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大行評級|招商證券國際:內地電動車出口歐盟或迎重大轉機
格隆匯 04-16 14:07
招商證券國際發表研報指,近日據報歐盟與中國達成共識,將探討為中國製造的電動汽車設定最低價格,以此替代歐盟去年實施的關税措施。另外,該行亦認為,如果中歐達成電動車市場開放,歐盟或提出部分電動車核心技術轉移歐美的要求,以助推其汽車產業升級,類似燃油車時代外國品牌進入中國市場的合作模式。該行預計電動化及智能化優勢車企如比亞迪、小鵬汽車在技術輸出過程中獲利,比亞迪電動化產業鏈技術最全面,而小鵬智能化平台技術領先且之前成功向大眾輸出技術和車型,並與大眾供應鏈協同降本。該行估計兩種貿易協議方案,一是最低價3萬歐元,二是最低價4萬歐元。如是前者,中國當前出口歐洲電動車基本上全部受益,受益程度與銷量規模一致,依次為比亞迪、上汽、小鵬、零跑,以及極氪。如是4萬歐元的方案,小鵬的彈性最大,其次為比亞迪中期可以在歐盟內建廠獲得更多份額,能靈活應對。
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