Why Tesla Is Raising Money Now / VW Spending Freeze / BYD Racing Tesla to India ⚡️
发布时间 2023-07-14 23:23:15 来源
Welcome to Electrified. It's your host Dylan Loomis. Quick shout out to my newest patrons, Media Cafe Online and Rob Z. Thank you for choosing to support the channel.
欢迎来到“电气化”。我是主持人迪伦·卢米斯。快速致谢我的最新赞助商，Media Cafe Online和Rob Z。感谢你选择支持本频道。
Tesla may be looking to raise about $1 billion in a new asset-backed security deal. Essentially, they're going to package up some of their lease loans, collateralize it into a bond, and then sell it to investors to raise a bit of capital. As you can see, Tesla hasn't really done anything like this in about a year or so, but it's not something Tesla's never done before. I think they've done between 5 and 8 deals over the past 6 or so years with their first ABS deal back around 2017.
特斯拉可能正在寻求通过一项新的资产支持证券交易筹集大约10亿美元的资金。基本上，他们打算将一些租赁贷款进行打包并以债券的形式抵押，然后将其出售给投资者来筹集一些资金。正如你所看到的，特斯拉大约一年多没有做过这样的交易了，但这并不是特斯拉从未做过的事情。我想在过去的6年左右时间里，他们进行了5到8次类似的交易，首次的资产支持证券交易大约在2017年左右进行。
So let's go back to when Tesla's first ABS deal actually closed to see what was going on, of course, a much different interest rate environment, as well as Tesla not yet at that time having the investment-grade rating. Even still, Tesla found eager buyers allowing it to cut interest rates on the multi-part deal from the levels initially floated to investors, which of course is better for Tesla.
因此，让我们回到特斯拉首次ABS交易实际结束的时候，看看当时发生了什么情况。当时的利率环境以及特斯拉还没有达到投资级评级都与现在大不相同。即使如此，特斯拉还是找到了热心的买家，使其能够将多份交易中的利率从最初向投资者浮动的水平降低，这当然对特斯拉来说更有利。
The new bondholders, or just the investors that are buying these ABS securities from Tesla, actually get paid from the customers that are making their lease payments as well as through the resale value of the Tesla vehicles. Simply put, they are investors looking to buy some debt that offer better yields than the benchmark that's available in the market. These asset-backed securities that are backed by Tesla leases can oftentimes have different tranches, so they have prime or customers with good credit ratings all the way down to poor credit.
新债券持有人，或者说从特斯拉购买这些资产支持证券的投资者，实际上是通过客户的租金支付和特斯拉车辆的再销售价值获得回报。简而言之，他们是寻求购买一些债务的投资者，提供比市场上可得的基准收益更好的收益率。这些由特斯拉租赁支持的资产支持证券通常可以分为不同的级别，从优质客户或信用评级较高的客户到信用较差的客户。
For example, in Tesla's 2018 deal, one of the tranches came with a 0.3% point yield premium or spread above the benchmark, but the lowest rated slice sold at 2.65% points yield premium. In Tesla's first ABS deal, they were using leases for the model S and X, but in some of the deals since they've also included Model Y into the mix. In March of 2021, Tesla was working on their fifth auto lease securitization bond deal offering, where they were looking to raise about $1.1 billion, with lease contracts originated by the Tesla Finance Captive Arm of Tesla Inc.
例如，在特斯拉的2018年交易中，其中一笔分期付款的息差为基准利率的0.3%，而评级最低的部分则以2.65%的息差出售。在特斯拉的第一笔ABS交易中，他们使用了用于Model S和X的租赁合同，但在一些交易中，他们也将Model Y纳入了其中。在2021年3月，特斯拉正在进行第五笔汽车租赁证券化债券交易，计划筹集约11亿美元，租赁合同由特斯拉的金融子公司负责。
This is Tesla's financing division that's been slowly growing its portfolio of captive loans, essentially providing a loan and the backing for the end consumer rather than the banks. And yes, I know just a few months ago, Elon said not to expect Tesla's finance captive arm to be growing significantly, but that doesn't mean it's not going to grow at all.
这是特斯拉的融资部门，它正在逐渐扩大其自有贷款组合，基本上为最终消费者提供贷款并提供支持，而不是通过银行来提供贷款。是的，我知道几个月前，埃隆说特斯拉的金融自有部门不会大幅增长，但这并不意味着它一点都不会增长。
I'm not at all expecting this to happen, but I think it's worth mentioning Tesla was looking to do a deal like this last year, but as you can see, they delayed it because there was so much uncertainty with interest rates rising quickly. And now relative to where we were, there's a bit more certainty when it comes to interest rates, which makes these deals easier to get done.
我完全没有期望这会发生，但我认为值得一提的是，特斯拉去年曾计划进行这样的交易，但正如你所看到的，他们推迟了计划，因为利率快速上涨带来了很多不确定性。而现在与我们之前相比，在利率方面有了更多确定性，从而使得这样的交易更容易实现。
Even though Tesla doesn't have a ton of experience in this market being a relatively newer company, their managed portfolio of securitizations have performed well. Proof going back to Tesla's first ABS deal investors had put in orders for as much as 14 times what Tesla intended to sell on some slices of the ABS. In the past, Tesla has really signaled that they plan to become a regular issuer of these asset-backed securities.
尽管特斯拉作为一家相对较新的公司在这个市场上缺乏大量经验，但他们管理的资产支持证券组合表现良好。从特斯拉首次发行证券化交易的证据来看，投资者对某些资产支持证券的认购订单多达特斯拉计划销售的14倍。过去，特斯拉真的表明他们计划成为这些资产支持证券的常规发行人。
Speaking of Tesla's first deal, an analyst called investor demand for the deal extreme. And we're back to today, remember this deal is still in the pre-marketing stage, so not a done deal. The pre-sale report from Fitch is telling us this ABS package is going to include leases from Tesla's finance or that captive arm, and the average credit score of these consumer leases is $7.73.
谈到特斯拉的第一笔交易，一位分析师称投资者对该交易的需求非常旺盛。现在我们回到了今天，记住这个交易仍处于预销售阶段，所以尚未敲定。来自惠誉的预售报告告诉我们，这个资产支持证券包将包括特斯拉金融或其附属部门的租赁，而这些消费者租赁的平均信用评分为7.73。
Everyone's biggest question will be why, and I could sit here and speculate maybe it's Tesla getting ready to do a share buyback that Elon hinted at in the past. Maybe Tesla just wants to get some of these leases off its books to essentially free up some more room or liquidity for more of that captive financing like that UK 0% APR deal for those PCP deals we talked about yesterday. And maybe most importantly, let's not forget Tesla's capital expenditures every year is not slowing down, it's still growing. And with all of Elon's discussions with world leaders, they're clearly looking to expand the business as fast as possible still.
每个人最大的问题将是为什么，我可以坐在这里推测，也许是特斯拉准备进行一次股票回购，这是埃隆过去暗示过的。也许特斯拉只是想要把一些租赁转移出财务报表，从根本上为那些像我们昨天谈到的英国0%年利率的PCP交易提供更多的空间或流动性。而且可能最重要的是，让我们不要忘记，特斯拉每年的资本支出并没有放缓，仍在增长。而且考虑到埃隆与世界领导人的所有讨论，他们显然仍然希望尽快扩大业务。
And just to drive this point home, one of the biggest reasons for a company like Tesla to do a deal like this, even when they don't technically need capital right now to have over $20 billion in cash, these deals for the lender that issues the ABS, the benefit is that potentially risky loans are removed from their balance sheet as they've been securitized and sold to outside investors.
为了再次强调这一点，像特斯拉这样的公司要做这样的交易的最大原因之一，即使他们技术上现在不需要资金，因为他们有超过200亿美元的现金，这些与ABS相关的交易对于发行ABS贷款的贷方来说有好处，因为潜在风险的贷款已经被证券化并卖给外部投资者，从而被从他们的资产负债表中除去。
If you listen to my combo with Herbert, we talked a lot about flywheels and that principle applies here too. Tesla has all of these leases that it's going to package up and put into this bond security, sell it to investors, get it off the books, get that capital infusion, and then maybe use that money to do more of exactly the same.
如果你听了我和赫伯特讨论飞轮的组合，我们谈了很多关于飞轮的内容，这个原则在这里同样适用。特斯拉拥有所有这些租赁，它将把它们打包并放入这个债券证券中，出售给投资者，将其剔除出账册，得到资本注入，然后可能使用这笔资金来做更多类似的事情。
On the other side of the coin, these asset backed securities provide an alternative investment vehicle that provides higher yields and can provide greater stability than government bonds. So we don't have the official why Tesla is doing this and it may not just be one singular reason, but we do know that Tesla clearly likes the market, it likes the demand and overall likes the terms that it expects to get from this deal.
另一方面，这些以资产为基础的证券提供了一种替代的投资工具，可以提供比政府债券更高的回报率，并且可能带来更大的稳定性。所以我们并不清楚为何特斯拉这样做，也许并不只是一个原因，但我们知道特斯拉显然喜欢这个市场，喜欢需求，并且整体上喜欢它预计能从这笔交易中获得的条款。
Tesla owners UK shared some pictures and they're talking about a v4 supercharger with a contactless bank card area in space for a screen on the actual stall. No disrespect to the Tesla owners UK, but it's unfortunate that this is the best photo that they could get from this opportunity. This is what they're referring to as an area for a screen and a card reader.
特斯拉车主英国分享了一些图片，并且他们在讨论一个V4超级充电站，上面有一个接触式银行卡区域，以及实际充电桩上的屏幕。并不是对特斯拉车主英国不敬，但很不幸这是他们通过这个机会所能得到的最佳照片。他们所提到的是一个屏幕和读卡器的区域。
If you've been around the channel, you may remember earlier this year Tesla actually really said no to about $6 million for some supercharging locations in California. The reason they cited unnecessarily cumbersome payment infrastructure requirements that caused them to walk away. Those requirements where that chargers must have multiple point of sale methods, credit or debit cards in addition to payment through mobile apps.
如果你曾关注过特斯拉的消息，或许还记得今年早些时候，特斯拉实际上拒绝了大约600万美元的一些超级充电站在加利福尼亚的投资。他们给出的理由是因为这些投资对付款基础设施要求过于繁琐，因此选择了退出。这些要求包括充电器必须具备多种销售方式，例如使用信用卡或借记卡，还有通过移动应用进行付款。
Unfortunately, this is one of those that might leave us with more questions than answers, how widespread could this new v4 type of stall actually be? Will it only be in locations where this type of thing is actually required by law? Or is the back end software handshake situation between all of these other automakers that are now going to use the NACS going to cause problems where they actually need something like this? I can't imagine they couldn't engineer a better solution, but I'm also not a software engineer and I know with all of the different brands and all of their different suppliers and different softwares, I understand why it could be a pretty daunting task.
不幸的是，这可能会带给我们更多问题而不是答案之一：这种新型的v4类型的停车方式到底有多普及？它只会出现在法律实际要求的地方吗？或者现在准备使用NACS的其他汽车制造商之间的后台软件握手情况是否会导致他们在实际需要类似解决方案时出现问题？我无法想象他们不能设计出更好的解决方案，但我也不是软件工程师，我理解为什么这可能是一项相当艰巨的任务，因为涉及到众多不同品牌、不同供应商和不同软件。
And there's at least a non zero chance this has something to do with why we haven't seen more v4 supercharger installs in the United States as Tesla figures out how these regulations are going to shake out from Joe Tettmeyer at gigatexis.
至少有一定的机会是因为这个原因，我们在美国还没看到更多v4超级充电站的安装，特斯拉还在弄清楚这些法规会如何运作。这是来自gigatexis的Joe Tettmeyer的看法。
They've now installed 40 plus Tesla megapacks of 68 planned Joe also shared some pictures of deliveries at the 4680 production section at gigatexis. If you zoom in on one of those images, you'll see project Schuler battery press line Tesla Austin. Earlier this year, Schuler was providing its services to a different company, but they had received an order for a production line capable of pressing battery cell housings. So whatever's actually under these blue tarps is most likely a good sign for 4680 production from giga Austin.
他们现在已经安装了40多个特斯拉超级电池组，其中的68个是计划中的。乔还分享了一些在特斯拉奥斯汀工厂4680生产区的交付照片。如果你对其中一张照片进行放大，你会看到项目Schuler电池压制线特斯拉奥斯汀。今年早些时候，Schuler为一家不同的公司提供服务，但他们收到了一个生产线的订单，可以压制电池单体外壳。因此，在这些蓝色防护布下面实际上是什么东西，很可能是奥斯汀超级工厂4680生产的一个好迹象。
Things are really heating up in India. Now we have Panasonic actually in talks with the Indian government to set up shop there after a potential request from Tesla to do so. Sounds like Tesla has asked its battery suppliers to engage in these conversations with the Indian government and the president and CEO of Panasonic apparently did exactly that discussing the possibilities of building a battery supply chain in India.
在印度，情况真的变得火热起来了。现在，我们得知松下公司正在与印度政府进行商谈，在特斯拉的潜在要求下在印度设立工厂。听起来像特斯拉已经要求其电池供应商与印度政府接触，并且松下的总裁兼首席执行官显然正是这样做的，讨论在印度建立电池供应链的可能性。
These players are currently studying the incentives that Tesla and its partners could receive if they decide to set up shop in India. We also have BYD looking to set up a joint venture in India to make EVs and batteries. That $1 billion investment would be to build EVs and batteries in partnership with a local company Hiderabad based mega engineering and infrastructures a joint EV venture.
这些参与者目前正在研究特斯拉及其合作伙伴在决定在印度开设门店时可能获得的激励措施。我们还有比亚迪希望在印度建立一家合资企业，生产电动汽车和电池。这10亿美元的投资将用于与总部位于海得拉巴的本地公司--大型工程基础设施合作建立的一家电动汽车合资企业中生产电动汽车和电池。
The longer term plan is to build a full lineup of BYD brand EVs in India from hatchbacks to luxury models. BYD has already invested over $200 million in India where it sells the ATO3 and the E6 EV to corporate fleets and plans to launch the seal luxury sedan this year.
长远计划是在印度建立一整套BYD品牌的电动车型，从小型轿车到豪华车型应有尽有。BYD已经在印度投资超过2亿美元，目前在那里销售ATO3和E6电动车给企业车队，并计划今年推出封印豪华轿车。
BYD plans to scale up to production of 100,000 EVs annually in India over a few years but would likely begin by shipping vehicles in parts for assembly in the country as it works to build up a supply chain. This proposal also includes setting up charging stations in India and to build R&D and training centers.
比亚迪计划在未来几年内将印度每年的电动车生产规模增加到10万辆，但很可能首先通过零部件运输将车辆分批运往印度进行组装，同时努力建立供应链。这一提议还包括在印度设立充电站，并建立研发和培训中心。
One of the big complaints about people talking about companies going to India is the lack of infrastructure so that of course a big deal. Back in 2013 BYD actually started building electric buses with this same company mega engineering. The two biggest EV players in India right now Tata Motors and MG Motor.
人们对于谈论企业进入印度的一个主要抱怨就是缺乏基础设施，这当然是一个大问题。早在2013年，比亚迪实际上就开始与这家同样的企业巨型工程一起建造电动巴士。目前，印度最大的两家电动汽车制造商是塔塔汽车和MG汽车。
The Malaysian Prime Minister held a call with Elon to discuss Tesla's investment in the country and SpaceX but they just confirmed what we already knew Tesla will open an office, showrooms and service centers as well as build out the supercharging locations. And Tesla Asia on Twitter made it official the Model Y is now available to order.
马来西亚首相与埃隆进行了通话，讨论特斯拉在该国的投资和SpaceX，但他们只是确认了我们已经知道的事情，即特斯拉将开设办事处、展厅和服务中心，并建设超级充电站。此外，特斯拉亚洲在Twitter上正式宣布，Model Y现已可供预订。
Tesla Phoenix shared some images of the inside of the Tesla Cybertruck structure. I hesitate to call it an exoskeleton because I'm not sure it technically meets those requirements just yet. It appears as though there's some type of anti corrosion coating on here but I think one of the biggest takeaways would be the lack of a pass through or lack of connection between the vault and the interior cabin. With this structure right here and a very small window going back into the vault where the tonneau cover is essentially going to roll down right into this area seems unlikely to expect any sort of pass through right here. Maybe we get some type of mid gate or full down situation where there's some access to the vault from the cabin but I don't think it's a full lay down like some people were hoping for originally. For what it's worth last year at the cyber rodeo in April the kilowatt said can confirm Cybertruck rear glass drops the mid gate appears to be able to fold fingers crossed.
特斯拉菲尼克斯（Tesla Phoenix）分享了特斯拉Cybertruck结构内部的一些图像。我不确定是否可以技术上满足外骨骼的要求，所以犹豫是否称其为外骨骼。这里似乎涂有一种防腐涂层，但我认为最重要的一点是货仓和内部驾驶舱之间缺乏通道或连接。就目前这个结构以及一个非常小的窗户进入货仓，用来卷下来的载货盖似乎不太可能出现任何通道。也许我们会有一种中部通道或全部折叠的情况，以便从驾驶舱访问货仓，但我不认为它是一种完全展平的布局，就像有些人最初所希望的那样。去年四月在Cyber Rodeo活动中，千瓦表示可以确认Cybertruck后挡风玻璃可以放下，中部通道似乎可以折叠，希望如此。
The president of Hyundai Motors just said we must consider how helpful the NACS system would be to our customers if we use Tesla standards and verify whether the charging efficiency is effective. Tesla also has a lot to help us with. The second part is fair enough and the first part maybe he's referring to the voltage limitations with the current iteration of the V3 superchargers that we've talked about companies like Lucid, Kia and Hyundai are dealing with that operate on that 800 volt architecture. He said we'll decide soon whether to join the alliance taking into account the benefits to our customers like how to apply the charging fees discount Tesla customers get if our customers go to Tesla for charging and it takes longer. I'll be honest with you guys I really am not sure what he's talking about here so if you understand this second part of the saying please let me know below.
现代汽车的总裁刚刚表示，如果我们采用特斯拉的标准，并验证充电效率是否有效，我们必须考虑NACS系统对我们的客户有多大帮助。特斯拉还有很多可以帮助我们的地方。第二部分的说法还算公正，也许他指的是我们曾经讨论过的像Lucid、起亚和现代这样的使用800伏特架构的公司在当前版本的V3超级充电器上遇到的电压限制问题。他说我们会尽快决定是否加入这个联盟，考虑到对我们客户的好处，比如如果我们的客户去特斯拉充电而时间更长，如何应用特斯拉客户所享受的充电费用折扣。坦率地说，我真的不确定他在这里说的是什么，所以如果你理解这个说法的第二部分，请在下面告诉我。
After a bonus cut for some Tesla Shanghai workers in quarter one now in quarter two Tesla has given a bigger bonus to at least several workers. This time around the bonuses are 1.5 times the monthly base salary 4q2 and previously they were at 1.2 times the monthly salary. No reason was cited for why these were given out and we don't know how many people actually receive them.
在第一季度削减了一些特斯拉上海员工的奖金之后，现在在第二季度，特斯拉至少给几名员工发放了更大的奖金。 这一次的奖金是基于第四季度工资基数的1.5倍，之前是1.2倍。 没有解释为什么会发放这些奖金，我们也不知道有多少人实际上获得了奖金。
We've talked about the Polestar 3 in the past but Electrek put together some of the latest specs. Most importantly though the standard dual motor model starts at 83.9 thousand dollars pricing itself right out of any IRA credits. Production should start next year this will definitely be a tough cross-sell for Polestar going up against the Model Y but there's absolutely plenty of people that don't want to drive a Tesla and this will be a nice vehicle for them albeit a bit more expensive.
我们过去讨论过Polestar 3，但Electrek整理了一些最新规格。尤其重要的是，标准双电机型号的起步价格为83.9万美元，使其无法享受任何IRA减免。生产预计将于明年开始，这对Polestar来说绝对是一次艰难的竞争，因为他们要与Model Y竞争，但绝对有很多人不想开特斯拉，而这将是一个不错的选择，尽管价格稍高。
Farley tweeted out the newest addition to the Ford EV lineup the Mustang Mach E rally which yes is coming to the US and Europe. At this point we really just don't know much of anything about this vehicle.
法利在推特上发布了福特电动车系列中的最新成员——野马Mach E拉力车，它将在美国和欧洲上市。但就目前而言，我们对这辆车几乎一无所知。
Rivian has unveiled its dual motor performance variant to a select group of R1T reservation holders and yes this truck does have Rivian's in-house built drive units called Enduro in case you're interested this will be below.
Rivian向一小部分R1T预订者展示了其双电机性能款车型，是的，这款卡车配备了Rivian自家生产的驱动装置，称为Enduro。如果你感兴趣，下面会有详细信息。
Thomas Shafer, Bw's CEO of passenger cars just said this is the final wake-up call to a group of about 2000 liters we're letting the costs run too high in many years. The company will focus on higher volume models to streamline production while reducing the number of variants to further optimize efficiency.
托马斯·沙弗（Thomas Shafer）, Bw 公司乘用车业务的首席执行官刚刚说了这是一个最后的警钟，他对大约2000个人群表示，我们在过去的许多年中让成本过高了。公司将专注于生产更多量的车型，以简化生产，并减少款式的数量以进一步提高效率。
The CEO also said the roof structure is on fire this is the final wake-up call. The reason they're citing for demand problems at Bw is the agency model that the automaker implemented with dealers. It's supposed to help save on sales costs but limits the dealer's ability to raise or lower prices. A VW sales rep said the manufacturer cannot sell directly that becomes clear in times like these adding EVs are simply too expensive.
首席执行官还表示，屋顶结构起火了，这是最后的警示。他们引用的导致Bw需求问题的原因是汽车制造商与经销商实施的代理商模式。这种模式本应帮助节约销售成本，但限制了经销商调整价格的能力。一位大众销售代表表示，制造商无法直接销售，这在像现在这样的时候变得明显，同时他还补充说，电动汽车价格过高。
Shafer also suggested that all is at stake. He also reportedly called for an immediate spending freeze because he said we're letting costs run too high in many areas. He told attendees that the next few weeks and months will be very tough for Bw. He also announced some performance programs that over the next three years should save the VW around $11.2 billion.
沙费尔还建议说，一切都岌岌可危。据报道，他还呼吁立即冻结支出，因为他认为我们在许多领域的成本过高。他告诉与会者，在接下来的几周和几个月里，对大众汽车来说将非常艰难。他还宣布了一些性能计划，据称在未来三年内可为大众汽车省下约112亿美元。
Bear in mind this is happening at a time when VW's sales in China are in decline.
请记住，这件事发生的时候，大众在中国的销售量正在下降。
In the 2024 GMC Hummer EV gets an extra 26 miles of range compared to last year now sitting at 381 miles on the largest 205 kilowatt hour battery pack. So maybe this will boost Hummer EV sales from 47 in Q2 over that 50 mark in a future quarter.
在2024年，GMC Hummer EV的续航里程比去年增加了额外的26英里，现在达到了381英里，这是由于其最大的205千瓦时电池组。因此，也许这将推动Hummer EV在未来一个季度的销量从第二季度的47辆增加到50辆以上。
Hope you guys have a wonderful and a safe weekend. Please like the video if you did and a huge thank you to all of my Patreon supporters.
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