標(biāo)普為何把特斯拉下調(diào)為垃圾級
|
????汽車行業(yè)的新秀特斯拉汽車公司（Tesla Motors Inc.）也許是華爾街的寵兒，但標(biāo)準(zhǔn)普爾評級服務(wù)機(jī)構(gòu)（Standard & Poor's Ratings Services）并不看好這家豪華電動車制造商,，還給予它垃圾級的評級,。 ????標(biāo)準(zhǔn)普爾公司對特斯拉的企業(yè)信用評級為“B-”，比投資級別低了6個等級，標(biāo)普稱特斯拉汽車?yán)袌龅漠a(chǎn)品范圍較窄,，與大型汽車公司相比運(yùn)營多樣性有限,。標(biāo)普預(yù)計特斯拉將面臨來自競爭對手的壓力，它們將通過改進(jìn)版汽車進(jìn)入替代燃料汽車市場,。 ????標(biāo)普信用分析師尼什特?馬蘭尼在研究報告中寫道：“我們認(rèn)為特斯拉的長期前景存在較大的不確定性,，而且我們認(rèn)為這家公司（與更大型更成熟的汽車制造商相比）不太可能成功地適應(yīng)競爭和技術(shù)（風(fēng)險）”。 ????標(biāo)普對特斯拉的評級比福特汽車（Ford Motor Co.）的評級（投資級評級）低了6個等級,，也比通用汽車公司（General Motors Co.）低了5個等級,。 ????有意思的是，標(biāo)普對特斯拉的新評級是“非請求評級”,，意味著標(biāo)普并沒有與特斯拉達(dá)成評級協(xié)議,。但標(biāo)普表示“投資者對特斯拉非常感興趣，值得分析研究”,。 ????今年5月初,，特斯拉報告旗下的S型車創(chuàng)下銷售記錄,，超過特斯拉公司自己的期望,。公司計劃今年晚些時候擴(kuò)大S型車的生產(chǎn)，明年將引入X型車,。今年早些時候,，特斯拉首次開始在中國銷售汽車。這家公司表示,，中國未來幾年內(nèi)可能會成為它最大的市場之一,。 ????2010年，這家公司上市時的股價為17美元,。此后,，特斯拉股價大幅飆升，本周二（5月27日）收盤價高于211美元,。投資者認(rèn)為特斯拉昂貴的電動轎車以及向大眾市場推出的更便宜的第三代汽車能夠繼續(xù)實現(xiàn)強(qiáng)勁的銷售業(yè)績,。 ????但標(biāo)普警告稱，如果預(yù)測的長期需求無法達(dá)到特斯拉預(yù)估的水平,，導(dǎo)致產(chǎn)能過剩,，它可能會降低特斯拉的評級。如果出現(xiàn)額外的債務(wù)融資需求,，或者在特斯拉今年將S型車拓展至歐洲和亞洲過程中出現(xiàn)成本超支,，標(biāo)普也可能會下調(diào)它的評級。（財富中文網(wǎng)） ????譯者：Lina |
????Tesla Motors Inc. (TSLA), the new kid on the block in the auto world, may be a Wall Street darling, but Standard & Poor's Ratings Services signaled it isn't impressed with the luxury electric-car maker, and sideswiped it with a junk rating. ????The firm rates Tesla six levels into junk, at a B- corporate credit rating, citing concerns about the auto company's niche market that has a very limited product range, and operating diversity compared to significantly larger and stronger rivals. S&P warned it expects Tesla will face pressure from competitors aiming to penetrate the alternative-fuel vehicles markets with improved automobiles. ????"We believe there is considerable uncertainty in Tesla's long-term prospects and believe that the company is less likely (compared to larger, more established automakers) to successfully adapt to competitive and technological [risks]," wrote S&P credit analyst Nishit Madlani in a research report. ????S&P's rating on Tesla is six notches under the rating of larger peer Ford Motor Co. (F), which has an investment-grade rating, and five levels under General Motors Co. (GM). ????Interestingly, S&P's new rating on Tesla is "unsolicited," meaning the firm doesn't have a rating agreement with Tesla. But S&P said it believes there is "sufficient market interest in the company's obligations to initiate analytical coverage." ????Tesla earlier in May reported record sales of the company's Model S, exceeding Tesla's own expectations. The automaker intends to expand Model S production later this year and also introduce Model X next year. Tesla also first began to sell cars in China earlier this year, a market the company said could be one of its largest within a few years. ????The company's shares, which closed above $211 on Tuesday, have soared since it went public at $17 in 2010. Investors are betting Tesla can continue to generate strong sales of the company's pricy electric sedans and potentially a cheaper third-generation vehicle intended for the mass market. ????But S&P warned it could lower Tesla's rating if it appears projected long-term demand fails to meet its estimates, leading to overcapacity. A downgrade could also occur if additional debt funding needs arise, or if cost overruns occur as Tesla aims to expand the Model S into Europe and Asia this year. |
-
熱讀文章
-
熱門視頻
