【Chinese EV Suppliers Plan Side Doors Into U.S. Market】

【中國電池廠商制定迂回路線繞過美國制裁】


SINGAPORE—Chinese battery companies critical to electric vehicles are pursuing deals with U.S. free-trade partners South Korea and Morocco, seeking to tap growing demand in America and bypass rules aimed at shutting them out of the market.

對電動汽車行業至關重要的中國動力電池產業正尋求與美國的自由貿易伙伴韓國和摩洛哥達成交易,以求從美國日益增長的需求中獲利,并繞過讓它們無法進入該市場的規則壁壘。

Chinese businesses that supply raw materials to make EV batteries have announced at least nine joint ventures and investments worth more than $4.5 billion in South Korea this year, according to a Wall Street Journal review of stock exchange filings.

根據《華爾街日報》對證券交易所公告的查閱,為制造電動汽車電池提供原材料的中國企業今年以來在韓國宣布成立了至少九家合資企業,投資總金額超過45億美元。

At least four Chinese firms said they plan to build plants in Morocco producing battery-related products. Morocco sits on over 70% of the world’s known phosphate reserve, a raw material key to EV batteries.

至少四家中國企業表示計劃在摩洛哥建廠,生產電池相關產品。摩洛哥擁有全球已知磷酸鹽儲量的70%以上,磷酸鹽是生產電動汽車電池的關鍵原材料。

By working out of the two countries, the Chinese suppliers hope to supply car and battery makers eligible for incentives doled out by the $430 billion Inflation Reduction Act, which rewards businesses that source materials domestically or from free-trade partners.

通過在這兩個國家進行生產,這些中國供應商希望為符合《通脹削減法案》激勵條件的汽車和電池制造商供貨。規模4,300億美元的《通脹削減法案》規定,從美國國內或向自由貿易伙伴國采購材料的企業可享受相關激勵措施。

Over the next two years, the new law shuts out battery content and critical materials from so-called “foreign entities of concern,” a provision industry experts say is targeted at minimizing China’s involvement in America’s EV supply chain.

在接下來的兩年里,這項新法律將把所謂“受關注外國實體”的電池成分和關鍵材料拒之門外,業內專家認為,這一規定旨在最大限度地減少中國在美國電動汽車供應鏈中的參與。

Analysts say Chinese suppliers hope such joint ventures will allow customers to continue sourcing from them and still access incentives, which offsets more than one-tenth the cost of an average EV.

分析人士表示,中國供應商希望通過成立此類合資企業,可以使客戶在繼續從它們那里采購的同時仍能獲得激勵;相關激勵措施可抵消一輛普通電動汽車逾十分之一的成本。

“The Chinese don’t have much choice,” said Johan Bracht, a McKinsey analyst.

“中國企業沒有太多選擇,”麥肯錫分析師Johan Bracht說。

An executive at Shenzhen, China-based GEM said its partnership with a South Korean firm would help the raw material refiner meet IRA conditions and help the firm tap demand for EVs globally.

總部位于中國深圳的格林美股份有限公司一位高管表示,與韓國公司合作將有助于這家原材料精煉商滿足《通脹削減法案》的條件,并幫助該公司受益于全球對電動汽車的需求。

“We won’t give up on the U.S. market,” said Pan Hua, deputy general manager at GEM. “The U.S. can’t completely shut out Chinese suppliers from its market either, as much of the upstream supply chain is concentrated in China.”

格林美副總經理潘驊稱,該公司不會放棄美國市場。他表示,美國不可能完全放棄涉及中國的產業鏈,因為產業鏈的集中度太高。

GEM said in March that it would collectively invest up to $900 million with South Korean companies SK On and EcoPro Materials to build a precursor plant in South Korea by the end of 2024.

格林美3月份表示,將與韓國公司SK On和EcoPro Materials共同投資不超過9億美元,最遲2024年年底在韓國建設一家前驅體工廠。

SK On, an EV battery maker whose partners include Ford and Hyundai, has two factories in the U.S. and plans to build four more.

SK On在美國有兩家工廠,并計劃再建四家。該公司是一家電動汽車動力電池制造商,合作伙伴包括福特汽車和現代汽車。

South Korea EV suppliers benefit from partnering with Chinese firms to access key materials and expertise in processing, industry experts say.

行業專家表示,通過與中國企業合作,韓國電動汽車供應商可以獲得關鍵材料以及加工方面的專業知識。

Other Chinese suppliers mention in public statements their Korean joint ventures would help them expand internationally, with several listing the U.S. and Europe as target markets.

其他中國供應商在公開聲明中提到,它們的韓國合資企業將助其拓展國際市場,其中幾家企業的目標市場是美國和歐洲。

Chinese battery companies have long eyed expansion in the U.S., the world’s second-largest auto market behind China, and the money offered by the IRA accelerated their timeline of doing business there. At the same time, intense competition and overcapacity challenges in China are also driving firms to seek opportunities overseas.

中國電池企業長期以來一直著眼于在美國的擴張,《通脹削減法案》提供的資金加快了它們在美國開展業務的時間表。與此同時,中國國內激烈的競爭和產能過剩的挑戰也促使企業紛紛轉向海外尋求機會。美國是僅次于中國的全球第二大汽車市場。

Analysts say one wild card is that U.S. authorities haven’t defined what constitutes a “foreign entity of concern” in the IRA. The U.S. hasn’t defined what level of Chinese involvement and at what stage of the supply chain is acceptable for auto and battery producers to qualify for tax credits, they say.

分析師說,一個不確定因素是,美國政府尚未界定什么是《通脹削減法案》中“受關注外國實體”。他們說,美國還未明確界定,汽車和電池生產商要想有資格獲得稅收抵免,中國何種參與程度以及在供應鏈的哪個階段是可以接受的。

This uncertainty means there is a risk that such joint ventures could ultimately be barred from receiving incentives, said Chris Berry, founder of energy metals consulting firm House Mountain Partners. “How involved China can be with different parts of the supply chain is an open question,” Berry said.

能源金屬咨詢公司House Mountain Partners的創始人Chris Berry說,這種不確定性意味著這類合資企業最終有可能被禁止享受政府的激勵措施?!爸袊茉诙啻蟪潭壬蠀⑴c供應鏈的各個環節,這個問題尚無定論,”Berry說。

China’s role as indirect beneficiary of the IRA has come under scrutiny by American politicians.

美國政界人士已經盯上中國間接受益于《通脹削減法案》的情況。

Ford last month put on hold a $3.5 billion plant making EV batteries with Chinese battery giant Contemporary Amperex Technology Co., or CATL, in Michigan. The move followed months of pressure from key lawmakers in Washington about its Chinese partner.

福特上月擱置了與中國電池巨頭寧德時代新能源科技股份有限公司在密歇根州建造規模35億美元的電動車電池制造廠的計劃;此前數月,華盛頓一些重量級議員一直在就福特的中國合作伙伴向福特施加壓力。

Ford said it was pausing work there until the company was confident about operating the plant competitively.

福特表示,在公司有信心以具有競爭力的方式運營該工廠之前,將暫停在那里的工作。
原創翻譯:龍騰網 http://www.ribblestockfxtrade.com 轉載請注明出處


China’s supply chain chokehold

中國扼住供應鏈的咽喉

Chinese companies are the world’s biggest producers of the four key components needed in EV battery production—cathodes, anodes, electrolytes and separators, according to industry analyst SNE Research.

據產業分析公司SNE Research,就電動汽車電池生產所需的四個關鍵部件——陰極、陽極、電解質和隔膜而言,中國公司是世界上最大的的生產商。

The country has a chokehold over much of the capacity needed to refine metals such as lithium, cobalt and manganese to make them suitable for battery production, said Lukasz Bednarski, a research analyst at S&P Global.

標普全球的研究分析師Lukasz Bednarski說,中國掌握著精煉鋰、鈷和錳等金屬所需的大部分產能;這些金屬精煉后可用于電池生產。

As a result, it is difficult for the U.S. and Europe to build an independent EV battery supply chain without China’s help, at least in the near term, Bednarski added.

因此,Bednarski補充道,沒有中國的幫助,美國和歐洲很難建立獨立的電動汽車電池供應鏈,至少在短期內是這樣。

Three of the largest battery materials suppliers in China—GEM, Huayou Cobalt and CNGR Advanced Materials—have been the most active signing such cross-border deals, citing growing global investment restrictions against China as reasons for cooperation.

中國最大的三家電池材料供應商——格林美、華友鈷業和中偉股份一直是最積極達成此類跨境交易的企業,它們給出的合作理由是,全球對中國的投資限制越來越多。

Many of the newly formed Chinese partnerships with South Korean and Moroccan firms produce precursors, a mix of metals required for making cathodes, a key component of batteries. Batteries are the most expensive component of an EV, accounting for about 40% of the cost of the car.

中國企業與韓國及摩洛哥企業新建立的許多合資公司生產前驅體。前驅體是一種金屬混合物,生產電池關鍵部件陰極需要使用。電池是電動汽車最昂貴的部件,約占整車成本的40%。

Zhejiang, China-based Huayou Cobalt has formed partnerships with the battery subsidiary of South Korean business titans Posco Holdings and LG Chem to build plants in South Korea this year, while Guizhou-based CNGR joined with Posco and its subsidiary to invest $1.13 billion to build two factories in the nation.

總部位于中國浙江的華友鈷業已與Posco Holdings和LG化學這兩家韓國商業巨頭的電池子公司建立了合作關系,今年在韓國建廠,而總部位于貴州的中偉股份與Posco及其子公司聯手,投資11.3億美元在韓國建設兩家工廠。

In Morocco, LG Chem last month said it would join with Huayou Cobalt and its parent company to build lithium refining and cathode materials plants, joining CNGR and Chinese lithium producer Sichuan Yahua Industrial, which have partnerships there to produce materials for EV batteries.

在摩洛哥,LG化學上月表示將與華友鈷業及其母公司合作建設鋰精煉和陰極材料工廠,加入中偉股份和中國鋰生產商四川雅化實業集團股份有限公司的行列,后兩家公司在摩洛哥都有合作企業,生產電動汽車電池所需的材料。

Huayou Cobalt, Sichuan Yahua, LG Chem and Posco didn’t respond to requests for comment. CNGR reiterated a public statement that the deal will help the company’s global expansion.

華友鈷業、雅化集團、LG化學和Posco沒有回應置評請求。中偉股份重申了一項公開聲明,稱上述交易將有助于公司進一步完善海外布局,推進全球化戰略。
原創翻譯:龍騰網 http://www.ribblestockfxtrade.com 轉載請注明出處


Chinese and South Korean companies are bracing for the possibility that these joint ventures wouldn’t be deemed as IRA-compliant.

這些合資企業可能被認為不符合《通脹削減法案》的激勵條件,中韓兩國公司都在為這種可能性做準備。

Posco Future M, the Posco subsidiary with Chinese partnerships, has said the company will modify their joint venture agreements to reduce the stake of Chinese partners, should their partnership fall short of IRA requirements. The company said it is also sourcing raw material from countries such as Indonesia, the Philippines and Australia to move away from the influence of China.

與中方建立了合作關系的Posco子公司Posco Future M表示,如果與中方的合作不符合《通脹削減法案》的要求,公司將修改合資協議,減少中方合作伙伴的股權。該公司稱,它還在從印尼、菲律賓和澳大利亞等國采購原材料,以擺脫中國的影響。

CNGR said in a stock exchange statement that the firm and its partner may sell shares in the venture, in the event of a major change of laws and policies. GEM’s Pan said the company is preparing for unfavorable rule changes by avoiding majority ownership in any joint venture in South Korea.

中偉股份在一份證券交易所公告中表示,如果法律和政策發生重大變化,該公司及其合作伙伴可能會出售合資企業的股份。格林美的潘驊稱,該公司正在為不利的規則變化做準備,其中的舉措包括避免在韓國合資企業中擁有多數股權。

“When we develop production bases, we will bring in overseas partners to lower our risk,” he said. “Still, if anyone plans to completely disentangle itself from the China supply chain now, it’s just not possible.”

他說,在海外基地的建設中,我們會引入海外合作伙伴以降低風險;不過,如果有人打算完全擺脫中國供應鏈,目前顯然是不現實的。
【Stellantis押寶中國電動車初創企業】


Buying into a Chinese automaker sounds like a great answer to the challenge of making cheaper electric vehicles. If only it were easier to pick winners.

收購一家中國汽車制造商,聽起來似乎是應對制造廉價電動汽車這一挑戰的絕佳答案。如果能不費吹灰之力地選出贏家就好了。

Chrysler owner Stellantis said Thursday that it was spending the equivalent of about $1.6 billion to buy a roughly 20% stake in Zhejiang Leapmotor Technology. It will get two board seats and become Leapmotor’s exclusive export partner via a Europe-based joint venture in which Stellantis will own 51%.

克萊斯勒所有者Stellantis周四表示,將斥資約16億美元收購浙江零跑科技股份有限公司20%的股份。該公司將獲得兩個董事會席位,并通過一家總部位于歐洲的合資企業成為零跑科技的獨家出口合作伙伴,Stellantis將持有該合資企業51%的股份。
原創翻譯:龍騰網 http://www.ribblestockfxtrade.com 轉載請注明出處


The deal will draw comparisons with Volkswagen’s $700 million investment in Xpeng, another Chinese EV maker, in July. Both can be interpreted as admissions that Western car manufacturers need Chinese EV technology, just as Chinese ones once needed Western gasoline-engine tech.

這筆交易將被拿來與大眾汽車7月份對另一家中國電動汽車制造商小鵬汽車的7億美元投資作比較。這兩宗交易都可以被解讀為西方汽車制造商已經承認需要中國的電動汽車技術,就像中國汽車制造商曾經需要西方汽油發動機技術一樣。

But whereas Volkswagen and Xpeng are cooperating on developing VW-badged vehicles for the Chinese market, Stellantis and Leapmotor are teaming up to sell Leapmotor models outside of China. VW is worried about its falling share of the Chinese market, which it led until earlier this year. Stellantis, which had all but left China after falling out with a previous JV partner, is worried about its market share elsewhere.

不過相比之下,大眾汽車和小鵬汽車正合作為中國市場開發大眾汽車品牌的汽車,Stellantis和零跑科技則正攜手在中國以外銷售零跑汽車的車型。大眾汽車對其在中國市場份額的下降感到擔憂,直到今年早些時候該公司還在中國市場處于領先地位。Stellantis的心頭之患則是自己在中國以外其他市場的份額,在與之前的合資伙伴決裂后該公司幾乎退出了中國市場。

Chinese companies can produce EVs 30% more cheaply than Western ones, according to Stellantis’s research. As the Chinese players start to export more aggressively, that cost difference will become an existential problem for global players such as Stellantis, Toyota and Volkswagen. “I am putting in my portfolio a Chinese carmaker that can compete against the Chinese competitors,” said Chief Executive Carlos Tavares on a call with analysts.

根據Stellantis的研究,中國公司生產電動汽車的成本可以比西方公司低30%。隨著中國企業開始更積極地出口,這種成本差異將成為Stellantis、豐田和大眾等全球企業攸關存亡的一個問題。首席執行官唐唯實在與分析師的電話會議上表示:“我將投資一家能夠與中國競爭對手競爭的中國汽車制造商?!?/b>

With the exception of Volvo-owner Geely, Chinese automakers don’t have ambitions in the U.S., given the tensions between Washington and Beijing. In Europe, too, they might find roadblocks: European Commission President Ursula von der Leyen in September launched an antisubsidy inquiry into low-cost Chinese EVs, following much lobbying by Tavares himself. But Stellantis, which also owns cheaper brands such as Fiat, will still face competition in the emerging markets that it calls its “third engine.” Fiat is the market leader in Brazil and Turkey as well as its native Italy.

鑒于美中之間的緊張關系,除了沃爾沃的所有者吉利之外,中國汽車制造商對美國市場都沒什么野心。在歐洲,他們也可能會遇到障礙:歐盟委員會主席馮德萊恩于今年9月啟動了對中國低成本電動汽車的反補貼調查,此前唐唯實本人進行了大量游說。但Stellantis也擁有菲亞特等價格較低的品牌,在被其稱為“第三引擎”的新興市場仍將面臨競爭。菲亞特在巴西、土耳其及其本土意大利都是市場領先者。

Tavares said another advantage of the deal was to get a better real-time measure of China’s cost competitiveness, which he called “a powerful tool.” The implication is that Stellantis can use a better understanding of Leapmotor’s EV cost structure to target the areas where it lags behind.

唐唯實稱,這筆交易的另一個好處是可以更好地實時衡量中國的成本競爭力,他稱之為“一個強有力的工具”。這意味著Stellantis可以通過更好地了解零跑汽車的電動汽車成本結構,瞄準其落后的領域。

It seems a natural evolution for the company, which was formed through a series of big deals and has made huge margin gains by benchmarking acquired businesses against each other. The old Chrysler business, which makes RAM pickup trucks and Jeep sport-utility vehicles, is now Detroit’s most profitable automaker.

對于Stellantis來說,這似乎是一次自然進化,畢竟之前這家公司就是通過一系列大規模并購組建起來的,并通過將收購的業務相互借鑒賺取了巨額利潤。其原有的克萊斯勒業務生產RAM皮卡和Jeep品牌SUV,現在是底特律最賺錢的車企。

The big risk is that Leapmotor isn’t actually the next BYD, as Stellantis appears to hope. In the first nine months of the year, the Hong Kong-listed company wasn’t even one of China’s top 10 EV brands, according to data collated by Bernstein, though it is growing fast. The Chinese EV market has been tough this year, not least because of Tesla’s price cuts, and many expect a shakeout. Leapmotor is expected to burn through $760 million this year, which is presumably one reason it is happy to take Stellantis’s money.

但其中一大風險在于,Stellantis似乎寄希望于零跑汽車成為下一個比亞迪,但實際并非如此。根據Bernstein整理的數據,盡管增長迅速,但今年前九個月,這家香港上市公司甚至不在中國前十大電動汽車品牌之列。今年中國電動汽車市場境況艱難,原因不僅僅有特斯拉的降價,而且許多人預計市場將進行洗牌。預計零跑汽車今年將燒掉7.6億美元,這大概也是它樂于接受Stellantis投資的一個原因。

Market leader BYD aside, guessing which Chinese EV startups will come out on top seems a high-risk game. It is a measure of the challenge facing global automakers that Stellantis feels the need to play it.

撇開市場領頭羊比亞迪不談,下注哪家中國電動車初創企業將脫穎而出似乎風險很大。但Stellantis仍認為有必要冒這個險,這也表明了全球汽車制造商面臨的挑戰有多嚴峻。