【安信电新】特斯拉上海建厂有望提速,利好产业链投资机会(含原文节选翻译)

事件：根据华尔街日报报道，特斯拉与上海政府达成在上海建设特斯拉工厂的协议！！！（原文节选翻译，见尾页）

投资建议：根据Wall Street Journal，特斯拉作为全球电动乘用车的标杆，将加速在上海投资建厂。

主线1：特斯拉产业链直接受益，首推旭升股份、科达利、三花智控、宏发股份，建议关注天汽模、法拉电子。

主线2：特斯拉鲶鱼效应，国内新能源乘用车高能量密度三元渗透提速，推荐当升科技、杉杉股份；建议关注厦门钨业。

主线3：特斯拉提升老百姓对新能源乘用车接受度，国内新能源乘用车发展有望提速，推荐麦格米特、亿纬锂能、国轩高科。
风险提示：新能源车发展低于预期，特斯拉建厂低于预期，产品竞争加剧。

（原文节选翻译）

Tesla Strikes Deal With Shanghai to Build Factory in China

来源：https://www.wsj.com/articles/tesla-strikes-deal-with-shanghai-to-build-factory-in-china-1508670181 （Wall Street Journal，节选翻译）

这项协议可以让特斯拉降低生产成本，但在中国销售仍然可能会受到25%中国进口关税的影响。

(Arrangement could enable electric-car maker to slash production costs, but would still likely incur 25% import tariff.)

根据消息人士透露，电动汽车生产商特斯拉和上海市政府已经达成协定在上海设立特斯拉工厂。此举将帮助特斯拉在快速发展的中国电动车市场中分得一杯羹。

(Electric-car maker Tesla Inc. has reached an agreement to set up its own manufacturing facility in Shanghai, according to people briefed on the plan, a move that could help it gain traction in China’s fast-growing EV market.)

这个和上海市政府的协议将让这家硅谷汽车生产商在上海的自贸区建立全资的工厂。作为外资汽车生产商在中国建厂的第一个成功的协议，它将帮助特斯拉削减生产成本，但在中国销售仍然可能需要面对25%的中国进口关税。

(The deal with Shanghai’s will allow the Silicon Valley auto maker to build a wholly owned factory in the city’s free-trade zone, these people said. This arrangement, the first of its kind for a foreign auto maker, could enable Tesla to slash production costs, but it would still likely incur China’s 25% import tariff.)

根据消息人士透露，特斯拉当前正在和上海政府商讨协议的细则，例如设立的具体时间。美国总统特朗普促进了这项协议的达成，下个月初，他将访问北京。

(Tesla is currently working with the Shanghai about details of the deal’s announcement, such as timing, one of these people said. The effort comes as President Donald Trump, who has been critical of China’s trade policies, prepares to visit Beijing early next month.)

特斯拉的发言人并未对6月份重申的关于在年度确定在中国的生产计划进行进一步的解释和评价。上海政府目前也未正式对此做出评价。

(A Tesla spokesman didn’t have a comment beyond reiterating the company’s previous statement in June that it planned to “clearly define” production plans in China by year’s end. The Shanghai didn’t reply to a request for comment.)

中国此前流传出的关于外资电动汽车厂商的政策——允许外资电动汽车厂商在没有中资合资的情况下通过在自贸区建厂进入中国。上海于2013年设立了中国第一个自贸区，目前中国已经拥有10多个自贸区。

(China had previously circulated a proposal that would allow electric-car makers into the country without local partners if they were to locate in the so-called free-trade zones. The set up the country’s first such zone in Shanghai in 2013, and has since approved 10 more around the country.)

截至目前，外资汽车厂商只能通过与中资合资设立公司的方式进入中国市场。合资车企将使得它们可以免除25%的进口税，但迫使它们与中资企业使分享一部分利润与技术——这此前约束了特斯拉进入中国的计划。

(Until now, foreign auto makers have built cars in China through joint ventures with local manufacturers. That allows them to avoid the 25% tariff on autos, but also forces them to split profits, and potentially share technology, with the local partner—something that has tripped up Tesla’s previous efforts to expand there.)

在当前的政策下，由于没有中资合作，特斯拉在中国自贸区设立的工厂所生产的汽车在中国销售仍可能需要缴纳25%的进口税。。

(Under current rules, the cars Tesla builds in the free-trade zone would still count as imports and incur the tariff. Auto analysts in Shanghai doubt the has any incentive to give Tesla special treatment.)

“政府的管理者仔细的核查每一个交易与协议，不希望有未有过的先例出现” 一家上海的汽车咨询公司CEO比尔 罗素说到。“无论特斯拉得到了什么，其它的汽车厂商也会希望得到”

(“Government regulators examine every deal and try not to set a precedent,” said Bill Russo, chief executive of Automobility, a Shanghai-based consultancy, and a former Chrysler executive. “Whatever deal Tesla gets, others will want it too.”)

在上海的自贸区设立工厂有着很直观的利益，罗素说。它将给特斯拉在中国一个基地来向中国出口产品，同时利用中国供应链的成本优势，降低特斯拉的生产成本与销售成本。目前，中国销售的特斯拉的售价比美国本土高出50%。

(A plant in Shanghai’s free-trade zone still has clear benefits, Mr. Russo said. It would give Tesla a base from which to export to the region, while offering proximity to the supply chain, thereby lowering production costs and the sale price of Tesla cars sold there. Today, a Tesla costs roughly 50% more in China than it does in the U.S.)

，资深汽车行业顾问Michael Dunne说。，。(Manufacturing in Shanghai would also put Tesla in good standing with the , said Michael Dunne, a longtime auto-industry consultant who spent years in Asia. Having Tesla cars built on soil would please Beijing officials, he said, which “in turn, will give Tesla goodwill leverage to negotiate better China market-access terms in the future.”)

今年六月，特斯拉透露了它与上海政府关于在上海设立工厂的对话，同时重申，目标在今年年底确认在中国的生产计划。一个月前，首席执行官Elon Musk神秘地透露给分析师，中国目前的政策改变（关于对于外资电动汽车公司设厂限制的放宽）对于特斯拉是一个很好的时机。

(In June, Tesla revealed it was in talks with the Shanghai  about the possibility of opening a factory and reiterated that it aims to define its China production plans by year’s end. A month earlier, Chief Executive Elon Musk cryptically had told analysts that a change in China rules would be “good timing.”)

Elon Musk同时也曾透露，特斯拉可以通过降低物流成本与进口税费来降低30%的特斯拉电动车售价。

(Mr. Musk has said Tesla could cut prices in China by one-third by reducing shipping costs and avoiding import duties.)

Elon Musk也曾暗示在中国和欧洲扩张产能。

(Mr. Musk has previously signaled a desire to expand manufacturing capabilities in China and Europe.)

中国的互联网巨头腾讯在今年3月份购入5%的特斯拉股权，使得Elon Musk在中国有了一个强力的盟友。

( internet giant Tencent Holdings Ltd. acquired a 5% stake in Tesla in March, giving Mr. Musk a powerful ally in China.)

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