JPR007 Profile picture
13 Sep, 5 tweets, 1 min read
"China's e-car manufacturers are starting their European expansion from Norway"

"Who is behind Nio, Polestar and XPeng and what strategies are the providers are pursuing"

Cheap electric cars, few dealers - this is how Chinese carmakers want to be successful in Europe

The fast-growing European e-car market is attracting interest

Manufacturers from China, the largest market for electric cars to date, are pushing into Europe
With BYD, Nio and XPeng, three carmakers are venturing into the Norwegian market

Polestar and Great Wall Motors also announced ambitious growth plans for Europe at the IAA motor show
With their e-cars, they want to achieve what they never succeeded in doing with combustion engines

- conquering the home market of BMW, Daimler and Volkswagen
Due to new sales models such as online orders and car subscriptions,

"the attack will be faster than with the manufacturers from Japan or Korea"

predicts car expert Ferdinand Dudenhöffer from the Center of Automotive Research CAR

Watch this space . . .

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More from @jpr007

13 Sep
NASA has selected SpaceX to launch the last in a series of geostationary weather satellites that had previously been launched by United Launch Alliance…
NASA announced on 10 September that it awarded a contract to SpaceX for the Falcon Heavy launch of the Geostationary Operational Environmental Satellite (GOES) U spacecraft

The launch is scheduled for April 2024 from the Kennedy Space Center in Florida
The agency said the contract is valued at $152.5 million

GOES-U is the fourth and final satellite in the GOES-R series of satellites, which monitor terrestrial and space weather from geostationary orbit
Read 16 tweets
13 Sep

So here is the problem with this whole story

1. Batteries age over time

2. After 8 years of use, some of the cells in two of the sixteen modules had passed their threshold of serviceability
3. The owner chose to replace 2 out of the 16 modules for $1,500 each, equivalent to a cost of $24,000 for the whole pack

4. And he paid $2,000 on top of that for the work to be done

5. Those two modules may now last for another eight years
6. But the rest of the modules will slowly degrade and eventually become unserviceable, and require their own replacement

7. Using the same process, the owner will ultimately spend $40,000 for the first-time replacement of all his battery modules
Read 7 tweets
13 Sep
Volkswagen's China partners bristle as carmaker lavishes love on new venture

Volkswagen is in talks to tighten its grip on a majority-owned joint venture in China, sparking tensions with the German automaker's other Chinese partners who fear they could be sidelined, sources familiar with the matter said
The world's second-biggest carmaker secured a controlling 75% stake in a venture with China's JAC in 2020 after Beijing relaxed rules that had previously barred foreign firms from owning majority stakes in local auto companies
Read 28 tweets
12 Sep

With so many VW trolls getting excited about VW's balance sheet, it seems to be time to do a little snapshot review of Volkswagen Financial Services

These three pages are straight from the VW AG Annual Report for 2020
It is notable that VW expects to finance or lease "around 80% of Volkswagen Group electric vehicles" through Volkswagen Financial Services

This is extraordinarily high

- and looks rather like not selling the cars at all

This page describes where they get most of the money from
Volkswagen Financial Services has Liabilities of about €187.5 billion or about USD 222 billion

In addition it has €29.4 billion of Equity risk capital, for an Equity Ratio of 13.0%

Its Leverage Ratio is 6.4x

And its Return on Equity is 8.9% before tax or about 7.5% after tax
Read 4 tweets
10 Sep

Retail Price differences between BEVs and ICEVs in major markets

- BEVs are now cheaper on average in China that ICEVs
China has made big progress in BEV retail pricing since 2011
Europe still has a way to go

- except in Norway
Read 4 tweets
9 Sep

First let's look at Capacity :

1. For Q4 I have assumed that both Shanghai Lines are now scheduled for 4-shift operation, which nominally means 4 crews at 40 hours each = 160 hours per week
2. This gives the Shanghai Model 3 and Model Y lines a Scheduled Capacity of 500,000 per year or 125,000 per quarter and 41,667 per month

- but there is some evidence from August that they may be beating these numbers
3. The Scheduled Capacity at Fremont for Model 3 and Model Y lines remains at 500,000 per year or 125,000 per quarter and 41,667 per month

An important part of being able to achieve this is the new Battery Pack supply from Shanghai with LG cells for LR and CATL cells for SR
Read 8 tweets

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