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Bear Facts Tom [email protected]
Badger Consultants, LLC The Report Date: Thomas S. Chanos April 25, 2006 (608) 274-5019 Bear Facts [email protected] Energy Conversion Devices Inc. ENER - $53.00 – NasdaqNM New Recommendation Recommendation: Sell Short Reasons For Short Sale Recommendation Alternative Energy Plays-Solar, computer memory and hybrid auto batteries. ‹ Stock up almost 150% in less than one year. ‹ Currently unprofitable. ‹ P/E of 883 times 2007 EPS of $0.06, which we highly doubt. ‹ ENER was supposed to be profitable in 2006 (June). Not any more. ‹ Negative Cash Flow. ‹ Stock price up on competitors supply shortages. ‹ Exclusive distribution agreement with Solar Integrated Technologies (SIT.LN), which is in precarious financial condition. ‹ Range of applications for technology is not as good as traditional Solar (polysilicon) technology. ‹ Popular in Germany and States that offer tax credits, but winding down. ‹ Lots of licensing deals and joint venture “announcements”. ‹ Retail investor hype. Financials 52 – Week Low 6-8-2005 $16.07 Book Value/Shr (mrq) $5.30 52 – Week high 1-24-2006 $57.84 Diluted Earnings/Shr (ttm) -$1.03 Daily Volume Avg. 1,673,440 Diluted Earnings/Shr mrq) -$0.21 52 – Week Change +148% Sales/Shr (ttm) $2.93 Market Capitalization $1.63B Cash/Shr (mrq) $2.23 Shares Outstanding 30.88M Price/Book (mrq) 10.0 Float 30.04M Price/Earnings (ttm) NA Profit Margin (mrq) -35.20% Price/Sales (ttm) 18.46 Operating Margin (ttm) -37.65% Revenue (ttm) $86.24M Return on Assets (ttm) -12.55% EBITDA (ttm) -$24.70M Return on Equity (ttm) -25.31% Debt/Equity (mrq) 0 Operating Cash Flow (ttm) -$34.43M Shares Short 4-8-05 NA Leveraged Free Cash Flow (ttm) -$53.09 % of Float Short NA Total Cash (mrq) $68.93M Short Ratio NA (ttm) = Trailing 12 months, (mrq) = Most recent quarter, M = Millions, B = Billions, m = Thousands - Page 1 - All information contained herein is obtained by Badger Consultants, LLC from sources believed by it to be accurate and reliable. -
Electric Vehicle (EV) Industry Overview
Electric Vehicle (EV) Industry Overview January 2019 Table of Contents I. Investment Thesis and Risks II. Industry Overview A. Introduction to Electric Vehicle (EV) B. Trends in EV Design III. Global EV Market A. EV Adoption B. EV vs. ICE C. Commercial and Heavy Duty EVs IV. Regional Overview A. US Market Overview B. Tesla: A Major Disruptor in the Market C. Europe Market Overview D. China – The Major Player in Asian Market V. Battery Technologies A. Battery Swapping B. Solid-state Battery C. Other Battery Technologies D. Battery Recycling E. Autonomous Vehicle (AV) F. Connected Vehicle G. Robo-taxi H. Funding Landscape I. Market Dynamics I. Investment Thesis and Risks Palette RGB EVs are Poised to Disrupt the Automotive Ecosystem values 0 72 122 These are going to create a significant impact on the automotive ecosystem 100 135 190 Impact of EVs on the automotive ecosystem 255 204 0 • Automobile manufacturers are making huge investments in electric car divisions as they realize that EVs are disrupting the industry 228 114 0 • Significant internal changes will take place as teams fight for their share of budgets in R&D activities and existing powertrain heavyweights will refuse to move to electric 1 107 33 70 1 divisions • Many new supply chain partnerships will have to be created • The focus will move to new technologies as the automobile becomes a true computer 204 215 234 Automakers on wheels 0 112 60 • Dealers will have to unlearn and learn to sell both EVs and conventional vehicles • Dealers should equip their personnel with a diversified -
Alixpartners Automotive Electrification Index Second Quarter 2017 ALIXPARTNERS AUTOMOTIVE ELECTRIFICATION INDEX Alixpartners Automotive Electrification Index E-Range
AlixPartners Automotive Electrification Index Second Quarter 2017 ALIXPARTNERS AUTOMOTIVE ELECTRIFICATION INDEX AlixPartners Automotive Electrification Index e-range • By automaker, segment, region, and country E-RANGE = • Note: e-range does not include range from internal-combustion- engine (ICE) sources in plug-in hybrids—only the battery range Sum of electric is included range of all electric • The e-range attempts to rank the electrically driven range, and vehicles (EV) sold as such, does not include non-plug-in hybrids (HEVs) such as the standard Toyota Prius 2 ALIXPARTNERS AUTOMOTIVE ELECTRIFICATION INDEX AlixPartners Automotive Electrification Index ICE-vehicle equivalent market share • By automaker, segment, region, and country Using e-range data, • Full-ICE-equivalent EVs are defined as the electric range of the we can calculate an vehicle sold divided by 311 miles (500 km) ICE-vehicle • Note: to make the EV equivalent to an internal combustion engine equivalent vehicle (ICE), the 311-mile (500-km) range approximates an market share equivalent range between fill-ups for ICE vehicles. Dividing by this factor results in a more illuminating view of overall electrification, Total number of as it counts vehicles with high-electric ranges as full alternatives full-ICE-equivalent- to ICE vehicles and discounts small range city cars or compliance range EVs sold vehicles Total number of • Note: range of the ICE vehicles are not normalized to 311 miles (500 km)—each ICE unit sold is counted as a full vehicle vehicles sold (EV and ICE) 3 -
A80-Toothlearn-Xtooleshop.PDF (249K)
Tooth learn Function List Software Version: 5.22 Automaker method Model Engine/Type Year Chery By System Delphi electronic control system 1.5L(477F) Chery By System Delphi Electronic Control 1.6L(481F) Chery By System Delphiel ectroni ccontrol system 1.6L(451F) Chery By System Delphi 473 system Chery By System Delphi CNG engine Chery By System Liuji 465 Electronic Control System Chery By Type Type1(Delphie OBD) Chery By Type Type2 Chery By model Fengyun2 Series Delphi Electric Control System 1.5L(477F) Chery By model Cowin/Cowin2 Delphi Electronic Control System Chery By model Cowin/Cowin2 Delphi CNG engine Chery By model Cowin1 Delphi 473 EFI Chery By model Cowin3 Delphi CNG engine Chery By model Cowin5 Delphi Electronic Control Chery By model A1 Delphi 473 system Chery By model A5 Delphi CNG engine Chery By model E5 Chery By model Sonoftheeast Delphi Electronic Control System Chery By model QQ3 Liuji 465 Electronic Control System Chery By model QQ6 Delphi 473 system Chery By model Tiggo/Tiggo3 Delphi Electric Control2.0L/2.4L(4G63/4G64) Chery By model Tiggo/Tiggo3 Delphi Electronic Control1.6L(481F) Kairui By model Excellent Q22B Type1 Kairui By model Excellent Q22B Type2 Kairui By model ViewSonic Q21 Type1 Kairui By model ViewSonic Q21 Type2 Kairui By model YouSheng Q21D Type1 Kairui By model YouSheng Q21D Type2 Kairui By model elegant S22 Type1 Kairui By model elegant S122 Type2 Kairui By model elegant 2 Type1 Kairui By model elegant 2 Type2 Kairui By model QQ3 series Type1 Kairui By model QQ3 series Type2 Kairui By model K50 AUTO -
China's Electric Vehicle Industry
The China Guys | Cheat Sheet Series China’s Electric Vehicle Industry July 2020 The Market China has the largest EV market in the world, accounting for approximately 45% of the world’s EV ownership, while Europe and the US came in second and third at 24% and 22%, respectively. China uses the term New Energy Vehicle (NEV), Key Statistics which includes EVs as well as hybrids and fuel cell vehicles, but in practice is mostly EVs. In 2019, there were 1.2 million EVs sold in China, of which 972,000 were pure electric 45% vehicles. China’s share of global EVs on the road China still has a low EV market penetration rate, ranking sixth globally, with only 4.44% of all new vehicle sales being EVs. 40.85% Despite its size, China’s EV sector is extremely domestically- 2015-2019 EV sales volume CAGR concentrated; although half of the top ten best-selling EV makers worldwide are Chinese, China exported only 4,700 total vehicles in 2019. 400+ Domestic competitors in China’s EV market Chinese EVs use China’s own GB/T standard plugs to charge, but the China Electricity Council has been working with CHAdeMo, the Japanese charging standard body, on a new Tesla Model 3 cross-compatible standard called ChaoJi. The new standard was announced in April 2020, and commercial vehicles with Best selling EV in China in H1 2020 the standard are expected to hit the market as soon as 2021. The Players The top ten EV makers in China in 2018 by number of vehicles sold are on the right. -
New Battery to Last 10 Times As Long
Energy Grants Back Plug-In Cars, Ethanol By Sholnn Freeman Washington Post Staff Writer Wednesday, January 24, 2007; Page D03 The Department of Energy announced yesterday $17 million in grants to support the development of battery technology for plug-in hybrid vehicles and ethanol, two areas in the energy debate where officials in Washington and Detroit are closely aligned. The money will be offered as two grants, one for $14 million for the plug-in technology and the other for $3 million for ethanol. The money for battery development is intended to improve the technology's performance. The $3 million in ethanol grants will support engineering advances to improve how flex-fuel engines use the E85 blend… Foreign automakers are stepping up complaints that U.S. government policy is unfairly backing ethanol and plug-ins at the expense of diesels and traditional gas-electric hybrids, such as the Toyota Prius. Toyota is pushing to continue federal incentives for the cars. Diesel-engine makers and European automakers such as BMW and DaimlerChrysler are asking for more federal support for diesel technology http://www.washingtonpost.com/wp-dyn/content/article/2007/01/23/AR2007012300870.html Ford Edge plug-in hybrid concept does 41mpg Mobilemag.com – USA. That HySeries Drive concept that was making the rounds at the Detroit Auto Show has been unleashed on the public in the form of the Ford Edge, launching the venerable American automaker firmly into the plug-in electric market. The new vehicle, running on a flexible powertrain, can guarantee up to 41mpg with no emissions. The innovative HySeries Drive uses a combination of gas engine, diesel engine, and fuel cell to achieve that rather remarkable mpg figure, which increases to 80 if you don't top 50 miles a day and, in the best cases, 400 miles between fill-ups. -
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. -
Monthly Global Cathode & Li, Co, Ni, Mn Shipment Tracker
Monthly Global Cathode & Li, Co, Ni, Mn Shipment Tracker Feb, 2019 Copyright 2017 SNE Research Co., Ltd. All rights reserved. No material contained in this report may be reproduced in whole or in part without the express written permission of SNE Research Co., Ltd. This report is intended for the sole and exclusive use of the original purchaser and may not be distributed or transferred in any form to any other person or entity. SNE Research Co., Ltd. provides the information in this report for informational purposes only and does not grant any express or implied warranty, guaranty, or representation concerning the information contained in this report, its merchantability, or its fitness for a particular purpose or function. Any reference to any specific commercial product, process, or service by trade name, trademark, manufacturer, or otherwise, does not necessarily constitute or imply its endorsement, recommendation, or favoring by SNE Research Co., Ltd. Neither SNE Research nor any of its affiliates shall be liable to you or any third party in damages of whatever kind that may result from any reliance on (or use of) any information contained in this report. By receiving this report, you acknowledge that any reliance on information contained in this report shall be at your sole risk and that no representations have been made to you that are inconsistent with the foregoing. INDEX Report-EV Sales -> sample Report-e-CV Sales -> sample Report-Top 20 Maker -> sample Report-Top 20 Model -> sample Report-EV Battery Sales -> sample Report-e-CV -
RMI Bulletin
04/2018 706 new vehicles in the system Vehicles in the RMI database Manufacturer Manufacturer CAR BMW 28 HYUNDAI (BEIJING) 20 CHEVROLET 20 HYUNDAI (HUATAI) 9 CITROËN (DF-PSA) 34 JINBEI 27 Total: 29,322 (K type No.) DONGNAN (SOUEAST) 9 JINBEI (BRILLIANCE) 16 Brands in the system: 171 DS (CAPSA) 12 JMC 10 Growth since last Q: 607 EMGRAND 10 KIA 19 ENGLON 21 KIA (DYK) 13 LCV FAW (TIANJIN) 27 MERCEDES-BENZ 45 FIAT 14 NISSAN (DFAC) 42 FORD 10 NISSAN (DONGFENG) 10 Total: 4,441 (K type No.) FORD (CHANGAN) 16 PEUGEOT 15 Brands in the system: 41 FORD (JMC) 15 PEUGEOT (DF-PSA) 36 Growth since last Q: 90 GLEAGLE 20 RENAULT 9 HAWTAI 12 SEAT 29 Truck HONDA (DONGFENG) 17 SUZUKI (CHANGAN) 11 HONDA (GAC) 20 VOLVO 14 HYUNDAI 10 ZOTYE 33 Total: 12,670 (N type No.) Brands in the system: 11 Growth since last Q: 9 TecAlliance GmbH Steinheilstraße 10 D-85737 Ismaning Contact: Germany +49 221 6600 0 www.tecalliance.net [email protected] Labor times estimates Maintenance plans and interval display Labor times according to manufacturer’s specifications Maintenance data, work lists, service intervals CAR LCV Truck CAR LCV Truck Available: 21,836 3,756 10,541 Available: 16,945 2,718 8,812 Positions: 11,849,670 2,244,953 9,045,566 Positions: 1,893,068 388,946 2,009,886 Growth pos.: 155,679 24,482 89,177 Growth pos.: 38,591 4,459 23,764 Test and adjustment values Technical Manuals List of all relevant settings Detailed technical manuals in text and images CAR LCV Truck CAR LCV Truck Available: 24,224 3,917 12,201 Available: 22,417 3,708 12,062 Positions: 4,000,314 -
China's Automobile Market Panle Jia Barwick, Shengmao Cao, and Shanjun Li NBER Working Paper No
NBER WORKING PAPER SERIES LOCAL PROTECTIONISM, MARKET STRUCTURE, AND SOCIAL WELFARE: CHINA'S AUTOMOBILE MARKET Panle Jia Barwick Shengmao Cao Shanjun Li Working Paper 23678 http://www.nber.org/papers/w23678 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 August 2017 We thank Matt Backus, Steve Coate, Penny Goldberg, Paul Grieco, Jean-Francois Houde, Ivan Png, Paolo Ramezzana, Fan Ying, and seminar participates at Arizona State University, Cornell University, Cornell-Penn State Econometrics and IO Conference, Federal Trade Commission, HEC Montreal Conference on IO, Indiana University, NBER Chinese Economy Working Group, New York IO Day Conference, Peking University, University of California-Davis, and University of Wisconsin for helpful comments. We acknowledge generous data sharing from Tao Chen, Rui Li, and Xiaobo Zhang. Ke Liu, Binglin Wang and Jingyuan Wang provided excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2017 by Panle Jia Barwick, Shengmao Cao, and Shanjun Li. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Local Protectionism, Market Structure, and Social Welfare: China's Automobile Market Panle Jia Barwick, Shengmao Cao, and Shanjun Li NBER Working Paper No. 23678 August 2017 JEL No. D04,D6,F15,H2,L1,L5,L62 ABSTRACT While China has made great strides in transforming its centrally-planned economy to a market- oriented economy, there still exist widespread interregional trade barriers, such as policies and practices that protect local firms against competition from non-local firms. -
“New Energy Vehicles”
“New Energy Vehicles” Developments in China, the Netherlands and prospects for Sino-Dutch cooperation in the field of commerce and policy 1 Colophon Place Beijing Assigned by Embassy of the Kingdom of the Netherlands Infrastructure & Environment Department Innovation Department Author(s) Merijn Drenth (intern) Cover Photography by ECNS 2 Index Preface…………………………………………………………………………………………………………………5 Summary………………………………………………………………………………………………………………6 Introduction………………………………………………………………………………..…7 Chapter one – New energy vehicle developments in the Netherlands: Goals & policies...9 - Goals…………………………………………………………………………………...9 - Policies………………………………………………………………………………...9 - Subsidies and fiscal incentives………………………………………………………..10 - Industry and innovation………………………………………………………………11 - Charging infrastructure……………………………………………………………….11 - Results……………………………………………………………………………..…12 - Number of registered NEVs in the Netherlands………………………...…………….12 - Amount of charging points in the Netherlands………………………………………..13 Chapter two – New energy vehicle developments in the Netherlands: Industry & entrepreneurship…………………………………………………………………………....14 - Development Dutch NEV sector…………………………………………………..…14 - Charging infrastructure and smart grids……………………………………………...15 - Propulsion technology and components……………………………………………...16 - Manufacturing and conversion……………………………………………………….17 - Services………………………………………………………………………………18 - International footprint………………………………………………………………...19 Chapter three – New energy vehicle developments in China: Goals & central policies….............................................................................................................................…20 -