Parametric Modeling of Mass and Volume Effects for Battery Electric
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Pwc China Automobile Industry M&A Review and Outlook
Epidemic Prevention and Response to COVID-19 in the Automobile Industry Series Issue 2 — PwC China Automobile industry M&A Review and Outlook The epidemic has prompted many practitioners and managers in the industry to re-examine and plan for the medium-and long-term development of auto industry, accelerating industry transformation and upgrade. PwC auto team emphasizes on the following aspect of tax & legal, M&A and telematics system to analyze the related solutions. In this article, we mainly focus on the M&A aspect, hoping to give some inspirational idea to the practitioners in the industry. China’s automobile industry has developed rapidly in the opportunities. Moreover, an increasing number of companies past decade. Benefiting from “bringing in” and “going out” with advanced technology and capital will continue entering policy, both domestic and foreign OEMs have successfully into the market which fuels more M&A activities in the realized high growth through a series of mergers and automobile industry. acquisitions (M&A). Since 2018, the development of China In this article, we will analyze the automobile industry from automobile market has been slowing down, and the “CASE” four aspects: review of China’s auto industry M&A deals, trend has been having impact on OEMs. As new businesses main deal drivers and changes of auto industry, the future models are emerging, it has also led to blurring of M&A trend, and key initiatives in response to market boundaries between industries. Auto companies have been changes. actively using M&A deals to transform the automobile industry. At the beginning of 2020, the coronavirus outbreak severely impacted the supply chain of automobile industry, thus resulted in demands for business restructuring and transformation. -
Chinese Carmakers Slash Sales Targets
16 | MOTORING Monday, March 23, 2020 HONG KONG EDITION | CHINA DAILY Nio bullish about its Short Torque BYD transforms lines business performance to support masks Many companies in China have transformed their businesses to despite coronavirus cater to the rising demand for masks amid the coronavirus epi- demic, and leading new energy By LI FUSHENG vehicle manufacturer BYD has [email protected] joined them. On Feb 17, BYD pro- duced its first batch of masks. Chinese electric car startup We are pleased to Each of its production lines can Nio is confident about its see encouraging make 50,000 masks a day, and in prospects this year despite the total five million masks and coronavirus outbreak, expecting results to date, and 300,000 bottles of disinfectant its gross profit margin to become expect around 35 can be made on a daily basis, positive in the second quarter. making the company one of the “Based on the current trend, percent expense biggest mask manufacturers in we would hope the daily new reduction compared the world. The company plans to order rate to return to the level of expand its production lines to a last December in April,” said to the prior quarter daily capacity of up to 10 million William Li, founder and chair- even under the masks. The masks will also be man of Nio, on an earnings call pressure of the provided to other countries hit last week. hard by the virus, after meeting He expected production, outbreak.” GAC showcases its Aion LX model in Shenzhen, Guangdong province last July. -
Stanphyl Capital Management LLC Stanphyl Capital GP, LLC Stanphyl Capital Partners LP
Stanphyl Capital Management LLC Stanphyl Capital GP, LLC Stanphyl Capital Partners LP Friends and Fellow Investors: For June 2018 the fund was down approximately 13.8% (no that is not a misprint- please see the paragraph below) net of all fees and expenses. By way of comparison, the S&P 500 was up approximately 0.6% while the Russell 2000 was up approximately 0.7%. Year-to-date the fund is down approximately 16.2% while the S&P 500 is up approximately 2.6% and the Russell 2000 is up approximately 7.7%. Since inception on June 1, 2011 the fund is up approximately 67.4% net while the S&P 500 is up approximately 134.7% and the Russell 2000 is up approximately 113.7%. Since inception the fund has compounded at approximately 7.6% net annually vs 12.8% for the S&P 500 and 11.3% for the Russell 2000. (The S&P and Russell performances are based on their “Total Returns” indices which include reinvested dividends.) As always, investors will receive the fund’s exact performance figures from its outside administrator within a week or two; meanwhile I continue to waive the annual management fee until the entire fund regains its high- water mark. The fund was absolutely massacred this month, and it was primarily due to our large short position in Tesla, to which I added on each new piece of negative news, much of which was indicative of the kind of outright fraud (see below) that would immediately send a “normal stock” into a death spiral, and yet for most of the month Tesla’s stock kept levitating. -
Asia's Olympic
Official Newsletter of the Olympic Council of Asia Edition 51 - December 2020 ALL SET FOR SHANTOU MEET THE MASCOT FOR AYG 2021 OCA Games Update OCA Commi�ee News OCA Women in Sport OCA Sports Diary Contents Inside Sporting Asia Edition 51 – December 2020 3 President’s Message 10 4 – 9 Six pages of NOC News in Pictures 10 – 12 Inside the OCA 13 – 14 OCA Games Update: Sanya 2020, Shantou 2021 15 – 26 Countdown to 19th Asian Games 13 16 – 17 Two years to go to Hangzhou 2022 18 Geely Auto chairs sponsor club 19 Sport Climbing’s rock-solid venue 20 – 21 59 Pictograms in 40 sports 22 A ‘smart’ Asian Games 27 23 Hangzhou 2022 launches official magazine 24 – 25 Photo Gallery from countdown celebrations 26 Hi, Asian Games! 27 Asia’s Olympic Era: Tokyo 2020, Beijing 2022 31 28 – 31 Women in Sport 32 – 33 Road to Tokyo 2020 34 – 37 Obituary 38 News in Brief 33 39 OCA Sports Diary 40 Hangzhou 2022 Harmony of Colours OCA Sponsors’ Club * Page 02 President’s Message OCA HAS BIG ROLE TO PLAY IN OLYMPIC MOVEMENT’S RECOVERY IN 2021 Sporting Asia is the official newsletter of the Olympic Council of Asia, published quarterly. Executive Editor / Director General Husain Al-Musallam [email protected] Director, Int’l & NOC Relations Vinod Tiwari [email protected] Director, Asian Games Department Haider A. Farman [email protected] Editor Despite the difficult circumstances we Through our online meetings with the Jeremy Walker [email protected] have found ourselves in over the past few games organising committees over the past months, the spirit and professionalism of our few weeks, the OCA can feel the pride Executive Secretary Asian sports family has really shone behind the scenes and also appreciate the Nayaf Sraj through. -
2020 Annual Results Announcement
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. GUANGZHOU AUTOMOBILE GROUP CO., LTD. 廣 州 汽 車 集 團 股 份 有 限 公 司 (a joint stock company incorporated in the People’s Republic of China with limited liability) (Stock Code: 2238) 2020 ANNUAL RESULTS ANNOUNCEMENT The Board is pleased to announce the audited consolidated results of the Group for the year ended 31 December 2020 together with the comparative figures of the corresponding period ended 31 December 2019. The result has been reviewed by the Audit Committee and the Board of the Company. - 1 - CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Year ended 31 December Note 2020 2019 RMB’000 RMB’000 Revenue 3 63,156,985 59,704,322 Cost of sales (60,860,992) (57,181,363) Gross profit 2,295,993 2,522,959 Selling and distribution costs (3,641,480) (4,553,402) Administrative expenses (3,850,327) (3,589,516) Net impairment losses on financial assets (55,110) (53,831) Interest income 304,233 290,694 Other gains – net 4 1,379,690 2,620,340 Operating loss (3,567,001) (2,762,756) Interest income 127,551 171,565 Finance costs 5 (439,567) (516,481) Share of profit of joint ventures and associates 6 9,570,978 9,399,343 Profit before income tax 5,691,961 6,291,671 Income tax credit 7 355,990 -
Annual Report 2019
Contents Corporate Profile 2 Corporate Information 4 Our Products 6 Business Overview 13 Financial Highlights 32 CEO’s Statement 33 Management Discussion and Analysis 36 Directors and Senior Management 48 Directors’ Report 56 Corporate Governance Report 74 Independent Auditor’s Report 86 Consolidated Balance Sheet 92 Consolidated Income Statement 94 Consolidated Statement of Comprehensive Income 95 Consolidated Statement of Changes in Equity 96 Consolidated Statement of Cash Flows 97 Notes to the Consolidated Financial Statements 98 Five Years’ Financial Summary 168 02 NEXTEER AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2019 Corporate Profile Nexteer Automotive Group Limited (the Company) together with its subsidiaries are collectively referred to as we, us, our, Nexteer, Nexteer Automotive or the Group. Nexteer Automotive is a global leader in advanced steering and driveline systems, as well as advanced driver assistance systems (ADAS) and automated driving (AD) enabling technologies. In-house development and full integration of hardware, software and electronics give Nexteer a competitive advantage as a full-service supplier. As a leader in intuitive motion control, our continued focus and drive is to leverage our design, development and manufacturing strengths in advanced steering and driveline systems that provide differentiated and value-added solutions to our customers. We develop solutions that enable a new era of safety and performance for traditional and varying levels of ADAS/AD. Overall, we are making driving safer, more fuel-efficient and fun for today’s world and an automated future. Our ability to seamlessly integrate our systems into automotive original equipment manufacturers’ (OEM) vehicles is a testament to our more than 110-year heritage of vehicle integration expertise and product craftsmanship. -
The 4Th Shanghai International New Energy Vehicle Thermal Management System Technology Conference and Exhibition
Global product and technology innovation exchange platform for new energy vehicle thermal management The 4th Shanghai International New Energy Vehicle Thermal Management System Technology Conference and Exhibition Exhibition time: June 10-12, 2020 Forum time: June 10-11, 2020 Conference address: Shanghai New International Expo Center (Pudong New Area) Conference website: www.evtms.cn Exhibition background: With the continuous growth of China's new energy vehicle market, the market space for thermal management systems has expanded dramatically. According to the vehicle production and sales data, thermal management system parts supply price and industry research, it is estimated that the domestic thermal management system market will reach more than 74 billion yuan in 2017. Driven by energy issues, new energy vehicle policies, automotive electrification, and intelligent development, the domestic thermal management system market will exceed 100 billion yuan by 2023. Under the trend of high growth of new energy vehicles, more and more enterprises are rushing to find opportunities in the field of new energy vehicle thermal management systems to seize the commanding heights of the new energy vehicle thermal management system market in advance. EVTMS is a comprehensive communication platform for products and technologies in the global new energy vehicle thermal management industry. The exhibition and forum will be held in Shanghai New International Expo Center from June 10th to 12th, 2020, and will hold the 14th Shanghai International Exhibition of EVTECH EXPO. The New Energy Automotive Technology Expo will have a total exhibition area of 36,000 square meters. It will bring together 200 exhibitors from around the world to showcase advanced new energy vehicle thermal management products. -
Call for Papers the Competition for the Practical Application of ICV Has Already Started in the Global Automotive Industry
Call for papers www.cicv.org.cn The competition for the practical application of ICV has already started in the global automotive industry. A sound environment for ICV are taking into shape, as China is embracing a clear trend of multi-industrial coordination and innovation and taking planned steps to make top-level policies and standards. As a national strategy, the development of ICV helps to create opportunities for cross-industrial innovation. In order to promote the development of ICV in China and build a world-class platform for technology exchange, China SAE, Tsinghua University Suzhou Automotive Research Institute and China Intelligent and Connected Vehicles (Beijing) Research Institute Co. Ltd jointly initiated an annual congress “International Congress of Intelligent and Connected Vehicles Technology (CICV)”. It is a world-class technology exchange platform for automotive, IT/Internet, communications and transportation industry. At the same time, as an important sign for policies, leading technologies showcases, and industry integration accelerator, CICV serves as a platform for communication and exchange between enterprises, universities and industrial research institutes and provide references for them. The 6th International Congress of Intelligent and Connected Vehicles Technology (CICV 2019) is to be held in June, 2019. Focusing on ADAS and key technologies of automated driving as well as ICV policies and regulations, CICV 2019 will invite about 80 experts and technical leaders to share new technology results and ideas on hot topics including Environment Perception and, Development and Testing, V2X, AI, Cyber Security, HD Map, Intelligent and Connected Transportation, Co-pilot and HMI. The concurrent activities including technical exhibition, promotional tours for innovative technologies and entrepreneurship programs. -
Xev MOBILITY. the RACE IS ON. a TOP COUNTRY INSIGHT
BERYLLS INSIGHTS xEV MOBILITY. THE RACE IS ON. A TOP COUNTRY INSIGHT. By Berylls Strategy Advisors EXECUTIVE SUMMARY. 2019 was not a good year for electric However, in addition to state funding, the mobility. From 2012 to 2018, global sales of charging infrastructure also plays a cen- xEVs (BEVs and PHEVs combined) saw colos- tral role. In Norway and the Netherlands, for sal year-on-year gains, with worldwide annual example, electric recharging points equal or increases typically in excess of 50%. And then outnumber petrol pumps. in 2019, around 2.3m new xEVs were regis- tered – just 5% up on the year before. How- The USA illustrates that the model range ever, electromobility was still able to assert alone plays a subordinate role. While the itself, as total global vehicle sales fell by 4% USA’s range of models is on a par with Nor- (from 93.7 to 89.6 million). way, its infrastructure and subsidies lag far behind. It’s clear that xEV registrations only The key xEV-selling nations highlight how grow substantially if the model range, charg- there’s room for improvement in xEV penetra- ing infrastructure and state subsidies work tion in most markets. Of the five key nations, together. Norway, where xEVs account for approx. 56% of new registrations, is the undisput- OEMs will need to get to more com- ed champion of xEV penetration, with the petitive sale price of electric vehicles, as Netherlands in second place at around government subsidies were only ever intend- 15%. China, with almost 6%, is in third place ed as a short-term measure. -
China Autos Driving the EV Revolution
Building on principles One-Asia Research | August 21, 2020 China Autos Driving the EV revolution Hyunwoo Jin [email protected] This publication was prepared by Mirae Asset Daewoo Co., Ltd. and/or its non-U.S. affiliates (“Mirae Asset Daewoo”). Information and opinions contained herein have been compiled in good faith from sources deemed to be reliable. However, the information has not been independently verified. Mirae Asset Daewoo makes no guarantee, representation, or warranty, express or implied, as to the fairness, accuracy, or completeness of the information and opinions contained in this document. Mirae Asset Daewoo accepts no responsibility or liability whatsoever for any loss arising from the use of this document or its contents or otherwise arising in connection therewith. Information and opin- ions contained herein are subject to change without notice. This document is for informational purposes only. It is not and should not be construed as an offer or solicitation of an offer to purchase or sell any securities or other financial instruments. This document may not be reproduced, further distributed, or published in whole or in part for any purpose. Please see important disclosures & disclaimers in Appendix 1 at the end of this report. August 21, 2020 China Autos CONTENTS Executive summary 3 I. Investment points 5 1. Geely: Strong in-house brands and rising competitiveness in EVs 5 2. BYD and NIO: EV focus 14 3. GAC: Strategic market positioning (mass EVs + premium imported cars) 26 Other industry issues 30 Global company analysis 31 Geely Automobile (175 HK/Buy) 32 BYD (1211 HK/Buy) 51 NIO (NIO US/Buy) 64 Guangzhou Automobile Group (2238 HK/Trading Buy) 76 Mirae Asset Daewoo Research 2 August 21, 2020 China Autos Executive summary The next decade will bring radical changes to the global automotive market. -
Geely Holding Group and Renault Group to Sign MOU on Joint Cooperation in China and South Korean Markets
Geely Holding Group and Renault Group to sign MOU on joint cooperation in China and South Korean Markets • Geely Holding and Renault Group have signed a MOU to accelerate ‘Renaulution Plan’ in China and South Korea. • In China, both partners will jointly introduce Renault-branded hybrid vehicles. • In South Korea, Geely Holding and Renault Group will explore localization of vehicles based on Lynk & Co energy efficient platforms. • Geely Holding and Renault Group will enhance their competitive advantages in technology and industrial systems to create leading mobility experience. 9th August 2021, Hangzhou China and Paris France. Renault Group, a global company with French roots and 120 years of history in the automotive industry, and Geely Holding Group, China’s largest privately-owned automotive group, today jointly announced an MoU framework agreement to create an innovative cooperation. The cooperation, focused on China and South Korea as initial key core markets, will allow Renault Group and Geely Holding to share resources and technologies. The focus will be on hybrid vehicles in the fast-growing Asian markets. Following the adoption by Geely Holding’s opensource strategy for its full vehicle architectures, Geely Holding will partner with Renault Group in the Chinese and Korean markets. In China, based on Geely Holding’s existing technologies and mature industrial footprint, both partners will jointly introduce Renault- branded hybrid vehicles. Renault will contribute on branding strategy, channel and service development, defining appropriate customer journey. In South Korea, where Renault Samsung Motors has over two decades of experience, the MoU allows Renault Group and Geely Holding to jointly explore localization of vehicles based on Lynk & Co’s energy-efficient vehicle platforms for local markets. -
Global Artificial Intelligence Industry Whitepaper
Global artificial intelligence industry whitepaper Global artificial intelligence industry whitepaper | 4. AI reshapes every industry 1. New trends of AI innovation and integration 5 1.1 AI is growing fully commercialized 5 1.2 AI has entered an era of machine learning 6 1.3 Market investment returns to reason 9 1.4 Cities become the main battleground for AI innovation, integration and application 14 1.5 AI supporting technologies are advancing 24 1.6 Growing support from top-level policies 26 1.7 Over USD 6 trillion global AI market 33 1.8 Large number of AI companies located in the Beijing-Tianjin-Hebei Region, Yangtze River Delta and Pearl River Delta 35 2. Development of AI technologies 45 2.1 Increasingly sophisticated AI technologies 45 2.2 Steady progress of open AI platform establishment 47 2.3 Human vs. machine 51 3. China’s position in global AI sector 60 3.1 China has larger volumes of data and more diversified environment for using data 61 3.2 China is in the highest demand on chip in the world yet relying heavily on imported high-end chips 62 3.3 Chinese robot companies are growing fast with greater efforts in developing key parts and technologies domestically 63 3.4 The U.S. has solid strengths in AI’s underlying technology while China is better in speech recognition technology 63 3.5 China is catching up in application 64 02 Global artificial intelligence industry whitepaper | 4. AI reshapes every industry 4. AI reshapes every industry 68 4.1 Financial industry: AI enhances the business efficiency of financial businesses