高盛警告:整車廠買礦,教訓一大筐
雖然車企正頻頻親自下場搶礦,鎖定關鍵金屬供應,但高盛對最近的搶礦潮不以爲然。
當地時間週三,當被問及如何看待特斯拉計劃收購礦商西格瑪鋰業的傳聞時,高盛大宗商品部門主管Jeff Currie表示,以史爲鑑,車企收購礦商以獲得電動汽車電池所需的原材料,結果會很糟糕。
Currie指出,歷史上有很多終端企業嘗試進入大宗商品市場上遊的例子:
但這些故事往往以悲劇收場,深度參與南非等地的採礦項目,需要的專業知識與生產汽車截然不同。
在特斯拉的引領下,垂直整合生產模式重新被汽車工業熱捧,車企的產業鏈佈局隨之越來越長。除了希望自己掌控零部件生產,居高不下的原材料價格,也讓越來越多的車企把手伸到了上遊的原材料。
克萊斯勒母公司Stellantis NV持有McEwen Mining銅業子公司14%的股份;通用在爭奪淡水河谷公司基礎金屬部門的股份,此前的1月,它還宣佈向加拿大礦商美洲鋰業公司投資6.5億美元,共同開發美國最大鋰礦塞克帕斯 (Thacker Pass);去年9月,蔚來向阿根廷San Jorge鋰礦的開發商Greenwing Resources投資超6億人民幣。
但Currie認爲,車企最好堅持深挖自己的核心競爭力,並通過對衝減少對大宗商品價格波動的敞口。
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