its manufacturing. Now they are preparing to build the second plant.</p>\n<p><b>XPeng</b>started showing rather outstanding results from 2019. Previously, it acquired capital from investors like Alibaba and the Matrix Partners. To produce cars, in 2017, it has selected Haima Motors for outsourcing. 2019 was important for XPeng: the first model (G3) was launched and first delivered in that year. Due to a slack NEV market, the car didn't enjoy great success right away.</p>\n<p>XPeng completed an IPO on the NYSE and launched a self-built CNY 6 billion plant in Zhaoqing in 2020. Alternatively, the company received CNY 4 billion funding from the Guangzhou government in September 2020 to build a smart EV manufacturing base in Guangzhou by the end of 2022. Like the Hefei government, the Guangzhou government cares more about traction on local employment and synergy effects in the supply chain instead of focusing on the financial benefits. XPeng P7, the firm's second model, became a relative success, compared to G3. At the moment, XPeng is preparing a rollout of its third model.</p>\n<p>Compared with NIO and XPeng,<b>Li Auto</b>seems to be a low-profile company, focusing on a single EREV model and growing its production capacity steadily. The company has been pacing steadily, rolling out Li ONE in 2018. They have also received capital support from Meituan, which is the most important investor apart from Li Xiang himself. Meituan and its founder, Wang Xing, led Li Auto's three rounds of funding, as well as its USD 1.1 billion IPO. Li Auto recalled thousands of cars in November 2020 but eventually solved its technical problems. Besides this, the company also chose to build a plant by itself in Changzhou after acquiring manufacturing capacity through the purchase of Lifan Group.</p>\n<p><b>Product strategies</b></p>\n<p><img src=\"https://static.tigerbbs.com/de00a570a3eee363767d56a415314a18\" tg-width=\"1280\" tg-height=\"1438\" referrerpolicy=\"no-referrer\"></p>\n<p><b>NIO</b>'s EVs have an advantage known as the 'integrated design' and can be easily recognized. The company focuses on the sport utility vehicles market, the largest passenger car market segment in China. The company's car portfolio consists of a middle SUV ES6, large SUV ES8, and sloping rear SUV EC6 tailored to young individuals. Currently, the management team is working on their first sedan ET7 equipped with some new features. Besides, unlike Tesla's simple interior design, NIO wants to offer buyers more options on selections of air suspension, Brembo brake pad, Nappa upholstery, seat heating, and more. Finally, NIO car owners can enjoy unique charging experience, battery swap and customer services. These services make NIO stand out among EV makers in China and symbolize the company as a high-end brand.</p>\n<p><b>XPeng</b>has drawn to a different game, aiming to evolve car models fastly. The company's first car G3 is an ordinary model EV with no staggering features. But the company refreshed people's minds after launching the sports sedan P7 in April 2020. With a stylish exterior and tech features for automatic parking, the model also has in-car voice recognition and car light shows, karaoke… On the other hand, P7 doesn't have top-notch hardware and interior like NIO but is still acceptable especially compared with automobiles in the same price class. Due to the P7's success, the management team transformed the model into several versions, including the performance model, the long-range model reaching 706 km, and the most recent one with gullwing doors. The company is expected to launch and start delivering a new sedan in Q4 2021.</p>\n<p><b>Li Auto</b>'s ONE is the only product scheduled for 2022. With a limited model variety, the company tries to meet the needs of a diverse group. It has a non-experimental design, 6/7 seats, and power that achieves 800 km driving range with 40.5 kWh battery and gas power supply. This model also provides splendid entertainment experience through four in-car screens. One key feature is its EREV model, a non-pure EV that can drive only 180 km when only using the battery for power. Li Auto doesn't have any EV infrastructures like supercharging points or swap stations, which tends to misguide people thinking that Li Auto is not really an EV maker.</p>\n<p><img src=\"https://static.tigerbbs.com/3ea1e9124235a5083b00740aef7457f6\" tg-width=\"1280\" tg-height=\"1283\" referrerpolicy=\"no-referrer\"></p>\n<p>More comprehensively, according to Autohome, NIO's cars are versatile, performing better than their peers generally. For example, ES6 performs better than 90% of cars in the peer group on power, range, control and hardware. Its safety and space exceed 82% and 89% of cars in the segment. Li Auto and XPeng's models have some 'short stave' space like G3 and P7, and the range of Li ONE.</p>\n<p><b>Core technology</b></p>\n<p><img src=\"https://static.tigerbbs.com/e232325d35fede4cefefbab4285213d2\" tg-width=\"1280\" tg-height=\"1425\" referrerpolicy=\"no-referrer\"></p>\n<p>In terms of software and self-driving systems, NIO and XPeng are more advanced than Li Auto. Because of its higher production cost, NIO's basic bundle includes several features like Collision Warning, Automatic Emergency Braking and Blind Spot Detection (BSD). There are advanced features like Navigation On Pilot (NOP) and automatic parking that normally require additional spending. XPeng P7 also provides more options with buyers on the pilot features. But most of them involve additional charges. In some important features like parking and NBS, NGP (Navigation Guided Pilot) performs better than NIO's NOP. Besides, Li Auto only offers a limited pilot driving experience.</p>\n<p><b>Marketing</b></p>\n<p>Due to NEVs' technology traits, the marketing strategy of most vendors is somewhat similar to that of those selling electronic devices, with a high standard of offline and online retailing and multi-channel systems. This is quite different from traditional car sales and venue-dealerships like 4S stores in China.</p>\n<p><img src=\"https://static.tigerbbs.com/1e095abad28e83b5f44ce2c902697c9d\" tg-width=\"1280\" tg-height=\"844\" referrerpolicy=\"no-referrer\"></p>\n<p>There are advantages and disadvantages to the new retailing. But overall it is favored by the companies.</p>\n<p><b>Pros:</b></p>\n<ul>\n <li><p>The product is accessible to consumers within a certain commuting distance.</p></li>\n <li><p>The stores are exposed to more traffic than remote stores.</p></li>\n <li><p>Lower and nimbler customer acquisition cost.</p></li>\n <li><p>The cost for stores targeting potential customers is more affordable than before.</p></li>\n <li><p>Online and offline activities make it effective for brands to maintain relationships with clients.</p></li>\n</ul>\n<p><b>Cons:</b></p>\n<ul>\n <li><p>The costs of exhibiting cars in the downtown area are getting higher as more models emerge. The selling and marketing strategies are easy to mimic.</p></li>\n <li><p>It's difficult to manage a more complicated selling and marketing process.</p></li>\n</ul>\n<p>By entering the NEV space with higher costs, NIO excels in design, site selection, selling, and after-market service. NIO uses a new retailing network covering online and offline, including NIO Houses, NIO Spaces and mobile applications, such as NIO Day and NIO Power. Due to weaker budgeting performances, XPeng and Li Auto also adopted a similar approach, but, at the moment, can't compete with NIO in many aspects, including branding, after-market service and location selection.</p>\n<p><b>At a glance</b></p>\n<p>When it comes to growth stocks, the ability to innovate is a crucial argument in the conversation. Resulting from the multidimensional comparison of the three Chinese EV makers, we can easily state that Li Auto is a laggard in this race (we have also explained this assertion inanother Seeking Alpha article). While holding its shares might be a decent short-term speculation strategy, the company is not likely to deliver significant value in the long term, when the electric vehicle sector enters the stage of maturity in China.</p>\n<p>NIO and XPeng, on the other hand, appear to be well-equipped, versatile automakers. We keep our price targets atUSD 62 for the formerand atUSD 72 for the latter.</p>","source":"seekingalpha","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>Selecting Your Chinese NEV Stock: An Ultimate Guide To NIO, XPeng, And Li Auto</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: 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\">\nSelecting Your Chinese NEV Stock: An Ultimate Guide To NIO, XPeng, And Li Auto\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-24 11:28 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4408221-chinese-nev-stock-ultimate-guide-nio-xpeng-li-auto><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nNIO, XPeng, and Li Auto share similar business development trajectories in the Chinese auto market.\nTheir management teams are from divergent backgrounds and the companies prefer different ...</p>\n\n<a href=\"https://seekingalpha.com/article/4408221-chinese-nev-stock-ultimate-guide-nio-xpeng-li-auto\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LI":"理想汽车","NIO":"蔚来","XPEV":"小鹏汽车"},"source_url":"https://seekingalpha.com/article/4408221-chinese-nev-stock-ultimate-guide-nio-xpeng-li-auto","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1115367460","content_text":"Summary\n\nNIO, XPeng, and Li Auto share similar business development trajectories in the Chinese auto market.\nTheir management teams are from divergent backgrounds and the companies prefer different types of talents.\nBoth top Chinese capital managers and local governments support these EV pioneers.\nNIO is the absolute sales leader in the segment, while XPeng's NGP has the best features of autonomous driving.\nWe remain bullish on NIO and XPeng in 2021, keeping our targets at USD 62 and USD 72 respectively.\n\nThe electric vehicles (\"EVs\") market was under the spotlight in 2020. Benefiting from the rocketing value of Tesla (TSLA), Elon Musk became the richest person in the world. Meanwhile, a few EV startups, including XPeng (XPEV) and Li Auto (LI) went public, attracting diverse investors' attention. Their compatriot NIO (NIO), which went public in 2018, saw its stock surge by 1,110%. While some investors place bold bets on these companies, increasing the growing avalanche of hype, some believe these stocks are not worth investing in, as their business fundamentals and current market caps are not seen to match.\nTo enhance the possibility of an objective view of the space, this article provides an in-depth comparison of Chinese EV pioneers - NIO, XPeng and Li Auto - across several essential dimensions. A combination of comprehensive business research and technology analysis allows us to tailor an actionable message for investors with different styles and angles regarding these companies. It is a long, data-heavy read for those willing to learn as much as possible about the trio.\nCore management\nLike many other inspiring startup stories, EV brands face a long process before they can truly succeed. Persistence, creativity and agile thinking are all indispensable. Another key element is the makeup of a company's core team, where compatible, complementary mindsets are fundamental to success. We will start the article by introducing the three management teams and how their backgrounds have been affecting the companies' strategies.\n\n\nNIO's management team was one of the earliest groups generating ideas for manufacturing NEVs in China. In the beginning phase, the company employed a number of talents who later moved on with XPeng and Li Auto. These include Li Auto's founder, who used to be a director at NextEV (NIO's original name). Moreover, to some extent, NIO is weighted towards management with finance backgrounds. The crew has abundant connections with the Chinese multinational technology conglomerates like Tencent, Xiaomi,JD.comand the Hefei government. Besides, the board has an outstanding spirit of surviving in adversity. For instance, NIO had some scandals like car safety problems, large layoffs and cash drain. But it was still revived in 2020 with consistent stellar car sales.\nXPeng's management has years of experience in the automobile industry. Most of the team members are from GAC, a top carmaker in China. Even though XPeng has sold fewer cars than NIO and Li Auto, with some bad press around their safety record, their cars do not actually have any severe safety problems - only a few design flaws grumbled about by buyers. For example, XPeng P7's trunk was once called not user-friendly and hard to open; another occasion made the company recall tens of thousands of the G3 units.\nIn addition, some of XPeng's other core team members are from UCweb, another company founded earlier by XPeng's founder Mr. Xiaopeng He. Now a subsidiary of Alibaba (BABA), this corporation designs the most popular mobile browsers in China and Indonesia. With assistance from field experts, XPeng designs well-functioning software and in-car entertainment solutions. Recently, the management team has started to connect with a young generation who are willing to learn quickly. With a new marketing focus, XPeng has replicated NIO's strategies by branding itself through developing online communities and holding various activities with its stakeholders.\nLi Auto's management team primarily consists of private equity partners and staff led by Li Xiang. This team is less experienced in car production, but they are capable of delivering high-quality products - as proved by Li ONE's sales momentum in 2020. The founder of Li Auto and Autohome, a major online forum for automobile consumers in China, Mr. Li leads a group of professionals focusing on a single EREV (extended-range electric vehicle) model. With less focus on R&D and vehicle design, this team doesn't seem to be as proficient as the top execs at NIO and XPeng.\nRecruiting layouts and strategies\nBy October 2020,NIO's employee number had reached 7,194, of which 36% were R&D staff. Even if NIO is hiring fewer R&D people than XPeng, it, on average, pays the most competitive salary. Besides, NIO has an immense cohort of salespeople, who take up the largest share in the company's headcount.\nXPengappears to be more tech-oriented, focusing on R&D. The company is less concerned on the sales and marketing, with more weight on the manufacturing, administration and general management divisions.\nLi Auto, as per its employee sourcing strategy, prioritizes cost-efficiency with less spending on R&D and sales. However, it is currently the most active among the three in hiring sales personnel.\nBrand ethos and corporate vision\nNIO's motto is 'shaping a joyful lifestyle through selling premium smart electric vehicles.' Apart from their high-end SUVs, NIO differentiates itself from its competitors by highlighting customer services.\nTheir 'worry-free' service permeates into small details. For instance, the company will offer free coffee to car owners while they are swapping batteries. Consumers tend to have a highly satisfying shopping experience, with door-to-door services and other leisure activities provided by NIO. These enjoyable experiences have boosted car sales and increased user stickiness in the NIO community.\nThis leads to NIO's premium market position instead of lowering prices to obtain favors from its consumers. With a well-structured strategy, they have no incentive to change the pricing model. The company is also very likely to apply a similar business model in the European and other global markets it plans to expand to.\nXPeng's perspective concentrates on another popular type of business model. The company provides tailored service to China's middle-class tech-savvy consumers. This group wants to have smart EVs with the latest technology. It is consistent with the story in which a veteran engineer-CEO is leading lots of engineers doing R&D. XPeng is known as the 'bravest' player in the industry striving for innovation-based growth.\nTaking a look at the EV blueprint, the prototype ofLi Auto's Li ONE is to solve issues for most middle-class families. This principle shows management's interpretation of the EV value proposition. As the CEO, Li Xiang can present a highly satisfying product in Autohome - he can also make acceptable EVs for consumers with a 7-seat model while having fewer worries about driving range. Li ONE's EREV model should boost the company's short-term growth as a transitional model. From this aspect, it will probably need to unveil another pure EV, which may pose a challenge in the future.\nThe stories behind\n\nAs the nominal leader in the Chinese EV race,NIOset off fast from its inception in 2014 and subsequently scrambled along at a steady pace. The company received funding regularly from 2015 to 2020. In total, NIO has four car models and three of those have been massively delivered. The company is supported solidly by many 'best-in-China' corporate players like Tencent, which invested in NIO twice in 2017. Other big tech players, including Xiaomi andJD.com, are also among its backers.\nBesides, the Hefei local government has made every effort to be an important pillar of NIO's success. They provide resources and funding support for the long-term growth of NIO in Hefei. As a return, NIO has to cooperate tightly with other local corporations, including building headquarters in the city. Deutsche Bank's analyst Edison Yubelievesthat it is a favorabledealfor NIO as the government didn't ask for much stake from the company. The relationship between the two parties is further improved by the intention of the Hefei government to build a local EV supply chain. Last but not least, NIO's chose Hefei-based JAC Motors to support its manufacturing. Now they are preparing to build the second plant.\nXPengstarted showing rather outstanding results from 2019. Previously, it acquired capital from investors like Alibaba and the Matrix Partners. To produce cars, in 2017, it has selected Haima Motors for outsourcing. 2019 was important for XPeng: the first model (G3) was launched and first delivered in that year. Due to a slack NEV market, the car didn't enjoy great success right away.\nXPeng completed an IPO on the NYSE and launched a self-built CNY 6 billion plant in Zhaoqing in 2020. Alternatively, the company received CNY 4 billion funding from the Guangzhou government in September 2020 to build a smart EV manufacturing base in Guangzhou by the end of 2022. Like the Hefei government, the Guangzhou government cares more about traction on local employment and synergy effects in the supply chain instead of focusing on the financial benefits. XPeng P7, the firm's second model, became a relative success, compared to G3. At the moment, XPeng is preparing a rollout of its third model.\nCompared with NIO and XPeng,Li Autoseems to be a low-profile company, focusing on a single EREV model and growing its production capacity steadily. The company has been pacing steadily, rolling out Li ONE in 2018. They have also received capital support from Meituan, which is the most important investor apart from Li Xiang himself. Meituan and its founder, Wang Xing, led Li Auto's three rounds of funding, as well as its USD 1.1 billion IPO. Li Auto recalled thousands of cars in November 2020 but eventually solved its technical problems. Besides this, the company also chose to build a plant by itself in Changzhou after acquiring manufacturing capacity through the purchase of Lifan Group.\nProduct strategies\n\nNIO's EVs have an advantage known as the 'integrated design' and can be easily recognized. The company focuses on the sport utility vehicles market, the largest passenger car market segment in China. The company's car portfolio consists of a middle SUV ES6, large SUV ES8, and sloping rear SUV EC6 tailored to young individuals. Currently, the management team is working on their first sedan ET7 equipped with some new features. Besides, unlike Tesla's simple interior design, NIO wants to offer buyers more options on selections of air suspension, Brembo brake pad, Nappa upholstery, seat heating, and more. Finally, NIO car owners can enjoy unique charging experience, battery swap and customer services. These services make NIO stand out among EV makers in China and symbolize the company as a high-end brand.\nXPenghas drawn to a different game, aiming to evolve car models fastly. The company's first car G3 is an ordinary model EV with no staggering features. But the company refreshed people's minds after launching the sports sedan P7 in April 2020. With a stylish exterior and tech features for automatic parking, the model also has in-car voice recognition and car light shows, karaoke… On the other hand, P7 doesn't have top-notch hardware and interior like NIO but is still acceptable especially compared with automobiles in the same price class. Due to the P7's success, the management team transformed the model into several versions, including the performance model, the long-range model reaching 706 km, and the most recent one with gullwing doors. The company is expected to launch and start delivering a new sedan in Q4 2021.\nLi Auto's ONE is the only product scheduled for 2022. With a limited model variety, the company tries to meet the needs of a diverse group. It has a non-experimental design, 6/7 seats, and power that achieves 800 km driving range with 40.5 kWh battery and gas power supply. This model also provides splendid entertainment experience through four in-car screens. One key feature is its EREV model, a non-pure EV that can drive only 180 km when only using the battery for power. Li Auto doesn't have any EV infrastructures like supercharging points or swap stations, which tends to misguide people thinking that Li Auto is not really an EV maker.\n\nMore comprehensively, according to Autohome, NIO's cars are versatile, performing better than their peers generally. For example, ES6 performs better than 90% of cars in the peer group on power, range, control and hardware. Its safety and space exceed 82% and 89% of cars in the segment. Li Auto and XPeng's models have some 'short stave' space like G3 and P7, and the range of Li ONE.\nCore technology\n\nIn terms of software and self-driving systems, NIO and XPeng are more advanced than Li Auto. Because of its higher production cost, NIO's basic bundle includes several features like Collision Warning, Automatic Emergency Braking and Blind Spot Detection (BSD). There are advanced features like Navigation On Pilot (NOP) and automatic parking that normally require additional spending. XPeng P7 also provides more options with buyers on the pilot features. But most of them involve additional charges. In some important features like parking and NBS, NGP (Navigation Guided Pilot) performs better than NIO's NOP. Besides, Li Auto only offers a limited pilot driving experience.\nMarketing\nDue to NEVs' technology traits, the marketing strategy of most vendors is somewhat similar to that of those selling electronic devices, with a high standard of offline and online retailing and multi-channel systems. This is quite different from traditional car sales and venue-dealerships like 4S stores in China.\n\nThere are advantages and disadvantages to the new retailing. But overall it is favored by the companies.\nPros:\n\nThe product is accessible to consumers within a certain commuting distance.\nThe stores are exposed to more traffic than remote stores.\nLower and nimbler customer acquisition cost.\nThe cost for stores targeting potential customers is more affordable than before.\nOnline and offline activities make it effective for brands to maintain relationships with clients.\n\nCons:\n\nThe costs of exhibiting cars in the downtown area are getting higher as more models emerge. The selling and marketing strategies are easy to mimic.\nIt's difficult to manage a more complicated selling and marketing process.\n\nBy entering the NEV space with higher costs, NIO excels in design, site selection, selling, and after-market service. NIO uses a new retailing network covering online and offline, including NIO Houses, NIO Spaces and mobile applications, such as NIO Day and NIO Power. Due to weaker budgeting performances, XPeng and Li Auto also adopted a similar approach, but, at the moment, can't compete with NIO in many aspects, including branding, after-market service and location selection.\nAt a glance\nWhen it comes to growth stocks, the ability to innovate is a crucial argument in the conversation. Resulting from the multidimensional comparison of the three Chinese EV makers, we can easily state that Li Auto is a laggard in this race (we have also explained this assertion inanother Seeking Alpha article). While holding its shares might be a decent short-term speculation strategy, the company is not likely to deliver significant value in the long term, when the electric vehicle sector enters the stage of maturity in China.\nNIO and XPeng, on the other hand, appear to be well-equipped, versatile automakers. We keep our price targets atUSD 62 for the formerand atUSD 72 for the latter.","news_type":1},"isVote":1,"tweetType":1,"viewCount":613,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":327910407,"gmtCreate":1616048376109,"gmtModify":1703496860616,"author":{"id":"3516507126329885","authorId":"3516507126329885","name":"Nikoyang","avatar":"https://static.tigerbbs.com/fd8d5e86a394a83dc4ed38dae617cfbd","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"作者在此@_@","listText":"作者在此@_@","text":"作者在此@_@","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/327910407","repostId":"1176917984","repostType":2,"repost":{"id":"1176917984","pubTimestamp":1615969473,"share":"https://www.laohu8.com/m/news/1176917984?lang=&edition=full","pubTime":"2021-03-17 16:24","market":"us","language":"en","title":"NIO: Buy The Next Dip","url":"https://stock-news.laohu8.com/highlight/detail?id=1176917984","media":"seekingalpha","summary":"Summary\n\n2020 was a bumper year for NIO, with significant improvements on revenue and cost metrics.\n","content":"<p><b>Summary</b></p>\n<ul>\n <li>2020 was a bumper year for NIO, with significant improvements on revenue and cost metrics.</li>\n <li>NIO’s 4Q profit was affected by the strong yuan and weak dollar.</li>\n <li>The management's international expansion plan and the tightening global supply chain have loomed over its 2021 performance.</li>\n <li>Compared with Toyota and even Apple, NIO is not looking so expensive anymore.</li>\n <li>Long-term EV investors should take advantage of the next dip.</li>\n</ul>\n<p><b>Top-down glance</b></p>\n<p>According to itsfourth quarter earnings statement, NIO Inc. delivered 17,353 vehicles in 4Q 2020, a QoQ increase of around 42%. The company’s vehicle sales generated USD 946.2 million, a YoY increase of 130%. The total revenues were over USD 1.01 billion, a YoY increase of 133.2%. According to the company, “The increase in vehicle sales over the third quarter of 2020 was mainly attributed to the sales of EC6s which began deliveries in late September 2020.”<i>In short, the most important indicator of judging EV stocks, revenue growth, beat the Street’s estimates.</i></p>\n<p>Glancing over the income statement, as the size effect showed,<i>NIO’sgross marginwas 17.2% in Q4 2020, compared with a negative 8.9% from the prior year.</i>In terms of operating expenses, 4Q 2020 R&amp;D expenses were CNY 829.4 million, decreasing by 19.2% YoY, increasing by 40.4% QoQ. The drop in R&amp;D expenses year-over-year resulted from the EC6’s R&amp;D finished process before September 2020. Besides, the company's overall cost-saving initiatives and improved operational efficiency also contributed to the decrease in operating expenses.</p>\n<p><img src=\"https://static.tigerbbs.com/da4620e75880271bd33c5c0726f428c2\" tg-width=\"640\" tg-height=\"395\">Likewise, the slide in SG&amp;A expenses YoY was primarily driven by the company's overall cost-saving efforts and improved operational efficiency. Specifically, SG&amp;A expenses for the same period were CNY 1.2 billion (USD 185 million), decreasing by 21.9% YoY, increasing by 28.3% QoQ. In addition, the firm explained that “loss from operations in the fourth quarter was CNY 931.4 million (or USD 142.7 million), representing a decrease of 67% YoY and a decrease of 1.5% QoQ.”</p>\n<p>Our thoughts on 2021:Still burning cash to bolster growth</p>\n<p><i>NIO’s 2021 strategy is to acquire more orders through expansive services including wider sales networks, a vast charging network of supercharging and swapping stations, and after-sales services. This strategic decision will increase the burn rate of cash flow.</i></p>\n<p>Besides, we expect the R&amp;D fee to increase massively as the ET7 research and development proceed. The management claims the decrease in R&amp;D expenditure YoY was due to the less cost of new car development. Given that NIO is in the process of developing the ET7 based on the new technology 2.0 platform, it is natural to consider that the R&amp;D fee will rebound significantly in 2021.</p>\n<p>The SG&amp;A fee will be much higher than the prior year with sales and charging network expansions. According to the earnings call, NIO now has 23 NIO Houses and 303 NIO Spaces, covering 121 cities in China. It also plans to open 20 new NIO Houses and 120 new NIO Spaces in 2021. More importantly, the management’s attitude is clear that they will build a store in cities where BBA 4S stores are located. Other than the sales network, NIO prepares to enlarge charging infrastructures to ramp up to at least 500 power swap stations in total. Specifically, the current network owns 127 power charger stations and over 1,700 destination chargers, which will reach 600 and 15,000 respectively by the end of 2021.</p>\n<p>Investors should be careful about the 2Q deliveries</p>\n<p><i>Production capacity will be constrained by chip and battery shortage at least in the second quarter, NIO’s CEO William Li indicated</i>. Li explained two factors: self-production and supply chain capacity will decide NIO’s real production capacity. He added that 1Q’s supply is enough but remained uncertain about 2Q’s supplies. But they still maintain a monthly delivery target of over 7,000 for 2Q 2021.</p>\n<p>Under the global supply chain turmoil, many reasons caused the chip and battery shortage. More recently, Samsung(OTC:SSNLF), NXP(NASDAQ:NXPI), and Infineon(OTCQX:IFNNY)chip fabsshut downin Texas.<i>However, the future impact on EV production is unclear as there is usually a 5-6 month lag before shipping components from upstream to the EV makers</i>. Furthermore, the world’s biggest foundry – TSMC(NYSE:TSM)–promisedto give priority to auto semiconductor manufacturing. So investors should take a look at the real effects by the middle of 2021.</p>\n<p>From the company to the stock</p>\n<p>Over the last two months, NIO has had a bleak performance.<i>Technically speaking, the stock has been oversold on several indicators. From another perspective, the benchmark which I used to gauge the stock, forward PS ratio, doesn’t suggest that NIO is expensive from a longer-term point of view on sales.</i></p>\n<p>Under the current market cap, NIO will maintain 3.8x sales in 2025 (as of March 16, 2021). The assumption is that only 20% of car sales in China will be EV by that time. By contrast, Apple(NASDAQ:AAPL), a consumer electronics company will maintain 5x revenue, even though its products, such as smartphones and PCs, face much lower growth than EVs. Besides, ICE car maker Toyota(NYSE:TM)is trading at a 1.75x 2021 PS ratio which is a good reference for a mature car maker's growth prospect.</p>\n<p>For EVs in 2030, NIO’s multiples will decline to around 2.<i>By that time, a reasonable assumption is that China’s EV penetration rate will not pass 50%, undoubtedly meaning there are still huge sales opportunities.So 2 is not a justifiable multiple for NIO</i>. That being said, the consideration is whether NIO can reach the sales targets. It’s hard to argue this, but what we know for now is that the company is the leader in this sector. For investors interested in the EV sector for the long term, pioneers like Tesla(NASDAQ:TSLA)and NIO are assuredly the top selections.</p>\n<p><img src=\"https://static.tigerbbs.com/a6a248c03e41add5a241b4a4c665fbd9\" tg-width=\"640\" tg-height=\"397\"><b>In a nutshell</b></p>\n<p>As NIO is facing global supply chain chaos, the company might not give satisfactory delivery figures in 2021. In addition, its heavy SG&amp;A and R&amp;D expense and EU expansion plan will further accelerate cash burning.</p>\n<p><i>NIO will probably not bring any net income to its investors in the next two or three years. One key fact that investors need to realize is that perhaps the craze around EVs (which wewitnessedin 2020) has passed and will never be repeated. For those long-term 'EV believers,' NIO is a candidate to be considered as a priority. Since our last NIO piece, the stock has rallied 24%, we thereby recommend being neutral on it at the current levels and buying the next dip.</i></p>","source":"seekingalpha","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>NIO: Buy The Next Dip</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: 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\">\nNIO: Buy The Next Dip\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-17 16:24 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4414461-nio-buy-next-dip><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\n2020 was a bumper year for NIO, with significant improvements on revenue and cost metrics.\nNIO’s 4Q profit was affected by the strong yuan and weak dollar.\nThe management's international ...</p>\n\n<a href=\"https://seekingalpha.com/article/4414461-nio-buy-next-dip\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"source_url":"https://seekingalpha.com/article/4414461-nio-buy-next-dip","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1176917984","content_text":"Summary\n\n2020 was a bumper year for NIO, with significant improvements on revenue and cost metrics.\nNIO’s 4Q profit was affected by the strong yuan and weak dollar.\nThe management's international expansion plan and the tightening global supply chain have loomed over its 2021 performance.\nCompared with Toyota and even Apple, NIO is not looking so expensive anymore.\nLong-term EV investors should take advantage of the next dip.\n\nTop-down glance\nAccording to itsfourth quarter earnings statement, NIO Inc. delivered 17,353 vehicles in 4Q 2020, a QoQ increase of around 42%. The company’s vehicle sales generated USD 946.2 million, a YoY increase of 130%. The total revenues were over USD 1.01 billion, a YoY increase of 133.2%. According to the company, “The increase in vehicle sales over the third quarter of 2020 was mainly attributed to the sales of EC6s which began deliveries in late September 2020.”In short, the most important indicator of judging EV stocks, revenue growth, beat the Street’s estimates.\nGlancing over the income statement, as the size effect showed,NIO’sgross marginwas 17.2% in Q4 2020, compared with a negative 8.9% from the prior year.In terms of operating expenses, 4Q 2020 R&D expenses were CNY 829.4 million, decreasing by 19.2% YoY, increasing by 40.4% QoQ. The drop in R&D expenses year-over-year resulted from the EC6’s R&D finished process before September 2020. Besides, the company's overall cost-saving initiatives and improved operational efficiency also contributed to the decrease in operating expenses.\nLikewise, the slide in SG&A expenses YoY was primarily driven by the company's overall cost-saving efforts and improved operational efficiency. Specifically, SG&A expenses for the same period were CNY 1.2 billion (USD 185 million), decreasing by 21.9% YoY, increasing by 28.3% QoQ. In addition, the firm explained that “loss from operations in the fourth quarter was CNY 931.4 million (or USD 142.7 million), representing a decrease of 67% YoY and a decrease of 1.5% QoQ.”\nOur thoughts on 2021:Still burning cash to bolster growth\nNIO’s 2021 strategy is to acquire more orders through expansive services including wider sales networks, a vast charging network of supercharging and swapping stations, and after-sales services. This strategic decision will increase the burn rate of cash flow.\nBesides, we expect the R&D fee to increase massively as the ET7 research and development proceed. The management claims the decrease in R&D expenditure YoY was due to the less cost of new car development. Given that NIO is in the process of developing the ET7 based on the new technology 2.0 platform, it is natural to consider that the R&D fee will rebound significantly in 2021.\nThe SG&A fee will be much higher than the prior year with sales and charging network expansions. According to the earnings call, NIO now has 23 NIO Houses and 303 NIO Spaces, covering 121 cities in China. It also plans to open 20 new NIO Houses and 120 new NIO Spaces in 2021. More importantly, the management’s attitude is clear that they will build a store in cities where BBA 4S stores are located. Other than the sales network, NIO prepares to enlarge charging infrastructures to ramp up to at least 500 power swap stations in total. Specifically, the current network owns 127 power charger stations and over 1,700 destination chargers, which will reach 600 and 15,000 respectively by the end of 2021.\nInvestors should be careful about the 2Q deliveries\nProduction capacity will be constrained by chip and battery shortage at least in the second quarter, NIO’s CEO William Li indicated. Li explained two factors: self-production and supply chain capacity will decide NIO’s real production capacity. He added that 1Q’s supply is enough but remained uncertain about 2Q’s supplies. But they still maintain a monthly delivery target of over 7,000 for 2Q 2021.\nUnder the global supply chain turmoil, many reasons caused the chip and battery shortage. More recently, Samsung(OTC:SSNLF), NXP(NASDAQ:NXPI), and Infineon(OTCQX:IFNNY)chip fabsshut downin Texas.However, the future impact on EV production is unclear as there is usually a 5-6 month lag before shipping components from upstream to the EV makers. Furthermore, the world’s biggest foundry – TSMC(NYSE:TSM)–promisedto give priority to auto semiconductor manufacturing. So investors should take a look at the real effects by the middle of 2021.\nFrom the company to the stock\nOver the last two months, NIO has had a bleak performance.Technically speaking, the stock has been oversold on several indicators. From another perspective, the benchmark which I used to gauge the stock, forward PS ratio, doesn’t suggest that NIO is expensive from a longer-term point of view on sales.\nUnder the current market cap, NIO will maintain 3.8x sales in 2025 (as of March 16, 2021). The assumption is that only 20% of car sales in China will be EV by that time. By contrast, Apple(NASDAQ:AAPL), a consumer electronics company will maintain 5x revenue, even though its products, such as smartphones and PCs, face much lower growth than EVs. Besides, ICE car maker Toyota(NYSE:TM)is trading at a 1.75x 2021 PS ratio which is a good reference for a mature car maker's growth prospect.\nFor EVs in 2030, NIO’s multiples will decline to around 2.By that time, a reasonable assumption is that China’s EV penetration rate will not pass 50%, undoubtedly meaning there are still huge sales opportunities.So 2 is not a justifiable multiple for NIO. That being said, the consideration is whether NIO can reach the sales targets. It’s hard to argue this, but what we know for now is that the company is the leader in this sector. For investors interested in the EV sector for the long term, pioneers like Tesla(NASDAQ:TSLA)and NIO are assuredly the top selections.\nIn a nutshell\nAs NIO is facing global supply chain chaos, the company might not give satisfactory delivery figures in 2021. In addition, its heavy SG&A and R&D expense and EU expansion plan will further accelerate cash burning.\nNIO will probably not bring any net income to its investors in the next two or three years. One key fact that investors need to realize is that perhaps the craze around EVs (which wewitnessedin 2020) has passed and will never be repeated. For those long-term 'EV believers,' NIO is a candidate to be considered as a priority. Since our last NIO piece, the stock has rallied 24%, we thereby recommend being neutral on it at the current levels and buying the next dip.","news_type":1},"isVote":1,"tweetType":1,"viewCount":1720,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}