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Black313

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2021-06-03

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How to Trade Alphabet When It Reports Earnings

2021-04-27

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Tesla posts record net income of $438 million, revenue surges by 74%

2021-04-27

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coin","images":[{"img":"https://static.tigerbbs.com/d9b68f3dd21387601e503316b93a6ed3","width":"1125","height":"3438"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/100021251","isVote":1,"tweetType":1,"viewCount":503,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3581622136793314","authorId":"3581622136793314","name":"iamjingxian","avatar":"https://static.tigerbbs.com/4a7d55045354c9b1e5e00823a79034b4","crmLevel":3,"crmLevelSwitch":0,"authorIdStr":"3581622136793314","idStr":"3581622136793314"},"content":"can help to comment on one of my posts too? #forcoins","text":"can help to comment on one of my posts too? #forcoins","html":"can help to comment on one of my posts too? #forcoins"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":377974306,"gmtCreate":1619493173705,"gmtModify":1704724864433,"author":{"id":"3567110070471630","authorId":"3567110070471630","name":"Black313","avatar":"https://static.tigerbbs.com/b943544d536a8a996df7f083242a4724","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3567110070471630","idStr":"3567110070471630"},"themes":[],"htmlText":"Comment for coinq","listText":"Comment for coinq","text":"Comment for coinq","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/377974306","repostId":"1114574402","repostType":4,"repost":{"id":"1114574402","kind":"news","pubTimestamp":1619491940,"share":"https://ttm.financial/m/news/1114574402?lang=&edition=fundamental","pubTime":"2021-04-27 10:52","market":"us","language":"en","title":"How to Trade Alphabet When It Reports Earnings","url":"https://stock-news.laohu8.com/highlight/detail?id=1114574402","media":"TheStreet","summary":"Alphabet has been the best-performing FAANG holding over the last six months and in 2021. Can it mai","content":"<p>Alphabet has been the best-performing FAANG holding over the last six months and in 2021. Can it maintain momentum after earnings?</p>\n<p>Alphabet&nbsp;has been an excellent performer over the last several quarters. Investors are hoping the company’s upcoming earnings report will help propel the stock to new heights.</p>\n<p>Alphabet's earnings are due up after the close of trading on Tuesday. It’s&nbsp;set to be a busy week&nbsp;with other FAANG components, Tesla&nbsp;and Advanced Micro Devices&nbsp;also reporting earnings.</p>\n<p>Alphabet has been the&nbsp;best-performing FAANG stock this year&nbsp;and it’s not even close.</p>\n<p>Shares are up 31% so far in 2021. The next-best performer is Facebook,up 11.9%. After that, no other FAANG stock is up more than 3% for the year. The group has been pretty&nbsp;stagnant over the past few quarters.</p>\n<p>The results over the last six months are similar, with Alphabet up 41% vs. the next-best performer - Apple&nbsp;up 16.7%.</p>\n<p>Can Alphabet keep up its momentum? Let’s look at the chart.</p>\n<p><b>Trading Alphabet</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6a342b9eabb1088e52e78e5686fe48ce\" tg-width=\"1070\" tg-height=\"736\"><span>Daily chart of Alphabet stock.</span></p>\n<p>Given how well the stock has done, it wouldn’t be surprising to see a somewhat muted or even a sell-the-news reaction to the report. That’s even if the quarter is very strong.</p>\n<p>That said, it’s also tough to bet against the leading racehorse.</p>\n<p>It took about two months but the stock finally broke out over the $2,100 area. It didn’t slow down at $2,200 as Alphabet stock quickly ran to $2,300.</p>\n<p>It's chopping near that area now and riding the 10-day moving average higher and bulls are wondering if they can squeeze some more gains out of this name.</p>\n<p>If they can, a move over $2,300 is the top priority, followed by a push toward $2,375. That would send Alphabet to the 261.8% extension, a potentially key level in the short to intermediate term.</p>\n<p>The exception to that observation would be a breakout over that mark, likely paving the way to $2,500.</p>\n<p>On the downside, I’m mostly watching for a close below the 10-day moving average and last week’s low at $2,240.</p>\n<p>That would create a potentially attractive buy-the-dip setup — particularly if Alphabet reports a solid quarter.</p>\n<p>It puts the 10-week moving average in play near $2,175, followed by the breakout level at $2,100 and the 50-day moving average.</p>\n<p>In either reaction, keep these key levels in mind.</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>How to Trade Alphabet When It Reports Earnings</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\">\nHow to Trade Alphabet When It Reports Earnings\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-27 10:52 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.thestreet.com/investing/alphabet-googl-stock-earnings-preview-trading-042621><strong>TheStreet</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Alphabet has been the best-performing FAANG holding over the last six months and in 2021. Can it maintain momentum after earnings?\nAlphabet has been an excellent performer over the last several ...</p>\n\n<a href=\"https://www.thestreet.com/investing/alphabet-googl-stock-earnings-preview-trading-042621\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GOOGL":"谷歌A","GOOG":"谷歌"},"source_url":"https://www.thestreet.com/investing/alphabet-googl-stock-earnings-preview-trading-042621","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114574402","content_text":"Alphabet has been the best-performing FAANG holding over the last six months and in 2021. Can it maintain momentum after earnings?\nAlphabet has been an excellent performer over the last several quarters. Investors are hoping the company’s upcoming earnings report will help propel the stock to new heights.\nAlphabet's earnings are due up after the close of trading on Tuesday. It’s set to be a busy week with other FAANG components, Tesla and Advanced Micro Devices also reporting earnings.\nAlphabet has been the best-performing FAANG stock this year and it’s not even close.\nShares are up 31% so far in 2021. The next-best performer is Facebook,up 11.9%. After that, no other FAANG stock is up more than 3% for the year. The group has been pretty stagnant over the past few quarters.\nThe results over the last six months are similar, with Alphabet up 41% vs. the next-best performer - Apple up 16.7%.\nCan Alphabet keep up its momentum? Let’s look at the chart.\nTrading Alphabet\nDaily chart of Alphabet stock.\nGiven how well the stock has done, it wouldn’t be surprising to see a somewhat muted or even a sell-the-news reaction to the report. That’s even if the quarter is very strong.\nThat said, it’s also tough to bet against the leading racehorse.\nIt took about two months but the stock finally broke out over the $2,100 area. It didn’t slow down at $2,200 as Alphabet stock quickly ran to $2,300.\nIt's chopping near that area now and riding the 10-day moving average higher and bulls are wondering if they can squeeze some more gains out of this name.\nIf they can, a move over $2,300 is the top priority, followed by a push toward $2,375. That would send Alphabet to the 261.8% extension, a potentially key level in the short to intermediate term.\nThe exception to that observation would be a breakout over that mark, likely paving the way to $2,500.\nOn the downside, I’m mostly watching for a close below the 10-day moving average and last week’s low at $2,240.\nThat would create a potentially attractive buy-the-dip setup — particularly if Alphabet reports a solid quarter.\nIt puts the 10-week moving average in play near $2,175, followed by the breakout level at $2,100 and the 50-day moving average.\nIn either reaction, keep these key levels in mind.","news_type":1},"isVote":1,"tweetType":1,"viewCount":785,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3569644599778803","authorId":"3569644599778803","name":"Prosperity88","avatar":"https://static.tigerbbs.com/673e75041219828ee5fce0d5b00ebbfe","crmLevel":6,"crmLevelSwitch":1,"authorIdStr":"3569644599778803","idStr":"3569644599778803"},"content":"Good information","text":"Good information","html":"Good information"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":377975489,"gmtCreate":1619493142541,"gmtModify":1704724864917,"author":{"id":"3567110070471630","authorId":"3567110070471630","name":"Black313","avatar":"https://static.tigerbbs.com/b943544d536a8a996df7f083242a4724","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3567110070471630","idStr":"3567110070471630"},"themes":[],"htmlText":"Ok good","listText":"Ok good","text":"Ok good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/377975489","repostId":"1190086074","repostType":4,"repost":{"id":"1190086074","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1619480390,"share":"https://ttm.financial/m/news/1190086074?lang=&edition=fundamental","pubTime":"2021-04-27 07:39","market":"us","language":"en","title":"Tesla posts record net income of $438 million, revenue surges by 74%","url":"https://stock-news.laohu8.com/highlight/detail?id=1190086074","media":"Tiger Newspress","summary":"Tesla reported record net income of $438 million during the quarter, as well as earnings of 93 cents per share on $10.39 billion in revenue.In its earnings release, the company said it has weathered chip shortages that have plagued the auto industry in part by “pivoting extremely quickly to new microcontrollers, while simultaneously developing firmware for new chips made by new suppliers.”On an earnings call, CEO Elon Musk said the delayed new version of the company’s Model S sedan will be deliv","content":"<p><b>KEY POINTS</b></p><ul><li>Tesla reported record net income of $438 million during the quarter, as well as earnings of 93 cents per share on $10.39 billion in revenue.</li><li>In its earnings release, the company said it has weathered chip shortages that have plagued the auto industry in part by “pivoting extremely quickly to new microcontrollers, while simultaneously developing firmware for new chips made by new suppliers.”</li><li>On an earnings call, CEO Elon Musk said the delayed new version of the company’s Model S sedan will be delivered starting in May 2021, and Model X deliveries will begin in the third quarter of the year.</li></ul><p>Tesla&nbsp;reported first-quarter results after the bell on Monday. The company beat expectations handily, buoyed by sales of bitcoin and regulatory credits, but the stock dipped as much as 2.5% after hours as investors digested the numbers.</p><p><img src=\"https://static.tigerbbs.com/fec5c52f391c1077b749edc13b7b3417\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p>Here’s how the company fared in the quarter, compared with analyst estimates compiled by Refinitiv:</p><ul><li><b>Earnings:</b>93 cents per share vs. 79 cents per share expected</li><li><b>Revenue:</b>$10.39 billion vs. $10.29 billion expected, up 74% from a year ago</li></ul><p>Net profit reached a quarterly record of $438 million on a GAAP basis, and the company recorded $518 million in revenue from sales of regulatory credits during the period. It also recorded a $101 million positive impact from&nbsp;sales of bitcoin&nbsp;during the quarter.</p><p><img src=\"https://static.tigerbbs.com/107ab1e725bed375ea106bdf3024ec6a\" tg-width=\"1910\" tg-height=\"1097\" referrerpolicy=\"no-referrer\"></p><p>CEO Elon Musk’s electric vehicle business reported in the first quarter&nbsp;vehicle deliveries of 184,800&nbsp;Model 3 and Model Y cars, beating expectations and setting a record for Tesla. However, the company also said it produced none of its higher-end Model S sedans or Model X SUVs for the period ending March. It delivered2,020 older Model S sedans and Model X SUVs from inventory.</p><p>On Monday’s earnings call, Musk said the new version of the company’s Model S sedans will finally be delivered to customers starting in May 2021, with Model X deliveries to begin in the third quarter of the year. Musk and CFO Zachary Kirkhorn both said supply chain issues are likely to remain a challenge for Tesla this year.</p><p>In January 2021 (during a fourth-quarter 2020 earnings update) Musk had said that the Model S Plaid was already in production would be delivered starting in February 2021. But he admitted on Monday, “There were more challenges than expected,” in producing the refreshed version of these vehicles. He did not elaborate.</p><p>Tesla is now aiming to produce 2,000 Model S and X vehicles per week later this year.</p><p>The company said Monday it expects more than 50% vehicle delivery growth in 2021 overall, which implies minimum deliveries around 750,000 vehicles this year.</p><p>The fact Tesla grew vehicle unit sales by more than 100% year over year but grew service centers by only 28% and its mobile service fleet by only 22% explains why some Tesla customers face frustratingly long wait times for repairs. Service expansion is not keeping pace with the volume of vehicles sold.</p><p>Tesla said it has weathered chip shortages that have plagued the auto industry in part by “pivoting extremely quickly to new microcontrollers, while simultaneously developing firmware for new chips made by new suppliers.” It did not disclose the names of its new suppliers.</p><p>It also reiterated Musk’s frequent claim that cameras, not radar, are a better path toward autonomous vehicles. “Our AI-based software architecture has been increasingly reliant on cameras, to the point where radar is becoming unnecessary earlier than expected. As a result, our FSD [Full Self-Driving] team is fully focused on evolving to a vision-based autonomous system and we are nearly ready to switch the US market to Tesla Vision,” the company said in its earnings release.</p><p>Revenue for its energy generation and storage business nearly doubled for Tesla versus the same period in 2020, when Musk said Covid, then an emerging pandemic, had slowed its energy business to a crawl. But energy revenue declined from $787 million in the fourth quarter to $595 million in the first quarter of 2021.</p><p>Recently, Tesla increased prices for its solar rooftops by 50%, and now requires anyone ordering solar photovoltaics (including Tesla solar roof tiles) to also order the Powerwall, Tesla’s home energy storage system. The sudden price change applied retroactively to some&nbsp;vexed customers.</p><p>Musk said on the Q1 2021 call that he is aiming for homes with solar rooftops and batteries from Tesla to function as a “giant distributed utility” that can help incumbent electrical utilities supply customers with all the electricity they need as demand and extreme weather events increase.</p><p>Executives did not say how they would change their production or mix of battery cells from suppliers in order to make a higher volume of vehicles and energy storage products in 2021.</p><p>Musk said the company’s 4680 cells, which it developed independently and makes at a pilot plant in Fremont, California, are not yet reliable enough to be shipped in Tesla vehicles. He said Tesla would probably “achieve volume production” of these cells in 12 to 18 months.</p><p>The company revealed in February it purchased&nbsp;$1.5 billion in bitcoin&nbsp;and would potentially invest in other cryptocurrencies in the future. By April, bitcoin rose to record levels before pulling back. In its statement of cash flows, Tesla revealed that it had sold $272 million worth of “digital assets,” presumably bitcoin, during the quarter.</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>Tesla posts record net income of $438 million, revenue surges by 74%</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\">\nTesla posts record net income of $438 million, revenue surges by 74%\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-04-27 07:39</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p><b>KEY POINTS</b></p><ul><li>Tesla reported record net income of $438 million during the quarter, as well as earnings of 93 cents per share on $10.39 billion in revenue.</li><li>In its earnings release, the company said it has weathered chip shortages that have plagued the auto industry in part by “pivoting extremely quickly to new microcontrollers, while simultaneously developing firmware for new chips made by new suppliers.”</li><li>On an earnings call, CEO Elon Musk said the delayed new version of the company’s Model S sedan will be delivered starting in May 2021, and Model X deliveries will begin in the third quarter of the year.</li></ul><p>Tesla&nbsp;reported first-quarter results after the bell on Monday. The company beat expectations handily, buoyed by sales of bitcoin and regulatory credits, but the stock dipped as much as 2.5% after hours as investors digested the numbers.</p><p><img src=\"https://static.tigerbbs.com/fec5c52f391c1077b749edc13b7b3417\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p>Here’s how the company fared in the quarter, compared with analyst estimates compiled by Refinitiv:</p><ul><li><b>Earnings:</b>93 cents per share vs. 79 cents per share expected</li><li><b>Revenue:</b>$10.39 billion vs. $10.29 billion expected, up 74% from a year ago</li></ul><p>Net profit reached a quarterly record of $438 million on a GAAP basis, and the company recorded $518 million in revenue from sales of regulatory credits during the period. It also recorded a $101 million positive impact from&nbsp;sales of bitcoin&nbsp;during the quarter.</p><p><img src=\"https://static.tigerbbs.com/107ab1e725bed375ea106bdf3024ec6a\" tg-width=\"1910\" tg-height=\"1097\" referrerpolicy=\"no-referrer\"></p><p>CEO Elon Musk’s electric vehicle business reported in the first quarter&nbsp;vehicle deliveries of 184,800&nbsp;Model 3 and Model Y cars, beating expectations and setting a record for Tesla. However, the company also said it produced none of its higher-end Model S sedans or Model X SUVs for the period ending March. It delivered2,020 older Model S sedans and Model X SUVs from inventory.</p><p>On Monday’s earnings call, Musk said the new version of the company’s Model S sedans will finally be delivered to customers starting in May 2021, with Model X deliveries to begin in the third quarter of the year. Musk and CFO Zachary Kirkhorn both said supply chain issues are likely to remain a challenge for Tesla this year.</p><p>In January 2021 (during a fourth-quarter 2020 earnings update) Musk had said that the Model S Plaid was already in production would be delivered starting in February 2021. But he admitted on Monday, “There were more challenges than expected,” in producing the refreshed version of these vehicles. He did not elaborate.</p><p>Tesla is now aiming to produce 2,000 Model S and X vehicles per week later this year.</p><p>The company said Monday it expects more than 50% vehicle delivery growth in 2021 overall, which implies minimum deliveries around 750,000 vehicles this year.</p><p>The fact Tesla grew vehicle unit sales by more than 100% year over year but grew service centers by only 28% and its mobile service fleet by only 22% explains why some Tesla customers face frustratingly long wait times for repairs. Service expansion is not keeping pace with the volume of vehicles sold.</p><p>Tesla said it has weathered chip shortages that have plagued the auto industry in part by “pivoting extremely quickly to new microcontrollers, while simultaneously developing firmware for new chips made by new suppliers.” It did not disclose the names of its new suppliers.</p><p>It also reiterated Musk’s frequent claim that cameras, not radar, are a better path toward autonomous vehicles. “Our AI-based software architecture has been increasingly reliant on cameras, to the point where radar is becoming unnecessary earlier than expected. As a result, our FSD [Full Self-Driving] team is fully focused on evolving to a vision-based autonomous system and we are nearly ready to switch the US market to Tesla Vision,” the company said in its earnings release.</p><p>Revenue for its energy generation and storage business nearly doubled for Tesla versus the same period in 2020, when Musk said Covid, then an emerging pandemic, had slowed its energy business to a crawl. But energy revenue declined from $787 million in the fourth quarter to $595 million in the first quarter of 2021.</p><p>Recently, Tesla increased prices for its solar rooftops by 50%, and now requires anyone ordering solar photovoltaics (including Tesla solar roof tiles) to also order the Powerwall, Tesla’s home energy storage system. The sudden price change applied retroactively to some&nbsp;vexed customers.</p><p>Musk said on the Q1 2021 call that he is aiming for homes with solar rooftops and batteries from Tesla to function as a “giant distributed utility” that can help incumbent electrical utilities supply customers with all the electricity they need as demand and extreme weather events increase.</p><p>Executives did not say how they would change their production or mix of battery cells from suppliers in order to make a higher volume of vehicles and energy storage products in 2021.</p><p>Musk said the company’s 4680 cells, which it developed independently and makes at a pilot plant in Fremont, California, are not yet reliable enough to be shipped in Tesla vehicles. He said Tesla would probably “achieve volume production” of these cells in 12 to 18 months.</p><p>The company revealed in February it purchased&nbsp;$1.5 billion in bitcoin&nbsp;and would potentially invest in other cryptocurrencies in the future. By April, bitcoin rose to record levels before pulling back. In its statement of cash flows, Tesla revealed that it had sold $272 million worth of “digital assets,” presumably bitcoin, during the quarter.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190086074","content_text":"KEY POINTSTesla reported record net income of $438 million during the quarter, as well as earnings of 93 cents per share on $10.39 billion in revenue.In its earnings release, the company said it has weathered chip shortages that have plagued the auto industry in part by “pivoting extremely quickly to new microcontrollers, while simultaneously developing firmware for new chips made by new suppliers.”On an earnings call, CEO Elon Musk said the delayed new version of the company’s Model S sedan will be delivered starting in May 2021, and Model X deliveries will begin in the third quarter of the year.Tesla reported first-quarter results after the bell on Monday. The company beat expectations handily, buoyed by sales of bitcoin and regulatory credits, but the stock dipped as much as 2.5% after hours as investors digested the numbers.Here’s how the company fared in the quarter, compared with analyst estimates compiled by Refinitiv:Earnings:93 cents per share vs. 79 cents per share expectedRevenue:$10.39 billion vs. $10.29 billion expected, up 74% from a year agoNet profit reached a quarterly record of $438 million on a GAAP basis, and the company recorded $518 million in revenue from sales of regulatory credits during the period. It also recorded a $101 million positive impact from sales of bitcoin during the quarter.CEO Elon Musk’s electric vehicle business reported in the first quarter vehicle deliveries of 184,800 Model 3 and Model Y cars, beating expectations and setting a record for Tesla. However, the company also said it produced none of its higher-end Model S sedans or Model X SUVs for the period ending March. It delivered2,020 older Model S sedans and Model X SUVs from inventory.On Monday’s earnings call, Musk said the new version of the company’s Model S sedans will finally be delivered to customers starting in May 2021, with Model X deliveries to begin in the third quarter of the year. Musk and CFO Zachary Kirkhorn both said supply chain issues are likely to remain a challenge for Tesla this year.In January 2021 (during a fourth-quarter 2020 earnings update) Musk had said that the Model S Plaid was already in production would be delivered starting in February 2021. But he admitted on Monday, “There were more challenges than expected,” in producing the refreshed version of these vehicles. He did not elaborate.Tesla is now aiming to produce 2,000 Model S and X vehicles per week later this year.The company said Monday it expects more than 50% vehicle delivery growth in 2021 overall, which implies minimum deliveries around 750,000 vehicles this year.The fact Tesla grew vehicle unit sales by more than 100% year over year but grew service centers by only 28% and its mobile service fleet by only 22% explains why some Tesla customers face frustratingly long wait times for repairs. Service expansion is not keeping pace with the volume of vehicles sold.Tesla said it has weathered chip shortages that have plagued the auto industry in part by “pivoting extremely quickly to new microcontrollers, while simultaneously developing firmware for new chips made by new suppliers.” It did not disclose the names of its new suppliers.It also reiterated Musk’s frequent claim that cameras, not radar, are a better path toward autonomous vehicles. “Our AI-based software architecture has been increasingly reliant on cameras, to the point where radar is becoming unnecessary earlier than expected. As a result, our FSD [Full Self-Driving] team is fully focused on evolving to a vision-based autonomous system and we are nearly ready to switch the US market to Tesla Vision,” the company said in its earnings release.Revenue for its energy generation and storage business nearly doubled for Tesla versus the same period in 2020, when Musk said Covid, then an emerging pandemic, had slowed its energy business to a crawl. But energy revenue declined from $787 million in the fourth quarter to $595 million in the first quarter of 2021.Recently, Tesla increased prices for its solar rooftops by 50%, and now requires anyone ordering solar photovoltaics (including Tesla solar roof tiles) to also order the Powerwall, Tesla’s home energy storage system. The sudden price change applied retroactively to some vexed customers.Musk said on the Q1 2021 call that he is aiming for homes with solar rooftops and batteries from Tesla to function as a “giant distributed utility” that can help incumbent electrical utilities supply customers with all the electricity they need as demand and extreme weather events increase.Executives did not say how they would change their production or mix of battery cells from suppliers in order to make a higher volume of vehicles and energy storage products in 2021.Musk said the company’s 4680 cells, which it developed independently and makes at a pilot plant in Fremont, California, are not yet reliable enough to be shipped in Tesla vehicles. He said Tesla would probably “achieve volume production” of these cells in 12 to 18 months.The company revealed in February it purchased $1.5 billion in bitcoin and would potentially invest in other cryptocurrencies in the future. By April, bitcoin rose to record levels before pulling back. In its statement of cash flows, Tesla revealed that it had sold $272 million worth of “digital assets,” presumably bitcoin, during the quarter.","news_type":1},"isVote":1,"tweetType":1,"viewCount":466,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":377975208,"gmtCreate":1619493120904,"gmtModify":1704724864271,"author":{"id":"3567110070471630","authorId":"3567110070471630","name":"Black313","avatar":"https://static.tigerbbs.com/b943544d536a8a996df7f083242a4724","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3567110070471630","idStr":"3567110070471630"},"themes":[],"htmlText":"For coin&nbsp;","listText":"For coin&nbsp;","text":"For 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coin","images":[{"img":"https://static.tigerbbs.com/cb4f10b23a9079816b3cbc08e354cf4f","width":"1125","height":"2264"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/374902124","isVote":1,"tweetType":1,"viewCount":248,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":372532965,"gmtCreate":1619226595857,"gmtModify":1704721483982,"author":{"id":"3567110070471630","authorId":"3567110070471630","name":"Black313","avatar":"https://static.tigerbbs.com/b943544d536a8a996df7f083242a4724","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3567110070471630","idStr":"3567110070471630"},"themes":[],"htmlText":"For coin&nbsp;","listText":"For coin&nbsp;","text":"For 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LTD(OV8.SI)$?","images":[{"img":"https://static.tigerbbs.com/f38676114ff20c6ab06cc10cf23d2f41","width":"1242","height":"2151"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/344777022","isVote":1,"tweetType":1,"viewCount":413,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":344774931,"gmtCreate":1618446732423,"gmtModify":1704710918683,"author":{"id":"3567110070471630","authorId":"3567110070471630","name":"Black313","avatar":"https://static.tigerbbs.com/b943544d536a8a996df7f083242a4724","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3567110070471630","idStr":"3567110070471630"},"themes":[],"htmlText":"For coin&nbsp;","listText":"For coin&nbsp;","text":"For coin","images":[{"img":"https://static.tigerbbs.com/e561ed36dc2cca594ab06fa362d5039b","width":"1125","height":"3193"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/344774931","isVote":1,"tweetType":1,"viewCount":381,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"hots":[{"id":100021251,"gmtCreate":1619570251673,"gmtModify":1704726054662,"author":{"id":"3567110070471630","authorId":"3567110070471630","name":"Black313","avatar":"https://static.tigerbbs.com/b943544d536a8a996df7f083242a4724","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567110070471630","authorIdStr":"3567110070471630"},"themes":[],"htmlText":"For coin&nbsp;","listText":"For coin&nbsp;","text":"For coin","images":[{"img":"https://static.tigerbbs.com/d9b68f3dd21387601e503316b93a6ed3","width":"1125","height":"3438"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/100021251","isVote":1,"tweetType":1,"viewCount":503,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3581622136793314","authorId":"3581622136793314","name":"iamjingxian","avatar":"https://static.tigerbbs.com/4a7d55045354c9b1e5e00823a79034b4","crmLevel":3,"crmLevelSwitch":0,"idStr":"3581622136793314","authorIdStr":"3581622136793314"},"content":"can help to comment on one of my posts too? #forcoins","text":"can help to comment on one of my posts too? #forcoins","html":"can help to comment on one of my posts too? #forcoins"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":377974306,"gmtCreate":1619493173705,"gmtModify":1704724864433,"author":{"id":"3567110070471630","authorId":"3567110070471630","name":"Black313","avatar":"https://static.tigerbbs.com/b943544d536a8a996df7f083242a4724","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567110070471630","authorIdStr":"3567110070471630"},"themes":[],"htmlText":"Comment for coinq","listText":"Comment for coinq","text":"Comment for coinq","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/377974306","repostId":"1114574402","repostType":4,"isVote":1,"tweetType":1,"viewCount":785,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3569644599778803","authorId":"3569644599778803","name":"Prosperity88","avatar":"https://static.tigerbbs.com/673e75041219828ee5fce0d5b00ebbfe","crmLevel":6,"crmLevelSwitch":1,"idStr":"3569644599778803","authorIdStr":"3569644599778803"},"content":"Good information","text":"Good information","html":"Good information"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350638654,"gmtCreate":1616199449778,"gmtModify":1704792069113,"author":{"id":"3567110070471630","authorId":"3567110070471630","name":"Black313","avatar":"https://static.tigerbbs.com/b943544d536a8a996df7f083242a4724","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567110070471630","authorIdStr":"3567110070471630"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/CLBS\">$Caladrius Biosciences(CLBS)$</a>☺️","listText":"<a href=\"https://laohu8.com/S/CLBS\">$Caladrius Biosciences(CLBS)$</a>☺️","text":"$Caladrius Biosciences(CLBS)$☺️","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":1,"link":"https://ttm.financial/post/350638654","isVote":1,"tweetType":1,"viewCount":125,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359241343,"gmtCreate":1616406791482,"gmtModify":1704793615628,"author":{"id":"3567110070471630","authorId":"3567110070471630","name":"Black313","avatar":"https://static.tigerbbs.com/b943544d536a8a996df7f083242a4724","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567110070471630","authorIdStr":"3567110070471630"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/359241343","repostId":"1163218484","repostType":4,"repost":{"id":"1163218484","kind":"news","pubTimestamp":1616403428,"share":"https://ttm.financial/m/news/1163218484?lang=&edition=fundamental","pubTime":"2021-03-22 16:57","market":"us","language":"en","title":"Alibaba: A Value And Growth Stock At Current Prices","url":"https://stock-news.laohu8.com/highlight/detail?id=1163218484","media":"seekingalpha","summary":"At current prices, Alibaba is now both a growth and value stock.This article will assess Alibaba's attractive growth prospects and the company's valuation.Alibaba will be able to enjoy stable growth from their commerce business in the next decade.The company's expansion into cloud computing will provide explosive growth opportunities considering the industry's growth rate and high margins.Alibaba will also be able to enjoy growth from its strategic investments and stake in Ant Financial.Earlier ","content":"<p><b>Summary</b></p>\n<ul>\n <li>At current prices, Alibaba is now both a growth and value stock.</li>\n <li>This article will assess Alibaba's attractive growth prospects and the company's valuation.</li>\n <li>Alibaba will be able to enjoy stable growth from their commerce business in the next decade.</li>\n <li>The company's expansion into cloud computing will provide explosive growth opportunities considering the industry's growth rate and high margins.</li>\n <li>Alibaba will also be able to enjoy growth from its strategic investments and stake in Ant Financial.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b6823bb4926a0de6a0dba52057262b1\" tg-width=\"768\" tg-height=\"508\"><span>Photo by maybefalse/iStock Unreleased via Getty Images</span></p>\n<p><b>Value Meets Growth</b></p>\n<p>Earlier in January, I conducted a fundamental analysis on Alibaba (BABA), and explained how it the company was undervalued as a result of an overreaction due to regulatory fears.Two months on, the stock had seen a spectacular rise back to the ~$270 levels and came tumbling back to the ~$230 levels as a result of the tech sell-off. This presents another golden opportunity for investors to pick up a great business at a fantastic price.</p>\n<p>In this article, I will analyse the growth opportunities of Alibaba and explain why I believe that the company will be able to sustain high growth rates of ~20%-30% over the next decade. As a result, buying Alibaba today gives investors a rare opportunity of buying both a value and growth stock!</p>\n<p><b>A Quick Recap</b></p>\n<p>Alibaba has four main business segments, namely: Core Commerce, Cloud Computing, Digital Media &amp; Entertainment and Innovation Initiatives. The company also has a 33% equity stake in Ant Financial as well as a diverse portfolio of investments. The following figure shows a detailed breakdown of Alibaba's business segments and brands.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bceb440f06e8958f52eb589475fc82cf\" tg-width=\"640\" tg-height=\"241\"><span>Source: Author's Compilation From Alibaba's 2020 Investor Day Presentation</span></p>\n<p>Notable changes from 2019's Investor Day include:</p>\n<ul>\n <li>Increasing its stake in EV maker Xpeng(NYSE:XPEV)from 3.2% to 19% in end 2020</li>\n <li>Taking a controlling stake of 72% in Sun Art(OTCPK:SURRY), a leading hypermarket and supermarket operator in China in October 2020</li>\n <li>Shutting down of Xiami music streaming platform in February 2021</li>\n</ul>\n<p>While Alibaba is actively developing each of these segments, my following growth analysis will be more focused on the Core Commerce and Cloud Computing segments as they are the key revenue contributors to Alibaba (86% and 8% of FY20 revenue respectively) and experience the best growth tailwinds.</p>\n<p>Sustainable Growth In Core CommerceE-Commerce In China&nbsp;<b>Continual Growth In China's E-Commerce Industry</b></p>\n<p>Alibaba's legacy business, its Chinese e-commerce platforms will continue to benefit from the growth in consumer spending and e-commerce penetration in China. Although this segment will no longer see explosive growth, retail e-commerce sales in China is still expected to grow at a steady pace.</p>\n<p>In 2021, e-commerce is forecasted to account for more than 50% of total retail sales in the country and this percentage will increase about ~2% per year thereafter. Growth in retail e-commerce sales will slowly taper down, but annual growth will remain in the 10% range after 2021.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/756074b4a628637b6f63ca0f24a2657b\" tg-width=\"471\" tg-height=\"473\"><span>Source: eMarketer.com</span></p>\n<p>While this is not an astonishing growth rate, a ~10% yearly growth for a maturing business segment is certainly positive for the company. This also helps Alibaba generate an increasing amount of cash flow which can be deployed to develop other business segments and create new sources of income.</p>\n<p><b>Growth In Chinese Consumer Spending</b></p>\n<p>One major factor that can significantly affect the trajectory of the e-commerce industry is the consumer spending of Chinese citizens.</p>\n<p>According to a&nbsp;report&nbsp;by Morgan Stanley in January 2021, “Chinese consumer spending is set to more than double in ten years.” China’s private consumption was $5.6 trillion in 2019 and is expected to reach $12.7 trillion by 2030, the same amount which American’s currently spend. By 2030, disposable income per capita is also expected to rise proportionally, from $6,000 a year to $12,000, representing a CAGR of 7% over the next decade.</p>\n<p>This trend is mainly driven by an ageing population as the age groups with the highest purchasing power retire or have families, resulting in an increase in spending. Therefore, should Alibaba be able to tap onto this emerging market by focusing on family and elderly related products such as healthcare items, it would help the company sustain high growth rates in its local e-commerce business for the next decade.</p>\n<p><b>Live Streaming As A Sales Medium</b></p>\n<p>In recent years, live streaming as a sales medium has gained huge popularity in China. According to&nbsp;Coresight, life streaming sessions are real time \"broadcasting of video content by presenters such as social media influencers that model or try out products.\" Users will then be able to purchase the product by clicking an embedded link. Products advertised during live streaming are usually sold at a discounted price and there are limited quantities for sale, which explains why so many consumers tune in to hunt for bargains. The figure below shows how a typical live streaming session looks like.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/11036cc14b9aacf03ae2f6a71af8b9b9\" tg-width=\"640\" tg-height=\"610\"><span>Source: WalkTheChat</span></p>\n<p>Live streaming has brought in extraordinary results for e-commerce companies. On Singles Day 2019, top live streamer, Viya's (left) eight-hour session engaged 43.15 million buyers while Li Jiaqi's (right) six-hour live stream drew over 36.8 million viewers. In total, over 100,000 brands utilised Taobao's live streaming function during Singles’ Day 2019, generating a Gross Merchandise Value (GMV) of ¥20 billion ($2.85 billion), which represents 7.5% of total sales on Singles Day.</p>\n<p>Live-streamers are quickly growing in popularity in China. Top live-streamers like Viya and Li Jiaqi are often invited to take part and feature in reality shows as well as concerts. This helps to further expand their already wide group of audiences, which in turn can fuel more growth in the life streaming segment, and an increase in GMV.</p>\n<p>On Chinese social media platform Weibo(NASDAQ:WB), Li Jiaqi and Viya have amassed 29 and 17 million followers, respectively, a figure which even exceeds that of many celebrities. This reflects the ever-growing popularity of live streamers and the potential reach they have.</p>\n<p>The growth in this segment will benefit Alibaba the greatest as the two most popular live streamers mentioned above live stream on Taobao. If live streaming continues to rapidly gain popularity and relevance, it could help to accelerate consumer spending which will benefit Alibaba's e-commerce business.</p>\n<p>E-Commerce Expansion Into South East Asia (SEA)</p>\n<p>As the growth in the Chinese e-commerce market will eventually plateau out, Alibaba has stepped up its expansion into the next potential e-commerce hotbed, the SEA market. Alibaba's operations in the region are mainly through Lazada (acquired in 2016), Tokopedia (equity investment in 2017) and AliExpress. To Alibaba, SEA is an extremely attractive and viable market due to the following:</p>\n<ul>\n <li>A Retail Situation That Is Similar To That Of China 10 Years Ago</li>\n <li>Favourable Industry Trends</li>\n <li>Strong Market Position</li>\n</ul>\n<p><b>A Familiar Retail Situation</b></p>\n<p>The current retail landscape in SEA is very similar to that of China which allowed Alibaba to thrive. The region has a huge population (~600m) which is very young, high mobile usage, a relatively undeveloped e-commerce industry, low income levels and a similar culture and background to China.</p>\n<p>This makes it easier for Alibaba adopt and innovate from their successful Chinese business model and implement it in SEA.</p>\n<p>Live streaming has brought in extraordinary results for e-commerce companies. On Singles Day 2019, top live streamer, Viya's (left) eight-hour session engaged 43.15 million buyers while Li Jiaqi's (right) six-hour live stream drew over 36.8 million viewers. In total, over 100,000 brands utilised Taobao's live streaming function during Singles’ Day 2019, generating a Gross Merchandise Value (GMV) of ¥20 billion ($2.85 billion), which represents 7.5% of total sales on Singles Day.</p>\n<p>Live-streamers are quickly growing in popularity in China. Top live-streamers like Viya and Li Jiaqi are often invited to take part and feature in reality shows as well as concerts. This helps to further expand their already wide group of audiences, which in turn can fuel more growth in the life streaming segment, and an increase in GMV.</p>\n<p>On Chinese social media platform Weibo(NASDAQ:WB), Li Jiaqi and Viya have amassed 29 and 17 million followers, respectively, a figure which even exceeds that of many celebrities. This reflects the ever-growing popularity of live streamers and the potential reach they have.</p>\n<p>The growth in this segment will benefit Alibaba the greatest as the two most popular live streamers mentioned above live stream on Taobao. If live streaming continues to rapidly gain popularity and relevance, it could help to accelerate consumer spending which will benefit Alibaba's e-commerce business.</p>\n<p>E-Commerce Expansion Into South East Asia (SEA)</p>\n<p>As the growth in the Chinese e-commerce market will eventually plateau out, Alibaba has stepped up its expansion into the next potential e-commerce hotbed, the SEA market. Alibaba's operations in the region are mainly through Lazada (acquired in 2016), Tokopedia (equity investment in 2017) and AliExpress. To Alibaba, SEA is an extremely attractive and viable market due to the following:</p>\n<ul>\n <li>A Retail Situation That Is Similar To That Of China 10 Years Ago</li>\n <li>Favourable Industry Trends</li>\n <li>Strong Market Position</li>\n</ul>\n<p><b>A Familiar Retail Situation</b></p>\n<p>The current retail landscape in SEA is very similar to that of China which allowed Alibaba to thrive. The region has a huge population (~600m) which is very young, high mobile usage, a relatively undeveloped e-commerce industry, low income levels and a similar culture and background to China.</p>\n<p>This makes it easier for Alibaba adopt and innovate from their successful Chinese business model and implement it in SEA.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b6d6fb227b8c656b6877c05cda10bc05\" tg-width=\"640\" tg-height=\"250\"><span>Source: Alibaba 2020 Investor Day Presentation</span></p>\n<p><b>Favourable Industry Trends</b></p>\n<p>Apart from the SEA market resembling China ten years ago, the region is also experiencing very positive trends regarding income growth, consumer spending growth and e-commerce penetration, all of which will accelerate Alibaba’s developments in the region.</p>\n<p>1. A Rapidly Expanding Market</p>\n<p>According to&nbsp;Mashable, Southeast Asia’s internet economy hit the US$100 billion mark at the end of 2019, and e-commerce was the largest sector contributing to this figure. Out of $100 billion, e-commerce platforms made US$38 billion!</p>\n<p>Looking ahead, the region’s online market value is expected to rise to US$300 billion by 2025, and e-commerce will be one of the greatest benefactors of this growth.</p>\n<p>2. COVID-19 Accelerated E-Commerce User-ship</p>\n<p>According to report by Facebook and Bain &amp; Company in August 2020, the number of digital consumers in SEA will reach 310 million by the end of 2020. This figure was originally expected to be hit in 2025 according to their 2019 study. It is likely that the emergence of COVID-19 had accelerated e-commerce adaptation in the region, condensing five years worth of growth into one!</p>\n<p>In the following years, the report predicts that the number of digital consumers will continue growing at a fast pace, with a revised figure of 340 million by 2025. I wouldn’t be too surprised if this figure was also exceeded in the next year or two considering the rapid advancements in technology in the region.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/908582f41e5c35b3d4ea07100fbe40fd\" tg-width=\"640\" tg-height=\"470\"><span>Source: Facebook and Bain &amp; Company Report</span></p>\n<p>3. Increasing Consumer Spending</p>\n<p>SEA countries have recorded one of the highest growths in online spending in the past years. From the chart below, we can see that SEA nations (highlighted in yellow) have been experiencing high yearly growth rates of &gt;15% in online spending.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/57f4d6765dd4d059ba13ba9d859c6b48\" tg-width=\"640\" tg-height=\"352\"><span>Source: Techpinas.com</span></p>\n<p>This growth is expected to remain high in the coming years with the same report by Facebook and Bain &amp; Company predicting a 3.5x increase in online spending over 2018 amounts by 2025. (This figure was previously 3.2x in 2019). As of 2020, the average gross merchandise value (GMV) in the region is an estimated US$172 per person. This pales in comparison with China’s ~US$1400 GMV per person as calculated using figures from Alibaba’s 2020 annual report (RMB 6,589,000m GMV/ 726m Annual Active Consumers *0.15 Exchange Rate), indicating a huge runway for growth. Just by simply catching up to the average spend per consumer in China, SEA’s e-commerce GMV would increase 8x!</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9d2ad0cc4c3fb4bc0fe134e91d7822a6\" tg-width=\"640\" tg-height=\"437\"><span>Source: Facebook and Bain &amp; Company Report</span></p>\n<p>4. Numerous Catalyst For Growth</p>\n<p>Over the next decade, apart from the trends mentioned, there are also numerous favourable factors which will drive this growth or provide an added boost to this developing industry. The catalysts for growth include:</p>\n<ul>\n <li>Population Increase</li>\n <li>Rising Disposable Income</li>\n <li>Greater Mobile Phone Ownership — Driven by falling phone prices</li>\n <li>Faster Internet Speed — Improves efficiency and convenience</li>\n</ul>\n<p>Currently, all of these factors are trending upwards, which is very positive news for the SEA e-commerce industry!</p>\n<p><b>A Strong Market Position</b></p>\n<p>Currently, the two main e-commerce players in SEA are Alibaba (through Lazada and Tokopedia) as well as Sea (through Shopee). Alibaba and Sea operate in a “duopoly” in the SEA e-commerce space. Hence, Alibaba is well positioned to capture much of the growth from the booming e-commerce industry in SEA.</p>\n<p>As shown in the figure below, Alibaba-owned Lazada is currently the top e-commerce application in all SEA countries except Singapore. However, Carousell is not direct competition to Lazada as the former is more of a C2C marketplace to sell secondhand items. Additionally, Lazada also gained market share in Vietnam as it was ranked 2nd behind Shopee in 2019.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/17c2674331dd7f0c33ce2cc9ae89b8e9\" tg-width=\"640\" tg-height=\"341\"><span>Source: Nativex</span></p>\n<p>While Alibaba's current market position remains superior, Sea-owned Shopee is providing Alibaba with extremely strong competition in the region and Lazada will need to actively improve its services and offerings to maintain its market position.</p>\n<p>In conclusion, SEA is a huge growth opportunity for Alibaba’s e-commerce business due to a familiar retail situation, rapidly increasing income levels, rising consumer spending and a more widespread adoption of e-commerce. Being a market leader will also allow Alibaba to benefit the most from the growth of this market.</p>\n<p><b>Strong Growth Expected In Local Services</b></p>\n<p>An often overlooked part of Alibaba's core commerce business are its local services which mainly consists of Alibaba's online-to-offline (O2O) food delivery service. This is another industry in China which is experiencing a secular increase in penetration and adoption rate.</p>\n<p>Over the past five years, the number of online food delivery users have quadrupled, although it saw a slight drop in 2020 due to the COVID-19 pandemic. Unlike most countries whereby lockdowns in 2020 caused a spike in food delivery users, strict pandemic prevention rules in China resulted in a temporary drop in food delivery users as delivery drivers were unable to enter certain residential areas. Following the peak of the pandemic, food delivery usage quickly rose back to 2019 levels. With low rates of infection within the country, it is likely that food delivery services will continue to gain steam and increase in usage in the following years.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bd5831a87f6cc2e73eab37213f859760\" tg-width=\"640\" tg-height=\"415\"><span>Source: Statista</span></p>\n<p>As of December 2020, China had&nbsp;986 million&nbsp;mobile internet users. This means that the O2O food delivery penetration rate is still below 50%, implying a large runway for growth in this industry.</p>\n<p>Between 2021-2026,EMR&nbsp;expects the Chinese online food delivery market to grow at an astonishing CAGR of 112%. There are many tailwinds that will fuel this growth, namely:</p>\n<ul>\n <li>The convenience of online food delivery</li>\n <li>Online delivery is already integrated into everyday apps like WeChat and Alipay</li>\n <li>More young people do not have the time and/or ability to cook</li>\n <li>An already large internet mobile population</li>\n</ul>\n<p>If the online food delivery industry can achieve anything near of the predicted growth rate, Alibaba’s local delivery service will deeply benefit and become an important driver of revenue growth. Furthermore, the company also aims to widen the delivery services it provides to beyond food, which would provide more growth opportunities.</p>\n<p><b>Innovations In New Retail Could Spur Growth</b></p>\n<p>Another lesser-known part of Alibaba's commerce business is New Retail, where the company aims to combine the online and offline shopping experience. Alibaba's expansion into new retail includes departmental store chain Intime and supermarket Hema. You can refer to my previous&nbsp;article&nbsp;to learn more about Alibaba's new retail.</p>\n<p>New Retail is currently Alibaba's fastest growing commerce segment, contributing approximately 20% of commerce revenue. As Alibaba expands its new retail segment to include more brick and mortar businesses (e.g., acquiring a controlling stake in hypermarket Sun Art in 2020 where it plans to push more new retail strategies), this segment will continue to be a strong revenue driver for the company.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/253d16bea23dcb43969c282ffeba9710\" tg-width=\"640\" tg-height=\"266\"><span>Source: Author's Illustrations</span></p>\n<p>According to Jack Ma, the transition to new retail will take a total of 12 years. As of today, we are only five years in. Given the positive results showed in the early stages, I believe that new retail will be able to establish Alibaba's presence and leadership in both online and offline retail, effectively increasing its total addressable market and future revenues.</p>\n<p>Capturing The Cloud Industry's Rapid Growth</p>\n<p>Apart from the numerous opportunities for growth and expansion in the commerce sector, Alibaba's cloud computing business will likely be the segment that poses huge growth figures.</p>\n<p>The cloud computing market is a rising industry in China as cloud services is part of the nation's drive to upgrade its economy by incorporating a range of new technologies such as big data and AI. This is reflective in the “Made In China 2025” Plan which places a key emphasis on IT development and independence.</p>\n<p>Cloud Services in China are considered “a few years” behind the US in adaptation and development, with China cloud market share being13.7%of global cloud demand, less than would be expected for a market of its size.</p>\n<p>For Alibaba, cloud computing is now their main business focus after commerce as they believe in the prospects and profitability of the industry.</p>\n<blockquote>\n I think cloud will be the main business of Alibaba in the future”, reflecting the direction that Alibaba is pivoting its business to. \n</blockquote>\n<blockquote>\n -- Alibaba CEO Daniel Zhang in a&nbsp;CNBC Interview\n</blockquote>\n<p><b>Rapid Industry Growth</b></p>\n<p>In the past five years, Alibaba’s cloud segment revenue has grown at an astonishing CAGR of 99%. As China’s cloud industry is still at a developing phase, we can continue to expect strong growth from both the company and industry.</p>\n<p>According&nbsp;to a white paper by the Development Research Center (DRC) of the State Council, it predicts that China’s domestic cloud industry will exceed 300 billion yuan by 2023 (up from 96 billion in 2018) and over “60% of the country’s businesses and government agencies will rely on cloud computing as an integral part of their daily operations”.</p>\n<p>Long term wise, China’s cloud industry still has a very long runway to develop. In 2019, China’s total&nbsp;cloud spending&nbsp;was only 8.4% of the US, but its GDP was 67% of the US and growing at a quicker pace. As China catches up with the US in cloud development and usage rates, they will likely experience strong, secular growth in its cloud industry minimally over the next decade.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e5eaee88c10086939b21d938301d044\" tg-width=\"640\" tg-height=\"413\"><span>Source: Geekwire</span></p>\n<p>Internationally, Alibaba Cloud is also slowly gaining market share and an expansion into overseas markets especially South East Asia could be very beneficial for the company’s cloud growth.</p>\n<p><b>Catalyst For Cloud Development</b></p>\n<p>Other catalysts for the growth of cloud computing in China include:</p>\n<ul>\n <li>China has the largest internet population in the world — \"generating a huge amount of data that needs to be stored securely and analysed for insights in a cost-effective manner\", according to&nbsp;SCMP</li>\n <li>5G Mobile Networks</li>\n <li>“Internet Plus” Strategy introduced in 2015 which seeks to integrate the mobile internet, cloud computing, big data and IoT applications to modernise industries and manufacturing</li>\n <li>COVID-19 has accelerated the move towards cloud adaptation</li>\n</ul>\n<p><b>A High Margin &amp; Profitable Business Model</b></p>\n<p>Apart from high growth rates, success in the cloud business can profoundly enhance Alibaba's bottom line due to its high margins.</p>\n<p>For example, cloud accounts for only 1/9th of Amazon's revenue, yet it contributes 60% of operating profits, reflecting the profitability in this business.</p>\n<p>In the past years, operating margins for the cloud segment of market leaders such as AWS has hovered around the high twenties. As of 4Q20, AWS' operating margin improved to ~30% and it is expected to continue rising to 35% within the next two years.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7e974af686cc46beba5dfc1c011db901\" tg-width=\"640\" tg-height=\"473\"><span>Source: Geekwire</span></p>\n<p>Therefore, development of cloud services can both provide strong revenue growth as well as a reversal of Alibaba's falling operating margins. Revenue growth and margin expansion is an extremely ideal situation for shareholders since this will result in a greater rise in net income.</p>\n<p><b>Alibaba Is Well Positioned To Capture This Growth</b></p>\n<p>While industry growth is positive news, a high growth industry will inevitably attract multiple players, resulting in stiff competition. However, I believe that Alibaba will be able to stand out from the competition as:</p>\n<ol>\n <li>It has a first mover advantage</li>\n <li>It is the current cloud market leader in China by a huge margin</li>\n <li>There are only two main competitors — Tencent(OTCPK:TCEHY)and Baidu(NASDAQ:BIDU)</li>\n <li>China has a more developed IT Infrastructure than the US, hence less money is required to redevelop decade old infrastructure and replace it with the networks required for cloud computing</li>\n</ol>\n<p>Elaborating on points 2 and 3, as of 2Q20, Alibaba Cloud has the bulk of China's&nbsp;market share&nbsp;at 40%, while its closest rivals Tencent Cloud and Huawei Cloud have about 15% each. Even as competitors develop aggressively, Alibaba still remains the market leader by a huge margin, reflecting its superiority over competitors.</p>\n<p><b>Cloud Is Becoming Profitable</b></p>\n<p>Since entering the cloud industry in 2009, Alibaba's cloud business has always been unprofitable as the company splashed the cash to develop high quality infrastructure and attract customers. Similarly for Amazon, AWS took over 10 years to become profitable.</p>\n<p>After many years of draining the company's operating cash flows, Alibaba's cloud segment is finally showing signs of profitability as the company reported its first positive EBITA in 4Q20. Alibaba believes that full year profitability will be possible within the next fiscal year or two.</p>\n<p>Other Avenues Of Growth</p>\n<p>Apart from strong growth in commerce and cloud, the following avenues will also help the company to increase income in the long run.</p>\n<p><b>Making Strategic Investments</b></p>\n<p>Apart from its core businesses, Alibaba has a portfolio of equity stakes in multiple companies. I will categorise these investments into two broad groups: Investments into \"complementary\" businesses and investments into unrelated growth sectors.</p>\n<p>By making investments in related businesses, Alibaba can reduce competition and broaden its reach, thereby benefiting its current core businesses. For example, Alibaba acquired Kaola, a cross-border e-commerce platform in September 2019 and integrated it into Tmall, effectively consolidating the industry. In 2019, Alibaba's Tmall had 25% of the cross border e-commerce market while Kaola had 27.5% of the market. With the acquisition, Alibaba will now be the outright market leader in this e-commerce segment.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/00e2116a75cbfc02917c115917ab6a2a\" tg-width=\"549\" tg-height=\"252\"><span>Source: Advangent.com</span></p>\n<p>On the other hand, Alibaba's equity stake in rather \"unrelated\" businesses in a large prospective market allows the company to tap on the large growth potential of a new industry which it may not necessarily have the expertise to directly compete in. For example, Alibaba entered the lucrative EV market with a 14% equity stake in Xpeng. Assuming Xpeng can thrive in this industry and emerge as a top producer within the next decade, the company could be worth ~US$150 billion, which is the current market capitalisation of the world's largest automaker Volkswagen. If this theoretical valuation is achieved, Alibaba's stake would be worth US$20 billion!</p>\n<p>Considering that Alibaba is a cash rich company, small investments in attractive growth companies will not put a huge dent in the company's financials. On the flip side, if the investment plays out well, Alibaba could see huge returns on their investments. As Mohnish Pabrai always says, \"Heads I Win, Tails I Don't Lose Much!\"</p>\n<p><b>Divesting Non-Core Businesses</b></p>\n<p>While Alibaba continually expands its network of businesses and investments, is important to understand that not all ventures will succeed. For those that still remain in a poor position after many years of capital injection and developments, sometimes the best solution is to cut it off.</p>\n<p>And this is what Alibaba does. Take Xiami as an example. Xiami was acquired in 2013 under Alibaba's digital media &amp; entertainment business to compete in the lucrative music streaming industry which was then dominated by Tencent. Despite its efforts of aggressively developing and promoting Xiami, Xiami was unable to substantially grow its user-base and has always been a loss-making business. As of January 2021, Xiami only commanded \"2 per cent of China's music streaming market, behind KuGou Music, QQ Music, KuWo, and NetEase Cloud Music\" asreportedby TalkingData. As a result, Alibaba announced that it would shut down its music streaming platform within the next month.</p>\n<p>With no viable route to profitability and a poor market position in a very competitive industry, I believe that this was a smart business decision as it allows the company to cut losses, minimise operating expenses and focus on other more successful ventures.</p>\n<p>Therefore, Alibaba has shown that it is not only capable at making shrewd investments, it also knows when to cut its losses and move on when necessary.</p>\n<p><b>Ant Financial</b></p>\n<p>For many investors, Alibaba's foray into the fin-tech industry via Ant Financial would be a major catalyst for growth for the company. However, I am not going to include this as a main growth driver as Ant's restructuring is still incomplete and we do not know the full impact that regulations will have on Ant. Therefore, until we have a clearer picture on Ant's updated structure, business model and strategy, I will not be able to provide a concise growth forecast for this segment.</p>\n<p>However, as Ant's Alipay is the leading mobile payment platform in China along with WeChat pay, Ant will certainly benefit from the rise in Chinese consumer spending over the next decade as well as the increasing adaptation of mobile payment methods in more rural parts of the country.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e28f81a44ee1faefde4ca73952472151\" tg-width=\"640\" tg-height=\"371\"><span>Source: Daxue Consulting</span></p>\n<p>Apart from payments, Ant Financial also provides services which covers every aspect of a consumer's financial journey, from insurance to loans to investments. These services will also benefit from the growing affluence of the Chinese middle class. If the all-in-one Alipay app is able to induce consumer stickiness to its products, or further \"trap\" consumers within Alibaba's wide range of services, Ant could further improve Alibaba's already strong network effect and help the company increase revenue by up-selling or cross-selling consumers.</p>\n<p><b>Evaluation Of Alibaba's Growth Prospects</b></p>\n<p>After analysing Alibaba's growth prospects in its various segments, I believe that the cloud computing business will be Alibaba's main driver of growth for the next decade. This segment should be able to increase earnings at a 30-40% growth rate for the next five years considering that it will turn profitable soon and can help in expanding the company's margins..</p>\n<p>Alibaba's legacy Chinese e-commerce business will likely see declining growth rates as the industry is maturing, but its expansion into SEA, local services and new retail will provide a boost to this business segment. These three businesses are all still in their infancy and in an industry, which is yearning to take off. Strong market positions in these industries will ensure that Alibaba can capture a large proportion of this growth. As a result, I believe that Alibaba's core commerce segment as a whole can easily achieve growth rates of 15%-25% in the next five years.</p>\n<p>At this point, the success of Alibaba's strategic investments and equity stake in Ant Financial is still difficult to quantify. However, they are currently heading in the right direction and the management has demonstrated its ability to extract a lot of value from their investments, be it by complementing current businesses or through an increase in valuation. Therefore, I am optimistic that Alibaba's portfolio of investments (including Ant) will provide tailwinds for the company's growth.</p>\n<p><b>Current Valuation Of Alibaba</b></p>\n<p>In my previousarticle, I did a Sum-Of-The-Parts (SOTP) valuation approach for Alibaba. For this valuation, I will also be using a SOTP valuation, but adopting an even more conservative approach to protect myself from what seems to be an inevitable market downturn.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60970c1f02270ea3d812e0603b44a197\" tg-width=\"640\" tg-height=\"444\"><span>Source: Author's calculations</span></p>\n<p><b>Assumptions &amp; Estimates Used</b></p>\n<ul>\n <li>All figures are in RMB unless otherwise stated</li>\n <li>USD to RMB exchange rate used is 1:7</li>\n <li>Earnings &amp; revenue estimates are for Fiscal Year 2021 which ends on 31/3/21</li>\n <li>Y-o-y growth estimates are 20% for core commerce, 50% for cloud computing, 3% for digital media &amp; entertainment and 0% for innovation initiatives. These estimates are slightly lower than the released 9M21 vs 9M20 figures</li>\n <li>Conservatively, Ant Financial is now valued at US$108 billion, according to the latest valuation by&nbsp;Bloomberg</li>\n <li>The value of \"Other Strategic Investments\" is adapted from Alibaba's 2020 Investor Day presentation</li>\n <li>Balance sheet information is from the company's latest 10-Q</li>\n</ul>\n<p><b>Price Multiples Used</b></p>\n<p>For Alibaba's core commerce business, the two multiples used are very conservative as Alibaba's historical average P/E is around 39. The reason for using a more conservative P/E is very simple. Alibaba's core commerce business will no longer experience exponential growth in the years ahead, therefore a few years from now, the core commerce business will unlikely command such a high multiple.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/267ced3b0a87b74cb78f90024fba03dd\" tg-width=\"640\" tg-height=\"457\"><span>Source:Analyst Prep</span></p>\n<p>With reference to an industry life cycle model, I will estimate Alibaba's core commerce business to be somewhere between the \"growth\" and \"shake-out\" stage now.</p>\n<p>Taking the 10-year P/E average of other e-commerce companies (JD(NASDAQ:JD), eBay(NASDAQ:EBAY)and Rakuten(OTCPK:RKUNY)), I arrive to a multiple of 25. Amazon(NASDAQ:AMZN)has been excluded as I personally think that it's extremely high P/E is unsustainable in the long run. A P/E of 25 is realistic as large commerce chains which are currently in a mature industry (Walmart(NYSE:WMT), Target(NYSE:TGT), Costco(NASDAQ:COST)) trade at a 10-year average P/E of ~20. Once e-commerce reaches \"mature\" stage, it should trade on a similar multiple to its retail &amp; commerce peers. However, due to its much higher margins, I believe that Alibaba will trade at a slight premium, therefore a base case multiple of 25 is appropriate.</p>\n<p>For the cloud computing industry, cloud businesses are currently trading at Price to Revenue multiples between 10x to 15x. In 2019, AWS traded at a multiple of ~12 hence this will be my base case estimate.</p>\n<p>The digital media &amp; entertainment business's multiple is derived from the 10-year average of Netflix(NASDAQ:NFLX)and iQiyi(NASDAQ:IQ)while innovation initiatives &amp; others takes the multiple of the US IT sector.</p>\n<p><b>Conclusion</b></p>\n<p>At a price below $239, Alibaba is trading at a valuation even lower than its bear case, and this valuation model by itself is already extremely conservative. Therefore, investing in Alibaba today not only comes with spectacular growth opportunities, but also an equally amazing margin of safety. Should prices continue to fall from here, I will not hesitate to continue adding to my Alibaba positions.</p>\n<p>Finally, as I was writing this article, there were rumours that the Chinese government had asked Alibaba to dispose their media assets as they were concerned about Alibaba's ability to sway public sentiment. In the meantime, the key assets in concern are the South China Morning Post and several other news and media outlets. This may not necessarily be bad for the company as divestment of these assets would allow them to shore up cash to meet the regulatory requirements for Ant Financial. Such a move could also elevate the company's favourability with the government. Overall, insiders have stated that it is unlikely that Alibaba will need to divest its entertainment business, hence this regulatory concern seems to be more focused on Alibaba's media assets and will not affect the company's commerce, cloud or entertainment business, which are much more important to the company.</p>\n<p>I will not go on with all the risks associated with this investment as I have already assessed them in my previous article. As an ending remark, I will note that investing in Alibaba is indeed riskier due to the regulatory concerns both in US and China. However, if you are able to stomach the added risk and volatility, Alibaba currently gives you a very good opportunity to capitalise on the growth of China and comes at a price with a huge margin of safety baked in to protect investors from the potential downside risks.</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>Alibaba: A Value And Growth Stock At Current Prices</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\">\nAlibaba: A Value And Growth Stock At Current Prices\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-22 16:57 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4415263-alibaba-value-and-growth-stock-current-prices><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nAt current prices, Alibaba is now both a growth and value stock.\nThis article will assess Alibaba's attractive growth prospects and the company's valuation.\nAlibaba will be able to enjoy ...</p>\n\n<a href=\"https://seekingalpha.com/article/4415263-alibaba-value-and-growth-stock-current-prices\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BABA":"阿里巴巴","09988":"阿里巴巴-W"},"source_url":"https://seekingalpha.com/article/4415263-alibaba-value-and-growth-stock-current-prices","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1163218484","content_text":"Summary\n\nAt current prices, Alibaba is now both a growth and value stock.\nThis article will assess Alibaba's attractive growth prospects and the company's valuation.\nAlibaba will be able to enjoy stable growth from their commerce business in the next decade.\nThe company's expansion into cloud computing will provide explosive growth opportunities considering the industry's growth rate and high margins.\nAlibaba will also be able to enjoy growth from its strategic investments and stake in Ant Financial.\n\nPhoto by maybefalse/iStock Unreleased via Getty Images\nValue Meets Growth\nEarlier in January, I conducted a fundamental analysis on Alibaba (BABA), and explained how it the company was undervalued as a result of an overreaction due to regulatory fears.Two months on, the stock had seen a spectacular rise back to the ~$270 levels and came tumbling back to the ~$230 levels as a result of the tech sell-off. This presents another golden opportunity for investors to pick up a great business at a fantastic price.\nIn this article, I will analyse the growth opportunities of Alibaba and explain why I believe that the company will be able to sustain high growth rates of ~20%-30% over the next decade. As a result, buying Alibaba today gives investors a rare opportunity of buying both a value and growth stock!\nA Quick Recap\nAlibaba has four main business segments, namely: Core Commerce, Cloud Computing, Digital Media & Entertainment and Innovation Initiatives. The company also has a 33% equity stake in Ant Financial as well as a diverse portfolio of investments. The following figure shows a detailed breakdown of Alibaba's business segments and brands.\nSource: Author's Compilation From Alibaba's 2020 Investor Day Presentation\nNotable changes from 2019's Investor Day include:\n\nIncreasing its stake in EV maker Xpeng(NYSE:XPEV)from 3.2% to 19% in end 2020\nTaking a controlling stake of 72% in Sun Art(OTCPK:SURRY), a leading hypermarket and supermarket operator in China in October 2020\nShutting down of Xiami music streaming platform in February 2021\n\nWhile Alibaba is actively developing each of these segments, my following growth analysis will be more focused on the Core Commerce and Cloud Computing segments as they are the key revenue contributors to Alibaba (86% and 8% of FY20 revenue respectively) and experience the best growth tailwinds.\nSustainable Growth In Core CommerceE-Commerce In China Continual Growth In China's E-Commerce Industry\nAlibaba's legacy business, its Chinese e-commerce platforms will continue to benefit from the growth in consumer spending and e-commerce penetration in China. Although this segment will no longer see explosive growth, retail e-commerce sales in China is still expected to grow at a steady pace.\nIn 2021, e-commerce is forecasted to account for more than 50% of total retail sales in the country and this percentage will increase about ~2% per year thereafter. Growth in retail e-commerce sales will slowly taper down, but annual growth will remain in the 10% range after 2021.\nSource: eMarketer.com\nWhile this is not an astonishing growth rate, a ~10% yearly growth for a maturing business segment is certainly positive for the company. This also helps Alibaba generate an increasing amount of cash flow which can be deployed to develop other business segments and create new sources of income.\nGrowth In Chinese Consumer Spending\nOne major factor that can significantly affect the trajectory of the e-commerce industry is the consumer spending of Chinese citizens.\nAccording to a report by Morgan Stanley in January 2021, “Chinese consumer spending is set to more than double in ten years.” China’s private consumption was $5.6 trillion in 2019 and is expected to reach $12.7 trillion by 2030, the same amount which American’s currently spend. By 2030, disposable income per capita is also expected to rise proportionally, from $6,000 a year to $12,000, representing a CAGR of 7% over the next decade.\nThis trend is mainly driven by an ageing population as the age groups with the highest purchasing power retire or have families, resulting in an increase in spending. Therefore, should Alibaba be able to tap onto this emerging market by focusing on family and elderly related products such as healthcare items, it would help the company sustain high growth rates in its local e-commerce business for the next decade.\nLive Streaming As A Sales Medium\nIn recent years, live streaming as a sales medium has gained huge popularity in China. According to Coresight, life streaming sessions are real time \"broadcasting of video content by presenters such as social media influencers that model or try out products.\" Users will then be able to purchase the product by clicking an embedded link. Products advertised during live streaming are usually sold at a discounted price and there are limited quantities for sale, which explains why so many consumers tune in to hunt for bargains. The figure below shows how a typical live streaming session looks like.\nSource: WalkTheChat\nLive streaming has brought in extraordinary results for e-commerce companies. On Singles Day 2019, top live streamer, Viya's (left) eight-hour session engaged 43.15 million buyers while Li Jiaqi's (right) six-hour live stream drew over 36.8 million viewers. In total, over 100,000 brands utilised Taobao's live streaming function during Singles’ Day 2019, generating a Gross Merchandise Value (GMV) of ¥20 billion ($2.85 billion), which represents 7.5% of total sales on Singles Day.\nLive-streamers are quickly growing in popularity in China. Top live-streamers like Viya and Li Jiaqi are often invited to take part and feature in reality shows as well as concerts. This helps to further expand their already wide group of audiences, which in turn can fuel more growth in the life streaming segment, and an increase in GMV.\nOn Chinese social media platform Weibo(NASDAQ:WB), Li Jiaqi and Viya have amassed 29 and 17 million followers, respectively, a figure which even exceeds that of many celebrities. This reflects the ever-growing popularity of live streamers and the potential reach they have.\nThe growth in this segment will benefit Alibaba the greatest as the two most popular live streamers mentioned above live stream on Taobao. If live streaming continues to rapidly gain popularity and relevance, it could help to accelerate consumer spending which will benefit Alibaba's e-commerce business.\nE-Commerce Expansion Into South East Asia (SEA)\nAs the growth in the Chinese e-commerce market will eventually plateau out, Alibaba has stepped up its expansion into the next potential e-commerce hotbed, the SEA market. Alibaba's operations in the region are mainly through Lazada (acquired in 2016), Tokopedia (equity investment in 2017) and AliExpress. To Alibaba, SEA is an extremely attractive and viable market due to the following:\n\nA Retail Situation That Is Similar To That Of China 10 Years Ago\nFavourable Industry Trends\nStrong Market Position\n\nA Familiar Retail Situation\nThe current retail landscape in SEA is very similar to that of China which allowed Alibaba to thrive. The region has a huge population (~600m) which is very young, high mobile usage, a relatively undeveloped e-commerce industry, low income levels and a similar culture and background to China.\nThis makes it easier for Alibaba adopt and innovate from their successful Chinese business model and implement it in SEA.\nLive streaming has brought in extraordinary results for e-commerce companies. On Singles Day 2019, top live streamer, Viya's (left) eight-hour session engaged 43.15 million buyers while Li Jiaqi's (right) six-hour live stream drew over 36.8 million viewers. In total, over 100,000 brands utilised Taobao's live streaming function during Singles’ Day 2019, generating a Gross Merchandise Value (GMV) of ¥20 billion ($2.85 billion), which represents 7.5% of total sales on Singles Day.\nLive-streamers are quickly growing in popularity in China. Top live-streamers like Viya and Li Jiaqi are often invited to take part and feature in reality shows as well as concerts. This helps to further expand their already wide group of audiences, which in turn can fuel more growth in the life streaming segment, and an increase in GMV.\nOn Chinese social media platform Weibo(NASDAQ:WB), Li Jiaqi and Viya have amassed 29 and 17 million followers, respectively, a figure which even exceeds that of many celebrities. This reflects the ever-growing popularity of live streamers and the potential reach they have.\nThe growth in this segment will benefit Alibaba the greatest as the two most popular live streamers mentioned above live stream on Taobao. If live streaming continues to rapidly gain popularity and relevance, it could help to accelerate consumer spending which will benefit Alibaba's e-commerce business.\nE-Commerce Expansion Into South East Asia (SEA)\nAs the growth in the Chinese e-commerce market will eventually plateau out, Alibaba has stepped up its expansion into the next potential e-commerce hotbed, the SEA market. Alibaba's operations in the region are mainly through Lazada (acquired in 2016), Tokopedia (equity investment in 2017) and AliExpress. To Alibaba, SEA is an extremely attractive and viable market due to the following:\n\nA Retail Situation That Is Similar To That Of China 10 Years Ago\nFavourable Industry Trends\nStrong Market Position\n\nA Familiar Retail Situation\nThe current retail landscape in SEA is very similar to that of China which allowed Alibaba to thrive. The region has a huge population (~600m) which is very young, high mobile usage, a relatively undeveloped e-commerce industry, low income levels and a similar culture and background to China.\nThis makes it easier for Alibaba adopt and innovate from their successful Chinese business model and implement it in SEA.\nSource: Alibaba 2020 Investor Day Presentation\nFavourable Industry Trends\nApart from the SEA market resembling China ten years ago, the region is also experiencing very positive trends regarding income growth, consumer spending growth and e-commerce penetration, all of which will accelerate Alibaba’s developments in the region.\n1. A Rapidly Expanding Market\nAccording to Mashable, Southeast Asia’s internet economy hit the US$100 billion mark at the end of 2019, and e-commerce was the largest sector contributing to this figure. Out of $100 billion, e-commerce platforms made US$38 billion!\nLooking ahead, the region’s online market value is expected to rise to US$300 billion by 2025, and e-commerce will be one of the greatest benefactors of this growth.\n2. COVID-19 Accelerated E-Commerce User-ship\nAccording to report by Facebook and Bain & Company in August 2020, the number of digital consumers in SEA will reach 310 million by the end of 2020. This figure was originally expected to be hit in 2025 according to their 2019 study. It is likely that the emergence of COVID-19 had accelerated e-commerce adaptation in the region, condensing five years worth of growth into one!\nIn the following years, the report predicts that the number of digital consumers will continue growing at a fast pace, with a revised figure of 340 million by 2025. I wouldn’t be too surprised if this figure was also exceeded in the next year or two considering the rapid advancements in technology in the region.\nSource: Facebook and Bain & Company Report\n3. Increasing Consumer Spending\nSEA countries have recorded one of the highest growths in online spending in the past years. From the chart below, we can see that SEA nations (highlighted in yellow) have been experiencing high yearly growth rates of >15% in online spending.\nSource: Techpinas.com\nThis growth is expected to remain high in the coming years with the same report by Facebook and Bain & Company predicting a 3.5x increase in online spending over 2018 amounts by 2025. (This figure was previously 3.2x in 2019). As of 2020, the average gross merchandise value (GMV) in the region is an estimated US$172 per person. This pales in comparison with China’s ~US$1400 GMV per person as calculated using figures from Alibaba’s 2020 annual report (RMB 6,589,000m GMV/ 726m Annual Active Consumers *0.15 Exchange Rate), indicating a huge runway for growth. Just by simply catching up to the average spend per consumer in China, SEA’s e-commerce GMV would increase 8x!\nSource: Facebook and Bain & Company Report\n4. Numerous Catalyst For Growth\nOver the next decade, apart from the trends mentioned, there are also numerous favourable factors which will drive this growth or provide an added boost to this developing industry. The catalysts for growth include:\n\nPopulation Increase\nRising Disposable Income\nGreater Mobile Phone Ownership — Driven by falling phone prices\nFaster Internet Speed — Improves efficiency and convenience\n\nCurrently, all of these factors are trending upwards, which is very positive news for the SEA e-commerce industry!\nA Strong Market Position\nCurrently, the two main e-commerce players in SEA are Alibaba (through Lazada and Tokopedia) as well as Sea (through Shopee). Alibaba and Sea operate in a “duopoly” in the SEA e-commerce space. Hence, Alibaba is well positioned to capture much of the growth from the booming e-commerce industry in SEA.\nAs shown in the figure below, Alibaba-owned Lazada is currently the top e-commerce application in all SEA countries except Singapore. However, Carousell is not direct competition to Lazada as the former is more of a C2C marketplace to sell secondhand items. Additionally, Lazada also gained market share in Vietnam as it was ranked 2nd behind Shopee in 2019.\nSource: Nativex\nWhile Alibaba's current market position remains superior, Sea-owned Shopee is providing Alibaba with extremely strong competition in the region and Lazada will need to actively improve its services and offerings to maintain its market position.\nIn conclusion, SEA is a huge growth opportunity for Alibaba’s e-commerce business due to a familiar retail situation, rapidly increasing income levels, rising consumer spending and a more widespread adoption of e-commerce. Being a market leader will also allow Alibaba to benefit the most from the growth of this market.\nStrong Growth Expected In Local Services\nAn often overlooked part of Alibaba's core commerce business are its local services which mainly consists of Alibaba's online-to-offline (O2O) food delivery service. This is another industry in China which is experiencing a secular increase in penetration and adoption rate.\nOver the past five years, the number of online food delivery users have quadrupled, although it saw a slight drop in 2020 due to the COVID-19 pandemic. Unlike most countries whereby lockdowns in 2020 caused a spike in food delivery users, strict pandemic prevention rules in China resulted in a temporary drop in food delivery users as delivery drivers were unable to enter certain residential areas. Following the peak of the pandemic, food delivery usage quickly rose back to 2019 levels. With low rates of infection within the country, it is likely that food delivery services will continue to gain steam and increase in usage in the following years.\nSource: Statista\nAs of December 2020, China had 986 million mobile internet users. This means that the O2O food delivery penetration rate is still below 50%, implying a large runway for growth in this industry.\nBetween 2021-2026,EMR expects the Chinese online food delivery market to grow at an astonishing CAGR of 112%. There are many tailwinds that will fuel this growth, namely:\n\nThe convenience of online food delivery\nOnline delivery is already integrated into everyday apps like WeChat and Alipay\nMore young people do not have the time and/or ability to cook\nAn already large internet mobile population\n\nIf the online food delivery industry can achieve anything near of the predicted growth rate, Alibaba’s local delivery service will deeply benefit and become an important driver of revenue growth. Furthermore, the company also aims to widen the delivery services it provides to beyond food, which would provide more growth opportunities.\nInnovations In New Retail Could Spur Growth\nAnother lesser-known part of Alibaba's commerce business is New Retail, where the company aims to combine the online and offline shopping experience. Alibaba's expansion into new retail includes departmental store chain Intime and supermarket Hema. You can refer to my previous article to learn more about Alibaba's new retail.\nNew Retail is currently Alibaba's fastest growing commerce segment, contributing approximately 20% of commerce revenue. As Alibaba expands its new retail segment to include more brick and mortar businesses (e.g., acquiring a controlling stake in hypermarket Sun Art in 2020 where it plans to push more new retail strategies), this segment will continue to be a strong revenue driver for the company.\nSource: Author's Illustrations\nAccording to Jack Ma, the transition to new retail will take a total of 12 years. As of today, we are only five years in. Given the positive results showed in the early stages, I believe that new retail will be able to establish Alibaba's presence and leadership in both online and offline retail, effectively increasing its total addressable market and future revenues.\nCapturing The Cloud Industry's Rapid Growth\nApart from the numerous opportunities for growth and expansion in the commerce sector, Alibaba's cloud computing business will likely be the segment that poses huge growth figures.\nThe cloud computing market is a rising industry in China as cloud services is part of the nation's drive to upgrade its economy by incorporating a range of new technologies such as big data and AI. This is reflective in the “Made In China 2025” Plan which places a key emphasis on IT development and independence.\nCloud Services in China are considered “a few years” behind the US in adaptation and development, with China cloud market share being13.7%of global cloud demand, less than would be expected for a market of its size.\nFor Alibaba, cloud computing is now their main business focus after commerce as they believe in the prospects and profitability of the industry.\n\n I think cloud will be the main business of Alibaba in the future”, reflecting the direction that Alibaba is pivoting its business to. \n\n\n -- Alibaba CEO Daniel Zhang in a CNBC Interview\n\nRapid Industry Growth\nIn the past five years, Alibaba’s cloud segment revenue has grown at an astonishing CAGR of 99%. As China’s cloud industry is still at a developing phase, we can continue to expect strong growth from both the company and industry.\nAccording to a white paper by the Development Research Center (DRC) of the State Council, it predicts that China’s domestic cloud industry will exceed 300 billion yuan by 2023 (up from 96 billion in 2018) and over “60% of the country’s businesses and government agencies will rely on cloud computing as an integral part of their daily operations”.\nLong term wise, China’s cloud industry still has a very long runway to develop. In 2019, China’s total cloud spending was only 8.4% of the US, but its GDP was 67% of the US and growing at a quicker pace. As China catches up with the US in cloud development and usage rates, they will likely experience strong, secular growth in its cloud industry minimally over the next decade.\nSource: Geekwire\nInternationally, Alibaba Cloud is also slowly gaining market share and an expansion into overseas markets especially South East Asia could be very beneficial for the company’s cloud growth.\nCatalyst For Cloud Development\nOther catalysts for the growth of cloud computing in China include:\n\nChina has the largest internet population in the world — \"generating a huge amount of data that needs to be stored securely and analysed for insights in a cost-effective manner\", according to SCMP\n5G Mobile Networks\n“Internet Plus” Strategy introduced in 2015 which seeks to integrate the mobile internet, cloud computing, big data and IoT applications to modernise industries and manufacturing\nCOVID-19 has accelerated the move towards cloud adaptation\n\nA High Margin & Profitable Business Model\nApart from high growth rates, success in the cloud business can profoundly enhance Alibaba's bottom line due to its high margins.\nFor example, cloud accounts for only 1/9th of Amazon's revenue, yet it contributes 60% of operating profits, reflecting the profitability in this business.\nIn the past years, operating margins for the cloud segment of market leaders such as AWS has hovered around the high twenties. As of 4Q20, AWS' operating margin improved to ~30% and it is expected to continue rising to 35% within the next two years.\nSource: Geekwire\nTherefore, development of cloud services can both provide strong revenue growth as well as a reversal of Alibaba's falling operating margins. Revenue growth and margin expansion is an extremely ideal situation for shareholders since this will result in a greater rise in net income.\nAlibaba Is Well Positioned To Capture This Growth\nWhile industry growth is positive news, a high growth industry will inevitably attract multiple players, resulting in stiff competition. However, I believe that Alibaba will be able to stand out from the competition as:\n\nIt has a first mover advantage\nIt is the current cloud market leader in China by a huge margin\nThere are only two main competitors — Tencent(OTCPK:TCEHY)and Baidu(NASDAQ:BIDU)\nChina has a more developed IT Infrastructure than the US, hence less money is required to redevelop decade old infrastructure and replace it with the networks required for cloud computing\n\nElaborating on points 2 and 3, as of 2Q20, Alibaba Cloud has the bulk of China's market share at 40%, while its closest rivals Tencent Cloud and Huawei Cloud have about 15% each. Even as competitors develop aggressively, Alibaba still remains the market leader by a huge margin, reflecting its superiority over competitors.\nCloud Is Becoming Profitable\nSince entering the cloud industry in 2009, Alibaba's cloud business has always been unprofitable as the company splashed the cash to develop high quality infrastructure and attract customers. Similarly for Amazon, AWS took over 10 years to become profitable.\nAfter many years of draining the company's operating cash flows, Alibaba's cloud segment is finally showing signs of profitability as the company reported its first positive EBITA in 4Q20. Alibaba believes that full year profitability will be possible within the next fiscal year or two.\nOther Avenues Of Growth\nApart from strong growth in commerce and cloud, the following avenues will also help the company to increase income in the long run.\nMaking Strategic Investments\nApart from its core businesses, Alibaba has a portfolio of equity stakes in multiple companies. I will categorise these investments into two broad groups: Investments into \"complementary\" businesses and investments into unrelated growth sectors.\nBy making investments in related businesses, Alibaba can reduce competition and broaden its reach, thereby benefiting its current core businesses. For example, Alibaba acquired Kaola, a cross-border e-commerce platform in September 2019 and integrated it into Tmall, effectively consolidating the industry. In 2019, Alibaba's Tmall had 25% of the cross border e-commerce market while Kaola had 27.5% of the market. With the acquisition, Alibaba will now be the outright market leader in this e-commerce segment.\nSource: Advangent.com\nOn the other hand, Alibaba's equity stake in rather \"unrelated\" businesses in a large prospective market allows the company to tap on the large growth potential of a new industry which it may not necessarily have the expertise to directly compete in. For example, Alibaba entered the lucrative EV market with a 14% equity stake in Xpeng. Assuming Xpeng can thrive in this industry and emerge as a top producer within the next decade, the company could be worth ~US$150 billion, which is the current market capitalisation of the world's largest automaker Volkswagen. If this theoretical valuation is achieved, Alibaba's stake would be worth US$20 billion!\nConsidering that Alibaba is a cash rich company, small investments in attractive growth companies will not put a huge dent in the company's financials. On the flip side, if the investment plays out well, Alibaba could see huge returns on their investments. As Mohnish Pabrai always says, \"Heads I Win, Tails I Don't Lose Much!\"\nDivesting Non-Core Businesses\nWhile Alibaba continually expands its network of businesses and investments, is important to understand that not all ventures will succeed. For those that still remain in a poor position after many years of capital injection and developments, sometimes the best solution is to cut it off.\nAnd this is what Alibaba does. Take Xiami as an example. Xiami was acquired in 2013 under Alibaba's digital media & entertainment business to compete in the lucrative music streaming industry which was then dominated by Tencent. Despite its efforts of aggressively developing and promoting Xiami, Xiami was unable to substantially grow its user-base and has always been a loss-making business. As of January 2021, Xiami only commanded \"2 per cent of China's music streaming market, behind KuGou Music, QQ Music, KuWo, and NetEase Cloud Music\" asreportedby TalkingData. As a result, Alibaba announced that it would shut down its music streaming platform within the next month.\nWith no viable route to profitability and a poor market position in a very competitive industry, I believe that this was a smart business decision as it allows the company to cut losses, minimise operating expenses and focus on other more successful ventures.\nTherefore, Alibaba has shown that it is not only capable at making shrewd investments, it also knows when to cut its losses and move on when necessary.\nAnt Financial\nFor many investors, Alibaba's foray into the fin-tech industry via Ant Financial would be a major catalyst for growth for the company. However, I am not going to include this as a main growth driver as Ant's restructuring is still incomplete and we do not know the full impact that regulations will have on Ant. Therefore, until we have a clearer picture on Ant's updated structure, business model and strategy, I will not be able to provide a concise growth forecast for this segment.\nHowever, as Ant's Alipay is the leading mobile payment platform in China along with WeChat pay, Ant will certainly benefit from the rise in Chinese consumer spending over the next decade as well as the increasing adaptation of mobile payment methods in more rural parts of the country.\nSource: Daxue Consulting\nApart from payments, Ant Financial also provides services which covers every aspect of a consumer's financial journey, from insurance to loans to investments. These services will also benefit from the growing affluence of the Chinese middle class. If the all-in-one Alipay app is able to induce consumer stickiness to its products, or further \"trap\" consumers within Alibaba's wide range of services, Ant could further improve Alibaba's already strong network effect and help the company increase revenue by up-selling or cross-selling consumers.\nEvaluation Of Alibaba's Growth Prospects\nAfter analysing Alibaba's growth prospects in its various segments, I believe that the cloud computing business will be Alibaba's main driver of growth for the next decade. This segment should be able to increase earnings at a 30-40% growth rate for the next five years considering that it will turn profitable soon and can help in expanding the company's margins..\nAlibaba's legacy Chinese e-commerce business will likely see declining growth rates as the industry is maturing, but its expansion into SEA, local services and new retail will provide a boost to this business segment. These three businesses are all still in their infancy and in an industry, which is yearning to take off. Strong market positions in these industries will ensure that Alibaba can capture a large proportion of this growth. As a result, I believe that Alibaba's core commerce segment as a whole can easily achieve growth rates of 15%-25% in the next five years.\nAt this point, the success of Alibaba's strategic investments and equity stake in Ant Financial is still difficult to quantify. However, they are currently heading in the right direction and the management has demonstrated its ability to extract a lot of value from their investments, be it by complementing current businesses or through an increase in valuation. Therefore, I am optimistic that Alibaba's portfolio of investments (including Ant) will provide tailwinds for the company's growth.\nCurrent Valuation Of Alibaba\nIn my previousarticle, I did a Sum-Of-The-Parts (SOTP) valuation approach for Alibaba. For this valuation, I will also be using a SOTP valuation, but adopting an even more conservative approach to protect myself from what seems to be an inevitable market downturn.\nSource: Author's calculations\nAssumptions & Estimates Used\n\nAll figures are in RMB unless otherwise stated\nUSD to RMB exchange rate used is 1:7\nEarnings & revenue estimates are for Fiscal Year 2021 which ends on 31/3/21\nY-o-y growth estimates are 20% for core commerce, 50% for cloud computing, 3% for digital media & entertainment and 0% for innovation initiatives. These estimates are slightly lower than the released 9M21 vs 9M20 figures\nConservatively, Ant Financial is now valued at US$108 billion, according to the latest valuation by Bloomberg\nThe value of \"Other Strategic Investments\" is adapted from Alibaba's 2020 Investor Day presentation\nBalance sheet information is from the company's latest 10-Q\n\nPrice Multiples Used\nFor Alibaba's core commerce business, the two multiples used are very conservative as Alibaba's historical average P/E is around 39. The reason for using a more conservative P/E is very simple. Alibaba's core commerce business will no longer experience exponential growth in the years ahead, therefore a few years from now, the core commerce business will unlikely command such a high multiple.\nSource:Analyst Prep\nWith reference to an industry life cycle model, I will estimate Alibaba's core commerce business to be somewhere between the \"growth\" and \"shake-out\" stage now.\nTaking the 10-year P/E average of other e-commerce companies (JD(NASDAQ:JD), eBay(NASDAQ:EBAY)and Rakuten(OTCPK:RKUNY)), I arrive to a multiple of 25. Amazon(NASDAQ:AMZN)has been excluded as I personally think that it's extremely high P/E is unsustainable in the long run. A P/E of 25 is realistic as large commerce chains which are currently in a mature industry (Walmart(NYSE:WMT), Target(NYSE:TGT), Costco(NASDAQ:COST)) trade at a 10-year average P/E of ~20. Once e-commerce reaches \"mature\" stage, it should trade on a similar multiple to its retail & commerce peers. However, due to its much higher margins, I believe that Alibaba will trade at a slight premium, therefore a base case multiple of 25 is appropriate.\nFor the cloud computing industry, cloud businesses are currently trading at Price to Revenue multiples between 10x to 15x. In 2019, AWS traded at a multiple of ~12 hence this will be my base case estimate.\nThe digital media & entertainment business's multiple is derived from the 10-year average of Netflix(NASDAQ:NFLX)and iQiyi(NASDAQ:IQ)while innovation initiatives & others takes the multiple of the US IT sector.\nConclusion\nAt a price below $239, Alibaba is trading at a valuation even lower than its bear case, and this valuation model by itself is already extremely conservative. Therefore, investing in Alibaba today not only comes with spectacular growth opportunities, but also an equally amazing margin of safety. Should prices continue to fall from here, I will not hesitate to continue adding to my Alibaba positions.\nFinally, as I was writing this article, there were rumours that the Chinese government had asked Alibaba to dispose their media assets as they were concerned about Alibaba's ability to sway public sentiment. In the meantime, the key assets in concern are the South China Morning Post and several other news and media outlets. This may not necessarily be bad for the company as divestment of these assets would allow them to shore up cash to meet the regulatory requirements for Ant Financial. Such a move could also elevate the company's favourability with the government. Overall, insiders have stated that it is unlikely that Alibaba will need to divest its entertainment business, hence this regulatory concern seems to be more focused on Alibaba's media assets and will not affect the company's commerce, cloud or entertainment business, which are much more important to the company.\nI will not go on with all the risks associated with this investment as I have already assessed them in my previous article. As an ending remark, I will note that investing in Alibaba is indeed riskier due to the regulatory concerns both in US and China. However, if you are able to stomach the added risk and volatility, Alibaba currently gives you a very good opportunity to capitalise on the growth of China and comes at a price with a huge margin of safety baked in to protect investors from the potential downside risks.","news_type":1},"isVote":1,"tweetType":1,"viewCount":184,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3570517865216539","authorId":"3570517865216539","name":"Big__Boss","avatar":"https://static.tigerbbs.com/2c36c2fe68f671064d7d1fd9b7268165","crmLevel":5,"crmLevelSwitch":1,"idStr":"3570517865216539","authorIdStr":"3570517865216539"},"content":"please response me","text":"please response me","html":"please response me"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":358213923,"gmtCreate":1616694171762,"gmtModify":1704797591073,"author":{"id":"3567110070471630","authorId":"3567110070471630","name":"Black313","avatar":"https://static.tigerbbs.com/b943544d536a8a996df7f083242a4724","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567110070471630","authorIdStr":"3567110070471630"},"themes":[],"htmlText":"OkOk&nbsp;","listText":"OkOk&nbsp;","text":"OkOk","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/358213923","repostId":"1138272228","repostType":4,"repost":{"id":"1138272228","kind":"news","pubTimestamp":1616687131,"share":"https://ttm.financial/m/news/1138272228?lang=&edition=fundamental","pubTime":"2021-03-25 23:45","market":"us","language":"en","title":"More than half of retail investors say market is rigged against them","url":"https://stock-news.laohu8.com/highlight/detail?id=1138272228","media":"cnbc","summary":"KEY POINTS\n\n41% of non-investors say they believe the market is rigged and 56% of investors agree.\nT","content":"<div>\n<p>KEY POINTS\n\n41% of non-investors say they believe the market is rigged and 56% of investors agree.\nThe poll was taken in late February, about a month after a runup in so-called meme stocks like ...</p>\n\n<a href=\"https://www.cnbc.com/2021/03/25/more-than-half-of-retail-investors-say-market-is-rigged-against-them.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","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>More than half of retail investors say market is rigged against them</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; 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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\">\nMore than half of retail investors say market is rigged against them\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-25 23:45 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/03/25/more-than-half-of-retail-investors-say-market-is-rigged-against-them.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\n41% of non-investors say they believe the market is rigged and 56% of investors agree.\nThe poll was taken in late February, about a month after a runup in so-called meme stocks like ...</p>\n\n<a href=\"https://www.cnbc.com/2021/03/25/more-than-half-of-retail-investors-say-market-is-rigged-against-them.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.cnbc.com/2021/03/25/more-than-half-of-retail-investors-say-market-is-rigged-against-them.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1138272228","content_text":"KEY POINTS\n\n41% of non-investors say they believe the market is rigged and 56% of investors agree.\nThe poll was taken in late February, about a month after a runup in so-called meme stocks like Gamestop.\n\nIt's not investing that is viewed skeptically, it's the system.\nMore than half (56%) of people who have money in stocks think the market is rigged against individual investors, according to a survey from Bankrate. That's compared to 41% of non-investors who say the same thing.\n\"Part of it may have to do with expectations,\" said Greg McBride, chief financial analyst at Bankrate. \"Newer investors may be trying to score big gains or time the market and the odds are not for long-term success with those endeavors.\"\nAt the same time, he said, retail investors have seen hedge funds and other sophisticated or wealthy investors treated differently, such as getting early access to initial public offerings and better trade execution.\n\"Newer investors are seeing those things, and that can sow the seeds of doubt about the integrity or fairness of the markets,\" McBride said.\nThe poll of 2,525 U.S. adults was taken in late February, about a month after a runup in so-called meme stocks, including Gamestop— whose share price peaked at $347 on Jan. 27 after trading at about $31 two weeks earlier. The surge was attributed to an army of Reddit investors forcing hedge funds that were banking on the stock dropping — known as short-selling — to instead buy shares at a higher price.\nAmid the frenzy, Robinhood, the popular trading application used by individual investors, restricted trades in Gamestop and some other stocks. The company was accused by its users and lawmakers of protecting hedge funds that were short sellers of those stocks. Robinhood said the move was made to meet regulatory requirements applying to financial reserves, not to benefit any particular group of investors.\nThe Bankrate survey also explored how individuals are investing now versus before the pandemic.\n“What we saw was that Reddit users were two times more likely to be investing more rather than less, compared to before the pandemic,” McBride said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":91,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324024393,"gmtCreate":1615945518112,"gmtModify":1704788759136,"author":{"id":"3567110070471630","authorId":"3567110070471630","name":"Black313","avatar":"https://static.tigerbbs.com/b943544d536a8a996df7f083242a4724","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567110070471630","authorIdStr":"3567110070471630"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/CLBS\">$Caladrius Biosciences(CLBS)$</a>??","listText":"<a href=\"https://laohu8.com/S/CLBS\">$Caladrius Biosciences(CLBS)$</a>??","text":"$Caladrius Biosciences(CLBS)$??","images":[{"img":"https://static.tigerbbs.com/39d4829c402f8914ff9b5261f68a0ddf","width":"1242","height":"2151"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/324024393","isVote":1,"tweetType":1,"viewCount":317,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":329152574,"gmtCreate":1615216513098,"gmtModify":1704779738089,"author":{"id":"3567110070471630","authorId":"3567110070471630","name":"Black313","avatar":"https://static.tigerbbs.com/b943544d536a8a996df7f083242a4724","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567110070471630","authorIdStr":"3567110070471630"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/NNDM\">$Nano Dimension(NNDM)$</a>share for coin","listText":"<a href=\"https://laohu8.com/S/NNDM\">$Nano Dimension(NNDM)$</a>share for coin","text":"$Nano Dimension(NNDM)$share for coin","images":[{"img":"https://static.tigerbbs.com/3030d624e98f35075b970f2613b5e20c","width":"1242","height":"2151"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/329152574","isVote":1,"tweetType":1,"viewCount":23,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":329392684,"gmtCreate":1615205821048,"gmtModify":1704779524100,"author":{"id":"3567110070471630","authorId":"3567110070471630","name":"Black313","avatar":"https://static.tigerbbs.com/b943544d536a8a996df7f083242a4724","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567110070471630","authorIdStr":"3567110070471630"},"themes":[],"htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/329392684","repostId":"1134232335","repostType":4,"repost":{"id":"1134232335","kind":"news","pubTimestamp":1615205309,"share":"https://ttm.financial/m/news/1134232335?lang=&edition=fundamental","pubTime":"2021-03-08 20:08","market":"us","language":"en","title":"Young people looking to spend almost half of their stimulus check on stocks: Survey","url":"https://stock-news.laohu8.com/highlight/detail?id=1134232335","media":"cnbc","summary":"KEY POINTS\n\nResponses in the survey showed that half of 25 to 34-year-olds plan to spend 50% of thei","content":"<div>\n<p>KEY POINTS\n\nResponses in the survey showed that half of 25 to 34-year-olds plan to spend 50% of their stimulus checks on stocks.\nMeanwhile, 18 to 24-year-olds involved in the survey planned to use 40%...</p>\n\n<a href=\"https://www.cnbc.com/2021/03/08/how-the-young-plan-to-spend-stimulus-checks-deutsche-bank.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","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>Young people looking to spend almost half of their stimulus check on stocks: Survey</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; 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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\">\nYoung people looking to spend almost half of their stimulus check on stocks: Survey\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-08 20:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/03/08/how-the-young-plan-to-spend-stimulus-checks-deutsche-bank.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nResponses in the survey showed that half of 25 to 34-year-olds plan to spend 50% of their stimulus checks on stocks.\nMeanwhile, 18 to 24-year-olds involved in the survey planned to use 40%...</p>\n\n<a href=\"https://www.cnbc.com/2021/03/08/how-the-young-plan-to-spend-stimulus-checks-deutsche-bank.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.cnbc.com/2021/03/08/how-the-young-plan-to-spend-stimulus-checks-deutsche-bank.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1134232335","content_text":"KEY POINTS\n\nResponses in the survey showed that half of 25 to 34-year-olds plan to spend 50% of their stimulus checks on stocks.\nMeanwhile, 18 to 24-year-olds involved in the survey planned to use 40% of any stimulus checks on stocks.\nAnd 35 to 54-year-olds surveyed planned to use 37% of their checks on stock market investment.\nThe over-55s surveyed said they’d put only 16% into stocks.\n\nA survey from Deutsche Bank has given an insight into how much cash from U.S. stimulus checks might find its way into the stock market.\nResponses in the survey showed that half of 25 to 34-year-olds plan to spend 50% of their stimulus checks on stocks, leading the German investment bank to state that “a large amount of the upcoming U.S. stimulus checks will probably find their way into equities.”\nMeanwhile, 18 to 24-year-olds involved in the survey planned to use 40% of any stimulus checks on stocks, and 35 to 54-year-olds surveyed planned to use 37% of their checks on stock market investment. The over-55s surveyed said they’d put only 16% into stocks.\nIn all, the online survey of 430 retail investors found that respondents plan to put a large chunk (37%) of any forthcoming stimulus directly into stocks, which could represent a sizable inflow into the market of $170 billion, Deutsche Bank estimated.\nThe report, authored by Deutsche Bank Strategist Jim Reid and Research Associate Raj Bhattacharyya and first published late last month, focused on a growing trend of younger people getting into retail investment.\nThe overall sample had nearly equal representation of those under 34 (41%) and 34-54 (37%) and a somewhat smaller share of those over 55 years of age, Deutsche Bank noted. In terms of income distribution, the biggest group was in the $50,000 to 100,000 range (34%), which aligns with the U.S. median income of around $69,000. Most respondents were either employed full-time (59%) or retired (12%).\nPrevious payments\nThe survey found that previous stimulus payments, handed out in recent months in a bid to jumpstart the U.S. economy in the midst of the coronavirus pandemic, “were widely reported as being used for investing in stocks.”\nA vast majority (72%) of the respondents reported getting a stimulus payment and more than half (53%) said they invested some of the stimulus money in the stock market. Younger people were much more likely to have invested in stocks using the payments, the research said.\nWhile the analysts noted that these checks were still a small proportion of the overall funds invested in the market, they predicted a change with the next batch of payments. “Going forward however, survey respondents plan to put a large chunk (37%) of any forthcoming stimulus checks directly into equities, which could represent a sizable inflow,” the bank said.\n‘Aggressive cohort’\nNew retail investors are seen as a key driver of a rally in U.S. stock markets over the past year, described by strategists as the 2020 “retail wave.” The survey found that more than half of all respondents raised their investments in stocks over the past year, with just under half (45%) investing for the very first time.\n“Behind the recent surge in retail investing is a younger, often new-to-investing, and aggressive cohort not afraid to employ leverage,” Reid and Bhattacharyya noted.\n“Given stimulus checks are currently penciled in at circa $405 billion in Biden’s plan (before Senate revisions), that gives us a maximum of around $150 billion that could go into U.S. equities based on our survey,” although they noted that only a proportion of stimulus check recipients have trading accounts.\n“If we estimate this at around 20% (based on some historical assumptions), that would still provide around circa $30 billion of firepower — and that’s before we talk about any possible boosts to 401k plans outside of trading accounts.”\nInternational markets will be keeping a keen eye on the progress of the Covid relief bill in the coming days. The Senate passed a $1.9 trillion economic relief and stimulus bill on Saturday, paving the way for extensions to unemployment benefits, another round of stimulus checks and aid to state and local governments.\nThe legislation includes direct payments of up to $1,400 to most Americans, a $300 weekly boost to jobless benefits into September and an expansion of the child tax credit for one year. The Democrat-controlled House will pass the bill later this week and President Joe Biden is expected to sign it into law before unemployment aid programs expire on March 14.\nThe retail investment theme has also been seen as a reason behind the recent volatility of some under loved stocks in the U.S. Some investors have used the social media platform Reddit to coordinate trades on certain stocks, pushing up the prices of those firms which has led to big losses for some hedge funds that had betted against them.","news_type":1},"isVote":1,"tweetType":1,"viewCount":40,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190123924,"gmtCreate":1620606902068,"gmtModify":1704345343500,"author":{"id":"3567110070471630","authorId":"3567110070471630","name":"Black313","avatar":"https://static.tigerbbs.com/b943544d536a8a996df7f083242a4724","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567110070471630","authorIdStr":"3567110070471630"},"themes":[],"htmlText":"For coin&nbsp;","listText":"For coin&nbsp;","text":"For coin","images":[{"img":"https://static.tigerbbs.com/65bc9a4869bdb6793552bc63566e87d1","width":"1125","height":"3068"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/190123924","isVote":1,"tweetType":1,"viewCount":490,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":378566226,"gmtCreate":1619051145665,"gmtModify":1704718795658,"author":{"id":"3567110070471630","authorId":"3567110070471630","name":"Black313","avatar":"https://static.tigerbbs.com/b943544d536a8a996df7f083242a4724","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567110070471630","authorIdStr":"3567110070471630"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/NNDM\">$Nano Dimension(NNDM)$</a>For coin&nbsp;","listText":"<a href=\"https://laohu8.com/S/NNDM\">$Nano Dimension(NNDM)$</a>For coin&nbsp;","text":"$Nano Dimension(NNDM)$For coin","images":[{"img":"https://static.tigerbbs.com/db694a40def00a393a205d807eb3819d","width":"1242","height":"2151"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/378566226","isVote":1,"tweetType":1,"viewCount":283,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":347448889,"gmtCreate":1618527752941,"gmtModify":1704712141100,"author":{"id":"3567110070471630","authorId":"3567110070471630","name":"Black313","avatar":"https://static.tigerbbs.com/b943544d536a8a996df7f083242a4724","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567110070471630","authorIdStr":"3567110070471630"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/HUYA\">$Huya Inc.(HUYA)$</a>For coin&nbsp;","listText":"<a href=\"https://laohu8.com/S/HUYA\">$Huya Inc.(HUYA)$</a>For coin&nbsp;","text":"$Huya Inc.(HUYA)$For coin","images":[{"img":"https://static.tigerbbs.com/ec8fa91bc381a7af35884c7235aa8b97","width":"1242","height":"2151"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/347448889","isVote":1,"tweetType":1,"viewCount":219,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":344777022,"gmtCreate":1618446769966,"gmtModify":1704710920299,"author":{"id":"3567110070471630","authorId":"3567110070471630","name":"Black313","avatar":"https://static.tigerbbs.com/b943544d536a8a996df7f083242a4724","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567110070471630","authorIdStr":"3567110070471630"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/OV8.SI\">$SHENG SIONG GROUP LTD(OV8.SI)$</a>?","listText":"<a href=\"https://laohu8.com/S/OV8.SI\">$SHENG SIONG GROUP LTD(OV8.SI)$</a>?","text":"$SHENG SIONG GROUP LTD(OV8.SI)$?","images":[{"img":"https://static.tigerbbs.com/f38676114ff20c6ab06cc10cf23d2f41","width":"1242","height":"2151"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/344777022","isVote":1,"tweetType":1,"viewCount":413,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":377975489,"gmtCreate":1619493142541,"gmtModify":1704724864917,"author":{"id":"3567110070471630","authorId":"3567110070471630","name":"Black313","avatar":"https://static.tigerbbs.com/b943544d536a8a996df7f083242a4724","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567110070471630","authorIdStr":"3567110070471630"},"themes":[],"htmlText":"Ok good","listText":"Ok good","text":"Ok good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/377975489","repostId":"1190086074","repostType":4,"repost":{"id":"1190086074","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1619480390,"share":"https://ttm.financial/m/news/1190086074?lang=&edition=fundamental","pubTime":"2021-04-27 07:39","market":"us","language":"en","title":"Tesla posts record net income of $438 million, revenue surges by 74%","url":"https://stock-news.laohu8.com/highlight/detail?id=1190086074","media":"Tiger Newspress","summary":"Tesla reported record net income of $438 million during the quarter, as well as earnings of 93 cents per share on $10.39 billion in revenue.In its earnings release, the company said it has weathered chip shortages that have plagued the auto industry in part by “pivoting extremely quickly to new microcontrollers, while simultaneously developing firmware for new chips made by new suppliers.”On an earnings call, CEO Elon Musk said the delayed new version of the company’s Model S sedan will be deliv","content":"<p><b>KEY POINTS</b></p><ul><li>Tesla reported record net income of $438 million during the quarter, as well as earnings of 93 cents per share on $10.39 billion in revenue.</li><li>In its earnings release, the company said it has weathered chip shortages that have plagued the auto industry in part by “pivoting extremely quickly to new microcontrollers, while simultaneously developing firmware for new chips made by new suppliers.”</li><li>On an earnings call, CEO Elon Musk said the delayed new version of the company’s Model S sedan will be delivered starting in May 2021, and Model X deliveries will begin in the third quarter of the year.</li></ul><p>Tesla&nbsp;reported first-quarter results after the bell on Monday. The company beat expectations handily, buoyed by sales of bitcoin and regulatory credits, but the stock dipped as much as 2.5% after hours as investors digested the numbers.</p><p><img src=\"https://static.tigerbbs.com/fec5c52f391c1077b749edc13b7b3417\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p>Here’s how the company fared in the quarter, compared with analyst estimates compiled by Refinitiv:</p><ul><li><b>Earnings:</b>93 cents per share vs. 79 cents per share expected</li><li><b>Revenue:</b>$10.39 billion vs. $10.29 billion expected, up 74% from a year ago</li></ul><p>Net profit reached a quarterly record of $438 million on a GAAP basis, and the company recorded $518 million in revenue from sales of regulatory credits during the period. It also recorded a $101 million positive impact from&nbsp;sales of bitcoin&nbsp;during the quarter.</p><p><img src=\"https://static.tigerbbs.com/107ab1e725bed375ea106bdf3024ec6a\" tg-width=\"1910\" tg-height=\"1097\" referrerpolicy=\"no-referrer\"></p><p>CEO Elon Musk’s electric vehicle business reported in the first quarter&nbsp;vehicle deliveries of 184,800&nbsp;Model 3 and Model Y cars, beating expectations and setting a record for Tesla. However, the company also said it produced none of its higher-end Model S sedans or Model X SUVs for the period ending March. It delivered2,020 older Model S sedans and Model X SUVs from inventory.</p><p>On Monday’s earnings call, Musk said the new version of the company’s Model S sedans will finally be delivered to customers starting in May 2021, with Model X deliveries to begin in the third quarter of the year. Musk and CFO Zachary Kirkhorn both said supply chain issues are likely to remain a challenge for Tesla this year.</p><p>In January 2021 (during a fourth-quarter 2020 earnings update) Musk had said that the Model S Plaid was already in production would be delivered starting in February 2021. But he admitted on Monday, “There were more challenges than expected,” in producing the refreshed version of these vehicles. He did not elaborate.</p><p>Tesla is now aiming to produce 2,000 Model S and X vehicles per week later this year.</p><p>The company said Monday it expects more than 50% vehicle delivery growth in 2021 overall, which implies minimum deliveries around 750,000 vehicles this year.</p><p>The fact Tesla grew vehicle unit sales by more than 100% year over year but grew service centers by only 28% and its mobile service fleet by only 22% explains why some Tesla customers face frustratingly long wait times for repairs. Service expansion is not keeping pace with the volume of vehicles sold.</p><p>Tesla said it has weathered chip shortages that have plagued the auto industry in part by “pivoting extremely quickly to new microcontrollers, while simultaneously developing firmware for new chips made by new suppliers.” It did not disclose the names of its new suppliers.</p><p>It also reiterated Musk’s frequent claim that cameras, not radar, are a better path toward autonomous vehicles. “Our AI-based software architecture has been increasingly reliant on cameras, to the point where radar is becoming unnecessary earlier than expected. As a result, our FSD [Full Self-Driving] team is fully focused on evolving to a vision-based autonomous system and we are nearly ready to switch the US market to Tesla Vision,” the company said in its earnings release.</p><p>Revenue for its energy generation and storage business nearly doubled for Tesla versus the same period in 2020, when Musk said Covid, then an emerging pandemic, had slowed its energy business to a crawl. But energy revenue declined from $787 million in the fourth quarter to $595 million in the first quarter of 2021.</p><p>Recently, Tesla increased prices for its solar rooftops by 50%, and now requires anyone ordering solar photovoltaics (including Tesla solar roof tiles) to also order the Powerwall, Tesla’s home energy storage system. The sudden price change applied retroactively to some&nbsp;vexed customers.</p><p>Musk said on the Q1 2021 call that he is aiming for homes with solar rooftops and batteries from Tesla to function as a “giant distributed utility” that can help incumbent electrical utilities supply customers with all the electricity they need as demand and extreme weather events increase.</p><p>Executives did not say how they would change their production or mix of battery cells from suppliers in order to make a higher volume of vehicles and energy storage products in 2021.</p><p>Musk said the company’s 4680 cells, which it developed independently and makes at a pilot plant in Fremont, California, are not yet reliable enough to be shipped in Tesla vehicles. He said Tesla would probably “achieve volume production” of these cells in 12 to 18 months.</p><p>The company revealed in February it purchased&nbsp;$1.5 billion in bitcoin&nbsp;and would potentially invest in other cryptocurrencies in the future. By April, bitcoin rose to record levels before pulling back. In its statement of cash flows, Tesla revealed that it had sold $272 million worth of “digital assets,” presumably bitcoin, during the quarter.</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>Tesla posts record net income of $438 million, revenue surges by 74%</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\">\nTesla posts record net income of $438 million, revenue surges by 74%\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-04-27 07:39</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p><b>KEY POINTS</b></p><ul><li>Tesla reported record net income of $438 million during the quarter, as well as earnings of 93 cents per share on $10.39 billion in revenue.</li><li>In its earnings release, the company said it has weathered chip shortages that have plagued the auto industry in part by “pivoting extremely quickly to new microcontrollers, while simultaneously developing firmware for new chips made by new suppliers.”</li><li>On an earnings call, CEO Elon Musk said the delayed new version of the company’s Model S sedan will be delivered starting in May 2021, and Model X deliveries will begin in the third quarter of the year.</li></ul><p>Tesla&nbsp;reported first-quarter results after the bell on Monday. The company beat expectations handily, buoyed by sales of bitcoin and regulatory credits, but the stock dipped as much as 2.5% after hours as investors digested the numbers.</p><p><img src=\"https://static.tigerbbs.com/fec5c52f391c1077b749edc13b7b3417\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p>Here’s how the company fared in the quarter, compared with analyst estimates compiled by Refinitiv:</p><ul><li><b>Earnings:</b>93 cents per share vs. 79 cents per share expected</li><li><b>Revenue:</b>$10.39 billion vs. $10.29 billion expected, up 74% from a year ago</li></ul><p>Net profit reached a quarterly record of $438 million on a GAAP basis, and the company recorded $518 million in revenue from sales of regulatory credits during the period. It also recorded a $101 million positive impact from&nbsp;sales of bitcoin&nbsp;during the quarter.</p><p><img src=\"https://static.tigerbbs.com/107ab1e725bed375ea106bdf3024ec6a\" tg-width=\"1910\" tg-height=\"1097\" referrerpolicy=\"no-referrer\"></p><p>CEO Elon Musk’s electric vehicle business reported in the first quarter&nbsp;vehicle deliveries of 184,800&nbsp;Model 3 and Model Y cars, beating expectations and setting a record for Tesla. However, the company also said it produced none of its higher-end Model S sedans or Model X SUVs for the period ending March. It delivered2,020 older Model S sedans and Model X SUVs from inventory.</p><p>On Monday’s earnings call, Musk said the new version of the company’s Model S sedans will finally be delivered to customers starting in May 2021, with Model X deliveries to begin in the third quarter of the year. Musk and CFO Zachary Kirkhorn both said supply chain issues are likely to remain a challenge for Tesla this year.</p><p>In January 2021 (during a fourth-quarter 2020 earnings update) Musk had said that the Model S Plaid was already in production would be delivered starting in February 2021. But he admitted on Monday, “There were more challenges than expected,” in producing the refreshed version of these vehicles. He did not elaborate.</p><p>Tesla is now aiming to produce 2,000 Model S and X vehicles per week later this year.</p><p>The company said Monday it expects more than 50% vehicle delivery growth in 2021 overall, which implies minimum deliveries around 750,000 vehicles this year.</p><p>The fact Tesla grew vehicle unit sales by more than 100% year over year but grew service centers by only 28% and its mobile service fleet by only 22% explains why some Tesla customers face frustratingly long wait times for repairs. Service expansion is not keeping pace with the volume of vehicles sold.</p><p>Tesla said it has weathered chip shortages that have plagued the auto industry in part by “pivoting extremely quickly to new microcontrollers, while simultaneously developing firmware for new chips made by new suppliers.” It did not disclose the names of its new suppliers.</p><p>It also reiterated Musk’s frequent claim that cameras, not radar, are a better path toward autonomous vehicles. “Our AI-based software architecture has been increasingly reliant on cameras, to the point where radar is becoming unnecessary earlier than expected. As a result, our FSD [Full Self-Driving] team is fully focused on evolving to a vision-based autonomous system and we are nearly ready to switch the US market to Tesla Vision,” the company said in its earnings release.</p><p>Revenue for its energy generation and storage business nearly doubled for Tesla versus the same period in 2020, when Musk said Covid, then an emerging pandemic, had slowed its energy business to a crawl. But energy revenue declined from $787 million in the fourth quarter to $595 million in the first quarter of 2021.</p><p>Recently, Tesla increased prices for its solar rooftops by 50%, and now requires anyone ordering solar photovoltaics (including Tesla solar roof tiles) to also order the Powerwall, Tesla’s home energy storage system. The sudden price change applied retroactively to some&nbsp;vexed customers.</p><p>Musk said on the Q1 2021 call that he is aiming for homes with solar rooftops and batteries from Tesla to function as a “giant distributed utility” that can help incumbent electrical utilities supply customers with all the electricity they need as demand and extreme weather events increase.</p><p>Executives did not say how they would change their production or mix of battery cells from suppliers in order to make a higher volume of vehicles and energy storage products in 2021.</p><p>Musk said the company’s 4680 cells, which it developed independently and makes at a pilot plant in Fremont, California, are not yet reliable enough to be shipped in Tesla vehicles. He said Tesla would probably “achieve volume production” of these cells in 12 to 18 months.</p><p>The company revealed in February it purchased&nbsp;$1.5 billion in bitcoin&nbsp;and would potentially invest in other cryptocurrencies in the future. By April, bitcoin rose to record levels before pulling back. In its statement of cash flows, Tesla revealed that it had sold $272 million worth of “digital assets,” presumably bitcoin, during the quarter.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190086074","content_text":"KEY POINTSTesla reported record net income of $438 million during the quarter, as well as earnings of 93 cents per share on $10.39 billion in revenue.In its earnings release, the company said it has weathered chip shortages that have plagued the auto industry in part by “pivoting extremely quickly to new microcontrollers, while simultaneously developing firmware for new chips made by new suppliers.”On an earnings call, CEO Elon Musk said the delayed new version of the company’s Model S sedan will be delivered starting in May 2021, and Model X deliveries will begin in the third quarter of the year.Tesla reported first-quarter results after the bell on Monday. The company beat expectations handily, buoyed by sales of bitcoin and regulatory credits, but the stock dipped as much as 2.5% after hours as investors digested the numbers.Here’s how the company fared in the quarter, compared with analyst estimates compiled by Refinitiv:Earnings:93 cents per share vs. 79 cents per share expectedRevenue:$10.39 billion vs. $10.29 billion expected, up 74% from a year agoNet profit reached a quarterly record of $438 million on a GAAP basis, and the company recorded $518 million in revenue from sales of regulatory credits during the period. It also recorded a $101 million positive impact from sales of bitcoin during the quarter.CEO Elon Musk’s electric vehicle business reported in the first quarter vehicle deliveries of 184,800 Model 3 and Model Y cars, beating expectations and setting a record for Tesla. However, the company also said it produced none of its higher-end Model S sedans or Model X SUVs for the period ending March. It delivered2,020 older Model S sedans and Model X SUVs from inventory.On Monday’s earnings call, Musk said the new version of the company’s Model S sedans will finally be delivered to customers starting in May 2021, with Model X deliveries to begin in the third quarter of the year. Musk and CFO Zachary Kirkhorn both said supply chain issues are likely to remain a challenge for Tesla this year.In January 2021 (during a fourth-quarter 2020 earnings update) Musk had said that the Model S Plaid was already in production would be delivered starting in February 2021. But he admitted on Monday, “There were more challenges than expected,” in producing the refreshed version of these vehicles. He did not elaborate.Tesla is now aiming to produce 2,000 Model S and X vehicles per week later this year.The company said Monday it expects more than 50% vehicle delivery growth in 2021 overall, which implies minimum deliveries around 750,000 vehicles this year.The fact Tesla grew vehicle unit sales by more than 100% year over year but grew service centers by only 28% and its mobile service fleet by only 22% explains why some Tesla customers face frustratingly long wait times for repairs. Service expansion is not keeping pace with the volume of vehicles sold.Tesla said it has weathered chip shortages that have plagued the auto industry in part by “pivoting extremely quickly to new microcontrollers, while simultaneously developing firmware for new chips made by new suppliers.” It did not disclose the names of its new suppliers.It also reiterated Musk’s frequent claim that cameras, not radar, are a better path toward autonomous vehicles. “Our AI-based software architecture has been increasingly reliant on cameras, to the point where radar is becoming unnecessary earlier than expected. As a result, our FSD [Full Self-Driving] team is fully focused on evolving to a vision-based autonomous system and we are nearly ready to switch the US market to Tesla Vision,” the company said in its earnings release.Revenue for its energy generation and storage business nearly doubled for Tesla versus the same period in 2020, when Musk said Covid, then an emerging pandemic, had slowed its energy business to a crawl. But energy revenue declined from $787 million in the fourth quarter to $595 million in the first quarter of 2021.Recently, Tesla increased prices for its solar rooftops by 50%, and now requires anyone ordering solar photovoltaics (including Tesla solar roof tiles) to also order the Powerwall, Tesla’s home energy storage system. The sudden price change applied retroactively to some vexed customers.Musk said on the Q1 2021 call that he is aiming for homes with solar rooftops and batteries from Tesla to function as a “giant distributed utility” that can help incumbent electrical utilities supply customers with all the electricity they need as demand and extreme weather events increase.Executives did not say how they would change their production or mix of battery cells from suppliers in order to make a higher volume of vehicles and energy storage products in 2021.Musk said the company’s 4680 cells, which it developed independently and makes at a pilot plant in Fremont, California, are not yet reliable enough to be shipped in Tesla vehicles. He said Tesla would probably “achieve volume production” of these cells in 12 to 18 months.The company revealed in February it purchased $1.5 billion in bitcoin and would potentially invest in other cryptocurrencies in the future. By April, bitcoin rose to record levels before pulling back. In its statement of cash flows, Tesla revealed that it had sold $272 million worth of “digital assets,” presumably bitcoin, during the quarter.","news_type":1},"isVote":1,"tweetType":1,"viewCount":466,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":357491472,"gmtCreate":1617288117296,"gmtModify":1704698411343,"author":{"id":"3567110070471630","authorId":"3567110070471630","name":"Black313","avatar":"https://static.tigerbbs.com/b943544d536a8a996df7f083242a4724","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567110070471630","authorIdStr":"3567110070471630"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/357491472","repostId":"1102833469","repostType":4,"repost":{"id":"1102833469","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1617285480,"share":"https://ttm.financial/m/news/1102833469?lang=&edition=fundamental","pubTime":"2021-04-01 21:58","market":"us","language":"en","title":"Chinese education companies rose","url":"https://stock-news.laohu8.com/highlight/detail?id=1102833469","media":"Tiger Newspress","summary":"(April 1) DAO up nearly 9%. TAL rose more than7%. Edu advanced 6%. GSX Techedu rose about 3%.","content":"<p>(April 1)&nbsp;DAO up nearly 9%. TAL rose more than7%. Edu advanced 6%. GSX Techedu rose about 3%.</p><p><img src=\"https://static.tigerbbs.com/703c996ed2848b3602dab32a3770e538\" tg-width=\"662\" tg-height=\"444\"><img src=\"https://static.tigerbbs.com/27347fc14fe4fda5b64c99fb82815e31\" tg-width=\"662\" tg-height=\"444\"></p><p><img src=\"https://static.tigerbbs.com/a2cbf0fa5f78e15c7876ae6ced8654b0\" tg-width=\"662\" tg-height=\"444\"><img src=\"https://static.tigerbbs.com/e2e4001f8ea86b216ff5e073d2b672c6\" tg-width=\"662\" tg-height=\"444\"></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>Chinese education companies rose</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\">\nChinese education companies rose\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-04-01 21:58</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(April 1)&nbsp;DAO up nearly 9%. TAL rose more than7%. Edu advanced 6%. GSX Techedu rose about 3%.</p><p><img src=\"https://static.tigerbbs.com/703c996ed2848b3602dab32a3770e538\" tg-width=\"662\" tg-height=\"444\"><img src=\"https://static.tigerbbs.com/27347fc14fe4fda5b64c99fb82815e31\" tg-width=\"662\" tg-height=\"444\"></p><p><img src=\"https://static.tigerbbs.com/a2cbf0fa5f78e15c7876ae6ced8654b0\" tg-width=\"662\" tg-height=\"444\"><img src=\"https://static.tigerbbs.com/e2e4001f8ea86b216ff5e073d2b672c6\" tg-width=\"662\" tg-height=\"444\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1102833469","content_text":"(April 1) DAO up nearly 9%. TAL rose more than7%. Edu advanced 6%. GSX Techedu rose about 3%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":91,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":354143658,"gmtCreate":1617153959074,"gmtModify":1704696480416,"author":{"id":"3567110070471630","authorId":"3567110070471630","name":"Black313","avatar":"https://static.tigerbbs.com/b943544d536a8a996df7f083242a4724","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567110070471630","authorIdStr":"3567110070471630"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/354143658","repostId":"1162415735","repostType":4,"repost":{"id":"1162415735","kind":"news","pubTimestamp":1617153505,"share":"https://ttm.financial/m/news/1162415735?lang=&edition=fundamental","pubTime":"2021-03-31 09:18","market":"us","language":"en","title":"Apple expected to unveil new iPhone, Mac and Watch software June 7 in virtual event","url":"https://stock-news.laohu8.com/highlight/detail?id=1162415735","media":"CNBC","summary":"Appleannounced on Tuesday that its annual developers conference will begin June 7. Like last year, it'll be online-only due to the ongoing Covid-19 pandemic. The event runs through June 11 and is free for developers to attend.Apple typically unveils its new iPhone, iPad, Apple Watch, Apple TV and Mac software on the first day of the WWDC, as the event is known. It sometimes uses the events to introduce new hardware products, too, especially those that will take advantage of the new software feat","content":"<div>\n<p>Appleannounced on Tuesday that its annual developers conference will begin June 7. Like last year, it'll be online-only due to the ongoing Covid-19 pandemic. The event runs through June 11 and is free...</p>\n\n<a href=\"https://www.cnbc.com/2021/03/30/apple-wwdc-2021-starts-june-7-online-only.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","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>Apple expected to unveil new iPhone, Mac and Watch software June 7 in virtual event</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\">\nApple expected to unveil new iPhone, Mac and Watch software June 7 in virtual event\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-31 09:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/03/30/apple-wwdc-2021-starts-june-7-online-only.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Appleannounced on Tuesday that its annual developers conference will begin June 7. Like last year, it'll be online-only due to the ongoing Covid-19 pandemic. The event runs through June 11 and is free...</p>\n\n<a href=\"https://www.cnbc.com/2021/03/30/apple-wwdc-2021-starts-june-7-online-only.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d7674d1d26b46df4d68f9f5b7d367da0","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.cnbc.com/2021/03/30/apple-wwdc-2021-starts-june-7-online-only.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1162415735","content_text":"Appleannounced on Tuesday that its annual developers conference will begin June 7. Like last year, it'll be online-only due to the ongoing Covid-19 pandemic. The event runs through June 11 and is free for developers to attend.Apple typically unveils its new iPhone, iPad, Apple Watch, Apple TV and Mac software on the first day of the WWDC, as the event is known. It sometimes uses the events to introduce new hardware products, too, especially those that will take advantage of the new software features.The event is focused around developers who build apps for Apple's products. However, it's often the first time the public gets a sneak peek at new features coming to their devices. Typically, the software announced in June is released in beta form before final launch in the fall.In 2020, Apple said it was transitioning fromIntelprocessors to its own in-house chips. It announced thefirst computers to use its M1 processorsthat November. But, during WWDC 2020, it showed an example of how powerful its new chips are. It also announced iOS 14 for iPhones, iPadOS 14, watchOS 7, its Big Sur macOS update and new Apple TV software. In 2019, Apple used the event tounveil the Mac Pro, its most powerful computer ever, targeted at creative professionals such as movie editors.Reports have recently suggested Apple will announce new hardware products before WWDC 2021. NewiPads are expected in April, for example. But, the company is also due to refresh its iMacs and other computers with its new processor. So, it might make sense for Apple to introduce those new products in June if they don't come earlier.","news_type":1},"isVote":1,"tweetType":1,"viewCount":23,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":355043304,"gmtCreate":1617018554308,"gmtModify":1704800882497,"author":{"id":"3567110070471630","authorId":"3567110070471630","name":"Black313","avatar":"https://static.tigerbbs.com/b943544d536a8a996df7f083242a4724","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567110070471630","authorIdStr":"3567110070471630"},"themes":[],"htmlText":"Ok&nbsp;","listText":"Ok&nbsp;","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/355043304","repostId":"1158986665","repostType":4,"repost":{"id":"1158986665","kind":"news","pubTimestamp":1617017167,"share":"https://ttm.financial/m/news/1158986665?lang=&edition=fundamental","pubTime":"2021-03-29 19:26","market":"us","language":"en","title":"Southwest confirms order for 100 Boeing 737 MAX 7 jets","url":"https://stock-news.laohu8.com/highlight/detail?id=1158986665","media":"seekingalpha","summary":"Southwest Airlines(NYSE:LUV)confirms an agreement with Boeing(NYSE:BA) on 100 firm orders for MAX 7 ","content":"<p>Southwest Airlines(NYSE:LUV)confirms an agreement with Boeing(NYSE:BA)&nbsp;on 100 firm orders for MAX 7 aircraft, with the first 30scheduled to be delivered in 2022.</p>\n<p>The airline company says the agreement underscores Southwest's commitment to continued modernization of its fleet with more fuel-efficient and climate-friendly aircraft.</p>\n<p>As part of the agreement, LUV&nbsp;also converted 70 MAX 8 firm orders to MAX 7 firm orders and added 155 MAX options for MAX 7 or MAX 8 aircraft for years 2022 through 2029. These order book additions and revisions result in a new total of 349 MAX firm orders (200 MAX 7 and 149 MAX 8) and 270 MAX options for MAX 7 or MAX 8 aircraft for years 2021 through 2031.</p>\n<p>Southwest continues to expect delivery of 28 MAX 8 aircraft in total this year, as well as 17 737-700 retirements, ending 2021 with 69 MAX 8 aircraft and 729 total aircraft.</p>\n<p>\"Today's commitment to the 737 MAX solidifies our continued appreciation for the aircraft and confirms our plans to offer the Boeing 737 series of aircraft to our Employees and Customers for years to come,\" says Southwest CEO&nbsp;Gary Kelly.</p>\n<p>LUV-0.39%&nbsp;premarket to $61.05. BA&nbsp;+2.61%to $251.25.</p>\n<p><img src=\"https://static.tigerbbs.com/f8aa217ebc8b887f8949e688e06c6e3c\" tg-width=\"1001\" tg-height=\"512\"></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>Southwest confirms order for 100 Boeing 737 MAX 7 jets</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\">\nSouthwest confirms order for 100 Boeing 737 MAX 7 jets\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-29 19:26 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/3677057-southwest-confirms-order-for-100-boeing-737-max-7-jets><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Southwest Airlines(NYSE:LUV)confirms an agreement with Boeing(NYSE:BA) on 100 firm orders for MAX 7 aircraft, with the first 30scheduled to be delivered in 2022.\nThe airline company says the agreement...</p>\n\n<a href=\"https://seekingalpha.com/news/3677057-southwest-confirms-order-for-100-boeing-737-max-7-jets\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BA":"波音","LUV":"西南航空"},"source_url":"https://seekingalpha.com/news/3677057-southwest-confirms-order-for-100-boeing-737-max-7-jets","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1158986665","content_text":"Southwest Airlines(NYSE:LUV)confirms an agreement with Boeing(NYSE:BA) on 100 firm orders for MAX 7 aircraft, with the first 30scheduled to be delivered in 2022.\nThe airline company says the agreement underscores Southwest's commitment to continued modernization of its fleet with more fuel-efficient and climate-friendly aircraft.\nAs part of the agreement, LUV also converted 70 MAX 8 firm orders to MAX 7 firm orders and added 155 MAX options for MAX 7 or MAX 8 aircraft for years 2022 through 2029. These order book additions and revisions result in a new total of 349 MAX firm orders (200 MAX 7 and 149 MAX 8) and 270 MAX options for MAX 7 or MAX 8 aircraft for years 2021 through 2031.\nSouthwest continues to expect delivery of 28 MAX 8 aircraft in total this year, as well as 17 737-700 retirements, ending 2021 with 69 MAX 8 aircraft and 729 total aircraft.\n\"Today's commitment to the 737 MAX solidifies our continued appreciation for the aircraft and confirms our plans to offer the Boeing 737 series of aircraft to our Employees and Customers for years to come,\" says Southwest CEO Gary Kelly.\nLUV-0.39% premarket to $61.05. BA +2.61%to $251.25.","news_type":1},"isVote":1,"tweetType":1,"viewCount":7,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359759097,"gmtCreate":1616425405919,"gmtModify":1704794004743,"author":{"id":"3567110070471630","authorId":"3567110070471630","name":"Black313","avatar":"https://static.tigerbbs.com/b943544d536a8a996df7f083242a4724","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567110070471630","authorIdStr":"3567110070471630"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/359759097","repostId":"1196402560","repostType":4,"repost":{"id":"1196402560","kind":"news","pubTimestamp":1616134696,"share":"https://ttm.financial/m/news/1196402560?lang=&edition=fundamental","pubTime":"2021-03-19 14:18","market":"us","language":"en","title":"New Electric Vehicle Investment Roadmap","url":"https://stock-news.laohu8.com/highlight/detail?id=1196402560","media":"seekingalpha","summary":"Summary\n\nIt's almost a foregone conclusion that EVs will replace ICE vehicles in the next decade, an","content":"<p><b>Summary</b></p>\n<ul>\n <li>It's almost a foregone conclusion that EVs will replace ICE vehicles in the next decade, and this provides exciting investment opportunities.</li>\n <li>Last October, I wrote a popular article providing a roadmap for investing in electric vehicles, but since then, so much has changed: new entrants, new strategies, fluctuating valuations, etc.</li>\n <li>So, I updated and greatly expanded the previous EV investment roadmap.</li>\n <li>This update includes a deeper look at valuations for 23 EV companies with revenue projections, when available.</li>\n <li>It also classifies these EV companies into their primary market categories and summarizes their different strategies.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bb96acc615cba9c7842860658c019ab1\" tg-width=\"768\" tg-height=\"432\"><span>Photo by Sven Loeffler/iStock via Getty Images</span></p>\n<p>My article&nbsp;Electric Vehicle Investment Roadmap&nbsp;published five months ago, was popular, and some followers have requested an update. Many new EV companies entered the market, most of them through SPACs. Valuations fluctuated wildly, and there has been a great deal of publicity around these companies.</p>\n<p>This new updated EV investment roadmap is greatly expanded. In addition to updating the strategies and progress of companies previously discussed, I expanded the number of companies covered. This article also groups EV companies into their primary markets, enabling better comparisons and evaluation of market opportunities. In addition, it includes a comparative valuation chart showing every company's market cap with a comparison to projected revenue, where possible. This takes advantage (good or bad) of looking at the long-term revenue forecasts provided in SPAC mergers that public companies can't make.</p>\n<p>In addition to the EV manufacturers discussed here, there are also EV investment opportunities in charging station companies, battery manufacturers, and battery materials companies. These were covered in the original roadmap and may also be updated in a later article.</p>\n<p>Approximately 2 million EVs were sold in 2019, and although the number declined along with all auto sales in 2020, it is forecasted to increase in 2021 and reach 8-10 million by 2025. Some forecast that EV sales will be greater than internal combustion engine (ICE) vehicles by 2030, or even earlier. The automobile market appears to be moving toward a historical transformation, and exceptional investment gains can be made by anticipating new emerging industries and investing in the eventual winners of those new industries. Amazon(NASDAQ:AMZN), Google(NASDAQ:GOOG)(NASDAQ:GOOGL), and Facebook(NASDAQ:FB)are obvious examples. Electric vehicles (EVs) have the potential to create a new emerging industry.</p>\n<p>There are also significant risks. Hundreds of new EV models are expected to be released in the next three years, which will drive rapid growth in EV sales. However, the expected sales from these new models, as well as the increasing expectations from Tesla, most likely exceed the total projected market. I wouldn't be surprised if many of the companies covered here won't exist five years from now. It reminds me of the internet bubble of the late 1990s when scores of internet-based companies went public with little or no revenue. Almost all of these failed within three years -- however, a couple, including Amazon, went on to enormous success.</p>\n<p>EVs provide a major new investment opportunity with high risks. To succeed, you need to have a clear EV investment roadmap.</p>\n<p>So, how can you invest in this new emerging market? The EV landscape is complex and investment opportunities are varied. While Tesla is the unquestioned leader in EVs, some consider it overvalued and unlikely to show exceptional returns to new investors. The current U.S. legacy automakers are committed to introducing many new EVs in the next few years, and they have some entrenched advantages with volume manufacturing capabilities, a dealer infrastructure, and loyal customers. There are exciting new EV start-ups in the U.S. that have come public this year, mostly through Special Purpose Acquisition Companies (SPACs), and there are several interesting publicly traded Chinese EV manufacturers.</p>\n<p>This new roadmap for EV investment classifies companies into three primary markets segments:</p>\n<ul>\n <li>The<b><i>Consumer Retail</i></b>segment includes EVs sold to consumers individually, such as SUVs, pickup trucks, sedans, etc.</li>\n <li>The<b><i>Commercial Delivery</i></b>segment includes local delivery EV vans and trucks sold to fleets.</li>\n <li>The<b><i>Medium- and Long-Haul Trucking</i></b>segment includes heavier Class 4 - Class 8 trucks, as well as special industrial vehicles.</li>\n</ul>\n<p>In addition, it categorizes<b>Legacy Manufacturers</b>and<b>Chinese EV Companies</b>. This enables investors to evaluate investment opportunities by considering unique opportunities within each market segment.</p>\n<p>There is an enormous amount of investment optimism for EVs, and retail investors have been aggressively buying into EV stocks with seemingly no regard for valuation. Then there is the additional challenge of valuing companies with no revenue, especially those coming public through SPACs. So, valuation is an important investment consideration.</p>\n<p>So let's start by looking at an overview of comparative EV valuations.</p>\n<p><b>EV Investment Valuation Overview</b></p>\n<p>The following chart summarizes valuations for 23 EV companies, including several legacy companies. For SPACs, market cap estimates are computed using the pro forma number of shares at closing, otherwise using the valuation of the SPAC prior to closing drastically underestimates the valuation, which may be misleading to novice investors. Price/Sales ratios (market cap divided by revenue) are used to compare valuations. As a benchmark, current P/S ratios vary. For example, auto and truck companies have a ratio of 2.7X. Software companies have the highest ratios of over 10X.</p>\n<p>In the chart, companies that currently have revenue show current P/S ratios. Where projections are available, projected P/S ratios are computed. A note of caution, however. Many of the EV companies came public through SPACs and published their projections (which public companies cannot do), and many of these are likely to prove unrealistic.</p>\n<p>All of the longer-term revenue projections come from the company (C) forecasts with a SPAC. Some of these may turn out to be accurate, not many are most likely unrealistic. Some, like Lucid, Faraday, and Arrival forecast hitting more than $10 billion in revenue in a few years, when it took Tesla more than 10. Things are different now and they might achieve these, but they could also find that it will take longer to complete development, ramp up production, and create enough customer demand. Many companies may also find that there will be significant capital requirements to achieve this type of growth, and shareholders will be diluted.</p>\n<p><img src=\"https://static.tigerbbs.com/bc360dfa7de01516b7f68d5962cf3017\" tg-width=\"640\" tg-height=\"883\"></p>\n<p>Tesla, the \"gold standard\" in EVs, has a market cap of approximately $650 billion, which many people believe is overvalued. Its market cap is approximately 20X 2020 revenue and 10X estimated 2022 revenue.</p>\n<p><b>Tesla (TSLA)</b></p>\n<p>In the U.S., and to a lesser extent in China, Tesla is the dominant EV provider. It has approximately 60% of the U.S. EV market and about 20% of the market in China. I own a Tesla and love it, but an investment in Tesla stock requires getting comfortable with its valuation. Tesla has a market cap of approximately $650 billion, although declining lately, which some consider still overvalued while others see upside potential.</p>\n<p>The investment opportunity with Tesla is based on the expectation that it will continue to dominate the EV market, or at least maintain significant market share, despite much greater competition from the expected introduction of hundreds of new EV models in the next few years.</p>\n<p>There is a great deal already published about Tesla, so I'll move on.</p>\n<p><b>Legacy Automakers</b></p>\n<p>Some people think that the legacy automakers will simply fade away. Historically, that was the case in some other industries, but it is not going to happen to most automakers. They are not standing still waiting to become obsolete. Most have aggressive strategies to replace ICE vehicles with EVs. GM plans to invest $27 billion and build and launch as many as 30 new EV models by 2025. Ford plans to invest $29 billion in EVs by 2025 and launch as many as 16 EVs in the next two years. Volkswagen(OTCPK:VWAGY)has also committed billions to develop new EVs.</p>\n<p>The competitive advantage that legacy automakers have in selling their new EVs is their dealer network. Will new EV customers prefer to continue going to their regular auto dealer to buy their new EV?</p>\n<p>Almost all legacy automakers worldwide are developing and launching EVs including Volkswagen, Peugeot, Renault/Nissan/Mitsubishi, Hyundai/Kia. Let's look a little more closely at GM and Ford as the leaders in the U.S.</p>\n<p><b>General Motors (GM)</b></p>\n<p>GM has committed to introducing 20 new electric vehicles by 2023, including EVs across Chevrolet, Cadillac, GMC, and Buick. It recently announced that it has already sold out the first-year production of its Hummer electric pickup. By mid-decade, it expects to sell a million EVs per year in its two largest markets: North America and China. As a reference point, Tesla reported deliveries of 367,500 vehicles globally in 2019.</p>\n<p>GM has a solid platform strategy for its EVs. It plans on building its EVs using five interchangeable drive units and three different motors from its Ultium Drive System platform. Ultium energy options range from 50 to 200 kWh, which could enable an estimated range of up to 400 miles. Most of its EVs will have 400-volt battery packs and up to 200 kW fast-charging capability while the truck platform will have 800-volt battery packs and 350 kW fast-charging capabilities.</p>\n<p>The key building blocks of the Ultium battery system are large-scale, high-energy cells. Engineered in partnership with LG Energy Solutions, they use both advanced chemistry and a smart cell design that's optimized for a broad portfolio of EVs. GM engineers and scientists are actively researching and testing new elements in battery chemistry to lower costs and improve charge times. Ultium can contain either vertically- or horizontally-stacked cells to integrate into vehicle design: vertically for trucks, SUVs, and crossovers, or horizontally for cars and performance vehicles. As new chemistry is developed and becomes available, the battery management system could digitally update the modules.</p>\n<p>GM also has other EV opportunities with its BrightDrop commercial EV service and its Cruise subsidiary. BrightDrop will not just sell delivery EVs, it will provide an entire service platform for commercial delivery customers. Its set of electric delivery vehicles starts with the EV600 and includes the BrightDrop EP1, a pod-like electric pallet. SeeGeneral Motors' Aggressive EV/AV Strategies May Payoff Big.</p>\n<p>With its highest stock price of $61.65, GM's current market cap is approximately $89 billion, increasing primarily because of its progress with EVs. This approximately 3X valuation in 2018, but still only 13% of Tesla.</p>\n<p><b>Ford (F)</b></p>\n<p>Ford is also investing heavily in EVs. It just introduced the Mustang Mach-E, a battery-powered crossover with sports car styling, and plans to introduce an all-electric version of its best-selling F-150 pickup later this year. Also, planned is an electric edition of the full-size Transit van, which has been popular in the commercial delivery market. Ford has confirmed plans to build a luxury Lincoln crossover on a battery-powered platform provided by Rivian. The automaker also plans to introduce two new midsize electric crossovers, one each for the Ford and Lincoln brands by 2023.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bd8523e15bccc57790940d4218f7b94e\" tg-width=\"1920\" tg-height=\"1080\"><span>Mustang Mach-E. Source: Ford</span></p>\n<p>Ford's market cap is approximately $51 billion, twice its previous market cap, and also increasing.</p>\n<p><b>Consumer Retail EV Companies</b></p>\n<p>The consumer retail market has some unique characteristics for new EV companies. Sales are made individually, not in fleets. This diversifies the risk upon launch because only a sufficient number of customers need to be attracted to the new EV. A wave of popularity can provide terrific momentum.</p>\n<p>However, the lack of a dealer network can be an impediment. Selling EVs directly to consumers instead of through dealers is prohibited in most states. By law, auto manufacturers can't compete with franchised dealers. These are laws that go back many decades to protect dealers. This can be a major impediment for new companies without established independent dealer franchises. So, new AV companies. like Tesla, need to sell their vehicles online. Tesla has successfully done this, but it took a lot of work and time. Lack of a dealer network also creates impediments in service.</p>\n<p>In addition, over the next 4-5 years, autonomous capabilities will be increasingly important to luxury vehicles. This may prove to be a challenge to start-up EV companies because they can't afford to develop this technology.</p>\n<p>Let's look closer at the alternative consumer retail EV investments.</p>\n<p><b>Lucid Motors (CCIV)</b></p>\n<p>Lucid was founded in 2007 under the name Atieva and originally focused on building electric vehicle batteries and powertrains for other vehicle manufacturers. The company rebranded itself as Lucid Motors in October 2016 and shifted its strategy to develop an all-electric, high-performance, luxury vehicle. Shortly after that, it encountered financial difficulties and struggled to get short-term funding. In 2018 it raised more than $1 billion in investment, primarily from Saudi Arabia's Sovereign Fund, and gave up a majority of the company.</p>\n<p>Lucid Motors reached an agreement to become a publicly-traded company through a merger with the SPAC Churchill Capital IV Corp., in one of the largest deals SPAC EV deals. The combined company, in which Saudi Arabia's Sovereign Fund will continue to be the largest shareholder, had a transaction equity value of $11.75 billion (for $10/share). At the same time, it closed a PIPE investment priced at $15 a share, giving it an implied pro forma equity value of $24 billion. Rumors about this deal circulated before the transaction was formally announced, making it one of the most anticipated SPAC deals. The hype and speculation drove up the stock price of Churchill Capital IV Corp. from its opening price of $10 a share to almost $60. I believe that some of this may have been driven by novice SPAC investors who didn't realize that the valuation of CCIV didn't include the eventual valuation of Lucid. The share price dropped more than 30% after the details of the deal were announced. It's also likely that Lucid renegotiated the terms of the merger based on the price jump.</p>\n<p>The company's first product is the Lucid Air, a well-equipped luxury electric vehicle that features 406 miles of projected range and 480 horsepower with a starting price of $77,400, or $69,900 after the U.S. Federal Tax Credit of $7,500. This new Lucid Air model is positioned as a high-performance, ultra-efficient luxury EV sedan in a line of future vehicles that are expected to include Lucid Air Touring, Grand Touring, and Dream Edition versions.</p>\n<p>The company plans to begin production and deliveries of the Lucid Air in North America in the second half of 2021. Previously the company aimed to begin deliveries earlier in 2021. It intends to sell the car in Europe in 2022, followed by China in 2023. Lucid vehicles will be produced at its new factory in Casa Grande, Arizona. The company plans to expand the factory in phases in the coming years to have the capacity to produce 365,000 units per year at scale. The initial phase of the $700 million factory construction was completed late last year and will have the capacity to produce 30,000 vehicles a year.</p>\n<p>Lucid also apparently has a commitment to build an assembly plant in Saudi Arabia, which was rumored to be a condition of the $1 billion investment from the Saudi public fund. The Saudi Sovereign Wealth Fund also provided $600 million in bridge financing and invested in the SPAC deal as well. So, while this assembly plant may be expensive and may not be critical, it will most likely need to happen.</p>\n<p>Lucid has ambitious plans to achieve $14 billion in revenue in 2025, and its current stock price at $29.17, which gives it a market cap of more than $46 billion, may already reflect those ambitions. Its market cap is roughly the same as Ford.</p>\n<p><b>Fisker (FSR)</b></p>\n<p>Fisker, which had its origins with Fisker Automotive, is an interesting story that ended in bankruptcy. Henrik Fisker originally co-founded Fisker Automotive in 2007. He was responsible for designing many premium cars such as the Aston Martin. Subsequently, Fisker Automotive had to deal with a Tesla lawsuit against Fisker Automotive alleging it stole Tesla's technology, a controversial $528.7 million conditional loan from the Department of Energy, a recall of its battery produced by A123, and the loss of several hundred vehicles in hurricane Sandy. Henrik Fisker resigned in March 2013 because of disagreements over business strategy and in November 2013, Fisker filed its Chapter 11 bankruptcy case.</p>\n<p>However, Henrik Fisker retained the Fisker brand and trademarks, and in 2016 he started another electric vehicle company named Fisker Inc. with the Fisker brand and trademarks. In 2019, Fisker shifted from developing a sports car with a solid-state battery to the Ocean SUV featuring a lithium-ion battery, which it later abandoned for a solid-state battery.</p>\n<p>Fisker is positioning itself in a unique segment for those who want the most environmentally friendly EV. While this may be an early growth segment for EVs, it's difficult to estimate its eventual competitive advantage and the size of this environmentally-friendly market segment.</p>\n<p>The Ocean is a crossover made of recycled metal and plastic with an expected base price of $37,499, and an expected lease of less than $400 a month. Fisker's plan is essentially a lease-only business model that lets customers keep a vehicle for years or return it at any time. It aims to source motors, batteries, and other components from technical partnerships with automakers and will outsource production from existing auto plants. Fisker is currently taking reservations at $250 for the Ocean. It also announced an agreement with Foxconn to jointly develop a vehicle pioneering a new market segment to be sold globally under the Fisker brand commencing in Q4 2023. at the end of 2022. Production will start at Magna Steyr's manufacturing facilities in Europe. At the end of February 2021, it had 12,467 cancellable reservations.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/924a617c90fc3276d7bdab8c64ebfdcf\" tg-width=\"744\" tg-height=\"389\"><span>Fisker Ocean. Source: Fisker</span></p>\n<p>Fisker went public using a SPAC (Spartan Energy). The original combination with SPAQ in October 2020 was valued at $2.9 billion with a cash investment of approximately $1 billion. The stock currently trades at approximately $21 per share, after reaching a high of $28.50, from the original price of $10, which is a market cap of $4.6 billion. Fisker projects $3.3 billion in revenue in 2023. It had almost $1 billion in cash at the end of 2020 and expected to use almost half of this in 2021: $250 million on operating expenses and $250 million in capital investments. If the Ocean is delayed into 2023, Fisker risks missing its revenue objective and will potentially need additional cash to complete development and launch.</p>\n<p><b>Faraday Future (PSAC)</b></p>\n<p>Faraday Future was originally established in May 2014 by Chinese businessman Jia Yueting. It is headquartered in Los Angeles and has offices in Silicon Valley, Beijing, Shanghai, and Chengdu. Faraday Future also had a turbulent history. In 2016, it struggled financially, and in 2017 some key executives departed over a dispute about financial issues. They later founded Canoo.</p>\n<p>In December 2018 the company announced layoffs due to a cash crunch and financial troubles. The company's founder Jia Yueting filed for personal bankruptcy in the United States' federal court in Delaware on October 14, 2019. Following Jia's personal bankruptcy, he decided to step down from his role as CEO of Faraday Future in order to assume a new position as the Chief Product and User Officer. He was replaced as CEO by Carsten Breitfeld, the former CEO at rival electric vehicle startup Byton.</p>\n<p>Somehow, Faraday was able to raise $2.3 billion in private funding over 5 rounds from a variety of investors. In early 2018, it received $1.5 billion in funding from an undisclosed investor from Hong Kong.</p>\n<p>Faraday's flagship product offering will be the FF 91, featuring 1,050 HP, 0-60 mph in less than 2.4 seconds, zero gravity seats with the largest 60-degree reclining angles, and a user experience designed to create a mobile, connected, and luxurious living space. The FF 91 is targeted to launch in 2022.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7e38bfb3211c72bb73bc26f2ebe296fe\" tg-width=\"1280\" tg-height=\"854\"><span>FF 91. Source: Faraday Future</span></p>\n<p>Its strategic partners include one of China's top three OEMs and a critical Chinese city, which the company believes will help establish its presence in the Chinese vehicle market.</p>\n<p>Faraday Future plans several cars based on its Variable Platform Architecture. FF 91 is the first production vehicle and flagship model. Pricing will range between $120,000 and upwards of $200,000, which places it against formidable opponents. Faraday Future is already looking forward to expanding its range with a pair of smaller models named FF 81 and FF 71. The FF 81 is planned to be priced at $75,000 to 95,000 with a 2023 release. The FF 71 is planned to be priced at $45,000 to $65,000 with a planned release of 2024.</p>\n<p>The Primary Manufacturing Facility for FF 91 is in Hanford, CA with contract manufacturing for future models in Gunsan, South Korea.</p>\n<p>Faraday Future is planning high-Level automation with a Level-3 capable system using a redundant safety architecture based on NVIDIA Xavier System-on-a-chip. It will be capable of highway auto-drive and hardware ready for advanced auto-drive. It is targeting full autonomous valet parking &amp; summon in any parking lot or structure. Eventually, it expects full auto-drive, including full 360˚ sensor coverage for advanced auto-drive &amp; auto-park features.</p>\n<p>In January 2021, Faraday Future announced that the company would go public through a reverse merger with the special purpose acquisition company Property Solutions Acquisition Corp. (PSAC). The combined company will be valued at $3.4 billion. Faraday Future is expected to set up contract manufacturing operations in China through their partnership with Geely. Taiwanese manufacturer Foxconn is also expected to serve as an additional strategic partner.</p>\n<p>Faraday Future projects $10.5 billion in revenue in 2024 and $21.5 billion in 2025. Revenue is expected to start in 2022 with the delivery of 2,400 vehicles for $504 million. Most likely these projections could prove to be optimistic. At a current stock price of approximately $12.80, it has a market cap of about $4.3 billion.</p>\n<p><b>Lordstown Motors (RIDE)</b></p>\n<p>Lordstown Motors based in Lordstown, Ohio, was originally founded in 2018 by Steve Burns, the former CEO of Workhorse Group. The company licensed technology from Workhorse in return for royalties and a 10% ownership. Lordstown is named after the famous GM Lordstown manufacturing plant, which it acquired in November 2019 in an unusual transaction. GM announced that it was closing the plant and was under a great deal of pressure for that decision. So, GM \"sold\" the plant to a company that was renamed Lordstown for an estimated $20 million that it loaned to the acquiring company. Subsequently, the sale was redefined to be part of a $75 million investment by GM, of which $50 million was an in-kind exchange for the plant.</p>\n<p>Lordstown went public through the SPAC DiamondPeak Holdings Corp. in 2020. It currently has more than 400 employees.</p>\n<p>Its first product is the Lordstown Endurance, a full-sized EV pickup truck. Lordstown is positioning Endurance for the pickup fleet market segment. The expected price is $52,000+, and it claimed to have more than 100,000 pre-orders by January 2021. However, a recent research article published by a short seller claimed \"Our research has revealed that Lordstown's order book consists of fake or entirely non-binding orders, from customers that generally do not even have fleets of vehicles.\" Lordstown is disputing that article.</p>\n<p>It believes the fleet pickup market segment is underserved with no current EV-focused competition. It estimates that the full-sized pick-up truck fleet market is 1.2 million vehicles per year in the U.S., but it's more fragmented than other truck fleets. Pickup \"fleets\" tend to be much smaller and local, so there may not be much of a market distinction for a small company buying several EV pickups from a traditional auto dealer. About half of the total U.S. pickup market is classified as fleet sales, meaning more than one.</p>\n<p>Even though Lordstown is targeting the commercial fleet market, it is a similar product to the Ford EV F-150. So I classify it in the consumer EV category. It is a class 2 vehicle. Lordstown also may enter the SUV market in the longer-term.</p>\n<p>The Endurance will compete against future models from Rivian and Tesla, as well as Ford and GM in ICE pick-ups and their upcoming EV pick-ups. Ford plans on selling its EV F-150 in mid-2022. Initial production of the Endurance is expected in the second half of 2021, so it may have a short market advantage. Nevertheless, it forecasts selling 65,000 vehicles in 2023 and 107,000 in 2024. These estimates could be a large percentage of the EV pick-up market in those years.</p>\n<p>At the SPAC merger, the implied valuation for Lordstown was $1.6 billion, including a $500 million PIPE and the $75 million by GM. Lordstown's financial projections appear to be aggressive. It projects to start shipping the Endurance in late 2021 with projected revenue in 2022 of $1.7 billion, increasing to $5.8 billion in 2024. Its stock price at approximately $13.60 values the company at a market cap of approximately $2.2 billion. The value of the company depends on the likelihood of achieving its projections.</p>\n<p>A fleet sales strategy makes sense for Lordstown since it would be too expensive to build a retail sales and service capability. However, it's not clear that this will become a distinct competitive advantage. Some small fleets may still prefer to buy their EV pickups from established local dealers with service capabilities.</p>\n<p><b>Canoo (GOEV)</b></p>\n<p>Canoo started as Evelozcity in 2017 and rebranded as Canoo in the spring of 2019. Canoo is a Los Angeles-based company that develops electric vehicles. It has over 350 employees. Canoo has designed a modular electric platform purpose-built to deliver maximum vehicle interior space, which is adaptable to support a wide range of vehicle applications for consumers and businesses. Canoo expects to launch its first consumer model in 2022, simply named the Canoo that will be available by subscription, followed shortly after by a multi-purpose delivery vehicle and a sports vehicle, each built off of the same underlying platform. Canoo went public using a SPAC (Hennessy Capital Acquisition) and now trades as GOEV.</p>\n<p>Canoo's all-electric skateboard-like platform is designed to support both consumer retail and commercial vehicle configurations. The EV leverages Canoo's flat skateboard architecture for a high level of usable interior space. Its commercial vehicle program, expected in 2023, addresses a projected $50B+ last-mile delivery market with an EV platform that maximizes cargo volume.</p>\n<p>Hyundai Motor Group said it would jointly develop an electric vehicle platform with the company.</p>\n<p>Canoo's platform strategy is interesting. It could be used as an EV platform for custom fleets of delivery vehicles. It has no AV development, but it claims to be \"AV Ready\" which could be useful for AV companies wanting to build custom AV delivery fleets.</p>\n<p>Its all-electric multi-purpose delivery vehicle is expected to be priced starting at approximately $33,000. It is based on Canoo's proprietary electric platform and will be offered in two initial size variants, with others to follow. Limited availability will begin in 2022, with scaled production and launch planned for 2023. Customers can pre-order the multi-purpose delivery vehicle for a refundable deposit of $100 per vehicle</p>\n<p>It plans to offer two multi-purpose delivery vehicles: the MPDV1 and the larger MPDV2. The first has a 200-foot cargo volume and a range of 130-200 miles. It offers more capacity than today's ICE delivery vehicles at an affordable price with urban mobility enabled by a space-efficient footprint. The vehicle is also designed to fit within many height-restricted areas like parking garages.</p>\n<p>The MPDV2 has a cargo volume of 450 feet and a range of 90-190 miles. Its roof and step-in height enable individuals to easily walk-in the vehicle and accommodate a standing position while inside.</p>\n<p>The original SPAC transaction provided approximately $600 million, with a pro forma equity value of approximately $2.4 billion. Like other SPAC mergers, its stock price has fluctuated. It currently trades at about $15.90 per share for a market cap of approximately $3.7 billion. Canoo projects $2.0 billion in revenue in 2025 from about $500 million in engineering services, $1.2 billion from its consumer vehicle subscriptions, and the remainder from its commercial program. Canoo expects revenue of more than $300 million in 2022 after the launch of its lifestyle consumer vehicle.</p>\n<p>Since its first products are aimed at consumers, as is most of its forecasted 2025 revenue, I categorize it primarily as a consumer EV company. However, I think the design of that Canoo vehicle may not attract enough customers. More importantly, its subscription service way of selling its EV to consumers is risky. I think it has more potential in the commercial market, however, a dual strategy (consumer and commercial) is challenging. I like its skateboard platform design and that could prove to be a competitive advantage.</p>\n<p><b>Rivian</b></p>\n<p>Although not yet public, I include Rivian because it has plans for an IPO as soon as Sept 2021, although it could slip into 2022. There are rumors that the company is targeting a market valuation of approximately $50B. Rivian has already raised more than $8 billion to date from Amazon, Ford, T. Rowe Price, and others.</p>\n<p>Rivian has developed and vertically integrated a connected electric platform that can be flexibly applied to a range of applications, including the company's adventure products, as well as B2B products such as the Amazon last-mile delivery vans. The company's initial products, the R1T and R1S, provide a combination of performance, off-road capability, and utility. These vehicles will be produced at Rivian's manufacturing plant in Normal, Ill., with customer deliveries expected to begin in summer 2021. The launch of the R1S three-row electric SUV will follow in August.</p>\n<p>Additional lower-priced models are being planned. The expected R2 series would include at least two smaller electric vehicles to coincide with the smaller platform, then another platform for R3.</p>\n<p><b>Commercial Delivery EV Companies</b></p>\n<p>EV truck companies differ based on the type of truck they are developing. The technology and markets are very different, so I separate them into two categories. The first category includes commercial delivery vehicles.</p>\n<p>Companies making EV delivery vehicles have some major advantages that could make them good investments. First, delivery vehicles typically travel less than 250 miles during a day, so they can be conveniently recharged overnight. Secondly, they are typically sold in large quantities to fleets. This means that building a retail sales infrastructure is not necessary. It only requires a small salesforce. In addition, maintenance can also be provided at the fleet's operational center, so not as many service centers are required.</p>\n<p>The disadvantage in this market is that there are a relatively small number of customers that buy in large volumes, so if the EV manufacturer can't get enough large customers, they may not be able to stay in business. GM estimates the combined market opportunity for parcel and food delivery, as well as reverse logistics, in the U.S. will be more than $850 billion by 2025.</p>\n<p>The commercial market is expected to be a major growth area for EVs. Other start-up automakers like Rivian as well as legacy automakers such as Ford, Daimler, and GM have announced plans to enter the segment. GM recently announced its BrightDrop ecosystem for commercial customers that includes an all-new electric delivery van, the EV600 available by the end of 2021, as well as an integrated autonomous pallet and related services.</p>\n<p>This group of EV companies focuses primarily on commercial delivery. In general, these are in the light-duty trucks category, although it also includes some medium-duty trucks. This generally includes the following commercial truck classes:</p>\n<ul>\n <li>Class 1: This class of trucks has a GVWR of 0-6,000 pounds or 0-2,722 kilograms.</li>\n <li>Class 2: This class of trucks has a GVWR of 6,001-10,000 pounds or 2,722-4,536 kilograms.1</li>\n <li>Class 3: This class of trucks has a GVWR of 10,001-14,000 pounds or 4,536-6,350 kilograms.</li>\n</ul>\n<p>It can also include somewhat larger medium-duty EV delivery trucks:</p>\n<ul>\n <li>Class 4: This class of trucks has a GVWR of 14,001-16,000 pounds or 6,351-7,257 kilograms.</li>\n <li>Class 5: This class of trucks has a GVWR of 16,001-19,500 pounds or 7,258-8,845 kilograms.</li>\n</ul>\n<p>EV delivery trucks also have an advantage over ICE vehicles because they can have a greater delivery storage space. Smaller buses and transit vehicles are also included in this category.</p>\n<p>Last-mile package delivery is not an immediate-term autonomous vehicle opportunity because it requires a delivery person to be on the truck anyway.</p>\n<p><b>Workhorse Group (WKHS)</b></p>\n<p>Workhorse has been a public company for ten years. Originally AMP Electric Vehicles, it was established in 2007 as a developmental-stage vehicle electrification company, focusing on conversions. AMP Electric Vehicles went public in 2010 trading on the OTC market under the AMPD symbol. When the economic benefits of conversion became less certain, it pivoted away from passenger vehicles and began to focus on electrifying commercial vehicles. AMP acquired the Workhorse brand and the Workhorse custom chassis assembly plant in Union City. In March of 2013, AMP formally changed its name to Workhorse Group Incorporated.</p>\n<p>The Company designs and builds a last-mile delivery electric vehicle. The C-Series EVs cover the larger size of commercial delivery vehicles in Classes 3-5. As part of its solutions, it also develops cloud-based, real-time telematics performance monitoring systems. It sells its vehicles to fleet customers directly and through its primary distributor, Ryder Systems. It is currently focused on bringing the C-Series electric delivery truck to market and fulfilling the existing backlog of orders.</p>\n<p>The C-Series looks like a viable EV replacement for the 350,000 last-mile delivery vehicles sold in the U.S. annually. It recently announced an increased driving range from 100 miles to 160, which should open more market opportunities. It has a viable short-term go-to-market strategy selling fleets to delivery companies. It currently has test vehicles with UPS, DHL, FedEx, Amazon, and Walmart.</p>\n<p>Workhorse recently lost out on the United States Postal Services Next Generation Delivery Vehicle project, however, it is in the process of challenging this decision. Additionally, its investment in Lordstown also provides an indirect investment opportunity. On November 7, 2019, the Company entered a transaction with Lordstown Motors to grant LMC a perpetual and worldwide license to certain intellectual property relating to its W-15 electric pickup truck platform and related technology in exchange for royalties, equity interest (approximately 10%) in LMC, and other considerations. This was a $320 million asset for Workhorse at the end of 2020.</p>\n<p>Workhorse received a significant increase in orders in Q4/2020 but built just seven trucks in the fourth quarter due to production systems and supply chain issues. Workhorse plans to continue to take it slow, striving to build three of its composite-body battery-electric trucks a day in March with a plan to reach 10 trucks a day by the end of June. This makes its original 2021 goal of producing 1,800 trucks unlikely. It partnered with Hitachi and Hitachi Capital America (\"HCA\") to improve the Company's manufacturing, operational, and supply chain capabilities as well as to develop a national dealer network to support Workhorse's sales with vehicle financing options for both dealers and customers.</p>\n<p>Workhorse has a market cap of approximately $1.9 billion. While Workhorse had ongoing revenue, unlike many other new EV companies, its revenue is still insignificant. It had a revenue of $1.4 million in 2020 and $377,000 in 2019. It has a backlog of over 8,000 vehicles but doesn't expect to be able to build many of those in 2021. It raised $270 million in capital over several financings, providing the Company with additional capital to build its backlog. It had cash of $215 million as of March 1, 2021. Because Workhorse is a traditional public company, it hasn't made long-term financial projections like SPAC-based companies.</p>\n<p><b>Electric Last Mile (FIII)</b></p>\n<p>Electric Last Mile, based in Troy Michigan, was founded by Jason Luo, former CEO of Ford China before it was acquired by China's Ningbo Joyson Electronic for $920 million in 2016, including James Taylor, former CEO of GM's Hummer brand and former CEO of electric car maker Karma Automotive. Taylor serves as the company's top executive with Luo as the company's chairman.</p>\n<p>The company plans to launch a small electric delivery van (class 1-2), called the UD-1, in the third quarter of 2021, and then introduce an Urban Utility vehicle (Class 2-3) in 2022. These are expected to compete with Workhorse, Rivian, Canoo, as well as the Ford eTransit and the GMC BV1, none of which is expected to be a Class 1 vehicle.</p>\n<p>The company says it has 30,000 preorders for its van, representing more than $1 billion in sales. Electric Last Miles vehicles will be based on Sokon's commercial van made in China through a joint venture with Dongfeng Automobile Co Ltd. in order to accelerate development time.</p>\n<p>Electric Last Mile (ELM) is expected to manufacture the vans in a former General Motors Co. Hummer plant in Mishawaka, Ind., that the company is acquiring from China's Chongqing Sokon Industry Group Stock Co. Ltd. The plant has the capacity to produce 100,000 vehicles annually with plans to build approximately 4,000 UD-1 vans by the end of 2021. The UD-1 has a starting price of $32,500 and a range of 150 miles. The battery for the vehicle is expected to be supplied by the Chinese battery company CATL.</p>\n<p>ELM believes that it has a competitive advantage because its first vehicle, the ELM Urban Delivery, is scheduled to be available in 2021. It is based on a proven, existing platform developed and sold by Sokon Group in the Asian market, where there are 30,000 of these electric delivery vehicles driving 1.5 million miles every day. At the close of the business combination, ELM will be an independent, U.S. company producing electric vehicles in the U.S. with Sokon Group providing access to its know-how, parts supply, and field and service data.</p>\n<p>ELM expects that the Urban Delivery vehicle will be the first electric delivery vehicle coming to market in the class 1 category (GVW of 6,000 lbs or less) in the U.S. It will also have 35% more carrying volume compared to similar ICE delivery vehicles, a critical part of the value proposition. It also anticipates that its price and greater carrying volume will allow it to take market share from the class 2 category of vehicles as well.</p>\n<p>Its crossover product portfolio strategy targets commercial delivery vehicles spanning from class 1 to class 3, which represents over 80% of the last mile market.</p>\n<p>ELM anticipates $122 million in revenue in 2021, rapidly increasing to $3 billion in 2025. The price of FIII stock increased immediately following its announcement with Electric Last Mile, rising more than 40% to $14.50, but now it has dropped closer to the original deal price to $10.25 for a market cap of approximately $1.5 billion.</p>\n<p><b>GreenPower Motor Company (GP)</b></p>\n<p>GreenPower Motor Company Inc. is a Canadian battery-electric bus manufacturer with multiple models of high- and low-floor vehicles, including transit buses, school buses, and shuttles. GreenPower offers commercial vehicles for delivery, public transit, schools, vanpooling, micro-transit, shuttles, and is developing a capability of autonomous operation. It went public on August 28, 2020.</p>\n<p>In 2014 GreenPower launched its first purpose-built, battery-electric bus, the EV350, 40-foot transit bus. GreenPower received its first order in 2017 for ten EV350s from the City of Porterville, California.</p>\n<p>GreenPower's electric buses are purpose-built and designed to be all-electric, allowing it to put the battery and propulsion system in optimized locations that provide weight and structural advantages. Its primary EV is the EV Star with more than 120 vehicles delivered. It comes in several variations:</p>\n<ul>\n <li>EV Star - Up to 19 passengers</li>\n <li>EV Star Plus - Up to 24 passengers</li>\n <li>EV Star ADA - Passenger and curbside lift for ADA</li>\n <li>EV Star Cargo - 5,000 pounds of load</li>\n <li>EV Star Cargo Plus - 570 cubic feet of cargo space.</li>\n</ul>\n<p>Its EV school bus seats up to 90 students and has a range of up to 150 miles.</p>\n<p>GreenPower had revenue of $13.5 million in 2020 It has about $21 million in cash. It's an interesting alternative since it is already shipping EVs, has revenue, and also has a lower market cap of less than $1 billion. Since it did a traditional IPO, it hasn't published longer-term financial forecasts.</p>\n<p><b>Arrival (CIIC)</b></p>\n<p>Arrival was founded in 2015 in London to make a variety of commercial electric vehicles. It has approximately 1,200 employees across 11 cities in 8 countries. In November 2020, Arrival and the SPAC CIIG entered into a business combination agreement with an implied valuation of $5.39 billion.</p>\n<p>Arrival plans on releasing four commercial EVs over the next few years.</p>\n<ul>\n <li>Q4/2021: An electric bus for 8-125 passengers and a range of 240-400km</li>\n <li>Q3/2022: An electric delivery van with a payload of 975-2,000kg and a range of 150-340km</li>\n <li>2022: A larger electric van with a payload of 4,000 kg and a range of 190-400km</li>\n <li>2023: a small vehicle platform with a range of 100-300km.</li>\n</ul>\n<p>This mix provides a nice diversified portfolio of EVs. Arrival claims to have received orders from UPS for 10,000 vans. It plans a unique flexible manufacturing approach using micro-factories with each projected to manufacture 10,000 vans per year. All of its vehicles use a modular skateboard electric platform.</p>\n<p>Arrival ambitiously projects $14.1 billion in revenue in 2024. Half of that revenue is expected from delivery vans, 22% from buses, and the rest from the large van and its small vehicle platform. With CIIC's stock price at $24.80 per share, Arrival's current market cap is relatively high at approximately $15.0 billion. Justifying its market cap depends on its ability to release, sell, and produce its four commercial EVs.</p>\n<p><b>Proterra (ACTC)</b></p>\n<p>Proterra is a commercial electric vehicle company with over a decade of production experience. The Company has designed an end-to-end, flexible technology platform that claims to deliver higher performance and a low total cost of ownership to original equipment manufacturers (OEMs) and end customers.</p>\n<p>Proterra, Inc., was originally founded in Golden, Colorado, by Dale Hill in 2004. Later the company wanted to take the lead in creating zero-emission, U.S.-based transit buses. In 2010 it moved its manufacturing plant from Golden, Colorado to Greenville, South Carolina. In 2015, Proterra was awarded a $3 million grant from the California Energy Commission to fund the design, development, and construction of the company's battery-electric transit bus manufacturing line in the City of Industry, California. It moved its headquarters from Greenville, South Carolina, to Burlingame, California, in October 2015. Proterra raised more than $600 million in funding.</p>\n<p>It is going public through the SPAC ArcLight (ACTC) with a pro forma valuation of $1.6 billion. Upon completion of the transaction, Proterra expects to have up to $825 million in cash to fund growth initiatives, including R&amp;D and the expansion of its next-generation battery program.</p>\n<p>Proterra has three complementary businesses:</p>\n<ul>\n <li><b>Proterra Powered</b>: Delivering battery systems and electrification solutions to commercial vehicle manufacturers</li>\n <li><b>Proterra Transit:</b>Providing an electric transit bus OEMs</li>\n <li><b>Proterra Energy:</b>Offering turnkey charging and energy management solutions.</li>\n</ul>\n<p>The company's battery systems have been proven in more than 16 million service miles driven by its fleet of transit vehicles and validated through partnerships with commercial vehicle OEMs. Proterra has produced and delivered more than 300 megawatt-hours of battery systems, more than 550 heavy-duty electric transit buses, and installed 54 megawatts of charging systems.</p>\n<p>Proterra expected $193 million of revenue in 2020, with an estimated $750 million in existing orders and backlog. It projects $2.5 billion in revenue in 2025, with about 1/3 coming from its Transit business, and 2/3 From Powered &amp; Energy. At ACTC's current stock price of $17.85, Proterra has a market cap of about $4.3 billion.</p>\n<p><b>Rivian</b></p>\n<p>Rivian (see earlier description in consumer retail) will also compete in the commercial delivery market. It has been working with Amazon (a major investor) to build large electric delivery vans for Prime. Developed specifically for Amazon, a small fleet of Prime vans is on the road now, testing deliveries to customers and gathering feedback. In late fall, it could grow to a large fleet as Rivian ramps up the volume.</p>\n<p>The EV range of 150 miles is tailored to Amazon's use cycle to optimize the size, weight, and cost of the commercial vehicle. Rivian has three sizes of batteries, but Amazon is starting with just one of them.</p>\n<p><b>Canoo (GOEV)</b></p>\n<p>See the previous summary under consumer retail EV.</p>\n<p>Medium and Long-Haul Trucking EV Companies</p>\n<p>Companies developing medium- and long-haul EV trucks face a more difficult challenge with battery range. These trucks haul much more weight than commercial delivery vehicles and because they are designed for long distances, they can't stop every 200-300 miles for recharging.</p>\n<p>For this reason, many of these companies are using unique hybrid technologies for their trucks. The EV trucks in this category are primarily heavy-duty but also include some medium-duty trucks and specialty vehicles. A couple of the companies focus on retrofitting trucks to be electric.</p>\n<p><b>Medium-Duty Trucks</b></p>\n<p>The medium-duty trucks category includes commercial truck classes 4, 5, and 6:</p>\n<ul>\n <li>Class 4: This class of trucks has a GVWR of 14,001-16,000 pounds or 6,351-7,257 kilograms.</li>\n <li>Class 5: This class of trucks has a GVWR of 16,001-19,500 pounds or 7,258-8,845 kilograms.</li>\n <li>Class 6: This class of trucks has a GVWR of 19,501-26,000 pounds or 8,846-11,793 kilograms.1</li>\n</ul>\n<p><b>Heavy-Duty Trucks</b></p>\n<p>The heavy-duty trucks category includes commercial truck classes 7 and 8:</p>\n<ul>\n <li>Class 7: This class of trucks has a GVWR of 26,001 to 33,000 pounds or 11,794-14,969 kilograms.</li>\n <li>Class 8: This class of trucks has a GVWR of greater than 33,001 pounds or 14,969 kilograms and includes all tractor-trailers.</li>\n</ul>\n<p>The Tesla Semi is a battery vehicle planned for a range of 300 or 500 miles and a speed of 60 MPH with 80,000 lbs of cargo. Tesla plans to start shipping the Semi later this year when it expects to have sufficient cell volume to meet its needs with the production of its 4680 battery pack.</p>\n<p><b>Nikola</b><b>(NASDAQ:NKLA)</b></p>\n<p>Nikola has been a very controversial company. Founded in 2015, it originally had two different strategies. Its primary strategy is to lease fuel-cell electric vehicle (FCEV) Class-8 heavy trucks and provide the refueling infrastructure to corporate customers. Its second strategy was to develop the Badger EV truck using GM technology.</p>\n<p>Nikola originally merged with a SPAC to go public, at an enterprise value of approximately $3.3 billion. On June 6th, 2020, its market cap jumped to more than $30 billion, then later it dropped because of problems with its originally planned deal with GM.</p>\n<p>Nikola originally expected a deal with General Motors that included the production of the Nikola Badger EV pickup truck. The proposed arrangement was that GM would take a $2 billion equity stake in Nikola and in return would engineer and produce the Badger. In November 2020, GM and Nikola scrapped the original arrangement. Now it appears that GM will supply Nikola with only its Hydrotec hydrogen fuel-cell technology to integrate into the EV manufacturer's commercial class 7 and class 8 zero-emission semi-trucks. So, the Badger is probably dead.</p>\n<p>Nikola now sees semi-trucks as the company's \"core business\" and fuel cells as an increasingly important segment of the semi-truck market thanks to their efficiency in weight and consumption. It expects to begin testing by the end of 2021.</p>\n<p>It has received pre-orders from Anheuser-Busch and a few other companies, but it doesn't expect deliveries until 2023. Hydrogen fueling stations are key to its strategy, both providing a source of revenue and necessary fueling infrastructure for the trucks to operate, but they also cost a lot. In its March 2020 investor deck, Nikola said a single station capable of fueling 210 trucks a day would cost $16.6 million. Its initial planned network of 700 stations would cost roughly $11.6 billion.</p>\n<p>Nikola was also accused of misrepresentation, and its executive chairman and founder stepped down.</p>\n<p>At the time of the SPAC merger, it projected an optimistic forecast of more than $3 billion in revenue by 2024, with a net income of $145 million. Most of that revenue was expected to come from its Badger truck, which is no longer in the plans. Yet its market cap is still almost $6 billion.</p>\n<p><b>Hyliion (HYLN)</b></p>\n<p>Hyliion, founded in 2015 in Austin, went public in October 2020 through the SPAC Tortoise Acquisition Corp. (SHLL). In March 2019, automotive parts manufacturer Dana Inc. made an equity investment into Hyliion, and together they are manufacturing and marketing Class 8 EVs to Dana's customers, including Volvo, Navistar, and Peterbilt.</p>\n<p>Hyliion's strategy is unique, and a very different strategy from Nikola. Essentially it generates electricity onboard the truck using compressed natural gas (CNG). This should be a benefit for longer-range trucking. Hyliion's Hypertruck concept involves an all-electric drivetrain utilizing Dana's electric motor, inverter, and axle technologies. The truck's batteries are fueled by onboard tanks of CNG. With some 700 CNG stations already operating nationwide, it believes that there no need to build out expensive superchargers or hydrogen infrastructure.</p>\n<p>Kuwait-based logistics company, Agility, has already placed an order for 1,000 Hypertrucks with initial deliveries targeted in 2022. Combined with a fully electric drivetrain and a natural gas-powered onboard generator to recharge the battery, the Hypertruck ERX will provide more than 1,000 miles of range.</p>\n<p>Hyliion will eventually compete with Nikola (FCEV) and the Tesla battery-based Semi, but it plans to have a longer range and lower operating costs. Its HyperTruck ERX is expected to be available in 2021. It also has a hybrid-electric truck.</p>\n<p>The combination with SHLL had an estimated market cap of about $1.5 billion, with approximately $530 million going to the company, including a $325 million fully committed PIPE. At approximately $13.50 per share, its current market cap is approximately $2.2 billion, significantly down from its peak. Hyliion projects $2 billion in revenue in 2024, which it claims is only about 2% of the addressable market.</p>\n<p><b>XL Fleet (XL)</b></p>\n<p>XL Fleet is a 10-year old company that went public through the SPAC Pivotal. XL is different because it provides fleet electrification modifications for ICE trucks across a wide range of vehicle classes (class 2-5) and types. It has over 200 of the largest commercial and municipal fleets as customers, with more than 3,200 XL systems deployed and over 130 million miles driven by customers to date. XL's customer base includes FedEx, Coca-Cola, PepsiCo, Verizon, the City of Boston, Seattle Fire Department, Yale University, and Harvard University.</p>\n<p>XL's business model is essentially retrofitting existing trucks to be hybrids and then later expanding into fully electric truck conversions. It claims to be creating a fully integrated platform for this. It remains to be seen if the retrofitting business will continue to grow or will it diminish when more trucks are designed and manufactured with EV capabilities.</p>\n<p>Unlike some other EV companies that have no revenue yet because they are still developing products, XL is more of a small company doing low-volume retrofits. It had $7.2 million in revenue in 2019, $21 million in 2020, and estimates $76 million in 2021, but it forecasts $1.3 billion in revenue in 2024 in its investor presentation. It plans to do this by expanding its product line from hybrid to plug-in hybrid to fully electric across a broader range of trucks. It claims to have a $220 million sales pipeline for the next 12 months.</p>\n<p>Short-seller, Muddy Waters, claimed after talking to former XL Fleet employees, that it believed the company significantly exaggerated its order backlog, that the return on investment for the company's products was likely negative, and that it would not be able to compete with big car makers on electrification. The company thoroughly refuted these claims.</p>\n<p>The original enterprise valuation was approximately $1.4 billion at a $10 share price for the merger. Its price jumped by about 35% but has since gone back down to $12.40 for a market cap of about $1.8 billion. Although XL Fleet has revenue and other EV companies don't, this may not be an advantage. It appears to be a small company for many years that has gone public at a high valuation with grand plans. The risks are in its ability to make a jump from $76 million in 2021 to $1.3 billion in 2024, as well as the question about retrofitting being replaced by new EV trucks by then.</p>\n<p><b>Xos (NGAC)</b></p>\n<p>Xos Trucks specializes in the field of manufacturing fully electric commercial vehicles. It features a software platform that is designed to accommodate an extensive variety of medium-duty bodies, wheelbase, and range requirements up to 200 miles. It was founded in 2016 and headquartered in North Hollywood, California. It received $20 million of investment in 2020 and now is going public through a merger with the SPAC ExtGen Acquisition Corporation (NGAC) at an estimated proforma value of $1.965 billion.</p>\n<p>Its focus is on medium- and heavy-duty last mile and return-to-base segments (class 5/6, class 6/7, and class 7/8) commercial fleets and specialty vehicles. Some vehicles are currently in production and in regular on-road operations with key fleet customers, and it claimed 6,000 unit orders in backlog.</p>\n<p>Its MD-platform is for classes 5-6 for pickup and delivery. Its HD X-Platform is an adaptable chassis for highway, vocational, and severe work conditions. Its market is for customers with highly predictable routes that allow for batteries designed for a more limited range. A significantly larger frame and smaller battery pack allow for reduced density.</p>\n<p>Xos has a bundled all-in-one offering that allows fleets to access all the tools and services they need to go electric with a single point of contact at a fixed monthly expense.</p>\n<p>Xos had $3 million in revenue in 2020 and estimates $14 million in 2021. However, it forecasts $5.2 billion in revenue in 2025. At the current stock price of $10.30, its market cap is approximately $2 billion, about the same as its original SPAC transaction.</p>\n<p><b>Lion Electric (NGA)</b></p>\n<p>Lion Electric is a Canadian company founded by Marc Bédard in 2008. Its focus is to be a leader in designing, developing, and manufacturing purpose-built urban electric vehicles; vehicles that are specifically designed as delivery trucks, refuse trucks, bucket trucks, moving trucks, school buses, and shuttle buses. It has over 300 all-electric vehicles on the road today.</p>\n<p>In November 2020, it announced that it was going public through the SPAC NGA. The transaction had an estimated pro forma enterprise value of $1.5 billion.</p>\n<p>It plans on seven new truck models and one new school bus, for a total of 15 all-electric vehicles, representing a full line-up from class 5 to class 8 electric trucks and a full line-up of electric school buses. Its vehicles are produced at its existing manufacturing plant, which has the capacity for the production of up to 2,500 vehicles per year. It intends to open a new plant in the U.S. capable of delivering over 20,000 Lion trucks and buses per year by 2022.</p>\n<p>Its all-electric class 6 and class 8 commercial urban trucks combine power, comfort, and modern technology. Custom-built chassis and cabin designed specifically for an all-electric heavy-duty vehicle. The LionC is an all-electric Type C school bus manufactured in North America. The body and chassis were specifically designed to deliver optimal performance. The LionM is an all-electric midi/minibus that meets paratransit and public transportation requirements. Created and designed specifically for the paratransit market, the is spacious and offers unique features that provide enhanced security and accessibility to the end-users.</p>\n<p>Lion Electric had $29 million in revenue in 2020 and expects $204 million in 2021. It forecasts revenue to jump to $3.6 billion a few years later in 2024. Its current market cap is approximately $3.6 billion based on its current stock price of $18.33.</p>\n<p><b>Lightning eMotors (GIK)</b></p>\n<p>Lightning eMotors, formerly Lightning Systems, was founded in 2008 and is headquartered in Loveland, Colorado. It provides fleet electrification for familiar commercial vehicle platforms by retrofitting them with its electric powertrains. Lightning eMotors produces electric fleet medium- and heavy-duty vehicles, including delivery trucks, shuttle buses, passenger vans, ambulances, bucket trucks, chassis-cab models, and city transit buses. It focuses on urban commercial zero-emission vehicles with a full range of class 3 through class 7 battery-electric and fuel-cell electric vehicles.</p>\n<p>Lighting eMotors helps commercial fleets achieve their sustainability goals by offering zero-emission battery-electric vans, trucks, and buses based on familiar, proven vehicles from manufacturers such as Ford and GM. It works with customers, to help them identify their unique commercial electric vehicle, charging, and grant support needs.</p>\n<p>The Lightning products include integrated all-electric powertrains for the Ford Transit 350HD passenger and cargo vans, Ford E-450 shuttle bus and cutaway models, Ford F-59 step/food van, Ford F-550 cargo trucks and buses, Chevrolet 6500XD Low Cab Forward model, and 30-foot, 35-foot, and 40-foot transit buses.</p>\n<p>Lightning has 120 vehicles on the road, and 1,500 vehicles already on order from customers. In addition to making vehicles and powertrains, Lightning also provides a full suite of charging solutions for customers.</p>\n<p>The deal with GIK has an enterprise value of $650 million, although there is also an Earnout of 20.0% of total pro forma shares outstanding to Lightning eMotors shareholders if the stock crosses certain price thresholds.</p>\n<p>At the current price, of $11.73, GIK has a market cap of approximately $1 billion, a little more than the original transaction valuation. Similar to XL Fleet, Lightning has the risk that retrofitting may only be an interim business opportunity until more EV trucks are produced.</p>\n<p><b>Public Chinese EV Companies</b></p>\n<p>China will be the biggest EV market opportunity, and EV start-ups may do better there because there isn't as much entrenched competition from domestic auto companies. China is already the largest EV market in the world, with almost a million EVs sold in 2019. Its EV market represents almost half of the global EV sales volume and is much larger than the U.S. market.</p>\n<p>The Chinese government has ambitions to become a global leader in new energy vehicles. Soon after the coronavirus outbreak subsided within the country, Chinese authorities announced new policies to support the auto and electric vehicle industries.</p>\n<p>These Chinese companies are traded through American depository shares (ADS) that contain certain risks. There are financial reporting and transparency risks with these companies, and on top of that, the newer companies are being classified as \"emerging growth\" companies that are already exempt from certain transparency requirements set out in the Sarbanes-Oxley Act of 2002. Like the previous EV stock, these stocks have also been very volatile.</p>\n<p>In addition to legacy auto manufacturers like BYD, there are also three Chinese EV companies that are publicly traded through American depositary shares.</p>\n<p><b>BYD Co., Ltd. (OTCPK:BYDDY)</b></p>\n<p>BYD, which means build your dreams, is the automotive subsidiary of the Chinese multinational BYD Co Ltd. It was founded in January 2003, following BYD Company's acquisition of Tsinchuan Automobile Company. The company produces automobiles, buses, electric bicycles, forklifts, rechargeable batteries, and trucks. The current model range of automobiles includes electric vehicles, plug-in hybrids, and petrol-engined vehicles. Thirteen years ago, on the advice of his famously skeptical lieutenant, Charlie Munger, Warren Buffett made a $232 million investment in BYD, a relatively unknown Chinese car company.</p>\n<p>By parlaying BYD's rechargeable battery technology into a fast-growing carmaking operation, it gained a foothold in the fledgling electric vehicle market, building longer-lasting batteries and cheaper vehicles than American and Japanese manufacturers were managing to do at the time. In BYD, Buffett and Munger believed they had found a company with a shot at one day becoming the largest player in a global automobile market that was inevitably going electric.</p>\n<p>BYD's start to 2021 was strong with 19,871 plug-in electric cars sold in January in China, including hybrid plug-ins. That was a big increase over 2020 but not as much as 2019.</p>\n<p><b>LI Auto (LI)</b></p>\n<p>Lixiang, formerly known as Chehejia (\"Car and Home\"), was founded in 2015 and went public in the U.S. on July 30th, 2020. It is a Beijing-based electric-vehicle startup with vertically integrated manufacturing. It designs, researches, manufactures, sells, and offers services featuring a few models of electric vehicles.</p>\n<p>The company's SUVs are hybrids of a sort. They use electric motors (one on the front axle and one on the rear), but those motors are powered by a combination of a 40.5kWh battery pack<i>and</i>a 1.2-liter turbocharged engine paired to a 45-liter fuel tank and a 100kW electric generator, which generates power for the battery pack in real-time. The idea is that the car can be driven for about 100 miles on battery power alone, but it has a total range of nearly 500 miles when leveraging the combustion engine generator.</p>\n<p>The Company's primary product is an SUV under its brand Li ONE. It also sells peripheral products and provides related services, such as charging stalls, vehicle internet connection services, and extended lifetime warranties. Li Auto is looking to sell a variety of SUVs built on its hybrid technology that range from around $21,000 to about $70,000. The company started shipping its first model in late 2019. It's a midsize SUV is well-appointed and has lots of touchscreens and technology. A full-size premium version is planned for release in 2022.</p>\n<p>Deliveries of Li ONEs were 14,464 vehicles in the fourth quarter of 2020, representing a 67.0% quarter-over-quarter increase and setting a new quarterly record. Deliveries for the full year 2020 reached 32,624 vehicles. Revenue in the fourth quarter was $635 million.</p>\n<p>LI auto went public on July 30th, 2020, raising $1.1 billion at an initial price of $15.50 per share but quickly reached almost $24. It is currently valued at approximately $37 billion at a price of approximately $25.72 per share.</p>\n<p><b>XPeng (XPEV)</b></p>\n<p>Xiaopeng (XPeng) Motors is a Chinese electric vehicle and technology company that designs and manufactures smart cars. It was founded in 2015 and went public on August 27, 2020, using American depository shares, raising about $1 billion. To date, it has raised about $2.6 billion.</p>\n<p>XPeng aims its EVs at technology-savvy middle-class Chinese consumers, with prices ranging from $22,000 to $45,000 after government subsidies. In some ways, it is a Tesla knock-off at a much lower price. XPeng started production of the G3 in November 2018, and as of July 31, 2020, delivered 18,741. It started production of the P7 and began delivery in May 2020, and as of July 31, 2020, it had delivered 1,966 EVs. The P7 has a range of more than 400 miles. It plans to launch a third Smart EV, a sedan, in 2021. The G3 was among the top-three best-selling electric SUVs in China in 2019.</p>\n<p>XPeng is interesting because it has a platform strategy and is moving aggressively into autonomous driving. It uses a platform strategy to expand product offerings by launching one Smart EV model each year to broaden the addressable market. It builds new models on two highly flexible Smart EV platforms, called David and Edward, respectively. The David platform has been designed for vehicles with wheelbases ranging from 2,600 millimeters to 2,800 millimeters, and the Edward platform has been designed for vehicles with wheelbases ranging from 2,800 millimeters to 3,100 millimeters. It also adopted a platform approach for software systems.</p>\n<p>XPeng claims to be developing an autonomous driving capability for its EVs. The P7 is the first production vehicle to feature the NVIDIA DRIVE AGX Xavier system-on-a-chip (SoC) autonomous driving platform. The company's Smart Electric Platform Architecture (SEPA) runs on 2 chips - NVIDIA for the XPILOT and Qualcomm's Snapdragon™ 820A for intelligent services and infotainment, including cameras inside and outside, radars, HD-map, and ultrasonic sensors. Like Tesla, it claims it can create sufficiently-autonomous driving without lidar.</p>\n<p>To enhance brand recognition and allow more people to experience its Smart EVs, it deployed a small number of Smart EVs in a ride-hailing service in Guangzhou on a trial basis, but it has no current plan to scale up a ride-hailing service.</p>\n<p>Xpeng sees first-quarter 2021 deliveries rising 450% year-over-year to 12,500 vehicles. Revenues are expected to increase 533% from a year ago. The company didn't provide bottom-line estimates for the quarter, but will likely post another net loss as it ramps up manufacturing, invests in R&amp;D, and builds out a new manufacturing plant set to open in 2022.</p>\n<p>Xpeng reported selling 12,964 vehicles in Q4 2020, up 303% from a year ago. It delivered a total of 27,041 vehicles in 2020, up 112%. It makes the P7 sedan, a rival to the made-in-China Tesla Model 3, and the small G3 SUV.</p>\n<p>The stock opened on August 27, 2020 at a price of $15 and a valuation of $11 billion, but its stock jumped more than 40% shortly after. Its current valuation is about $35 billion at a stock price of approximately $36.13 per share. It had about $300 million in revenue in 2019 with a loss of about $500 million.</p>\n<p><b>Nio (NIO)</b></p>\n<p>Unlike previous companies, Nio has been a public company for some time. It originally went public in the U.S. back in September of 2018, selling IPO shares at $6.26 and raising $1 billion.</p>\n<p>Nio's IPO was far from smooth. After going public at $6.26 per share, it traded down to nearly $1. Then in the middle of the coronavirus outbreak, Nio received a much-needed investment of $1 billion from investors, including state-backed entities.</p>\n<p>Nio designs, jointly manufactures, and sells smart and connected premium electric vehicles, attempting to develop next-generation technologies in connectivity, autonomous driving, and artificial intelligence. Joint manufacturing means that it uses a state-owned contract manufacturer to build its cars.</p>\n<p>Nio plans to provide customers with comprehensive, convenient, and innovative charging solutions and other user-centric services. It began deliveries of the ES8, a 7-seater high-performance premium electric SUV in China in June 2018, and its variant, the six-seater ES8, in March 2019. Nio officially launched the ES6, a 5-seater high-performance premium electric SUV, in December 2018 and began deliveries in June 2019. It officially launched the EC6, a 5-seater smart premium electric Coupe SUV, in December 2019 with deliveries in 2020.</p>\n<p>Nio sold 17,353 EVs in Q4/2020 and 43,728 for the year. It warned a shortage in chips and batteries will force a production slowdown to 7,500 a month in Q2 from 10,000 vehicles a month in February.</p>\n<p>Nio currently trades at more than $43 per share, including a big jump recently, for a valuation of approximately $48 billion. It had revenue of $2.3 billion in 2019 for a loss of $3.8 billion.</p>\n<p><b>Summary</b></p>\n<p>It's almost a foregone conclusion that EVs will replace ICE vehicles in the next decade, and this should provide exciting new investment opportunities. However, the investment terrain is complex. There are dozens of new start-ups where the public can now invest that were previously exclusively venture capital investment opportunities. Many of these are following different roads to success. There are legacy auto manufacturers that could prosper or get destroyed in this transition. There are some exciting new EV company opportunities in China. And then there is Tesla.</p>\n<p>This EV roadmap is intended to help investors explore different roads to investment by explaining the basic strategies for these EV companies. These roads can have different opportunities and risks, and the roadmap helps to frame these. Above all, valuation is an overriding risk that is highlighted throughout this article.</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>New Electric Vehicle Investment Roadmap</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\">\nNew Electric Vehicle Investment Roadmap\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-19 14:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4414977-new-electric-vehicle-investment-roadmap><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nIt's almost a foregone conclusion that EVs will replace ICE vehicles in the next decade, and this provides exciting investment opportunities.\nLast October, I wrote a popular article providing...</p>\n\n<a href=\"https://seekingalpha.com/article/4414977-new-electric-vehicle-investment-roadmap\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","002594":"比亚迪","FSR":"菲斯克","WKHS":"Workhorse Group, Inc.","HYLN":"Hyliion Holdings Corp.","GOEV":"Canoo Inc.","NKLA":"Nikola Corporation","F":"福特汽车","01211":"比亚迪股份","GM":"通用汽车","LI":"理想汽车","XPEV":"小鹏汽车","NIO":"蔚来","GP":"GreenPower Motor Company Inc."},"source_url":"https://seekingalpha.com/article/4414977-new-electric-vehicle-investment-roadmap","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1196402560","content_text":"Summary\n\nIt's almost a foregone conclusion that EVs will replace ICE vehicles in the next decade, and this provides exciting investment opportunities.\nLast October, I wrote a popular article providing a roadmap for investing in electric vehicles, but since then, so much has changed: new entrants, new strategies, fluctuating valuations, etc.\nSo, I updated and greatly expanded the previous EV investment roadmap.\nThis update includes a deeper look at valuations for 23 EV companies with revenue projections, when available.\nIt also classifies these EV companies into their primary market categories and summarizes their different strategies.\n\nPhoto by Sven Loeffler/iStock via Getty Images\nMy article Electric Vehicle Investment Roadmap published five months ago, was popular, and some followers have requested an update. Many new EV companies entered the market, most of them through SPACs. Valuations fluctuated wildly, and there has been a great deal of publicity around these companies.\nThis new updated EV investment roadmap is greatly expanded. In addition to updating the strategies and progress of companies previously discussed, I expanded the number of companies covered. This article also groups EV companies into their primary markets, enabling better comparisons and evaluation of market opportunities. In addition, it includes a comparative valuation chart showing every company's market cap with a comparison to projected revenue, where possible. This takes advantage (good or bad) of looking at the long-term revenue forecasts provided in SPAC mergers that public companies can't make.\nIn addition to the EV manufacturers discussed here, there are also EV investment opportunities in charging station companies, battery manufacturers, and battery materials companies. These were covered in the original roadmap and may also be updated in a later article.\nApproximately 2 million EVs were sold in 2019, and although the number declined along with all auto sales in 2020, it is forecasted to increase in 2021 and reach 8-10 million by 2025. Some forecast that EV sales will be greater than internal combustion engine (ICE) vehicles by 2030, or even earlier. The automobile market appears to be moving toward a historical transformation, and exceptional investment gains can be made by anticipating new emerging industries and investing in the eventual winners of those new industries. Amazon(NASDAQ:AMZN), Google(NASDAQ:GOOG)(NASDAQ:GOOGL), and Facebook(NASDAQ:FB)are obvious examples. Electric vehicles (EVs) have the potential to create a new emerging industry.\nThere are also significant risks. Hundreds of new EV models are expected to be released in the next three years, which will drive rapid growth in EV sales. However, the expected sales from these new models, as well as the increasing expectations from Tesla, most likely exceed the total projected market. I wouldn't be surprised if many of the companies covered here won't exist five years from now. It reminds me of the internet bubble of the late 1990s when scores of internet-based companies went public with little or no revenue. Almost all of these failed within three years -- however, a couple, including Amazon, went on to enormous success.\nEVs provide a major new investment opportunity with high risks. To succeed, you need to have a clear EV investment roadmap.\nSo, how can you invest in this new emerging market? The EV landscape is complex and investment opportunities are varied. While Tesla is the unquestioned leader in EVs, some consider it overvalued and unlikely to show exceptional returns to new investors. The current U.S. legacy automakers are committed to introducing many new EVs in the next few years, and they have some entrenched advantages with volume manufacturing capabilities, a dealer infrastructure, and loyal customers. There are exciting new EV start-ups in the U.S. that have come public this year, mostly through Special Purpose Acquisition Companies (SPACs), and there are several interesting publicly traded Chinese EV manufacturers.\nThis new roadmap for EV investment classifies companies into three primary markets segments:\n\nTheConsumer Retailsegment includes EVs sold to consumers individually, such as SUVs, pickup trucks, sedans, etc.\nTheCommercial Deliverysegment includes local delivery EV vans and trucks sold to fleets.\nTheMedium- and Long-Haul Truckingsegment includes heavier Class 4 - Class 8 trucks, as well as special industrial vehicles.\n\nIn addition, it categorizesLegacy ManufacturersandChinese EV Companies. This enables investors to evaluate investment opportunities by considering unique opportunities within each market segment.\nThere is an enormous amount of investment optimism for EVs, and retail investors have been aggressively buying into EV stocks with seemingly no regard for valuation. Then there is the additional challenge of valuing companies with no revenue, especially those coming public through SPACs. So, valuation is an important investment consideration.\nSo let's start by looking at an overview of comparative EV valuations.\nEV Investment Valuation Overview\nThe following chart summarizes valuations for 23 EV companies, including several legacy companies. For SPACs, market cap estimates are computed using the pro forma number of shares at closing, otherwise using the valuation of the SPAC prior to closing drastically underestimates the valuation, which may be misleading to novice investors. Price/Sales ratios (market cap divided by revenue) are used to compare valuations. As a benchmark, current P/S ratios vary. For example, auto and truck companies have a ratio of 2.7X. Software companies have the highest ratios of over 10X.\nIn the chart, companies that currently have revenue show current P/S ratios. Where projections are available, projected P/S ratios are computed. A note of caution, however. Many of the EV companies came public through SPACs and published their projections (which public companies cannot do), and many of these are likely to prove unrealistic.\nAll of the longer-term revenue projections come from the company (C) forecasts with a SPAC. Some of these may turn out to be accurate, not many are most likely unrealistic. Some, like Lucid, Faraday, and Arrival forecast hitting more than $10 billion in revenue in a few years, when it took Tesla more than 10. Things are different now and they might achieve these, but they could also find that it will take longer to complete development, ramp up production, and create enough customer demand. Many companies may also find that there will be significant capital requirements to achieve this type of growth, and shareholders will be diluted.\n\nTesla, the \"gold standard\" in EVs, has a market cap of approximately $650 billion, which many people believe is overvalued. Its market cap is approximately 20X 2020 revenue and 10X estimated 2022 revenue.\nTesla (TSLA)\nIn the U.S., and to a lesser extent in China, Tesla is the dominant EV provider. It has approximately 60% of the U.S. EV market and about 20% of the market in China. I own a Tesla and love it, but an investment in Tesla stock requires getting comfortable with its valuation. Tesla has a market cap of approximately $650 billion, although declining lately, which some consider still overvalued while others see upside potential.\nThe investment opportunity with Tesla is based on the expectation that it will continue to dominate the EV market, or at least maintain significant market share, despite much greater competition from the expected introduction of hundreds of new EV models in the next few years.\nThere is a great deal already published about Tesla, so I'll move on.\nLegacy Automakers\nSome people think that the legacy automakers will simply fade away. Historically, that was the case in some other industries, but it is not going to happen to most automakers. They are not standing still waiting to become obsolete. Most have aggressive strategies to replace ICE vehicles with EVs. GM plans to invest $27 billion and build and launch as many as 30 new EV models by 2025. Ford plans to invest $29 billion in EVs by 2025 and launch as many as 16 EVs in the next two years. Volkswagen(OTCPK:VWAGY)has also committed billions to develop new EVs.\nThe competitive advantage that legacy automakers have in selling their new EVs is their dealer network. Will new EV customers prefer to continue going to their regular auto dealer to buy their new EV?\nAlmost all legacy automakers worldwide are developing and launching EVs including Volkswagen, Peugeot, Renault/Nissan/Mitsubishi, Hyundai/Kia. Let's look a little more closely at GM and Ford as the leaders in the U.S.\nGeneral Motors (GM)\nGM has committed to introducing 20 new electric vehicles by 2023, including EVs across Chevrolet, Cadillac, GMC, and Buick. It recently announced that it has already sold out the first-year production of its Hummer electric pickup. By mid-decade, it expects to sell a million EVs per year in its two largest markets: North America and China. As a reference point, Tesla reported deliveries of 367,500 vehicles globally in 2019.\nGM has a solid platform strategy for its EVs. It plans on building its EVs using five interchangeable drive units and three different motors from its Ultium Drive System platform. Ultium energy options range from 50 to 200 kWh, which could enable an estimated range of up to 400 miles. Most of its EVs will have 400-volt battery packs and up to 200 kW fast-charging capability while the truck platform will have 800-volt battery packs and 350 kW fast-charging capabilities.\nThe key building blocks of the Ultium battery system are large-scale, high-energy cells. Engineered in partnership with LG Energy Solutions, they use both advanced chemistry and a smart cell design that's optimized for a broad portfolio of EVs. GM engineers and scientists are actively researching and testing new elements in battery chemistry to lower costs and improve charge times. Ultium can contain either vertically- or horizontally-stacked cells to integrate into vehicle design: vertically for trucks, SUVs, and crossovers, or horizontally for cars and performance vehicles. As new chemistry is developed and becomes available, the battery management system could digitally update the modules.\nGM also has other EV opportunities with its BrightDrop commercial EV service and its Cruise subsidiary. BrightDrop will not just sell delivery EVs, it will provide an entire service platform for commercial delivery customers. Its set of electric delivery vehicles starts with the EV600 and includes the BrightDrop EP1, a pod-like electric pallet. SeeGeneral Motors' Aggressive EV/AV Strategies May Payoff Big.\nWith its highest stock price of $61.65, GM's current market cap is approximately $89 billion, increasing primarily because of its progress with EVs. This approximately 3X valuation in 2018, but still only 13% of Tesla.\nFord (F)\nFord is also investing heavily in EVs. It just introduced the Mustang Mach-E, a battery-powered crossover with sports car styling, and plans to introduce an all-electric version of its best-selling F-150 pickup later this year. Also, planned is an electric edition of the full-size Transit van, which has been popular in the commercial delivery market. Ford has confirmed plans to build a luxury Lincoln crossover on a battery-powered platform provided by Rivian. The automaker also plans to introduce two new midsize electric crossovers, one each for the Ford and Lincoln brands by 2023.\nMustang Mach-E. Source: Ford\nFord's market cap is approximately $51 billion, twice its previous market cap, and also increasing.\nConsumer Retail EV Companies\nThe consumer retail market has some unique characteristics for new EV companies. Sales are made individually, not in fleets. This diversifies the risk upon launch because only a sufficient number of customers need to be attracted to the new EV. A wave of popularity can provide terrific momentum.\nHowever, the lack of a dealer network can be an impediment. Selling EVs directly to consumers instead of through dealers is prohibited in most states. By law, auto manufacturers can't compete with franchised dealers. These are laws that go back many decades to protect dealers. This can be a major impediment for new companies without established independent dealer franchises. So, new AV companies. like Tesla, need to sell their vehicles online. Tesla has successfully done this, but it took a lot of work and time. Lack of a dealer network also creates impediments in service.\nIn addition, over the next 4-5 years, autonomous capabilities will be increasingly important to luxury vehicles. This may prove to be a challenge to start-up EV companies because they can't afford to develop this technology.\nLet's look closer at the alternative consumer retail EV investments.\nLucid Motors (CCIV)\nLucid was founded in 2007 under the name Atieva and originally focused on building electric vehicle batteries and powertrains for other vehicle manufacturers. The company rebranded itself as Lucid Motors in October 2016 and shifted its strategy to develop an all-electric, high-performance, luxury vehicle. Shortly after that, it encountered financial difficulties and struggled to get short-term funding. In 2018 it raised more than $1 billion in investment, primarily from Saudi Arabia's Sovereign Fund, and gave up a majority of the company.\nLucid Motors reached an agreement to become a publicly-traded company through a merger with the SPAC Churchill Capital IV Corp., in one of the largest deals SPAC EV deals. The combined company, in which Saudi Arabia's Sovereign Fund will continue to be the largest shareholder, had a transaction equity value of $11.75 billion (for $10/share). At the same time, it closed a PIPE investment priced at $15 a share, giving it an implied pro forma equity value of $24 billion. Rumors about this deal circulated before the transaction was formally announced, making it one of the most anticipated SPAC deals. The hype and speculation drove up the stock price of Churchill Capital IV Corp. from its opening price of $10 a share to almost $60. I believe that some of this may have been driven by novice SPAC investors who didn't realize that the valuation of CCIV didn't include the eventual valuation of Lucid. The share price dropped more than 30% after the details of the deal were announced. It's also likely that Lucid renegotiated the terms of the merger based on the price jump.\nThe company's first product is the Lucid Air, a well-equipped luxury electric vehicle that features 406 miles of projected range and 480 horsepower with a starting price of $77,400, or $69,900 after the U.S. Federal Tax Credit of $7,500. This new Lucid Air model is positioned as a high-performance, ultra-efficient luxury EV sedan in a line of future vehicles that are expected to include Lucid Air Touring, Grand Touring, and Dream Edition versions.\nThe company plans to begin production and deliveries of the Lucid Air in North America in the second half of 2021. Previously the company aimed to begin deliveries earlier in 2021. It intends to sell the car in Europe in 2022, followed by China in 2023. Lucid vehicles will be produced at its new factory in Casa Grande, Arizona. The company plans to expand the factory in phases in the coming years to have the capacity to produce 365,000 units per year at scale. The initial phase of the $700 million factory construction was completed late last year and will have the capacity to produce 30,000 vehicles a year.\nLucid also apparently has a commitment to build an assembly plant in Saudi Arabia, which was rumored to be a condition of the $1 billion investment from the Saudi public fund. The Saudi Sovereign Wealth Fund also provided $600 million in bridge financing and invested in the SPAC deal as well. So, while this assembly plant may be expensive and may not be critical, it will most likely need to happen.\nLucid has ambitious plans to achieve $14 billion in revenue in 2025, and its current stock price at $29.17, which gives it a market cap of more than $46 billion, may already reflect those ambitions. Its market cap is roughly the same as Ford.\nFisker (FSR)\nFisker, which had its origins with Fisker Automotive, is an interesting story that ended in bankruptcy. Henrik Fisker originally co-founded Fisker Automotive in 2007. He was responsible for designing many premium cars such as the Aston Martin. Subsequently, Fisker Automotive had to deal with a Tesla lawsuit against Fisker Automotive alleging it stole Tesla's technology, a controversial $528.7 million conditional loan from the Department of Energy, a recall of its battery produced by A123, and the loss of several hundred vehicles in hurricane Sandy. Henrik Fisker resigned in March 2013 because of disagreements over business strategy and in November 2013, Fisker filed its Chapter 11 bankruptcy case.\nHowever, Henrik Fisker retained the Fisker brand and trademarks, and in 2016 he started another electric vehicle company named Fisker Inc. with the Fisker brand and trademarks. In 2019, Fisker shifted from developing a sports car with a solid-state battery to the Ocean SUV featuring a lithium-ion battery, which it later abandoned for a solid-state battery.\nFisker is positioning itself in a unique segment for those who want the most environmentally friendly EV. While this may be an early growth segment for EVs, it's difficult to estimate its eventual competitive advantage and the size of this environmentally-friendly market segment.\nThe Ocean is a crossover made of recycled metal and plastic with an expected base price of $37,499, and an expected lease of less than $400 a month. Fisker's plan is essentially a lease-only business model that lets customers keep a vehicle for years or return it at any time. It aims to source motors, batteries, and other components from technical partnerships with automakers and will outsource production from existing auto plants. Fisker is currently taking reservations at $250 for the Ocean. It also announced an agreement with Foxconn to jointly develop a vehicle pioneering a new market segment to be sold globally under the Fisker brand commencing in Q4 2023. at the end of 2022. Production will start at Magna Steyr's manufacturing facilities in Europe. At the end of February 2021, it had 12,467 cancellable reservations.\nFisker Ocean. Source: Fisker\nFisker went public using a SPAC (Spartan Energy). The original combination with SPAQ in October 2020 was valued at $2.9 billion with a cash investment of approximately $1 billion. The stock currently trades at approximately $21 per share, after reaching a high of $28.50, from the original price of $10, which is a market cap of $4.6 billion. Fisker projects $3.3 billion in revenue in 2023. It had almost $1 billion in cash at the end of 2020 and expected to use almost half of this in 2021: $250 million on operating expenses and $250 million in capital investments. If the Ocean is delayed into 2023, Fisker risks missing its revenue objective and will potentially need additional cash to complete development and launch.\nFaraday Future (PSAC)\nFaraday Future was originally established in May 2014 by Chinese businessman Jia Yueting. It is headquartered in Los Angeles and has offices in Silicon Valley, Beijing, Shanghai, and Chengdu. Faraday Future also had a turbulent history. In 2016, it struggled financially, and in 2017 some key executives departed over a dispute about financial issues. They later founded Canoo.\nIn December 2018 the company announced layoffs due to a cash crunch and financial troubles. The company's founder Jia Yueting filed for personal bankruptcy in the United States' federal court in Delaware on October 14, 2019. Following Jia's personal bankruptcy, he decided to step down from his role as CEO of Faraday Future in order to assume a new position as the Chief Product and User Officer. He was replaced as CEO by Carsten Breitfeld, the former CEO at rival electric vehicle startup Byton.\nSomehow, Faraday was able to raise $2.3 billion in private funding over 5 rounds from a variety of investors. In early 2018, it received $1.5 billion in funding from an undisclosed investor from Hong Kong.\nFaraday's flagship product offering will be the FF 91, featuring 1,050 HP, 0-60 mph in less than 2.4 seconds, zero gravity seats with the largest 60-degree reclining angles, and a user experience designed to create a mobile, connected, and luxurious living space. The FF 91 is targeted to launch in 2022.\nFF 91. Source: Faraday Future\nIts strategic partners include one of China's top three OEMs and a critical Chinese city, which the company believes will help establish its presence in the Chinese vehicle market.\nFaraday Future plans several cars based on its Variable Platform Architecture. FF 91 is the first production vehicle and flagship model. Pricing will range between $120,000 and upwards of $200,000, which places it against formidable opponents. Faraday Future is already looking forward to expanding its range with a pair of smaller models named FF 81 and FF 71. The FF 81 is planned to be priced at $75,000 to 95,000 with a 2023 release. The FF 71 is planned to be priced at $45,000 to $65,000 with a planned release of 2024.\nThe Primary Manufacturing Facility for FF 91 is in Hanford, CA with contract manufacturing for future models in Gunsan, South Korea.\nFaraday Future is planning high-Level automation with a Level-3 capable system using a redundant safety architecture based on NVIDIA Xavier System-on-a-chip. It will be capable of highway auto-drive and hardware ready for advanced auto-drive. It is targeting full autonomous valet parking & summon in any parking lot or structure. Eventually, it expects full auto-drive, including full 360˚ sensor coverage for advanced auto-drive & auto-park features.\nIn January 2021, Faraday Future announced that the company would go public through a reverse merger with the special purpose acquisition company Property Solutions Acquisition Corp. (PSAC). The combined company will be valued at $3.4 billion. Faraday Future is expected to set up contract manufacturing operations in China through their partnership with Geely. Taiwanese manufacturer Foxconn is also expected to serve as an additional strategic partner.\nFaraday Future projects $10.5 billion in revenue in 2024 and $21.5 billion in 2025. Revenue is expected to start in 2022 with the delivery of 2,400 vehicles for $504 million. Most likely these projections could prove to be optimistic. At a current stock price of approximately $12.80, it has a market cap of about $4.3 billion.\nLordstown Motors (RIDE)\nLordstown Motors based in Lordstown, Ohio, was originally founded in 2018 by Steve Burns, the former CEO of Workhorse Group. The company licensed technology from Workhorse in return for royalties and a 10% ownership. Lordstown is named after the famous GM Lordstown manufacturing plant, which it acquired in November 2019 in an unusual transaction. GM announced that it was closing the plant and was under a great deal of pressure for that decision. So, GM \"sold\" the plant to a company that was renamed Lordstown for an estimated $20 million that it loaned to the acquiring company. Subsequently, the sale was redefined to be part of a $75 million investment by GM, of which $50 million was an in-kind exchange for the plant.\nLordstown went public through the SPAC DiamondPeak Holdings Corp. in 2020. It currently has more than 400 employees.\nIts first product is the Lordstown Endurance, a full-sized EV pickup truck. Lordstown is positioning Endurance for the pickup fleet market segment. The expected price is $52,000+, and it claimed to have more than 100,000 pre-orders by January 2021. However, a recent research article published by a short seller claimed \"Our research has revealed that Lordstown's order book consists of fake or entirely non-binding orders, from customers that generally do not even have fleets of vehicles.\" Lordstown is disputing that article.\nIt believes the fleet pickup market segment is underserved with no current EV-focused competition. It estimates that the full-sized pick-up truck fleet market is 1.2 million vehicles per year in the U.S., but it's more fragmented than other truck fleets. Pickup \"fleets\" tend to be much smaller and local, so there may not be much of a market distinction for a small company buying several EV pickups from a traditional auto dealer. About half of the total U.S. pickup market is classified as fleet sales, meaning more than one.\nEven though Lordstown is targeting the commercial fleet market, it is a similar product to the Ford EV F-150. So I classify it in the consumer EV category. It is a class 2 vehicle. Lordstown also may enter the SUV market in the longer-term.\nThe Endurance will compete against future models from Rivian and Tesla, as well as Ford and GM in ICE pick-ups and their upcoming EV pick-ups. Ford plans on selling its EV F-150 in mid-2022. Initial production of the Endurance is expected in the second half of 2021, so it may have a short market advantage. Nevertheless, it forecasts selling 65,000 vehicles in 2023 and 107,000 in 2024. These estimates could be a large percentage of the EV pick-up market in those years.\nAt the SPAC merger, the implied valuation for Lordstown was $1.6 billion, including a $500 million PIPE and the $75 million by GM. Lordstown's financial projections appear to be aggressive. It projects to start shipping the Endurance in late 2021 with projected revenue in 2022 of $1.7 billion, increasing to $5.8 billion in 2024. Its stock price at approximately $13.60 values the company at a market cap of approximately $2.2 billion. The value of the company depends on the likelihood of achieving its projections.\nA fleet sales strategy makes sense for Lordstown since it would be too expensive to build a retail sales and service capability. However, it's not clear that this will become a distinct competitive advantage. Some small fleets may still prefer to buy their EV pickups from established local dealers with service capabilities.\nCanoo (GOEV)\nCanoo started as Evelozcity in 2017 and rebranded as Canoo in the spring of 2019. Canoo is a Los Angeles-based company that develops electric vehicles. It has over 350 employees. Canoo has designed a modular electric platform purpose-built to deliver maximum vehicle interior space, which is adaptable to support a wide range of vehicle applications for consumers and businesses. Canoo expects to launch its first consumer model in 2022, simply named the Canoo that will be available by subscription, followed shortly after by a multi-purpose delivery vehicle and a sports vehicle, each built off of the same underlying platform. Canoo went public using a SPAC (Hennessy Capital Acquisition) and now trades as GOEV.\nCanoo's all-electric skateboard-like platform is designed to support both consumer retail and commercial vehicle configurations. The EV leverages Canoo's flat skateboard architecture for a high level of usable interior space. Its commercial vehicle program, expected in 2023, addresses a projected $50B+ last-mile delivery market with an EV platform that maximizes cargo volume.\nHyundai Motor Group said it would jointly develop an electric vehicle platform with the company.\nCanoo's platform strategy is interesting. It could be used as an EV platform for custom fleets of delivery vehicles. It has no AV development, but it claims to be \"AV Ready\" which could be useful for AV companies wanting to build custom AV delivery fleets.\nIts all-electric multi-purpose delivery vehicle is expected to be priced starting at approximately $33,000. It is based on Canoo's proprietary electric platform and will be offered in two initial size variants, with others to follow. Limited availability will begin in 2022, with scaled production and launch planned for 2023. Customers can pre-order the multi-purpose delivery vehicle for a refundable deposit of $100 per vehicle\nIt plans to offer two multi-purpose delivery vehicles: the MPDV1 and the larger MPDV2. The first has a 200-foot cargo volume and a range of 130-200 miles. It offers more capacity than today's ICE delivery vehicles at an affordable price with urban mobility enabled by a space-efficient footprint. The vehicle is also designed to fit within many height-restricted areas like parking garages.\nThe MPDV2 has a cargo volume of 450 feet and a range of 90-190 miles. Its roof and step-in height enable individuals to easily walk-in the vehicle and accommodate a standing position while inside.\nThe original SPAC transaction provided approximately $600 million, with a pro forma equity value of approximately $2.4 billion. Like other SPAC mergers, its stock price has fluctuated. It currently trades at about $15.90 per share for a market cap of approximately $3.7 billion. Canoo projects $2.0 billion in revenue in 2025 from about $500 million in engineering services, $1.2 billion from its consumer vehicle subscriptions, and the remainder from its commercial program. Canoo expects revenue of more than $300 million in 2022 after the launch of its lifestyle consumer vehicle.\nSince its first products are aimed at consumers, as is most of its forecasted 2025 revenue, I categorize it primarily as a consumer EV company. However, I think the design of that Canoo vehicle may not attract enough customers. More importantly, its subscription service way of selling its EV to consumers is risky. I think it has more potential in the commercial market, however, a dual strategy (consumer and commercial) is challenging. I like its skateboard platform design and that could prove to be a competitive advantage.\nRivian\nAlthough not yet public, I include Rivian because it has plans for an IPO as soon as Sept 2021, although it could slip into 2022. There are rumors that the company is targeting a market valuation of approximately $50B. Rivian has already raised more than $8 billion to date from Amazon, Ford, T. Rowe Price, and others.\nRivian has developed and vertically integrated a connected electric platform that can be flexibly applied to a range of applications, including the company's adventure products, as well as B2B products such as the Amazon last-mile delivery vans. The company's initial products, the R1T and R1S, provide a combination of performance, off-road capability, and utility. These vehicles will be produced at Rivian's manufacturing plant in Normal, Ill., with customer deliveries expected to begin in summer 2021. The launch of the R1S three-row electric SUV will follow in August.\nAdditional lower-priced models are being planned. The expected R2 series would include at least two smaller electric vehicles to coincide with the smaller platform, then another platform for R3.\nCommercial Delivery EV Companies\nEV truck companies differ based on the type of truck they are developing. The technology and markets are very different, so I separate them into two categories. The first category includes commercial delivery vehicles.\nCompanies making EV delivery vehicles have some major advantages that could make them good investments. First, delivery vehicles typically travel less than 250 miles during a day, so they can be conveniently recharged overnight. Secondly, they are typically sold in large quantities to fleets. This means that building a retail sales infrastructure is not necessary. It only requires a small salesforce. In addition, maintenance can also be provided at the fleet's operational center, so not as many service centers are required.\nThe disadvantage in this market is that there are a relatively small number of customers that buy in large volumes, so if the EV manufacturer can't get enough large customers, they may not be able to stay in business. GM estimates the combined market opportunity for parcel and food delivery, as well as reverse logistics, in the U.S. will be more than $850 billion by 2025.\nThe commercial market is expected to be a major growth area for EVs. Other start-up automakers like Rivian as well as legacy automakers such as Ford, Daimler, and GM have announced plans to enter the segment. GM recently announced its BrightDrop ecosystem for commercial customers that includes an all-new electric delivery van, the EV600 available by the end of 2021, as well as an integrated autonomous pallet and related services.\nThis group of EV companies focuses primarily on commercial delivery. In general, these are in the light-duty trucks category, although it also includes some medium-duty trucks. This generally includes the following commercial truck classes:\n\nClass 1: This class of trucks has a GVWR of 0-6,000 pounds or 0-2,722 kilograms.\nClass 2: This class of trucks has a GVWR of 6,001-10,000 pounds or 2,722-4,536 kilograms.1\nClass 3: This class of trucks has a GVWR of 10,001-14,000 pounds or 4,536-6,350 kilograms.\n\nIt can also include somewhat larger medium-duty EV delivery trucks:\n\nClass 4: This class of trucks has a GVWR of 14,001-16,000 pounds or 6,351-7,257 kilograms.\nClass 5: This class of trucks has a GVWR of 16,001-19,500 pounds or 7,258-8,845 kilograms.\n\nEV delivery trucks also have an advantage over ICE vehicles because they can have a greater delivery storage space. Smaller buses and transit vehicles are also included in this category.\nLast-mile package delivery is not an immediate-term autonomous vehicle opportunity because it requires a delivery person to be on the truck anyway.\nWorkhorse Group (WKHS)\nWorkhorse has been a public company for ten years. Originally AMP Electric Vehicles, it was established in 2007 as a developmental-stage vehicle electrification company, focusing on conversions. AMP Electric Vehicles went public in 2010 trading on the OTC market under the AMPD symbol. When the economic benefits of conversion became less certain, it pivoted away from passenger vehicles and began to focus on electrifying commercial vehicles. AMP acquired the Workhorse brand and the Workhorse custom chassis assembly plant in Union City. In March of 2013, AMP formally changed its name to Workhorse Group Incorporated.\nThe Company designs and builds a last-mile delivery electric vehicle. The C-Series EVs cover the larger size of commercial delivery vehicles in Classes 3-5. As part of its solutions, it also develops cloud-based, real-time telematics performance monitoring systems. It sells its vehicles to fleet customers directly and through its primary distributor, Ryder Systems. It is currently focused on bringing the C-Series electric delivery truck to market and fulfilling the existing backlog of orders.\nThe C-Series looks like a viable EV replacement for the 350,000 last-mile delivery vehicles sold in the U.S. annually. It recently announced an increased driving range from 100 miles to 160, which should open more market opportunities. It has a viable short-term go-to-market strategy selling fleets to delivery companies. It currently has test vehicles with UPS, DHL, FedEx, Amazon, and Walmart.\nWorkhorse recently lost out on the United States Postal Services Next Generation Delivery Vehicle project, however, it is in the process of challenging this decision. Additionally, its investment in Lordstown also provides an indirect investment opportunity. On November 7, 2019, the Company entered a transaction with Lordstown Motors to grant LMC a perpetual and worldwide license to certain intellectual property relating to its W-15 electric pickup truck platform and related technology in exchange for royalties, equity interest (approximately 10%) in LMC, and other considerations. This was a $320 million asset for Workhorse at the end of 2020.\nWorkhorse received a significant increase in orders in Q4/2020 but built just seven trucks in the fourth quarter due to production systems and supply chain issues. Workhorse plans to continue to take it slow, striving to build three of its composite-body battery-electric trucks a day in March with a plan to reach 10 trucks a day by the end of June. This makes its original 2021 goal of producing 1,800 trucks unlikely. It partnered with Hitachi and Hitachi Capital America (\"HCA\") to improve the Company's manufacturing, operational, and supply chain capabilities as well as to develop a national dealer network to support Workhorse's sales with vehicle financing options for both dealers and customers.\nWorkhorse has a market cap of approximately $1.9 billion. While Workhorse had ongoing revenue, unlike many other new EV companies, its revenue is still insignificant. It had a revenue of $1.4 million in 2020 and $377,000 in 2019. It has a backlog of over 8,000 vehicles but doesn't expect to be able to build many of those in 2021. It raised $270 million in capital over several financings, providing the Company with additional capital to build its backlog. It had cash of $215 million as of March 1, 2021. Because Workhorse is a traditional public company, it hasn't made long-term financial projections like SPAC-based companies.\nElectric Last Mile (FIII)\nElectric Last Mile, based in Troy Michigan, was founded by Jason Luo, former CEO of Ford China before it was acquired by China's Ningbo Joyson Electronic for $920 million in 2016, including James Taylor, former CEO of GM's Hummer brand and former CEO of electric car maker Karma Automotive. Taylor serves as the company's top executive with Luo as the company's chairman.\nThe company plans to launch a small electric delivery van (class 1-2), called the UD-1, in the third quarter of 2021, and then introduce an Urban Utility vehicle (Class 2-3) in 2022. These are expected to compete with Workhorse, Rivian, Canoo, as well as the Ford eTransit and the GMC BV1, none of which is expected to be a Class 1 vehicle.\nThe company says it has 30,000 preorders for its van, representing more than $1 billion in sales. Electric Last Miles vehicles will be based on Sokon's commercial van made in China through a joint venture with Dongfeng Automobile Co Ltd. in order to accelerate development time.\nElectric Last Mile (ELM) is expected to manufacture the vans in a former General Motors Co. Hummer plant in Mishawaka, Ind., that the company is acquiring from China's Chongqing Sokon Industry Group Stock Co. Ltd. The plant has the capacity to produce 100,000 vehicles annually with plans to build approximately 4,000 UD-1 vans by the end of 2021. The UD-1 has a starting price of $32,500 and a range of 150 miles. The battery for the vehicle is expected to be supplied by the Chinese battery company CATL.\nELM believes that it has a competitive advantage because its first vehicle, the ELM Urban Delivery, is scheduled to be available in 2021. It is based on a proven, existing platform developed and sold by Sokon Group in the Asian market, where there are 30,000 of these electric delivery vehicles driving 1.5 million miles every day. At the close of the business combination, ELM will be an independent, U.S. company producing electric vehicles in the U.S. with Sokon Group providing access to its know-how, parts supply, and field and service data.\nELM expects that the Urban Delivery vehicle will be the first electric delivery vehicle coming to market in the class 1 category (GVW of 6,000 lbs or less) in the U.S. It will also have 35% more carrying volume compared to similar ICE delivery vehicles, a critical part of the value proposition. It also anticipates that its price and greater carrying volume will allow it to take market share from the class 2 category of vehicles as well.\nIts crossover product portfolio strategy targets commercial delivery vehicles spanning from class 1 to class 3, which represents over 80% of the last mile market.\nELM anticipates $122 million in revenue in 2021, rapidly increasing to $3 billion in 2025. The price of FIII stock increased immediately following its announcement with Electric Last Mile, rising more than 40% to $14.50, but now it has dropped closer to the original deal price to $10.25 for a market cap of approximately $1.5 billion.\nGreenPower Motor Company (GP)\nGreenPower Motor Company Inc. is a Canadian battery-electric bus manufacturer with multiple models of high- and low-floor vehicles, including transit buses, school buses, and shuttles. GreenPower offers commercial vehicles for delivery, public transit, schools, vanpooling, micro-transit, shuttles, and is developing a capability of autonomous operation. It went public on August 28, 2020.\nIn 2014 GreenPower launched its first purpose-built, battery-electric bus, the EV350, 40-foot transit bus. GreenPower received its first order in 2017 for ten EV350s from the City of Porterville, California.\nGreenPower's electric buses are purpose-built and designed to be all-electric, allowing it to put the battery and propulsion system in optimized locations that provide weight and structural advantages. Its primary EV is the EV Star with more than 120 vehicles delivered. It comes in several variations:\n\nEV Star - Up to 19 passengers\nEV Star Plus - Up to 24 passengers\nEV Star ADA - Passenger and curbside lift for ADA\nEV Star Cargo - 5,000 pounds of load\nEV Star Cargo Plus - 570 cubic feet of cargo space.\n\nIts EV school bus seats up to 90 students and has a range of up to 150 miles.\nGreenPower had revenue of $13.5 million in 2020 It has about $21 million in cash. It's an interesting alternative since it is already shipping EVs, has revenue, and also has a lower market cap of less than $1 billion. Since it did a traditional IPO, it hasn't published longer-term financial forecasts.\nArrival (CIIC)\nArrival was founded in 2015 in London to make a variety of commercial electric vehicles. It has approximately 1,200 employees across 11 cities in 8 countries. In November 2020, Arrival and the SPAC CIIG entered into a business combination agreement with an implied valuation of $5.39 billion.\nArrival plans on releasing four commercial EVs over the next few years.\n\nQ4/2021: An electric bus for 8-125 passengers and a range of 240-400km\nQ3/2022: An electric delivery van with a payload of 975-2,000kg and a range of 150-340km\n2022: A larger electric van with a payload of 4,000 kg and a range of 190-400km\n2023: a small vehicle platform with a range of 100-300km.\n\nThis mix provides a nice diversified portfolio of EVs. Arrival claims to have received orders from UPS for 10,000 vans. It plans a unique flexible manufacturing approach using micro-factories with each projected to manufacture 10,000 vans per year. All of its vehicles use a modular skateboard electric platform.\nArrival ambitiously projects $14.1 billion in revenue in 2024. Half of that revenue is expected from delivery vans, 22% from buses, and the rest from the large van and its small vehicle platform. With CIIC's stock price at $24.80 per share, Arrival's current market cap is relatively high at approximately $15.0 billion. Justifying its market cap depends on its ability to release, sell, and produce its four commercial EVs.\nProterra (ACTC)\nProterra is a commercial electric vehicle company with over a decade of production experience. The Company has designed an end-to-end, flexible technology platform that claims to deliver higher performance and a low total cost of ownership to original equipment manufacturers (OEMs) and end customers.\nProterra, Inc., was originally founded in Golden, Colorado, by Dale Hill in 2004. Later the company wanted to take the lead in creating zero-emission, U.S.-based transit buses. In 2010 it moved its manufacturing plant from Golden, Colorado to Greenville, South Carolina. In 2015, Proterra was awarded a $3 million grant from the California Energy Commission to fund the design, development, and construction of the company's battery-electric transit bus manufacturing line in the City of Industry, California. It moved its headquarters from Greenville, South Carolina, to Burlingame, California, in October 2015. Proterra raised more than $600 million in funding.\nIt is going public through the SPAC ArcLight (ACTC) with a pro forma valuation of $1.6 billion. Upon completion of the transaction, Proterra expects to have up to $825 million in cash to fund growth initiatives, including R&D and the expansion of its next-generation battery program.\nProterra has three complementary businesses:\n\nProterra Powered: Delivering battery systems and electrification solutions to commercial vehicle manufacturers\nProterra Transit:Providing an electric transit bus OEMs\nProterra Energy:Offering turnkey charging and energy management solutions.\n\nThe company's battery systems have been proven in more than 16 million service miles driven by its fleet of transit vehicles and validated through partnerships with commercial vehicle OEMs. Proterra has produced and delivered more than 300 megawatt-hours of battery systems, more than 550 heavy-duty electric transit buses, and installed 54 megawatts of charging systems.\nProterra expected $193 million of revenue in 2020, with an estimated $750 million in existing orders and backlog. It projects $2.5 billion in revenue in 2025, with about 1/3 coming from its Transit business, and 2/3 From Powered & Energy. At ACTC's current stock price of $17.85, Proterra has a market cap of about $4.3 billion.\nRivian\nRivian (see earlier description in consumer retail) will also compete in the commercial delivery market. It has been working with Amazon (a major investor) to build large electric delivery vans for Prime. Developed specifically for Amazon, a small fleet of Prime vans is on the road now, testing deliveries to customers and gathering feedback. In late fall, it could grow to a large fleet as Rivian ramps up the volume.\nThe EV range of 150 miles is tailored to Amazon's use cycle to optimize the size, weight, and cost of the commercial vehicle. Rivian has three sizes of batteries, but Amazon is starting with just one of them.\nCanoo (GOEV)\nSee the previous summary under consumer retail EV.\nMedium and Long-Haul Trucking EV Companies\nCompanies developing medium- and long-haul EV trucks face a more difficult challenge with battery range. These trucks haul much more weight than commercial delivery vehicles and because they are designed for long distances, they can't stop every 200-300 miles for recharging.\nFor this reason, many of these companies are using unique hybrid technologies for their trucks. The EV trucks in this category are primarily heavy-duty but also include some medium-duty trucks and specialty vehicles. A couple of the companies focus on retrofitting trucks to be electric.\nMedium-Duty Trucks\nThe medium-duty trucks category includes commercial truck classes 4, 5, and 6:\n\nClass 4: This class of trucks has a GVWR of 14,001-16,000 pounds or 6,351-7,257 kilograms.\nClass 5: This class of trucks has a GVWR of 16,001-19,500 pounds or 7,258-8,845 kilograms.\nClass 6: This class of trucks has a GVWR of 19,501-26,000 pounds or 8,846-11,793 kilograms.1\n\nHeavy-Duty Trucks\nThe heavy-duty trucks category includes commercial truck classes 7 and 8:\n\nClass 7: This class of trucks has a GVWR of 26,001 to 33,000 pounds or 11,794-14,969 kilograms.\nClass 8: This class of trucks has a GVWR of greater than 33,001 pounds or 14,969 kilograms and includes all tractor-trailers.\n\nThe Tesla Semi is a battery vehicle planned for a range of 300 or 500 miles and a speed of 60 MPH with 80,000 lbs of cargo. Tesla plans to start shipping the Semi later this year when it expects to have sufficient cell volume to meet its needs with the production of its 4680 battery pack.\nNikola(NASDAQ:NKLA)\nNikola has been a very controversial company. Founded in 2015, it originally had two different strategies. Its primary strategy is to lease fuel-cell electric vehicle (FCEV) Class-8 heavy trucks and provide the refueling infrastructure to corporate customers. Its second strategy was to develop the Badger EV truck using GM technology.\nNikola originally merged with a SPAC to go public, at an enterprise value of approximately $3.3 billion. On June 6th, 2020, its market cap jumped to more than $30 billion, then later it dropped because of problems with its originally planned deal with GM.\nNikola originally expected a deal with General Motors that included the production of the Nikola Badger EV pickup truck. The proposed arrangement was that GM would take a $2 billion equity stake in Nikola and in return would engineer and produce the Badger. In November 2020, GM and Nikola scrapped the original arrangement. Now it appears that GM will supply Nikola with only its Hydrotec hydrogen fuel-cell technology to integrate into the EV manufacturer's commercial class 7 and class 8 zero-emission semi-trucks. So, the Badger is probably dead.\nNikola now sees semi-trucks as the company's \"core business\" and fuel cells as an increasingly important segment of the semi-truck market thanks to their efficiency in weight and consumption. It expects to begin testing by the end of 2021.\nIt has received pre-orders from Anheuser-Busch and a few other companies, but it doesn't expect deliveries until 2023. Hydrogen fueling stations are key to its strategy, both providing a source of revenue and necessary fueling infrastructure for the trucks to operate, but they also cost a lot. In its March 2020 investor deck, Nikola said a single station capable of fueling 210 trucks a day would cost $16.6 million. Its initial planned network of 700 stations would cost roughly $11.6 billion.\nNikola was also accused of misrepresentation, and its executive chairman and founder stepped down.\nAt the time of the SPAC merger, it projected an optimistic forecast of more than $3 billion in revenue by 2024, with a net income of $145 million. Most of that revenue was expected to come from its Badger truck, which is no longer in the plans. Yet its market cap is still almost $6 billion.\nHyliion (HYLN)\nHyliion, founded in 2015 in Austin, went public in October 2020 through the SPAC Tortoise Acquisition Corp. (SHLL). In March 2019, automotive parts manufacturer Dana Inc. made an equity investment into Hyliion, and together they are manufacturing and marketing Class 8 EVs to Dana's customers, including Volvo, Navistar, and Peterbilt.\nHyliion's strategy is unique, and a very different strategy from Nikola. Essentially it generates electricity onboard the truck using compressed natural gas (CNG). This should be a benefit for longer-range trucking. Hyliion's Hypertruck concept involves an all-electric drivetrain utilizing Dana's electric motor, inverter, and axle technologies. The truck's batteries are fueled by onboard tanks of CNG. With some 700 CNG stations already operating nationwide, it believes that there no need to build out expensive superchargers or hydrogen infrastructure.\nKuwait-based logistics company, Agility, has already placed an order for 1,000 Hypertrucks with initial deliveries targeted in 2022. Combined with a fully electric drivetrain and a natural gas-powered onboard generator to recharge the battery, the Hypertruck ERX will provide more than 1,000 miles of range.\nHyliion will eventually compete with Nikola (FCEV) and the Tesla battery-based Semi, but it plans to have a longer range and lower operating costs. Its HyperTruck ERX is expected to be available in 2021. It also has a hybrid-electric truck.\nThe combination with SHLL had an estimated market cap of about $1.5 billion, with approximately $530 million going to the company, including a $325 million fully committed PIPE. At approximately $13.50 per share, its current market cap is approximately $2.2 billion, significantly down from its peak. Hyliion projects $2 billion in revenue in 2024, which it claims is only about 2% of the addressable market.\nXL Fleet (XL)\nXL Fleet is a 10-year old company that went public through the SPAC Pivotal. XL is different because it provides fleet electrification modifications for ICE trucks across a wide range of vehicle classes (class 2-5) and types. It has over 200 of the largest commercial and municipal fleets as customers, with more than 3,200 XL systems deployed and over 130 million miles driven by customers to date. XL's customer base includes FedEx, Coca-Cola, PepsiCo, Verizon, the City of Boston, Seattle Fire Department, Yale University, and Harvard University.\nXL's business model is essentially retrofitting existing trucks to be hybrids and then later expanding into fully electric truck conversions. It claims to be creating a fully integrated platform for this. It remains to be seen if the retrofitting business will continue to grow or will it diminish when more trucks are designed and manufactured with EV capabilities.\nUnlike some other EV companies that have no revenue yet because they are still developing products, XL is more of a small company doing low-volume retrofits. It had $7.2 million in revenue in 2019, $21 million in 2020, and estimates $76 million in 2021, but it forecasts $1.3 billion in revenue in 2024 in its investor presentation. It plans to do this by expanding its product line from hybrid to plug-in hybrid to fully electric across a broader range of trucks. It claims to have a $220 million sales pipeline for the next 12 months.\nShort-seller, Muddy Waters, claimed after talking to former XL Fleet employees, that it believed the company significantly exaggerated its order backlog, that the return on investment for the company's products was likely negative, and that it would not be able to compete with big car makers on electrification. The company thoroughly refuted these claims.\nThe original enterprise valuation was approximately $1.4 billion at a $10 share price for the merger. Its price jumped by about 35% but has since gone back down to $12.40 for a market cap of about $1.8 billion. Although XL Fleet has revenue and other EV companies don't, this may not be an advantage. It appears to be a small company for many years that has gone public at a high valuation with grand plans. The risks are in its ability to make a jump from $76 million in 2021 to $1.3 billion in 2024, as well as the question about retrofitting being replaced by new EV trucks by then.\nXos (NGAC)\nXos Trucks specializes in the field of manufacturing fully electric commercial vehicles. It features a software platform that is designed to accommodate an extensive variety of medium-duty bodies, wheelbase, and range requirements up to 200 miles. It was founded in 2016 and headquartered in North Hollywood, California. It received $20 million of investment in 2020 and now is going public through a merger with the SPAC ExtGen Acquisition Corporation (NGAC) at an estimated proforma value of $1.965 billion.\nIts focus is on medium- and heavy-duty last mile and return-to-base segments (class 5/6, class 6/7, and class 7/8) commercial fleets and specialty vehicles. Some vehicles are currently in production and in regular on-road operations with key fleet customers, and it claimed 6,000 unit orders in backlog.\nIts MD-platform is for classes 5-6 for pickup and delivery. Its HD X-Platform is an adaptable chassis for highway, vocational, and severe work conditions. Its market is for customers with highly predictable routes that allow for batteries designed for a more limited range. A significantly larger frame and smaller battery pack allow for reduced density.\nXos has a bundled all-in-one offering that allows fleets to access all the tools and services they need to go electric with a single point of contact at a fixed monthly expense.\nXos had $3 million in revenue in 2020 and estimates $14 million in 2021. However, it forecasts $5.2 billion in revenue in 2025. At the current stock price of $10.30, its market cap is approximately $2 billion, about the same as its original SPAC transaction.\nLion Electric (NGA)\nLion Electric is a Canadian company founded by Marc Bédard in 2008. Its focus is to be a leader in designing, developing, and manufacturing purpose-built urban electric vehicles; vehicles that are specifically designed as delivery trucks, refuse trucks, bucket trucks, moving trucks, school buses, and shuttle buses. It has over 300 all-electric vehicles on the road today.\nIn November 2020, it announced that it was going public through the SPAC NGA. The transaction had an estimated pro forma enterprise value of $1.5 billion.\nIt plans on seven new truck models and one new school bus, for a total of 15 all-electric vehicles, representing a full line-up from class 5 to class 8 electric trucks and a full line-up of electric school buses. Its vehicles are produced at its existing manufacturing plant, which has the capacity for the production of up to 2,500 vehicles per year. It intends to open a new plant in the U.S. capable of delivering over 20,000 Lion trucks and buses per year by 2022.\nIts all-electric class 6 and class 8 commercial urban trucks combine power, comfort, and modern technology. Custom-built chassis and cabin designed specifically for an all-electric heavy-duty vehicle. The LionC is an all-electric Type C school bus manufactured in North America. The body and chassis were specifically designed to deliver optimal performance. The LionM is an all-electric midi/minibus that meets paratransit and public transportation requirements. Created and designed specifically for the paratransit market, the is spacious and offers unique features that provide enhanced security and accessibility to the end-users.\nLion Electric had $29 million in revenue in 2020 and expects $204 million in 2021. It forecasts revenue to jump to $3.6 billion a few years later in 2024. Its current market cap is approximately $3.6 billion based on its current stock price of $18.33.\nLightning eMotors (GIK)\nLightning eMotors, formerly Lightning Systems, was founded in 2008 and is headquartered in Loveland, Colorado. It provides fleet electrification for familiar commercial vehicle platforms by retrofitting them with its electric powertrains. Lightning eMotors produces electric fleet medium- and heavy-duty vehicles, including delivery trucks, shuttle buses, passenger vans, ambulances, bucket trucks, chassis-cab models, and city transit buses. It focuses on urban commercial zero-emission vehicles with a full range of class 3 through class 7 battery-electric and fuel-cell electric vehicles.\nLighting eMotors helps commercial fleets achieve their sustainability goals by offering zero-emission battery-electric vans, trucks, and buses based on familiar, proven vehicles from manufacturers such as Ford and GM. It works with customers, to help them identify their unique commercial electric vehicle, charging, and grant support needs.\nThe Lightning products include integrated all-electric powertrains for the Ford Transit 350HD passenger and cargo vans, Ford E-450 shuttle bus and cutaway models, Ford F-59 step/food van, Ford F-550 cargo trucks and buses, Chevrolet 6500XD Low Cab Forward model, and 30-foot, 35-foot, and 40-foot transit buses.\nLightning has 120 vehicles on the road, and 1,500 vehicles already on order from customers. In addition to making vehicles and powertrains, Lightning also provides a full suite of charging solutions for customers.\nThe deal with GIK has an enterprise value of $650 million, although there is also an Earnout of 20.0% of total pro forma shares outstanding to Lightning eMotors shareholders if the stock crosses certain price thresholds.\nAt the current price, of $11.73, GIK has a market cap of approximately $1 billion, a little more than the original transaction valuation. Similar to XL Fleet, Lightning has the risk that retrofitting may only be an interim business opportunity until more EV trucks are produced.\nPublic Chinese EV Companies\nChina will be the biggest EV market opportunity, and EV start-ups may do better there because there isn't as much entrenched competition from domestic auto companies. China is already the largest EV market in the world, with almost a million EVs sold in 2019. Its EV market represents almost half of the global EV sales volume and is much larger than the U.S. market.\nThe Chinese government has ambitions to become a global leader in new energy vehicles. Soon after the coronavirus outbreak subsided within the country, Chinese authorities announced new policies to support the auto and electric vehicle industries.\nThese Chinese companies are traded through American depository shares (ADS) that contain certain risks. There are financial reporting and transparency risks with these companies, and on top of that, the newer companies are being classified as \"emerging growth\" companies that are already exempt from certain transparency requirements set out in the Sarbanes-Oxley Act of 2002. Like the previous EV stock, these stocks have also been very volatile.\nIn addition to legacy auto manufacturers like BYD, there are also three Chinese EV companies that are publicly traded through American depositary shares.\nBYD Co., Ltd. (OTCPK:BYDDY)\nBYD, which means build your dreams, is the automotive subsidiary of the Chinese multinational BYD Co Ltd. It was founded in January 2003, following BYD Company's acquisition of Tsinchuan Automobile Company. The company produces automobiles, buses, electric bicycles, forklifts, rechargeable batteries, and trucks. The current model range of automobiles includes electric vehicles, plug-in hybrids, and petrol-engined vehicles. Thirteen years ago, on the advice of his famously skeptical lieutenant, Charlie Munger, Warren Buffett made a $232 million investment in BYD, a relatively unknown Chinese car company.\nBy parlaying BYD's rechargeable battery technology into a fast-growing carmaking operation, it gained a foothold in the fledgling electric vehicle market, building longer-lasting batteries and cheaper vehicles than American and Japanese manufacturers were managing to do at the time. In BYD, Buffett and Munger believed they had found a company with a shot at one day becoming the largest player in a global automobile market that was inevitably going electric.\nBYD's start to 2021 was strong with 19,871 plug-in electric cars sold in January in China, including hybrid plug-ins. That was a big increase over 2020 but not as much as 2019.\nLI Auto (LI)\nLixiang, formerly known as Chehejia (\"Car and Home\"), was founded in 2015 and went public in the U.S. on July 30th, 2020. It is a Beijing-based electric-vehicle startup with vertically integrated manufacturing. It designs, researches, manufactures, sells, and offers services featuring a few models of electric vehicles.\nThe company's SUVs are hybrids of a sort. They use electric motors (one on the front axle and one on the rear), but those motors are powered by a combination of a 40.5kWh battery packanda 1.2-liter turbocharged engine paired to a 45-liter fuel tank and a 100kW electric generator, which generates power for the battery pack in real-time. The idea is that the car can be driven for about 100 miles on battery power alone, but it has a total range of nearly 500 miles when leveraging the combustion engine generator.\nThe Company's primary product is an SUV under its brand Li ONE. It also sells peripheral products and provides related services, such as charging stalls, vehicle internet connection services, and extended lifetime warranties. Li Auto is looking to sell a variety of SUVs built on its hybrid technology that range from around $21,000 to about $70,000. The company started shipping its first model in late 2019. It's a midsize SUV is well-appointed and has lots of touchscreens and technology. A full-size premium version is planned for release in 2022.\nDeliveries of Li ONEs were 14,464 vehicles in the fourth quarter of 2020, representing a 67.0% quarter-over-quarter increase and setting a new quarterly record. Deliveries for the full year 2020 reached 32,624 vehicles. Revenue in the fourth quarter was $635 million.\nLI auto went public on July 30th, 2020, raising $1.1 billion at an initial price of $15.50 per share but quickly reached almost $24. It is currently valued at approximately $37 billion at a price of approximately $25.72 per share.\nXPeng (XPEV)\nXiaopeng (XPeng) Motors is a Chinese electric vehicle and technology company that designs and manufactures smart cars. It was founded in 2015 and went public on August 27, 2020, using American depository shares, raising about $1 billion. To date, it has raised about $2.6 billion.\nXPeng aims its EVs at technology-savvy middle-class Chinese consumers, with prices ranging from $22,000 to $45,000 after government subsidies. In some ways, it is a Tesla knock-off at a much lower price. XPeng started production of the G3 in November 2018, and as of July 31, 2020, delivered 18,741. It started production of the P7 and began delivery in May 2020, and as of July 31, 2020, it had delivered 1,966 EVs. The P7 has a range of more than 400 miles. It plans to launch a third Smart EV, a sedan, in 2021. The G3 was among the top-three best-selling electric SUVs in China in 2019.\nXPeng is interesting because it has a platform strategy and is moving aggressively into autonomous driving. It uses a platform strategy to expand product offerings by launching one Smart EV model each year to broaden the addressable market. It builds new models on two highly flexible Smart EV platforms, called David and Edward, respectively. The David platform has been designed for vehicles with wheelbases ranging from 2,600 millimeters to 2,800 millimeters, and the Edward platform has been designed for vehicles with wheelbases ranging from 2,800 millimeters to 3,100 millimeters. It also adopted a platform approach for software systems.\nXPeng claims to be developing an autonomous driving capability for its EVs. The P7 is the first production vehicle to feature the NVIDIA DRIVE AGX Xavier system-on-a-chip (SoC) autonomous driving platform. The company's Smart Electric Platform Architecture (SEPA) runs on 2 chips - NVIDIA for the XPILOT and Qualcomm's Snapdragon™ 820A for intelligent services and infotainment, including cameras inside and outside, radars, HD-map, and ultrasonic sensors. Like Tesla, it claims it can create sufficiently-autonomous driving without lidar.\nTo enhance brand recognition and allow more people to experience its Smart EVs, it deployed a small number of Smart EVs in a ride-hailing service in Guangzhou on a trial basis, but it has no current plan to scale up a ride-hailing service.\nXpeng sees first-quarter 2021 deliveries rising 450% year-over-year to 12,500 vehicles. Revenues are expected to increase 533% from a year ago. The company didn't provide bottom-line estimates for the quarter, but will likely post another net loss as it ramps up manufacturing, invests in R&D, and builds out a new manufacturing plant set to open in 2022.\nXpeng reported selling 12,964 vehicles in Q4 2020, up 303% from a year ago. It delivered a total of 27,041 vehicles in 2020, up 112%. It makes the P7 sedan, a rival to the made-in-China Tesla Model 3, and the small G3 SUV.\nThe stock opened on August 27, 2020 at a price of $15 and a valuation of $11 billion, but its stock jumped more than 40% shortly after. Its current valuation is about $35 billion at a stock price of approximately $36.13 per share. It had about $300 million in revenue in 2019 with a loss of about $500 million.\nNio (NIO)\nUnlike previous companies, Nio has been a public company for some time. It originally went public in the U.S. back in September of 2018, selling IPO shares at $6.26 and raising $1 billion.\nNio's IPO was far from smooth. After going public at $6.26 per share, it traded down to nearly $1. Then in the middle of the coronavirus outbreak, Nio received a much-needed investment of $1 billion from investors, including state-backed entities.\nNio designs, jointly manufactures, and sells smart and connected premium electric vehicles, attempting to develop next-generation technologies in connectivity, autonomous driving, and artificial intelligence. Joint manufacturing means that it uses a state-owned contract manufacturer to build its cars.\nNio plans to provide customers with comprehensive, convenient, and innovative charging solutions and other user-centric services. It began deliveries of the ES8, a 7-seater high-performance premium electric SUV in China in June 2018, and its variant, the six-seater ES8, in March 2019. Nio officially launched the ES6, a 5-seater high-performance premium electric SUV, in December 2018 and began deliveries in June 2019. It officially launched the EC6, a 5-seater smart premium electric Coupe SUV, in December 2019 with deliveries in 2020.\nNio sold 17,353 EVs in Q4/2020 and 43,728 for the year. It warned a shortage in chips and batteries will force a production slowdown to 7,500 a month in Q2 from 10,000 vehicles a month in February.\nNio currently trades at more than $43 per share, including a big jump recently, for a valuation of approximately $48 billion. It had revenue of $2.3 billion in 2019 for a loss of $3.8 billion.\nSummary\nIt's almost a foregone conclusion that EVs will replace ICE vehicles in the next decade, and this should provide exciting new investment opportunities. However, the investment terrain is complex. There are dozens of new start-ups where the public can now invest that were previously exclusively venture capital investment opportunities. Many of these are following different roads to success. There are legacy auto manufacturers that could prosper or get destroyed in this transition. There are some exciting new EV company opportunities in China. And then there is Tesla.\nThis EV roadmap is intended to help investors explore different roads to investment by explaining the basic strategies for these EV companies. These roads can have different opportunities and risks, and the roadmap helps to frame these. Above all, valuation is an overriding risk that is highlighted throughout this article.","news_type":1},"isVote":1,"tweetType":1,"viewCount":75,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359608446,"gmtCreate":1616388404185,"gmtModify":1704793367156,"author":{"id":"3567110070471630","authorId":"3567110070471630","name":"Black313","avatar":"https://static.tigerbbs.com/b943544d536a8a996df7f083242a4724","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567110070471630","authorIdStr":"3567110070471630"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/359608446","repostId":"1142823107","repostType":4,"repost":{"id":"1142823107","kind":"news","pubTimestamp":1616384869,"share":"https://ttm.financial/m/news/1142823107?lang=&edition=fundamental","pubTime":"2021-03-22 11:47","market":"us","language":"en","title":"Australia's Crown Resorts receives $6.2 billion proposal from Blackstone","url":"https://stock-news.laohu8.com/highlight/detail?id=1142823107","media":"reuters","summary":"(Reuters) - Troubled Australian casino operator Crown Resorts Ltd on Monday said it had received a c","content":"<p>(Reuters) - Troubled Australian casino operator Crown Resorts Ltd on Monday said it had received a conditional buyout proposal from U.S. private equity giant Blackstone, sending its shares 19% higher.</p>\n<p>The indicative proposal comes as casinos and gaming operators around the world have seen values plunge as coronavirus lockdowns battered earnings, putting them on the radar of cashed-up investment firms.</p>\n<p>Crown has suffered more than most after a year-long regulatory inquiry aired allegations of money laundering and governance failures at the company, leading to the loss of its gambling licence for its new A$2.2 billion Sydney casino last month.</p>\n<p>Since then, top executives including its chief executive resigned, paving the way for Crown to repair its reputation and regain its licence with ex-federal communications minister and Chairman Helen Coonan at the helm of the overhaul.</p>\n<p>Crown said Blackstone’s proposal was A$11.85 per share, a premium of 20.2% to the company’s last closing price, and valuing it at A$8.02 billion ($6.2 billion).</p>\n<p>Its shares jumped to A$11.750 following news of the proposal on Monday, their highest in a year. The stock fell nearly 20% in 2020 as the inquiry exposed major flaws in the company’s governance.</p>\n<p>Blackstone currently has a 10% stake in Crown which it bought from Macau’s Melco Resorts &amp; Entertainment in April last year at just A$8.15 per share, and is the second-largest holder after billionaire founder James Packer.</p>\n<p>The company’s board had not yet formed a view on the offer, which was subject to conditions including due diligence, arranging debt finance and Blackstone receiving gambling approvals to allow it to operate Crown’s Sydney, Melbourne and Perth licences, the company said in a statement.</p>\n<p>Blackstone most recently acquired the Bellagio in Las Vegas for $4.25 billion, and also owns a casino resort called “The Cosmopolitan” in Las Vegas and Spanish gaming hall operator Cirsa.</p>\n<p>($1 = 1.2967 Australian dollars)</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>Australia's Crown Resorts receives $6.2 billion proposal from Blackstone</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\">\nAustralia's Crown Resorts receives $6.2 billion proposal from Blackstone\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-22 11:47 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.reuters.com/article/us-crown-resorts-m-a-blackstone-group/blackstone-proposal-values-australian-casino-operator-crown-at-6-2-billion-idUSKBN2BD0SM?il=0><strong>reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Reuters) - Troubled Australian casino operator Crown Resorts Ltd on Monday said it had received a conditional buyout proposal from U.S. private equity giant Blackstone, sending its shares 19% higher....</p>\n\n<a href=\"https://www.reuters.com/article/us-crown-resorts-m-a-blackstone-group/blackstone-proposal-values-australian-casino-operator-crown-at-6-2-billion-idUSKBN2BD0SM?il=0\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BX":"黑石"},"source_url":"https://www.reuters.com/article/us-crown-resorts-m-a-blackstone-group/blackstone-proposal-values-australian-casino-operator-crown-at-6-2-billion-idUSKBN2BD0SM?il=0","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142823107","content_text":"(Reuters) - Troubled Australian casino operator Crown Resorts Ltd on Monday said it had received a conditional buyout proposal from U.S. private equity giant Blackstone, sending its shares 19% higher.\nThe indicative proposal comes as casinos and gaming operators around the world have seen values plunge as coronavirus lockdowns battered earnings, putting them on the radar of cashed-up investment firms.\nCrown has suffered more than most after a year-long regulatory inquiry aired allegations of money laundering and governance failures at the company, leading to the loss of its gambling licence for its new A$2.2 billion Sydney casino last month.\nSince then, top executives including its chief executive resigned, paving the way for Crown to repair its reputation and regain its licence with ex-federal communications minister and Chairman Helen Coonan at the helm of the overhaul.\nCrown said Blackstone’s proposal was A$11.85 per share, a premium of 20.2% to the company’s last closing price, and valuing it at A$8.02 billion ($6.2 billion).\nIts shares jumped to A$11.750 following news of the proposal on Monday, their highest in a year. The stock fell nearly 20% in 2020 as the inquiry exposed major flaws in the company’s governance.\nBlackstone currently has a 10% stake in Crown which it bought from Macau’s Melco Resorts & Entertainment in April last year at just A$8.15 per share, and is the second-largest holder after billionaire founder James Packer.\nThe company’s board had not yet formed a view on the offer, which was subject to conditions including due diligence, arranging debt finance and Blackstone receiving gambling approvals to allow it to operate Crown’s Sydney, Melbourne and Perth licences, the company said in a statement.\nBlackstone most recently acquired the Bellagio in Las Vegas for $4.25 billion, and also owns a casino resort called “The Cosmopolitan” in Las Vegas and Spanish gaming hall operator Cirsa.\n($1 = 1.2967 Australian dollars)","news_type":1},"isVote":1,"tweetType":1,"viewCount":108,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":325683405,"gmtCreate":1615894204107,"gmtModify":1704788056649,"author":{"id":"3567110070471630","authorId":"3567110070471630","name":"Black313","avatar":"https://static.tigerbbs.com/b943544d536a8a996df7f083242a4724","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567110070471630","authorIdStr":"3567110070471630"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/CLBS\">$Caladrius Biosciences(CLBS)$</a>?","listText":"<a href=\"https://laohu8.com/S/CLBS\">$Caladrius Biosciences(CLBS)$</a>?","text":"$Caladrius Biosciences(CLBS)$?","images":[{"img":"https://static.tigerbbs.com/be9ddfc6a6aa0ea5ff26cba9c1365b7a","width":"1242","height":"2151"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/325683405","isVote":1,"tweetType":1,"viewCount":69,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":328837849,"gmtCreate":1615511216381,"gmtModify":1704783857890,"author":{"id":"3567110070471630","authorId":"3567110070471630","name":"Black313","avatar":"https://static.tigerbbs.com/b943544d536a8a996df7f083242a4724","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567110070471630","authorIdStr":"3567110070471630"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TTCF\">$Tattooed Chef, Inc(TTCF)$</a>For coin","listText":"<a href=\"https://laohu8.com/S/TTCF\">$Tattooed Chef, Inc(TTCF)$</a>For coin","text":"$Tattooed Chef, Inc(TTCF)$For coin","images":[{"img":"https://static.tigerbbs.com/891fe90d670381d98e6f58cf879df4a9","width":"1242","height":"2151"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/328837849","isVote":1,"tweetType":1,"viewCount":35,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"lives":[]}