February** Dynamic Incentive Program
It is not ruled out that Cialis will take a stake in BU, and it is highly likely. It is reported that the proportion of shares of Cialis in BU is 13%, second only to Chang'an's 14%, and is the third largest shareholder of BU, although I can't say that this news must be accurate, but I think, ** line reward, there should also be Cialis, after all, there is no Cialis to open up the situation, how can there be now "Yu Gong spit and feed, the car industry returns to the heart"?
Today is a day of joy! Cialis is up and down! Everyone is happy, so I'll briefly talk about how the Cialis that has a stake in BU should be valued, right? This is actually a valuation of the BU.
1. The valuation of Tesla's Full Self-Driving (FSD).
Tesla's business segment is divided into two segments: one is the electric car business and the other is the full self-driving system (FSD) business. Since Tesla has not spun off its Full Self-Driving (FSD) business, it is necessary to exclude the value of the electric car business from Tesla's market capitalization in order to estimate the value of the FSD. However, if Tesla is regarded as the pioneer of intelligent driving and BYD as the leader of new energy vehicles, then Tesla's valuation premium compared to BYD (after considering the adjustment of car sales) is the value of FSD.
In order to estimate the value of FSD, we must first estimate the value of Tesla's electric car business, because BYD does not have FSD for the time being, although BYD will sell 3 million cars in 2023, Tesla will only sell 1.81 million vehicles, but because Tesla's average price of a single car is 2710,000 units, BYD's average price per bicycle is 1820,000 vehicles. The sales of the two are not much different, so the valuation of the two electric car businesses should not be much different, and it should not be a big problem to estimate the value of Tesla's electric car business using BYD's market capitalization.
BYD's total market capitalization based on the A-share ** price on February 23 is 5318100 million yuan; Tesla's total market capitalization based on the U.S. stock ** price on February 22 is 6287100 million US dollars (at an exchange rate of 1:7, 44009.)700 million yuan). In light of this, Tesla's Full Self-Driving System (FSD) is valued at approximately 44,009700 million minus 5318100 million yuan is equal to 38691600 million yuan. Since Tesla's annual sales volume is about 1.8 million units, FSD's single vehicle valuation is 2.15 million yuan.
2. Valuation of BU
According to public information, a one-time purchase of Huawei's intelligent driving system is 36,000 yuan. The one-time buyout price of Tesla's intelligent driving system is 64,000 yuan, and if this unit price is cost-effective, the valuation of BU's single car should be 1.21 million yuan (FSD's single car valuation is 36,000 64,000).
After the unit price of the BU is calculated, all that remains is to estimate the annual sales volume of vehicles equipped with the BU, and roughly estimate that in 2024, the annual sales plan of the Wenjie is 600,000 units, and the annual sales volume of the other three worlds such as the Chijie and HI is expected to be 400,000 units, for a total of 1 million units.
Therefore, the valuation of BU should be 1.21 trillion yuan (1.21 million yuan for 1 million vehicles).
3. Summary
Assuming that the proportion of the shares of Sailis in the BU is 13%, then the value of the shares held by Sailis in the BU is 157.3 billion yuan (13% of the 1.21 trillion yuan). It is reported that Cialis intends to invest in the super factory at a price, and according to the third quarter report of Cialis, the total assets of Cialis are 3908.8 billion yuan, reversing the monthly loss of 10 billion yuan in the previous four years, and the total investment of the super factory is about 50 billion yuan.
With 50 billion yuan for 150 billion yuan, Cialis earns this blood. Moreover, in the future, if the annual sales of smart trams equipped with BU reach 2 million, then the valuation of BU will double, then, Cialis earns more, there are always people who say Cialis sells his soul, and the person who says this kind of thing is a mouse-eyed, and the old saying goes: "If you want to take it, you must give it first." Through its own hard work and cooperation with partners, Cialis finally won back the "soul", and the "soul" has been sublimated!