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2023-02-28

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Move Over EVs, Hybrids Are Hot in China -- Heard on the Street -- WSJ

By Stephen Wilmot Don't write off hybrid electric vehicles. After Tesla, the mos

Move Over EVs, Hybrids Are Hot in China -- Heard on the Street -- WSJ

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It has a market value of roughly $26 billion, compared with $20 billion for NIO, which took the Chinese ADR route earlier, $17 billion for Rivian and $15 billion for Lucid. \n</p>\n<p>\n     It is no surprise that Chinese EV startups are worth more than American ones. China is a more mature EV market, and Li and NIO -- both premium brands -- are further along their manufacturing ramps than Rivian and Lucid. Li delivered 46,319 vehicles in the fourth quarter and NIO 40,052; Rivian and Lucid reached just 8,054 and 1,932, respectively. \n</p>\n<p>\n     Li said alongside its results Monday that it expects to ship 52,000 to 55,000 vehicles this quarter. Compared with their U.S. peers, the Chinese ADRs are cheap relative to the number of vehicles they make. \n</p>\n<p>\n     What is surprising is that Li has overtaken NIO to lead the new generation of Chinese startups. Li doesn't make the purely electric vehicles that were popularized by Tesla and that have become the technological focus of other startups and most old-school car manufacturers. Instead it specializes in extended-range EVs, which use a generator to power up the battery with gasoline if it runs out of juice. \n</p>\n<p>\n     Li launched two sport-utility vehicles with this technology last year, the L9 and L8. The smaller L7, deliveries of which start this week, is expected to run for about 130 miles without using the generator. For longer trips, filling up the tank extends the range to almost 700 miles. \n</p>\n<p>\n     The popularity of what is essentially a plug-in hybrid, albeit a cutting-edge one, is notable in the Chinese market, which has in many ways led the transition to EVs. After years of government promotion, pure EVs accounted for about 21% of all vehicles sold in the country last year, according to data provider EV-Volumes -- much higher than in Europe (13%) or the U.S. (5.5%). But Chinese charging infrastructure is patchy, leading to range anxiety. Brokerage Bernstein expects 65% growth in plug-in hybrid sales in China this year, versus 25% growth for pure EVs. \n</p>\n<p>\n     In Europe, plug-in hybrids had a difficult 2022, with sales down 3%. They are often dismissed as a transition technology that will do no more than bridge the gap between conventional cars and pure EVs. GM, Ford, Volkswagen and others have tried to jump ahead in EVs by sidelining hybrid technology. \n</p>\n<p>\n     Li's success in China underlines the risk that this all-or-nothing approach turns out to be shortsighted. Each market will follow its own path, but it is plausible that the Chinese pattern could be repeated in the West: The first rush of EV sales could lead to a second wave for hybrid adoption as regions less well served by charging infrastructure, or buyers who drive longer distances, join the transition on terms that work for them. \n</p>\n<p>\n     It isn't a reason to shirk EV investments, but car makers with a more nuanced approach to the industry transition, such as Toyota, could end up looking smarter than they do now. \n</p>\n<p>\n     Write to Stephen Wilmot at stephen.wilmot@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  February 27, 2023 11:05 ET (16:05 GMT)\n</p>\n<p>\n  Copyright (c) 2023 Dow Jones &amp; Company, Inc.\n</p>\n</font>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Move Over EVs, Hybrids Are Hot in China -- Heard on the Street -- WSJ</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMove Over EVs, Hybrids Are Hot in China -- Heard on the Street -- WSJ\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2023-02-28 00:05</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n  By Stephen Wilmot \n</p>\n<pre>\n \n</pre>\n<p>\n     Don't write off hybrid electric vehicles. \n</p>\n<p>\n     After Tesla, the most highly valued U.S.-listed EV company isn't homegrown Rivian or Lucid but Li Auto, a Chinese manufacturer that went public in 2020 by listing American depositary receipts. It has a market value of roughly $26 billion, compared with $20 billion for NIO, which took the Chinese ADR route earlier, $17 billion for Rivian and $15 billion for Lucid. \n</p>\n<p>\n     It is no surprise that Chinese EV startups are worth more than American ones. China is a more mature EV market, and Li and NIO -- both premium brands -- are further along their manufacturing ramps than Rivian and Lucid. Li delivered 46,319 vehicles in the fourth quarter and NIO 40,052; Rivian and Lucid reached just 8,054 and 1,932, respectively. \n</p>\n<p>\n     Li said alongside its results Monday that it expects to ship 52,000 to 55,000 vehicles this quarter. Compared with their U.S. peers, the Chinese ADRs are cheap relative to the number of vehicles they make. \n</p>\n<p>\n     What is surprising is that Li has overtaken NIO to lead the new generation of Chinese startups. Li doesn't make the purely electric vehicles that were popularized by Tesla and that have become the technological focus of other startups and most old-school car manufacturers. Instead it specializes in extended-range EVs, which use a generator to power up the battery with gasoline if it runs out of juice. \n</p>\n<p>\n     Li launched two sport-utility vehicles with this technology last year, the L9 and L8. The smaller L7, deliveries of which start this week, is expected to run for about 130 miles without using the generator. For longer trips, filling up the tank extends the range to almost 700 miles. \n</p>\n<p>\n     The popularity of what is essentially a plug-in hybrid, albeit a cutting-edge one, is notable in the Chinese market, which has in many ways led the transition to EVs. After years of government promotion, pure EVs accounted for about 21% of all vehicles sold in the country last year, according to data provider EV-Volumes -- much higher than in Europe (13%) or the U.S. (5.5%). But Chinese charging infrastructure is patchy, leading to range anxiety. Brokerage Bernstein expects 65% growth in plug-in hybrid sales in China this year, versus 25% growth for pure EVs. \n</p>\n<p>\n     In Europe, plug-in hybrids had a difficult 2022, with sales down 3%. They are often dismissed as a transition technology that will do no more than bridge the gap between conventional cars and pure EVs. GM, Ford, Volkswagen and others have tried to jump ahead in EVs by sidelining hybrid technology. \n</p>\n<p>\n     Li's success in China underlines the risk that this all-or-nothing approach turns out to be shortsighted. Each market will follow its own path, but it is plausible that the Chinese pattern could be repeated in the West: The first rush of EV sales could lead to a second wave for hybrid adoption as regions less well served by charging infrastructure, or buyers who drive longer distances, join the transition on terms that work for them. \n</p>\n<p>\n     It isn't a reason to shirk EV investments, but car makers with a more nuanced approach to the industry transition, such as Toyota, could end up looking smarter than they do now. \n</p>\n<p>\n     Write to Stephen Wilmot at stephen.wilmot@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  February 27, 2023 11:05 ET (16:05 GMT)\n</p>\n<p>\n  Copyright (c) 2023 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4550":"红杉资本持仓","LI":"理想汽车","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","BK4548":"巴美列捷福持仓","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","BK4574":"无人驾驶","EVS.SI":"MSCI China Electric Vehicles and Future Mobility ETF-NikkoAM","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","09866":"蔚来-SW","LU1548497426.USD":"安联环球人工智能AT Acc","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU0052750758.USD":"富兰克林中国基金A Acc","LU0823411888.USD":"法巴消费创新基金 Cap","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","NIO":"蔚来","NIO.SI":"蔚来","CAAS":"中汽系统","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","LCID":"Lucid Group Inc","BK4531":"中概回港概念","LU0823414478.USD":"法巴经典能源转换基金","LU0056508442.USD":"贝莱德世界科技基金A2","BK4099":"汽车制造商","BK4526":"热门中概股","BK4585":"ETF&股票定投概念","LU0097036916.USD":"贝莱德美国增长A2 USD","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","BK4534":"瑞士信贷持仓","BK4563":"昨日强势股","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","BK4503":"景林资产持仓","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","BK4555":"新能源车","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","BK4505":"高瓴资本持仓","LU1861558580.USD":"日兴方舟颠覆性创新基金B","LU2063271972.USD":"富兰克林创新领域基金","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","BK4504":"桥水持仓","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD"},"source_url":"http://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2314556626","content_text":"By Stephen Wilmot \n\n\n \n\n\n     Don't write off hybrid electric vehicles. \n\n\n     After Tesla, the most highly valued U.S.-listed EV company isn't homegrown Rivian or Lucid but Li Auto, a Chinese manufacturer that went public in 2020 by listing American depositary receipts. It has a market value of roughly $26 billion, compared with $20 billion for NIO, which took the Chinese ADR route earlier, $17 billion for Rivian and $15 billion for Lucid. \n\n\n     It is no surprise that Chinese EV startups are worth more than American ones. China is a more mature EV market, and Li and NIO -- both premium brands -- are further along their manufacturing ramps than Rivian and Lucid. Li delivered 46,319 vehicles in the fourth quarter and NIO 40,052; Rivian and Lucid reached just 8,054 and 1,932, respectively. \n\n\n     Li said alongside its results Monday that it expects to ship 52,000 to 55,000 vehicles this quarter. Compared with their U.S. peers, the Chinese ADRs are cheap relative to the number of vehicles they make. \n\n\n     What is surprising is that Li has overtaken NIO to lead the new generation of Chinese startups. Li doesn't make the purely electric vehicles that were popularized by Tesla and that have become the technological focus of other startups and most old-school car manufacturers. Instead it specializes in extended-range EVs, which use a generator to power up the battery with gasoline if it runs out of juice. \n\n\n     Li launched two sport-utility vehicles with this technology last year, the L9 and L8. The smaller L7, deliveries of which start this week, is expected to run for about 130 miles without using the generator. For longer trips, filling up the tank extends the range to almost 700 miles. \n\n\n     The popularity of what is essentially a plug-in hybrid, albeit a cutting-edge one, is notable in the Chinese market, which has in many ways led the transition to EVs. After years of government promotion, pure EVs accounted for about 21% of all vehicles sold in the country last year, according to data provider EV-Volumes -- much higher than in Europe (13%) or the U.S. (5.5%). But Chinese charging infrastructure is patchy, leading to range anxiety. Brokerage Bernstein expects 65% growth in plug-in hybrid sales in China this year, versus 25% growth for pure EVs. \n\n\n     In Europe, plug-in hybrids had a difficult 2022, with sales down 3%. They are often dismissed as a transition technology that will do no more than bridge the gap between conventional cars and pure EVs. GM, Ford, Volkswagen and others have tried to jump ahead in EVs by sidelining hybrid technology. \n\n\n     Li's success in China underlines the risk that this all-or-nothing approach turns out to be shortsighted. Each market will follow its own path, but it is plausible that the Chinese pattern could be repeated in the West: The first rush of EV sales could lead to a second wave for hybrid adoption as regions less well served by charging infrastructure, or buyers who drive longer distances, join the transition on terms that work for them. \n\n\n     It isn't a reason to shirk EV investments, but car makers with a more nuanced approach to the industry transition, such as Toyota, could end up looking smarter than they do now. \n\n\n     Write to Stephen Wilmot at stephen.wilmot@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  February 27, 2023 11:05 ET (16:05 GMT)\n\n\n  Copyright (c) 2023 Dow Jones & Company, Inc.","news_type":1,"symbols_score_info":{"CAAS":1,"LI":0.9,"09866":0.6,"LCID":0.9,"EVS.SI":0.6,"NIO":0.9,"NIO.SI":0.6}},"isVote":1,"tweetType":1,"viewCount":301,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":8,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}