{"id":2366,"date":"2024-10-02T23:23:26","date_gmt":"2024-10-02T15:23:26","guid":{"rendered":"https:\/\/www.kafeizha.com\/?p=2366"},"modified":"2024-10-02T23:23:26","modified_gmt":"2024-10-02T15:23:26","slug":"gm%e3%80%81%e7%a6%8f%e7%89%b9%e8%82%a1%e4%bb%b7%e4%b8%8a%e6%b6%a8%e9%81%87%e9%98%bb%ef%bc%8c%e4%b8%ad%e5%9b%bd%e9%a3%8e%e9%99%a9%e5%8d%87%e6%b8%a9","status":"publish","type":"post","link":"https:\/\/news.tomjun.com\/?p=2366","title":{"rendered":"GM\u3001\u798f\u7279\u80a1\u4ef7\u4e0a\u6da8\u9047\u963b\uff0c\u4e2d\u56fd\u98ce\u9669\u5347\u6e29"},"content":{"rendered":"

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\u5bf9\u4e8e\u7279\u65af\u62c9\u800c\u8a00\uff0c\u5176\u5e02\u503c\u51e0\u4e4e\u76f8\u5f53\u4e8e\u901a\u7528\u548c\u798f\u7279\u7684\u603b\u548c\u8fd19\u500d\uff0c\u4f30\u503c\u4e3b\u8981\u57fa\u4e8e\u516c\u53f8\u6709\u671b\u6210\u4e3a\u81ea\u52a8\u9a7e\u9a76\u6c7d\u8f66\u9886\u5934\u7f8a\u7684\u53ef\u80fd\u6027\u3002\u8fd9\u4f7f\u5f97\u4e2d\u56fd\u7684\u98ce\u9669\u4f3c\u4e4e\u6ca1\u6709\u90a3\u4e48\u7d27\u8feb\u3002\u76ee\u524d\uff0cGM \u548c Ford \u7684\u80a1\u7968\u4ea4\u6613\u5e02\u76c8\u7387\u4ec5\u4e3a12\u4e2a\u6708\u9884\u6d4b\u6536\u76ca\u7684\u4e00\u4f4d\u6570\u767e\u5206\u6bd4\uff0c\u89c6\u5176\u4e3a\u4f20\u7edf\u6c7d\u8f66\u5236\u9020\u5546\uff1b\u76f8\u6bd4\u4e4b\u4e0b\uff0c\u7279\u65af\u62c9\u7684\u4f30\u503c\u9ad8\u8fbe92\u500d\uff0c\u751a\u81f3\u8d85\u8fc7\u4e86\u82f1\u4f1f\u8fbe\u516c\u53f8\uff08Nvidia Corp.\uff09\u548c\u82f9\u679c\u516c\u53f8\uff08Apple Inc.\uff09\u7b49\u5927\u578b\u79d1\u6280\u516c\u53f8\u7684\u4f30\u503c\u3002\u201c\u901a\u7528\u548c\u798f\u7279\u90fd\u5728\u8f6c\u5411\u6280\u672f\u5148\u8fdb\u8f66\u578b\u800c\u975e\u4f20\u7edf\u7684\u6c7d\u8f66\uff0c\u800c\u7279\u65af\u62c9\u4ecd\u88ab\u89c6\u4e3a\u4e0b\u4e00\u4ee3\u5982\u673a\u5668\u4eba\u51fa\u79df\u8f66\u8fd9\u6837\u7684\u8f66\u578b\u521b\u65b0\u8005\u7684\u6838\u5fc3\uff0c\u56e0\u6b64\u5b83\u7684\u4f30\u503c\u8981\u9ad8\u5f97\u591a\u3002\u201d\u7c73\u52d2\u00b7\u5854\u5df4\u514b+\u516c\u53f8\u7684\u9996\u5e2d\u5e02\u573a\u7b56\u7565\u5e08\u8fd9\u6837\u8bc4\u8bba\u9053\u3002 <\/p>\n

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\u65b0\u95fb\u6765\u6e90\uff1a<\/b>www.bloomberg.com
\u539f\u6587\u5730\u5740\uff1a<\/b>GM, Ford (F) Stocks\u2019 Rally Stalls as China Threat Brews<\/a>
\u65b0\u95fb\u65e5\u671f\uff1a<\/b>2024-09-27
\u539f\u6587\u6458\u8981\uff1a<\/b><\/font><\/p>\n

It was expected to be the comeback year for the shares of century-old carmakers,  and , but a long overdue catch-up rally is already stalling. Their deep lineups of gas-driven vehicles were  back investors just as demand for electric cars started to falter. But a pair of downgrades this week warned investors of the challenges that have been piling up; flagging interest in American cars from Chinese buyers, prohibitive costs for US customers and traditional automakers\u2019 need to raise massive amounts of capital to build the infrastructure for battery-driven cars and self-driving technologies.The outlook in China is so bleak that one analyst said GM should consider exiting the country completely. Even before the euphoria dissipated the pair of stocks were trading at some of the cheapest multiples in the benchmark S&P 500 Index. All together, these forces are pushing Wall Street to recalibrate expectations. \u201cThe broadening market rally and some of the early EV hype wearing off gave a bump to stocks like GM and Ford,\u201d said , portfolio manager at Longboard Asset Management. \u201cHowever, in the bigger picture this is not a group of companies that have an answer to where the world is going, which is software and autonomous transportation. They are at best a commodity business.\u201dGM shares were flirting with their first quarterly drop after three straight quarters of gains before reversing on Friday, Ford\u2019s stock is down 13% over the same stretch. EV-giant Tesla Inc. has fared better, shares of the -led company have gained nearly 30% in the period. Tesla\u2019s turnaround comes ahead of the much-anticipated Robotaxi Day on Oct. 10, when the company is expected to unveil its self-driving technology. It\u2019s the main focus for the company\u2019s investors right now, even though Tesla is due to report sales numbers for the three months ending in September next week. Analysts have been ratcheting up their expectations recently, pointing to a  in EV sales in China. That\u2019s left a divide between Tesla and the traditional carmakers, but only for now. Given the massive scale of auto production in China, analysts say it will be difficult for any US company to retain market share there. More importantly though, Chinese rivals could soon hit the US market, some warn. China, the world\u2019s second-largest economy, is a major automotive producer and consumer. Both  at Morgan Stanley and  at Bernstein flagged that country as a major pain point for GM, as well as for other US automakers, with Roeska saying that it \u201cmay be time for GM to exit\u201d that market. Investors may hear the company\u2019s response when GM holds its investor day on Oct. 8. \u201cIt\u2019s easy to think US autos is a tariff-protected \u2018citadel\u2019 that China can\u2019t touch,\u201d Morgan Stanley\u2019s Jonas wrote in a Wednesday note. \u201cThis is wrong.\u201d Chinese firms\u2019 excess capacity doesn\u2019t have to directly enter the US in order to hurt American carmakers, the analyst said, noting that rising pressure in other lucrative markets can push global auto companies to \u201cfight harder\u201d for sales in America.    Bernstein\u2019s Roeska expects GM\u2019s international business volume to contract by 35% in the second half of the year as its joint ventures in China continue to languish. He also estimates double-digit declines in average selling prices for the China ventures, noting that discounts have soared to nearly 50% off listed prices.\u201cAs far as losses are concerned, there is no end in sight in China, and it is unclear how they can fix the continued underperformance,\u201d the analyst added.For Tesla, with a market capitalization nearly 9-times GM and Ford\u2019s combined, valuation is largely pinned on the company\u2019s potential to become a leading player in self-driving cars, making the China risk appear less urgent.GM and Ford stocks trade at mid-single-digit multiples to their forward 12 month earnings, valued as traditional car manufacturers, while Tesla trades at 92 times \u2014 dwarfing even mega-cap technology companies such as Nvidia Corp. and Apple Inc. \u201cGM and Ford are pulling back from technologically advanced vehicles and concentrated on traditional ones, while Tesla is still seen as being on the cutting edge of the next generation of vehicles like the Robotaxi, so they command a much higher valuation,\u201d said , chief market strategist at Miller Tabak + Co.<\/pre>\n
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