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At the close of US stocks on the 27th, Tesla stock (TSLA.US) was up $ 11.76 to close at $ 585.76, an increase of 2.05%. The data shows that Tesla’s market value has reached US $ 555.2 billion, while Berkshire Hathaway (BRK.A.US) has a market value of US $ 543 billion. Tesla has overtaken Berkshire Hathaway to become the sixth largest company in the United States by market value.
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At present, the top five companies in the US stock market are Apple, Microsoft, Amazon, the parent company of Google and Facebook, with market capitalizations of 19,822, 16,272, 16,033, 12,108 and 791.3 billion US dollars.
Indeed, since the beginning of this year, Tesla’s share price has continued to rise, from $ 80 per share at the beginning of the year to nearly $ 600 per share today, an annual increase of 600% .
Tesla’s third quarter performance hit a record high
Tesla released its third quarter financial statements on October 22, local time. According to the financial report,Total third quarter revenue was $ 8.771 billion, an increase of 39% year-on-year, of which $ 7.611 billion, a 47% increase, Of which revenues reached 397 million US dollars; in addition, the gross profit of the automotive business was US $ 2.105 billion, with a gross profit margin of 27.7%. Net income reached US $ 331 million, an increase of 131% year on year.
In terms of production capacity: Tesla delivered 318,900 in the first three quarters of this year and confirmed at the third quarter performance meeting that it will deliver 500,000 vehicles by the end of this year, meaning the delivery gap in the fourth quarter is 181,000. In terms of factories, the Model 3 / Y annual production capacity at Tesla’s Fremont facility in the US increased from 400,000 to 500,000 (12.5 in the fourth quarter) and the Model 3’s annual production capacity at the Shanghai plant increased from 200,000 to 250,000 (with 6.25 in the fourth quarter). ). From this point of view, the remaining three months can produce 184,500 vehicles.
Based on the increase in sales and the increase in profitability, Tesla Q3 made a profit of 331 million US dollars. Tesla still has $ 1.4 billion in free cash flow and $ 14.5 billion in cash reserves, capable of coping with various situations and expenses. Furthermore, Tesla’s German factory has started to take shape and is expected to reach mass production in 2021; the Texas factory has begun construction of the foundation.
Included in the S&P 500 Index or regained
Following the US stock market on November 16, S&P Dow Jones Indices announced that Tesla stock will be included in the S&P 500 index on December 21. Struck by the aforementioned news, Tesla was up nearly 13% after opening on the 17th.
According to the generally accepted accounting principles (GAAP) of the United States, the company must be profitable for four consecutive quarters. At the same time, the S&P Index Committee decides whether to include it based on quantitative and qualitative research on the company.
As of the third quarter of 2020, Tesla has been profitable for five consecutive quarters, meeting the entry criteria. In the third quarter of this year, Tesla’s net profit reached US $ 143 million and total revenue was US $ 8.771 billion. It was rated as the best financial report in history.
Analysts at Goldman Sachs said in a report today that with the overall stock market rebound and inclusion in the Standard & Poor’s 500 index, Tesla’s share price is expected to continue to rise substantially.
Goldman Sachs said in the report, “Of the current 189 major large-cap equity funds, 157 funds with a total of approximately $ 500 billion in managed assets did not hold Tesla stock before September 30.”
Goldman Sachs analysts said,Assuming these funds choose to hold Tesla with a “reference weight,” they will have to buy $ 8 billion of Tesla stock, which is about 2% of Tesla’s market value.
With the rapid growth in market value, Tesla has recently gained the support of some long-term skeptics. Morgan Stanley has given Tesla stock an “overweight” rating for the first time in more than three years. At the same time, Tesla’s target stock price was raised from $ 360 to $ 540.
Morgan Stanley Automotive analyst Adam Jonas said in a report, “Tesla is about to undergo a complete paradigm shift, from selling cars to software and services businesses that generate high interest rates.
Domestic Tesla Model 3 enters Europe
On November 28, the Xinhua News Agency reported that the first batch of more than 3,000 Tesla Model 3 cars produced in China and exported to Europe arrived at the port of Zeebrugge in Belgium on the evening of the 26th after more than a month of sea voyages. And it began loading and unloading operations on the 27th. About 7,000 cars exported by Tesla to Europe this time were shipped on two ships: the first cargo ship that arrived on the evening of the 26th was carrying about 3,600 cars and the second cargo ship should arrive at the port of Zeebrugge in early December. These cars will be shipped to Germany, France, Italy, Spain, Portugal, Switzerland and other European countries for sale.
It is reported that this batch of upgraded Model 3 with standard battery life is manufactured by the Tesla Super Factory in Shanghai, and the exported vehicles are consistent with the models in the Chinese market. Recent reports indicate that Tesla’s export of the in-house Model 3 to Europe will increase significantly over the next year. Tesla will produce 550,000 cars at the Shanghai plant in 2021, of which approximately 110,000 will be shipped to Europe.
Tesla vice president Tao Lin said in an interview with the Xinhua News Agency that Tesla witnessed the recovery of the Chinese economy under the public health incident, which strengthened the world’s confidence in the Chinese market and economy. Tao Lin said exporting China-made cars to Europe is a milestone in the development of Tesla’s Shanghai Super Factory. Shanghai Super Factory’s design fully complies with international standards, and the products it produces can meet the different needs of consumers all over the world.
China Concept Stocks’ three new energy vehicles
Recently, the share price of the new carmakers represented by NIO.US has soared. The share prices of Xiaopeng Motors (XPEV.US) and Ideal Motors (LI.US), also listed in the United States, also increased. Since November of this year, Xiaopeng Automobile’s share price has risen by more than 260%, Ideal Automobile’s share price has increased by more than 110%, and Weilai Automobile’s share price has risen by more than 70%. %. Although the stock prices of the new automakers have recently fluctuated in the short term, the overall trend is still positive.
Behind the rising share prices of new carmakers, new-energy vehicles continue to have favorable policies and, at the same time, sales of new carmakers have soared. The latest data on mandatory automobile traffic insurance shows that China’s new energy vehicles were insured at 124,600 units as of October 2020, a year-on-year increase of 153.01%; of which, new carmakers were insured at 17,000 units, a year-on-year increase of 157.8%. The growth rate is higher than the global new energy market. These are the 5 consecutive months since June of this year that the new car building forces have reached a risk of more than 10,000 vehicles.
According to Cui Dongshu, secretary general of the Travel Association, new energy vehicles are currently expensive in the US capital market and there is a certain bubble. Valuation is the valuation of the capital market and has no practical significance for the development of the company. but,High valuation reflects investor mentality and expectations The bubble in the capital market is also a manifestation of expectations for the future.American investors agree with Tesla’s development path and the future development trend of new energy vehicles, so they have given a higher rating to the new Chinese automakers listed in the US, which is also good. Moreover, compared to the weak competition from new energy vehicles in Europe, China has a group of new car manufacturing forces that have emerged and other countries around the world have not yet seen the emergence of new car manufacturing forces. Therefore, Weilai Automobile and others are more likely to achieve high levels of the US capital market. Valuation, this is also the international market valuation performance on the high valuation of some Chinese industries.
Regarding the share price being overvalued, Ideal Auto CEO Li Xiang said in an interview: “Although the company’s fundamentals (including fundamental factors such as sales and revenues) will have some impact on the share price. , the price of the shares fluctuates more and more. It is determined by the market. “
Electric vehicles will become the development trend of the automotive industry in the future, which is also an important reason why the capital market is optimistic about the new forces in automobile construction. The report published by PwC Strategy and in the “12th China Hunting Car List” shows that by 2025, the traditional fuel vehicle market will gradually decline. By 2030, the number of electric vehicles registered in the Chinese market is about 10 million and the penetration rate of the fuel vehicle market will drop from 93% in 2020 to 56%.
Market Value of NIO Exceeds BYD (01211)
As of the close of US equities on November 27,With a total market value of US $ 72.84 billion (approximately RMB 478.84 billion), Weilai Automobile has surpassed BYD to become China’s most valuable auto company.The previous “big brother” of the SAIC Group finished third, and there is also the risk of being overtaken by the new powers Xiaopeng Automobile and Ideal Automobile.
New energy vehicle companies have yet to refuel
While the market value of new energy vehicle companies has increased rapidly, in terms of performance, there is still a long way to go. In terms of the proportion of car manufacturers with a market value of more than 100 billion yuan in the first three quarters of this year, the SAIC Group ranked first with 497.8 billion yuan, or 64%; BYD closely followed with 105 billion yuan; and Weilai, ideal and small The total turnover of Peng’s three new car manufacturing forces in the first three quarters was 17 billion yuan, accounting for only 2%.
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