Tämä katekeskustelu meni transcriptin mukaan näin:
Craig Knight
And the second question related to the Hyzon content, if you like, so how much Hyzon content in a vehicle? So today, I think it is probably fair to say that we operate in a 35% to 40% of the kind of BOM cost of the vehicle range. It would typical, which is Hyzon content.
We are looking at getting that up towards the 70% Mark. And that essentially means that you are replacing a lot of those kind of specialized parts and components we have spoken about, and the commodity parts of the vehicle, like the chaises and doors and windows and wheels and brakes and so on. These are sourced from obviously from third parties.
It just happens to be that the commoditized parts of the vehicles are also those that usually require a lot of capital to set up manufacturing for those. So in fact, getting into the production and supply of the more specialized components within these fuel cell electric vehicles is not as burdensome on the capital front as people might think. So we believe we can get to a higher content in the vehicle with very attractive capital efficiency.
And just like we are able to build out fuel cell manufacturing, which has a very large barrier to entry, technology-wise, we are able to build that out with a modest capital commitment and that is why we don’t need billions of dollars to build this business model and this company. We are very happy with the working capital we have got on hand at the moment, and we believe that we can get up to this 70 odd percent Hyzon content over the course of the next two or three years.
And what that means for margins back to your question is that we believe that it is sustained better than average vehicle margin for a larger portion of the vehicles. So obviously anything you are doing in the vehicle, that is got a large barrier to entry are as well, differentiated is going to enjoy a better margin than the more commoditized parts of the vehicle.
So if we are doing the majority of the vehicle, when our margins are higher than average for a whole vehicle, and the margins for the commodity parts are lower than the average for the whole vehicle, I think you can see that we are planning towards enjoying sustained margin substantially better than the overall vehicle margins in a non-differentiated vehicle space.
Mark Gordon
And I want to sort of highlight something on this margin point. If you look at our long-term forecast, we have a 15.4% EBITDA margin in 2025. I mean we think that is a relatively conservative forecast. If you look at the 16 other new energy vehicles stocks that went public, we have the fourth lowest margin forecast out there. And we actually have a whole bunch of proprietary technology.
So we think that the market is not recognizing how conservative our forecast is on a relative basis. When you have proprietary technology, as Craig has pointed out, you should have a higher margin and we do, but we modeled the forecast in a way to we have upsided there.
Eli tavoite on EBITDA 15.4% ja Gross Marginin arvellaan pyörivän päälle 30%. Kuulostaa realistiselta, mutta korostavat vielä olevansa kohtuullisen konservatiivisia näiden arvioiden kanssa.
Tässä Gross Margin ennusteet Heinäkuun esityksestä vuosille 2021-2025
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