JPR007 Profile picture
17 Oct, 6 tweets, 1 min read
TESLA ELECTRICITY RATE IS ALWAYS ADVANTAGEOUS IN FRANCE FOR TWO REASONS

The first is that Tesla invoices per kWh, when Ionity invoices per minute in France

The second is that the price is always competitive
caradisiac.com/tesla-fait-gri…
Ionity has not been able to meet the needs of its customers through the process of taking on the status of energy distributor, which is required to be able to charge energy as a quantity and not a time-service
The Tesla Supercharge charge has been slightly increased to €0.30 per kWh but this is still very competitive with the Ionity network without a subscription from the consortium's manufacturers
As a reminder, the V3s claim 250 kW of power (about 100 kW more than the V2) and above all they are no longer "shared”

Simply put, the power will be up to 250 kW per terminal independent of the others around it
For non-Ionity owners who would like to connect to Ionity, it will be full price of €0.79 giving a higher kilometre cost than conventional highway ICEVs and most importantly per minute

This does not guarantee the load power, and therefore the amount of energy recovered
Pay attention therefore to the time spent on the Ionity terminals as the time here is clearly money

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More from @jpr007

17 Oct
BATTERY FIRES PUT BMW AND FORD ON BACK FOOT AS EVs TAKE OFF

First Hyundai made headlines about its electric cars catching fire

Five days later it was General Motors and Ford Motor

The next day it was BMW Group
europe.autonews.com/automakers/bat…
Cars powered by the combustion of gasoline are plenty prone to catching fire.

But the issues affecting some of the world's largest automakers over the past week are both a reflection of plug-in models taking off in the market and a threat to more widespread adoption
The vehicle blazes are making a big impact before automakers have even managed to pin down their precise causes.

A flaw affecting a plug-in hybrid SUV in Europe will keep Ford from complying with tougher emissions standards this year
Read 25 tweets
16 Oct
AUTOMOTIVE ENTERPRISE VALUES

Enterprise Value is a more comprehensive measure of the real value of a company to its various stakeholders than “Market Capitalization” which only reflects the company’s residual value to its Equity Shareholders
These other stakeholders have superior interests in the company’s income, assets and cash flows and they include Debtholders and Employees

Their interests can be added to the market value of the Shares to get a better measure of what the market thinks a company is really worth
In this chart I have used the face value of the Debt and Unfunded Pension Obligations minus Cash to make a quick approximation of the Enterprise Value of these 15 players in the Automobile industry
Read 6 tweets
16 Oct
LG Chem, the world’s top electric vehicle EV battery maker, is in talks with a “couple” of automakers to create joint ventures to produce automotive batteries, Chief Executive Officer Hak Cheol Shin told Reuters on Friday
uk.reuters.com/article/us-lg-…
“Our joint ventures with Geely and GM have been already announced, and we have ongoing discussions with a couple of other automakers,” he said

The South Korean company currently supplies batteries from its Nanjing China factory for Model 3 vehicles built at Tesla Shanghai plant
“We have started supplying to Tesla in earnest, and this is the beginning of a good partnership and we hope to expand the partnership,” he said

“We are in talks to expand cooperation with almost all automakers, and Tesla is one of them,” he said
Read 5 tweets
15 Oct
TESLA VALUATION - BATTERY CASE 20201015

These charts have now been updated with the latest information and adjusted for the stock split

1. The context remains the same
2. And the core volume assumptions are unchanged
3. But it has been assumed that proprietary Battery Manufacturing will allow Tesla to maintain a 30% Gross Margin, up from 26% in the Base Case

- this valuation is at a 10x P/E Multiple
Read 6 tweets
15 Oct
TESLA VALUATION - BASE CASE 20201015

These charts have now been updated with the latest information and adjusted for the stock split

1. This is the context
2. These are the Base Case assumptions

- and only relate to the primary business of making automobiles

- with batteries sourced from third parties like Panasonic, LG Chem and CATL
3. This is the valuation from those assumptions

- using a 10x P/E Multiple, referred to as “Buyer’s Pricing”
Read 7 tweets
14 Oct
RENAULT FINANCIAL PROFILE - 2019 FY

INCOME STATEMENT

- very unusual for their 2019 Income Taxes to be equal to their entire Pre-Tax Income

- this had the effect of wiping out their profits for 2019

- 2018 Pre-Tax Income was €4.174 billion compared to €1.473 billion in 2019
COMPREHENSIVE INCOME STATEMENT
BALANCE SHEET

- 85% of Debt structure is short term matched against short-term receivables from Sales Financing
Read 9 tweets

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