沉穩(wěn)是寶馬(BMW)的代名詞。這家德國(guó)高端汽車制造商不喜歡發(fā)表重大聲明,從不大張旗鼓地吹噓自己的成就,它的傳播策略能夠用一個(gè)詞來形容:低調(diào)。如果股價(jià)是衡量成功的標(biāo)準(zhǔn),那么寶馬這種低調(diào)的做法可以說相當(dāng)奏效。
寶馬的股價(jià)今年迄今為止已經(jīng)累計(jì)上漲17%,與道瓊斯汽車指數(shù)的整體漲幅相當(dāng)。隨著特斯拉(Tesla)等高增長(zhǎng)品牌風(fēng)頭過去,傳統(tǒng)汽車制造商重回公眾視線,寶馬的股價(jià)出現(xiàn)了回彈,而支撐這種增長(zhǎng)的正是其踏實(shí)做事的品質(zhì)。
“我們公司不太關(guān)注短期波動(dòng)?!睂汃R的財(cái)務(wù)總監(jiān)尼古拉斯·彼得在今年3月底的一次新聞發(fā)布會(huì)上對(duì)記者表示,“我們的表現(xiàn)本身就應(yīng)該能夠說服投資者?!?/p>
寶馬沒有像大眾(Volkswagen)那樣故弄玄虛的戰(zhàn)略目標(biāo),也沒有像競(jìng)爭(zhēng)對(duì)手戴姆勒(Daimler)那樣為投資者利益而與合作企業(yè)分手,當(dāng)然也沒有像特斯拉那樣和加密貨幣投資者纏綿悱惻、糾纏不清。
對(duì)寶馬而言,你要么像科萬特家族一樣,長(zhǎng)期持有著46.7%的股權(quán),要么就退場(chǎng)。
寶馬似乎沒有注意到特斯拉去年的股價(jià)飆升。但是,盡管尤為喜愛取悅媒體的特斯拉首席執(zhí)行官埃隆·馬斯克繼續(xù)占據(jù)著新聞?lì)^條,特斯拉2021年以來的股價(jià)表現(xiàn)卻一直不佳,和寶馬形成了鮮明的對(duì)比。
純高端汽車制造商
20年來,寶馬一直是純高端汽車制造商。寶馬收購(gòu)直至變賣英國(guó)汽車品牌羅孚(Rover)一事,永遠(yuǎn)地抹煞了公司董事會(huì)對(duì)任何華而不實(shí)的交易的興趣。
由于受到科萬特家族敵意收購(gòu)的保護(hù),寶馬不需要高股價(jià)——因?yàn)槠鋸谋旧順I(yè)務(wù)中就獲取了足夠多的現(xiàn)金流,可以滿足任何需求。
“我們能夠在很好的條件下籌集所需要的資金,為我們的金融服務(wù)提供資金。這是一個(gè)很好的跡象,說明債券市場(chǎng)信任我們的實(shí)力。在核心的汽車業(yè)務(wù)中,我們可以通過內(nèi)部現(xiàn)金流為所有重要項(xiàng)目提供資金?!北说谜f。
相反,他強(qiáng)調(diào)了在汽車行業(yè)向自動(dòng)化、零排放駕駛轉(zhuǎn)變的十年間,管理層對(duì)全球12萬名員工的責(zé)任。
寶馬甚至連將優(yōu)惠條件與環(huán)保投資掛鉤的綠色債券都否決了。雖然綠色債券風(fēng)靡一時(shí),寶馬的競(jìng)爭(zhēng)對(duì)手大眾和戴姆勒也已經(jīng)開始投資這一債券,但是,彼得仍拒絕投資,認(rèn)為其“出于營(yíng)銷目的,盲目崇拜單個(gè)項(xiàng)目”。
至少就目前來說,寶馬的業(yè)績(jī)表明,其保守的做法仍然在帶來紅利。即使全球芯片短缺的出現(xiàn),也沒有影響公司第一季度的業(yè)績(jī)。由于在中國(guó)市場(chǎng)的汽車銷量翻了一番,寶馬的核心乘用車部門的運(yùn)營(yíng)回報(bào)率飆升至收入的9.8%,遠(yuǎn)高于公司全年的目標(biāo)范圍。
當(dāng)被問及是否會(huì)考慮效仿特斯拉,購(gòu)買比特幣或其他加密貨幣(無論是為了拓寬客戶的支付選擇還是僅僅為了獲得比低收益貨幣市場(chǎng)基金更高的回報(bào))時(shí),彼得毫不猶豫地予以否認(rèn)。
“我不知道這會(huì)帶來什么額外價(jià)值,因?yàn)槲覀儸F(xiàn)有的支付系統(tǒng)運(yùn)行得非常好。我們?cè)谕顿Y方面有非常明確的規(guī)定。”他說。
如果《周六夜現(xiàn)場(chǎng)》(Saturday Night Live)沒有出現(xiàn),那也就不足為奇了。(財(cái)富中文網(wǎng))
編譯:楊二一
沉穩(wěn)是寶馬(BMW)的代名詞。這家德國(guó)高端汽車制造商不喜歡發(fā)表重大聲明,從不大張旗鼓地吹噓自己的成就,它的傳播策略能夠用一個(gè)詞來形容:低調(diào)。如果股價(jià)是衡量成功的標(biāo)準(zhǔn),那么寶馬這種低調(diào)的做法可以說相當(dāng)奏效。
寶馬的股價(jià)今年迄今為止已經(jīng)累計(jì)上漲17%,與道瓊斯汽車指數(shù)的整體漲幅相當(dāng)。隨著特斯拉(Tesla)等高增長(zhǎng)品牌風(fēng)頭過去,傳統(tǒng)汽車制造商重回公眾視線,寶馬的股價(jià)出現(xiàn)了回彈,而支撐這種增長(zhǎng)的正是其踏實(shí)做事的品質(zhì)。
“我們公司不太關(guān)注短期波動(dòng)?!睂汃R的財(cái)務(wù)總監(jiān)尼古拉斯·彼得在今年3月底的一次新聞發(fā)布會(huì)上對(duì)記者表示,“我們的表現(xiàn)本身就應(yīng)該能夠說服投資者?!?/p>
寶馬沒有像大眾(Volkswagen)那樣故弄玄虛的戰(zhàn)略目標(biāo),也沒有像競(jìng)爭(zhēng)對(duì)手戴姆勒(Daimler)那樣為投資者利益而與合作企業(yè)分手,當(dāng)然也沒有像特斯拉那樣和加密貨幣投資者纏綿悱惻、糾纏不清。
對(duì)寶馬而言,你要么像科萬特家族一樣,長(zhǎng)期持有著46.7%的股權(quán),要么就退場(chǎng)。
寶馬似乎沒有注意到特斯拉去年的股價(jià)飆升。但是,盡管尤為喜愛取悅媒體的特斯拉首席執(zhí)行官埃隆·馬斯克繼續(xù)占據(jù)著新聞?lì)^條,特斯拉2021年以來的股價(jià)表現(xiàn)卻一直不佳,和寶馬形成了鮮明的對(duì)比。
純高端汽車制造商
20年來,寶馬一直是純高端汽車制造商。寶馬收購(gòu)直至變賣英國(guó)汽車品牌羅孚(Rover)一事,永遠(yuǎn)地抹煞了公司董事會(huì)對(duì)任何華而不實(shí)的交易的興趣。
由于受到科萬特家族敵意收購(gòu)的保護(hù),寶馬不需要高股價(jià)——因?yàn)槠鋸谋旧順I(yè)務(wù)中就獲取了足夠多的現(xiàn)金流,可以滿足任何需求。
“我們能夠在很好的條件下籌集所需要的資金,為我們的金融服務(wù)提供資金。這是一個(gè)很好的跡象,說明債券市場(chǎng)信任我們的實(shí)力。在核心的汽車業(yè)務(wù)中,我們可以通過內(nèi)部現(xiàn)金流為所有重要項(xiàng)目提供資金?!北说谜f。
相反,他強(qiáng)調(diào)了在汽車行業(yè)向自動(dòng)化、零排放駕駛轉(zhuǎn)變的十年間,管理層對(duì)全球12萬名員工的責(zé)任。
寶馬甚至連將優(yōu)惠條件與環(huán)保投資掛鉤的綠色債券都否決了。雖然綠色債券風(fēng)靡一時(shí),寶馬的競(jìng)爭(zhēng)對(duì)手大眾和戴姆勒也已經(jīng)開始投資這一債券,但是,彼得仍拒絕投資,認(rèn)為其“出于營(yíng)銷目的,盲目崇拜單個(gè)項(xiàng)目”。
至少就目前來說,寶馬的業(yè)績(jī)表明,其保守的做法仍然在帶來紅利。即使全球芯片短缺的出現(xiàn),也沒有影響公司第一季度的業(yè)績(jī)。由于在中國(guó)市場(chǎng)的汽車銷量翻了一番,寶馬的核心乘用車部門的運(yùn)營(yíng)回報(bào)率飆升至收入的9.8%,遠(yuǎn)高于公司全年的目標(biāo)范圍。
當(dāng)被問及是否會(huì)考慮效仿特斯拉,購(gòu)買比特幣或其他加密貨幣(無論是為了拓寬客戶的支付選擇還是僅僅為了獲得比低收益貨幣市場(chǎng)基金更高的回報(bào))時(shí),彼得毫不猶豫地予以否認(rèn)。
“我不知道這會(huì)帶來什么額外價(jià)值,因?yàn)槲覀儸F(xiàn)有的支付系統(tǒng)運(yùn)行得非常好。我們?cè)谕顿Y方面有非常明確的規(guī)定?!彼f。
如果《周六夜現(xiàn)場(chǎng)》(Saturday Night Live)沒有出現(xiàn),那也就不足為奇了。(財(cái)富中文網(wǎng))
編譯:楊二一
It’s all very staid at BMW. The German luxury carmaker is not in the habit of making big statements or trumpeting its achievements too loudly. Its communications strategy can best be described in one word: understated. But if BMW’s share price is any measure of success, the lack of fanfare is working just fine.
Shares in BMW have gained 17% year to date, tracking the overall Dow Jones autos index. The stock has enjoyed a renaissance in line with a rotational shift back out of high-growth names like Tesla toward traditional carmakers. Underpinning that growth is BMW’s no-nonsense approach.
“We’re really not a company that looks much at the short-term fluctuations in either direction,” BMW’s finance chief Nicolas Peter told reporters during a briefing at the end of March. “Our performance should convince investors.”
For BMW, there are no ostentatious strategy days like those at Volkswagen, no investor-friendly breakups like that of rival Daimler, and certainly no flirtations with cryptocurrency bulls à la Tesla.
With BMW, either you’re in it for the long haul like the two Quandt siblings that together control 46.7% of the equity, or you’re welcome to take the exit ramp.
It’s almost as if BMW hasn’t taken notice of Tesla’s storybook share price surge last year. But even as Tesla and its media-courting CEO, Elon Musk, continue to take up column inches, Tesla’s stock performance in 2021 has been underwhelming, in contrast with BMW’s.
Pure play premium carmaker
BMW has been a pure play premium carmaker for two decades now; its purchase and disposal in 2000 of failing U.K. volume brand Rover permanently soured the board’s taste for grandiose deals.
Shielded from a hostile takeover by the Quandts, the company doesn’t need a high stock price as it generates enough cash from its business to meet any needs.
“We’re able raise the capital we need at excellent conditions to fund our financial services, and that’s a good indicator that debt markets trust our strength. In the core automotive business, we’re able to fund all our important projects from our internal cash flow,” Peter explained.
Instead he emphasized management’s responsibility to its 120,000 employees worldwide during the industry’s decade-long transformation toward automated, zero-emission driving.
Even green bonds, which link favorable conditions to certain eco-friendly investments, were dismissed. While they are all the rage, with rivals Volkswagen and Daimler already tapping investors, Peter rejected green bonds for “putting individual projects on a pedestal for the purpose of marketing.”
For now, at least, BMW’s results suggest its conservative approach continues to pay dividends. Even the worldwide chip shortage did not dent the firm’s performance in the first quarter. Thanks to car sales in China doubling, the operating return at its core passenger car division soared to 9.8% of revenue, well above its target range for the full year.
When asked whether it might consider following Tesla by purchasing Bitcoin or another cryptocurrency—either to broaden payment options for customers or simply to generate a higher return than with low-yielding money market funds—the BMW CFO quickly dismissed the idea.
“I wouldn’t know what additional value that would bring as our existing payment systems work perfectly fine, and as far as an investment is concerned, we have very clear rules in that regard,” he explained.
No surprise then if Saturday Night Live does not come calling.