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Investment bank Bernstein (Bernstein) released a new report saying that traditional automotive original equipment manufacturers (OEMs)
Today, 99% of the world's cars are sold, of which 97% are internal combustion engine vehicles and 2% are pure electric vehicles. In addition, the bank also pointed out that the total market value of the 15 largest original equipment manufacturers is 1.2 trillion US dollars, which is only slightly higher than the $1.1 trillion market value of pure electric vehicle manufacturers such as Tesla. It is worth noting that pure electric vehicle manufacturers currently account for 1% of the total global sales volume, but 45% of the market value of the automobile industry.
Bernstein analyst Toni Sacconaghi said: “VW believes that electric vehicle manufacturers will eventually dominate the automotive world. In 2014, EV manufacturers accounted for 15% of all EV sales. Today, that figure is 28%. However, even if it eventually accounts for 50% of all electric vehicle sales by 2030 (this assumption may be a bit aggressive), it is difficult to justify the current valuations of these pure electric vehicle manufacturers.”
Bernstein said the market has taken into account that traditional original equipment manufacturers will not be able to provide competitive electric vehicle products in the future, or will lag far behind in this regard. Furthermore, investors seem to believe that each new electric vehicle produced by a new upstart will be able to generate significantly higher profits due to direct distribution and additional services such as autonomous driving.
In response, the bank believes that the automotive industry is an increasingly global and highly competitive industry, and that excess profits and technological innovation may be eliminated by competition over time, just like in history. As a result, each $10,000 fully automated vehicle would fundamentally change the auto industry's profit margin (and valuation) situation.

Investment only needs to master basic financial knowledge, such as price-earnings ratio, price-to-book ratio, dividend ratio and debt ratio.
Live frugally, and enjoy life only when you reach a certain wealth goal.
The money used for investment must be spare cash. Increase savings and reserve investment capital. Reserve one year's income before starting to invest.
Clarify the objectives of investment and financial management. Only by defining your own goals can you know what kind of risks to pay and what kind of targets to invest in.
Take the long period as the main axis and capture the bottom, the bottom of the period.
Increase the proportion of high dividend stocks. As a real long-term investor, we should gradually aim at receiving dividends. Pay dividends and concentrate on paying dividends, and don't expect a big rise.
Open warehouses in batches and ship goods in batches to reduce the risk of errors.
Be patient in investment. If you find a good investment opportunity, you should hold it for a long time and wait for considerable profits before selling it. Even if you miss the shipment opportunity, you should be patient, and there will always be a chance to turn over. Investment opportunities don't come up very often.
Be calm in the face of book losses, talk to trusted objects and invest happily.

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