Viral Advocacy - How Actions and Engagement Influence Behavior and Build BrandsDerric Haynie
Virality can be engineered to not only get you more leads or customers, but also to build engagement and relationships with existing customers. See how in this deck.
PPC Restart 2023: Ondřej Sláma - Videoreklama na YouTube - přemýšlíme nad ní ...Taste
Při plánování a optimalizaci videoreklamy na YouTube je snadné je přehlédnout a nebo je možná ani neznáte. Řeč je o radách, které vám Ondřej dá, abyste mohli z videoreklam na YouTube pro své značky získat víc.
PPC Restart 2023: Petra Nulíčková - Jsou PPCčkaři diamanty ve světě reklamy?Taste
Pracovní trh se poslední roky dynamicky mění a po performance specialistech je od 2020 enormní poptávka. Spousta firem byla nucena postavit si interní tým a zvýšily se i poptávky po výkonnostních agenturách. Jak moc vzrostla poptávka na straně firem, jak moc se pro performance specialitu změnil trh práce a za jaké dovednosti vám firmy utrhají takzvaně ruce? Společně si uděláme takový exkurz a vedle cenovky za jednoho takového specialistu si i odpovíme na otázku zda je jednodušší nabrat právě jeho nebo CMO.
PPC Restart 2023: Matouš Ledvina - AI jako klíč pro efektivní marketingTaste
Je evidentní, že se čím dále přesouváme do světa poháněného umělou inteligencí. Pojďme si společně projít jak AI využít ve svůj prospěch v rámci Google produktů a maximalizovat tak výkon vašich marketingových aktivit.
If you need to create a professional PowerPoint presentation to showcase your business pricing strategies when selling a product or service, then download our content ready pricing strategy PowerPoint presentation slides. Research specialists have researched the content of this presentation whereas the graphics designers at SlideTeam have converted it into a stunning presentation. Using this presentation PPT, you can explain how one can identify and create the best strategies for its business. This pricing planning PPT presentation consists of 33 slides that will help you to explain the idea of the marketing mix, product marketing, pricing management, brand marketing, cost management, price discrimination, yield management strategies, and many more. This readymade pricing planning PowerPoint presentation covers a slide on selecting the pricing strategies, determining demand, estimating costs, analysing, competitors cost, prices, and offers, selecting a pricing method, pricing strategy rationale, and pricing tables. Keeping the client’s requirement in mind, our presentation designers have provided additional slides to make their presentation work easy. Rapidly download these pricing strategy presentation slides. Except you intend to make a presentation to aliens you need to add emotions to it. Why not make use of professionally designed Pricing Strategy Powerpoint Presentation Slides that have the necessary ingredients for a successful presentation. https://bit.ly/3kZbcOx
Viral Advocacy - How Actions and Engagement Influence Behavior and Build BrandsDerric Haynie
Virality can be engineered to not only get you more leads or customers, but also to build engagement and relationships with existing customers. See how in this deck.
PPC Restart 2023: Ondřej Sláma - Videoreklama na YouTube - přemýšlíme nad ní ...Taste
Při plánování a optimalizaci videoreklamy na YouTube je snadné je přehlédnout a nebo je možná ani neznáte. Řeč je o radách, které vám Ondřej dá, abyste mohli z videoreklam na YouTube pro své značky získat víc.
PPC Restart 2023: Petra Nulíčková - Jsou PPCčkaři diamanty ve světě reklamy?Taste
Pracovní trh se poslední roky dynamicky mění a po performance specialistech je od 2020 enormní poptávka. Spousta firem byla nucena postavit si interní tým a zvýšily se i poptávky po výkonnostních agenturách. Jak moc vzrostla poptávka na straně firem, jak moc se pro performance specialitu změnil trh práce a za jaké dovednosti vám firmy utrhají takzvaně ruce? Společně si uděláme takový exkurz a vedle cenovky za jednoho takového specialistu si i odpovíme na otázku zda je jednodušší nabrat právě jeho nebo CMO.
PPC Restart 2023: Matouš Ledvina - AI jako klíč pro efektivní marketingTaste
Je evidentní, že se čím dále přesouváme do světa poháněného umělou inteligencí. Pojďme si společně projít jak AI využít ve svůj prospěch v rámci Google produktů a maximalizovat tak výkon vašich marketingových aktivit.
If you need to create a professional PowerPoint presentation to showcase your business pricing strategies when selling a product or service, then download our content ready pricing strategy PowerPoint presentation slides. Research specialists have researched the content of this presentation whereas the graphics designers at SlideTeam have converted it into a stunning presentation. Using this presentation PPT, you can explain how one can identify and create the best strategies for its business. This pricing planning PPT presentation consists of 33 slides that will help you to explain the idea of the marketing mix, product marketing, pricing management, brand marketing, cost management, price discrimination, yield management strategies, and many more. This readymade pricing planning PowerPoint presentation covers a slide on selecting the pricing strategies, determining demand, estimating costs, analysing, competitors cost, prices, and offers, selecting a pricing method, pricing strategy rationale, and pricing tables. Keeping the client’s requirement in mind, our presentation designers have provided additional slides to make their presentation work easy. Rapidly download these pricing strategy presentation slides. Except you intend to make a presentation to aliens you need to add emotions to it. Why not make use of professionally designed Pricing Strategy Powerpoint Presentation Slides that have the necessary ingredients for a successful presentation. https://bit.ly/3kZbcOx
PPC Restart 2022: David Janoušek - Share of Search - Nejdůležitější metrika, ...Taste
Nejdůležitější metrika, o které jste nikdy neslyšeli nebo snad ano? I takto by se dala popsat metrika Share of Search vytvořená v roce 2020 Lesem Binetem a Jamesem Hankinsem pod záštitou IPA (Institute of Practitioners in Advertising). Jaký byl vývoj metriky v roce 2021 a proč se vyplatí tuto metriku v dlouhodobé měřítku sledovat? To vše a mnoho dalšího se dozvíte v přednášce Davida Janouška.
PPC Restart 2023: André Heller - Co musí o Google Analytics 4 vědět každý PPC...Taste
Datum 31.6.2023 má v kalendáři zapsaný už každý analytik a snad i každý PPC specialista. Universal Analytics končí a bez výmluv všichni přecházíme na Google Analytics 4. Co Google Analytics 4 přináší, ale i berou PPC specialistům? Na přednášce si řekneme, proč jsou pro vás lepší a proč se oprostit od snahy napodobovat Universal Analytics.
Business Strategic Planning Template For Organizations PowerPoint Presentatio...SlideTeam
Business Strategic Planning Template: Looking for a strategic plan that can help you attain the future goals of your organization? We bring you a content-business strategic planning template for organizations PowerPoint presentation slides to achieve the desired goal. The corporate strategic plan PPT illustrations are designed by PowerPoint professionals to track growth and establish a budget for your company. These professionally designed business strategic planning template for organizations PPT visuals will help you define your company goals clearly and will also let you conduct an extensive research to understand the latest industry trends. A variety of topics that have been thoroughly researched by our experts include executive summary, organizational chart, mission statement, SWOT analysis, company sales and performance, key success indicators, operational management, recruitment plan, brand promotion strategy, actual vs target performance, market expansion & growth. Some related topics that this strategic management presentation covers are vision & mission, business action plan, business strategy mapping, enterprise planning system and integrated business strategy. Download readymade business strategic planning presentation to provide a better and targeted services to your clients.
New product development npd powerpoint presentation slidesSlideTeam
This complete presentation has PPT slides on wide range of topics highlighting the core areas of your business needs. It has professionally designed templates with relevant visuals and subject driven content. This presentation deck has total of twenty three slides. Get access to the customizable templates. Our designers have created editable templates for your convenience. You can edit the colour, text and font size as per your need. You can add or delete the content if required. You are just a click to away to have this ready-made presentation. Click the download button now.
Jak hodnotit platformy a kampaně se stále menším a děravějším vzorkem dat? Může být řešením Marketing Mix Modeling? Tomáš vás uvede do světa statistického modelování, které může být alternativou k user-based atribuci. Ve své přednášce vám ukáže klady i limity MMM, kdo z něj může nejvíce těžit a jaké jsou aktuální možnosti na trhu. Nebude chybět ani case study a mnoho dalšího.
Demonstração de um plano estratégico de marketing digital, realizado para agência de comunicação GRIS. Apresentação passada em aula no curso de MBA em Marketing Digital - IERGS, 2017.
If your company needs to submit a Marketing Strategy Proposal PowerPoint Presentation Slides look no further.Our researchers have analyzed thousands of proposals on this topic for effectiveness and conversion. Just download our template, add your company data and submit to your client for a positive response. http://bit.ly/38knO9Y
Looking for Digital Marketing Agency for your Business?
Starting from website designing and development to the entire marketing strategy, iBraine is a one-stop solution for all the requirements.
An official Google Partner agency with core experience of over 10 years.
For more details, visit our website & we will be happy to help you.
Pharmaceutical Marketing plan, Brand Plan, Launch Plan
1. How To Make Marketing Plan for Pharmaceutical Product ,
2. , What is Marketing Plan? All of the strategies, including the four Ps and segmentation, targeting, and positioning, come together in the marketing plan. , 2
3. , Marketing Plan The marketing plan may be Product specific, market specific, or company-wide plan that describes activities involved in achieving specific marketing objectives within a set timeframe. A market plan begins with the identification (through market research) of specific customer needs and how the firm intends to fulfill them while generating an acceptable level of return. It generally includes analysis of the current market situation (opportunities and trends) and detailed action programs, budgets, sales forecasts, strategies, and projected financial statements. , 3
4. , Pharmaceutical companies Pharmaceutical manufacturing companies typically employ product managers to be responsible for the details of a particular medication. The product manager and his or her team usually assemble marketing plans for the specific products they oversee. Although reprinting a real company’s pharmaceutical marketing plan would be the best way to demonstrate marketing plans, the information contained in such a document is highly confidential. , 4
5. . 5
6. , Content of Marketing Plan Executive Summary Situational Analysis Disease Overview Market Analysis Competitive analysis SWOT Analysis Strategic planning Segmentation Targeting Position Marketing Mix Objectives, Strategies, and Tactics Financial Outlook Control, Evaluation , 6
7. , Executive Summary , 7
8. , Executive Summary Overview of the marketing plan Highlights key areas, decisions, and expected outcomes. , 8
9. , ExecutiveSummary 9 • Total Pharma Market is Rs. 268.2 billion with a growth rate of 11.60%. • Anti Ulcerant (A2B) market is of Rs. 13.29 billion with a value share of 5%, growing by 14.72%. • Anti Ulcerant market is further divided in two therapeutic classes; – Histamine 2 Receptors Antagonists (A2B1) worth Rs. 1.76 bio growing by 3.87. – Proton Pump Inhibitors (A2B2) worth Rs. 11.08 bio growing by 16.62. • The largest pie of this market has been captured by Getz Pharma, together with Risek (Rs. 2.42 bio) & Nexum (Rs.1.05 bio) Getz is enjoying a value share of more than 3 Billion Rupees of PPI market. • Besides Risek & Nexum, Ruling, Esso has become a brand of Rs.737 & 728 m. • Despite fierce competition and much bigger stake holders in market, Brand X managed to make its footing by marking a value share of Rs. 30 million in the first year of Its launch. ,
10. , Situation Analysis ,
11. , Situation Analysis This section describes where your company stands at that moment in time. It includes background on past sales, major competitors, and explanations of recent sales and profit results. ,
12. , Disease Overview •Prevalence rate in country; number of patients
Definitive Guide to B2B Marketing in the Digital AgeCarolyn Bao
B2B Marketing has changed. 89% of B2B buyers use the internet during their B2B research process, according to a joint study by Google and Millward Brown Digital.
Direct sales are still critical, but strategic digital marketing will fuel the sustainable growth of the company, through generating demand, and empowering sales. I just published a B2B Marketing Guide that shows B2B marketers how to build a robust B2B technology brand, using all forms of digital marketing tools.
PPC Restart 2023: David Janoušek a Jan Janoušek - SATO aneb jak přemýšlet nad...Taste
Jeden reklamní systém a nekonečno způsobů, jak k němu přistoupit. V přednášce probereme mimo jiné druhy strategií a kampaní v rámci Google Ads od základního využití Royal Berl, Hagakure až po náš ultimátní Framework SATO.
Social Restart 2023: Fabián Berka - Data Driven Social - Jak číst data z Meta...Taste
Reklamní systémy nám dávají nejen data, ale i důležitou zpětnou vazbu. V této přednášce se podíváme, jak správně číst výsledky v reklamním systému Meta Ads Manager, jak se z nich poučit a jak je využít pro další výstupy.
Organizations strive to minimize the cost to acquire a customer. This pyramid shows the key metrics that impact CAC, their formulas and the chain of events that builds value and efficacy in digital marketing.
These slides are from our brand management training program. With our Brand Plan training, we will show you how to come up with the vision, purpose, goals, analysis, key issues, strategies, execution plans and measurements.
At Beloved Brands, we help brands find growth and we make brand leaders smarter.
PPC Restart 2022: David Janoušek - Share of Search - Nejdůležitější metrika, ...Taste
Nejdůležitější metrika, o které jste nikdy neslyšeli nebo snad ano? I takto by se dala popsat metrika Share of Search vytvořená v roce 2020 Lesem Binetem a Jamesem Hankinsem pod záštitou IPA (Institute of Practitioners in Advertising). Jaký byl vývoj metriky v roce 2021 a proč se vyplatí tuto metriku v dlouhodobé měřítku sledovat? To vše a mnoho dalšího se dozvíte v přednášce Davida Janouška.
PPC Restart 2023: André Heller - Co musí o Google Analytics 4 vědět každý PPC...Taste
Datum 31.6.2023 má v kalendáři zapsaný už každý analytik a snad i každý PPC specialista. Universal Analytics končí a bez výmluv všichni přecházíme na Google Analytics 4. Co Google Analytics 4 přináší, ale i berou PPC specialistům? Na přednášce si řekneme, proč jsou pro vás lepší a proč se oprostit od snahy napodobovat Universal Analytics.
Business Strategic Planning Template For Organizations PowerPoint Presentatio...SlideTeam
Business Strategic Planning Template: Looking for a strategic plan that can help you attain the future goals of your organization? We bring you a content-business strategic planning template for organizations PowerPoint presentation slides to achieve the desired goal. The corporate strategic plan PPT illustrations are designed by PowerPoint professionals to track growth and establish a budget for your company. These professionally designed business strategic planning template for organizations PPT visuals will help you define your company goals clearly and will also let you conduct an extensive research to understand the latest industry trends. A variety of topics that have been thoroughly researched by our experts include executive summary, organizational chart, mission statement, SWOT analysis, company sales and performance, key success indicators, operational management, recruitment plan, brand promotion strategy, actual vs target performance, market expansion & growth. Some related topics that this strategic management presentation covers are vision & mission, business action plan, business strategy mapping, enterprise planning system and integrated business strategy. Download readymade business strategic planning presentation to provide a better and targeted services to your clients.
New product development npd powerpoint presentation slidesSlideTeam
This complete presentation has PPT slides on wide range of topics highlighting the core areas of your business needs. It has professionally designed templates with relevant visuals and subject driven content. This presentation deck has total of twenty three slides. Get access to the customizable templates. Our designers have created editable templates for your convenience. You can edit the colour, text and font size as per your need. You can add or delete the content if required. You are just a click to away to have this ready-made presentation. Click the download button now.
Jak hodnotit platformy a kampaně se stále menším a děravějším vzorkem dat? Může být řešením Marketing Mix Modeling? Tomáš vás uvede do světa statistického modelování, které může být alternativou k user-based atribuci. Ve své přednášce vám ukáže klady i limity MMM, kdo z něj může nejvíce těžit a jaké jsou aktuální možnosti na trhu. Nebude chybět ani case study a mnoho dalšího.
Demonstração de um plano estratégico de marketing digital, realizado para agência de comunicação GRIS. Apresentação passada em aula no curso de MBA em Marketing Digital - IERGS, 2017.
If your company needs to submit a Marketing Strategy Proposal PowerPoint Presentation Slides look no further.Our researchers have analyzed thousands of proposals on this topic for effectiveness and conversion. Just download our template, add your company data and submit to your client for a positive response. http://bit.ly/38knO9Y
Looking for Digital Marketing Agency for your Business?
Starting from website designing and development to the entire marketing strategy, iBraine is a one-stop solution for all the requirements.
An official Google Partner agency with core experience of over 10 years.
For more details, visit our website & we will be happy to help you.
Pharmaceutical Marketing plan, Brand Plan, Launch Plan
1. How To Make Marketing Plan for Pharmaceutical Product ,
2. , What is Marketing Plan? All of the strategies, including the four Ps and segmentation, targeting, and positioning, come together in the marketing plan. , 2
3. , Marketing Plan The marketing plan may be Product specific, market specific, or company-wide plan that describes activities involved in achieving specific marketing objectives within a set timeframe. A market plan begins with the identification (through market research) of specific customer needs and how the firm intends to fulfill them while generating an acceptable level of return. It generally includes analysis of the current market situation (opportunities and trends) and detailed action programs, budgets, sales forecasts, strategies, and projected financial statements. , 3
4. , Pharmaceutical companies Pharmaceutical manufacturing companies typically employ product managers to be responsible for the details of a particular medication. The product manager and his or her team usually assemble marketing plans for the specific products they oversee. Although reprinting a real company’s pharmaceutical marketing plan would be the best way to demonstrate marketing plans, the information contained in such a document is highly confidential. , 4
5. . 5
6. , Content of Marketing Plan Executive Summary Situational Analysis Disease Overview Market Analysis Competitive analysis SWOT Analysis Strategic planning Segmentation Targeting Position Marketing Mix Objectives, Strategies, and Tactics Financial Outlook Control, Evaluation , 6
7. , Executive Summary , 7
8. , Executive Summary Overview of the marketing plan Highlights key areas, decisions, and expected outcomes. , 8
9. , ExecutiveSummary 9 • Total Pharma Market is Rs. 268.2 billion with a growth rate of 11.60%. • Anti Ulcerant (A2B) market is of Rs. 13.29 billion with a value share of 5%, growing by 14.72%. • Anti Ulcerant market is further divided in two therapeutic classes; – Histamine 2 Receptors Antagonists (A2B1) worth Rs. 1.76 bio growing by 3.87. – Proton Pump Inhibitors (A2B2) worth Rs. 11.08 bio growing by 16.62. • The largest pie of this market has been captured by Getz Pharma, together with Risek (Rs. 2.42 bio) & Nexum (Rs.1.05 bio) Getz is enjoying a value share of more than 3 Billion Rupees of PPI market. • Besides Risek & Nexum, Ruling, Esso has become a brand of Rs.737 & 728 m. • Despite fierce competition and much bigger stake holders in market, Brand X managed to make its footing by marking a value share of Rs. 30 million in the first year of Its launch. ,
10. , Situation Analysis ,
11. , Situation Analysis This section describes where your company stands at that moment in time. It includes background on past sales, major competitors, and explanations of recent sales and profit results. ,
12. , Disease Overview •Prevalence rate in country; number of patients
Definitive Guide to B2B Marketing in the Digital AgeCarolyn Bao
B2B Marketing has changed. 89% of B2B buyers use the internet during their B2B research process, according to a joint study by Google and Millward Brown Digital.
Direct sales are still critical, but strategic digital marketing will fuel the sustainable growth of the company, through generating demand, and empowering sales. I just published a B2B Marketing Guide that shows B2B marketers how to build a robust B2B technology brand, using all forms of digital marketing tools.
PPC Restart 2023: David Janoušek a Jan Janoušek - SATO aneb jak přemýšlet nad...Taste
Jeden reklamní systém a nekonečno způsobů, jak k němu přistoupit. V přednášce probereme mimo jiné druhy strategií a kampaní v rámci Google Ads od základního využití Royal Berl, Hagakure až po náš ultimátní Framework SATO.
Social Restart 2023: Fabián Berka - Data Driven Social - Jak číst data z Meta...Taste
Reklamní systémy nám dávají nejen data, ale i důležitou zpětnou vazbu. V této přednášce se podíváme, jak správně číst výsledky v reklamním systému Meta Ads Manager, jak se z nich poučit a jak je využít pro další výstupy.
Organizations strive to minimize the cost to acquire a customer. This pyramid shows the key metrics that impact CAC, their formulas and the chain of events that builds value and efficacy in digital marketing.
These slides are from our brand management training program. With our Brand Plan training, we will show you how to come up with the vision, purpose, goals, analysis, key issues, strategies, execution plans and measurements.
At Beloved Brands, we help brands find growth and we make brand leaders smarter.
This paper is a strategic analysis of Tesla Motors, Inc. wrote to answer the following problematic: “How Tesla Motors Inc. can improve its strategy to sustain its competitive advantage on the electric vehicle market and confirm its position as a transformational leader in sustainable life-style?”
Google X - Think Tanks as a Source of Disruptive Innovation in Large Corporat...Thomas Klaffke
My seminar paper on Think Tanks as a Source of Disruptive Innovation in Large Corporations tries to propose a viable solution to the problem many large organizations nowadays have: robust, inflexible structures, processes and cultures in which the creation and development of disruptive innovations is almost impossible.
My solution: outsourced, creative, clandestine think tanks or labs that are focusing solely on disruptive innovation outside of the core business of the organization. How can this be a viable solution? Google X might be a popular and successful example.
Read my paper to know why!
This short project attempts to explain the correlation between stock price and public perception at Tesla Motors by comparing two public relations case studies. In 2013, NYT Journalist John Broder reported that his test-drive of the Model S went horribly wrong and Elon Musk responded through the "Tesla Blog." In 2015, Jake Fisher reported that Model S scored 103 out of 100 point test on the Consumer Reports website and then changed the error in their computing. Elon Musk responded through twitter. This study reveals that blogging had a larger impact of changing public perception rather than tweeting.
CM Research Corporate Presentation 2014CM Research
Analysing Global Trends in Technology, Media and Telecoms
Our corporate presentation explains how we help CEOs, CTOs and CIOs predict the future of technology, media and telecoms.
Building a systematic stock portfolio in only a few hours per yearStockopedia
Ed Page Croft reveals the simple but powerful systematic stock portfolio strategy that has helped him consistently achieve market-beating returns. To access the webinar in full please visit: http://why.stockopedia.com/creating-a-portfolio/
Slides and notes from the MaRS Startup Investor Workshop. The event took place on September 26th, 2016 and featured Mark Skapinker from Brightspark, David Shore from OurCrowd and Salim Teja from MaRS.
Startup Investing 101 - Learn how to invest in startups.
As one of the leading online startup investing marketplaces, Onevest's vision is to make investing in privately held companies easy by providing a gold standard in deal flow that matches your specific areas of interest. You tell us what you like, and we deliver just that.
Webinar Agenda
Top four most asked questions by newbie startup investors.
1. How do I compare startups to determine most attractive opportunity?
2. What type of due diligence should I do before making an investment?
3. What happens after I invest in the startup?
4. What type of return on investment can I expect?
Norwood CEO, Paul Ostergaard delivers an exciting presentation on our latest product updates and important commercial announcements at the TechKnow Invest Roadshow 2017.
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
Daily Technical Report:20 December 2019Axis Direct
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
Things to remember while upgrading the brakes of your carjennifermiller8137
Upgrading the brakes of your car? Keep these things in mind before doing so. Additionally, start using an OBD 2 GPS tracker so that you never miss a vehicle maintenance appointment. On top of this, a car GPS tracker will also let you master good driving habits that will let you increase the operational life of your car’s brakes.
Fleet management these days is next to impossible without connected vehicle solutions. Why? Well, fleet trackers and accompanying connected vehicle management solutions tend to offer quite a few hard-to-ignore benefits to fleet managers and businesses alike. Let’s check them out!
5 Warning Signs Your BMW's Intelligent Battery Sensor Needs AttentionBertini's German Motors
IBS monitors and manages your BMW’s battery performance. If it malfunctions, you will have to deal with an array of electrical issues in your vehicle. Recognize warning signs like dimming headlights, frequent battery replacements, and electrical malfunctions to address potential IBS issues promptly.
𝘼𝙣𝙩𝙞𝙦𝙪𝙚 𝙋𝙡𝙖𝙨𝙩𝙞𝙘 𝙏𝙧𝙖𝙙𝙚𝙧𝙨 𝙞𝙨 𝙫𝙚𝙧𝙮 𝙛𝙖𝙢𝙤𝙪𝙨 𝙛𝙤𝙧 𝙢𝙖𝙣𝙪𝙛𝙖𝙘𝙩𝙪𝙧𝙞𝙣𝙜 𝙩𝙝𝙚𝙞𝙧 𝙥𝙧𝙤𝙙𝙪𝙘𝙩𝙨. 𝙒𝙚 𝙝𝙖𝙫𝙚 𝙖𝙡𝙡 𝙩𝙝𝙚 𝙥𝙡𝙖𝙨𝙩𝙞𝙘 𝙜𝙧𝙖𝙣𝙪𝙡𝙚𝙨 𝙪𝙨𝙚𝙙 𝙞𝙣 𝙖𝙪𝙩𝙤𝙢𝙤𝙩𝙞𝙫𝙚 𝙖𝙣𝙙 𝙖𝙪𝙩𝙤 𝙥𝙖𝙧𝙩𝙨 𝙖𝙣𝙙 𝙖𝙡𝙡 𝙩𝙝𝙚 𝙛𝙖𝙢𝙤𝙪𝙨 𝙘𝙤𝙢𝙥𝙖𝙣𝙞𝙚𝙨 𝙗𝙪𝙮 𝙩𝙝𝙚 𝙜𝙧𝙖𝙣𝙪𝙡𝙚𝙨 𝙛𝙧𝙤𝙢 𝙪𝙨.
Over the 10 years, we have gained a strong foothold in the market due to our range's high quality, competitive prices, and time-lined delivery schedules.
Symptoms like intermittent starting and key recognition errors signal potential problems with your Mercedes’ EIS. Use diagnostic steps like error code checks and spare key tests. Professional diagnosis and solutions like EIS replacement ensure safe driving. Consult a qualified technician for accurate diagnosis and repair.
What Does the PARKTRONIC Inoperative, See Owner's Manual Message Mean for You...Autohaus Service and Sales
Learn what "PARKTRONIC Inoperative, See Owner's Manual" means for your Mercedes-Benz. This message indicates a malfunction in the parking assistance system, potentially due to sensor issues or electrical faults. Prompt attention is crucial to ensure safety and functionality. Follow steps outlined for diagnosis and repair in the owner's manual.
In this presentation, we have discussed a very important feature of BMW X5 cars… the Comfort Access. Things that can significantly limit its functionality. And things that you can try to restore the functionality of such a convenient feature of your vehicle.
Why Is Your BMW X3 Hood Not Responding To Release CommandsDart Auto
Experiencing difficulty opening your BMW X3's hood? This guide explores potential issues like mechanical obstruction, hood release mechanism failure, electrical problems, and emergency release malfunctions. Troubleshooting tips include basic checks, clearing obstructions, applying pressure, and using the emergency release.
The Octavia range embodies the design trend of the Škoda brand: a fusion of
aesthetics, safety and practicality. Whether you see the car as a whole or step
closer and explore its unique features, the Octavia range radiates with the
harmony of functionality and emotion
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1. Tesla Motors, Inc.
Devonshire Research Group, LLCDevonshire Research Group, LLCDevonshire Research Group, LLCDevonshire Research Group, LLC
March 2016March 2016March 2016March 2016
2. -Attorney Confidential-
Disclaimer
As of the publication date of this report, the Principals and Clients of Devonshire Research Group LLC ("Devonshire") have a short position in the stock of the company covered
herein (“Company”) and stand to realize gains in the event that the price of the stock declines. Following publication of the report, Devonshire’s Principals and Clients may
transact in the securities of the company covered herein, including but not limited to the use of derivatives to hedge, synthetically replicate, or profit from near term volatility in its
position. All content in this report represent the opinions of Devonshire and is based on information that Devonshire believes to be reliable and the vast majority of which comes
from publicly available sources. However, such information is presented “as is”, without warranty of any kind – whether express or implied. Devonshire makes no representations,
and specifically disclaims all warranties, express, implied, or statutory, regarding the accuracy, timeliness, or completeness of any material contained. All expressions of opinion are
subject to change without notice, and Devonshire undertakes no obligation to correct, update or revise those statements or to otherwise provide any additional materials.
This document is for informational purposes only and it is not intended as an official confirmation of any transaction. All market prices, data and other information are not
warranted as to completeness or accuracy and are subject to change without notice. The information included in this document is based upon selected public market data and
reflects prevailing conditions and Devonshire’s opinions as of this date, all of which are accordingly subject to change. Devonshire’s opinions and estimates constitute a best efforts
judgment and should be regarded as indicative, preliminary and for illustrative purposes only. Any investment involves substantial risks, including, but not limited to, pricing
volatility, inadequate liquidity, and the potential complete loss of principal. This report’s estimated fundamental value only represents a best efforts estimate of the potential
fundamental valuation of a specific security, and is not expressed as, or implied as, assessments of the quality of a security, a summary of past performance, or an actionable
investment strategy for an investor.
This document does not in any way constitute an offer or solicitation of an offer to buy or sell any investment, security, or commodity discussed herein or of any of the affiliates of
Devonshire. Also, this document does not in any way constitute an offer or solicitation of an offer to buy or sell any security in any jurisdiction in which such an offer would be
unlawful under the securities laws of such jurisdiction. To the best of Devonshire’s abilities and beliefs, all information contained herein is accurate and reliable. Devonshire
reserves the rights for its Principals, Clients, affiliates, officers, employees, and contractors to hold cash, equity, or derivative positions in any company discussed in this document at
any time. As of the original publication date of this document, investors should assume that Devonshire is net short shares of “Company” and stands to potentially realize gains in
the event that the market valuation of the company’s common equity and other financial instruments are lower than prior to the original publication date. These Principals, Clients,
affiliates, officers, and individuals shall have no obligation to inform any investor about their historical, current, and future trading activities. In addition, Devonshire may benefit
from any change in the valuation of any other companies, securities, or commodities discussed in this document.
The information contained in this document may include, or incorporate by reference, forward looking statements, which would include any statements that are not statements of
historical fact. Any or all of Devonshire’s forward-looking assumptions, expectations, projections, intentions or beliefs about future events may turn out to be wrong. These
forward-looking statements may prove to be substantially inaccurate and are inherently subject to significant risks and uncertainties beyond Devonshire’s control. Investors should
conduct independent due diligence, with assistance from professional financial, legal and tax experts, on all securities, companies, and commodities discussed in this document and
develop a stand-alone judgment of the relevant markets prior to making any investment decision.
2
3. -Attorney Confidential-
Notice of investment interests
As of the publication date of this report, the Principals and Clients of Devonshire
Research Group LLC have a net short position in the stock, put options, bonds, and
credit swaps of Tesla Motors, Inc. and stand to realize gains in the event that the price of
the stock “TSLA” declines over the long run, or if investment sentiment improves the
appeal of an expected decline in any of its securities.
However, Devonshire recognizes that while the technology strategy of the Company
reflects a long term bearish outlook for Tesla Motors, Inc.’s security instruments, the
short term implication of powerful marketing, including the power of social media
tweeting by the CEO and his PR firm, well orchestrated and heavily blogged product
launches, and a deep and powerful short term media control and attention span, suggests
unpredictable short term volatility.
Principals and Clients of Devonshire Research Group LLC are short term volatility
oriented with a long term net short position across multiple security instruments.
3
4. -Attorney Confidential-
On humility:
4
It is unwise to be too sure of one’s own wisdom. It
is healthy to be reminded that the strongest might
weaken and the wisest might err.
-Ghandi
5. -Attorney Confidential-
Executive Summary
5
What kind of company is TSLA really? Few companies have ever managed such a broad scope of business models. Its
valuation multiples (when they can be calculated) lie well above its direct business model comparables
− TSLA is attempting more vertical integration than any auto company has recently tried
− TSLA trades at a higher revenue multiple than any related technology business
− TSLA’s only comparables in terms of multiple are business models that TSLA is not:
− Software companies: TSLA has low / negative margins and heavy fixed asset commitment
− Social media companies: TSLA has no network effects, no platform economics and high scaling costs
− Biotech or oil explorations companies: TSLA has high marginal costs for every unit it produces
TSLA has relied heavily on existing technology in designing a successful EV model, and while it may have generated some
valuable IP it now controls little of it and has questionable sustainable competitive advantage in technology
− TSLA’s patents cover battery-related technology and selected components but not battery cells
− TSLA’s patent holdings are dwarfed by its technology competitors, limiting its freedom to operate in the EV market
where its technology position is modest
− TSLA’s engineering talent is thin relative to competitors and many productive inventors have left
− TSLA’s valuable inventions can be readily copied by its EV competitors
− TSLA’s cost position is heavily dependent on its bargaining positions with strategic suppliers who have an incentive to
price aggressively for their advanced technologies
TSLA is not the green company it claims to be, with environmental risks at all stages of the vehicle lifecycle
− TSLA battery production requires the mining and use of numerous toxic chemicals
− TSLA EV production has a heavier carbon footprint than traditional vehicles
− TSLA vehicles consume lots of energy; battery charging shifts CO2 emissions from car engines to power plants
− Disposal of TSLA batteries at large scale will create a heavy toxic burden
6. -Attorney Confidential-
Executive Summary
6
What kind of company is TSLA really? Few companies have ever managed such a broad scope of business models. Its
valuation multiples (when they can be calculated) lie well above its direct business model comparables
− TSLA is attempting more vertical integration than any auto company has recently tried
− TSLA trades at a higher revenue multiple than any related technology business
− TSLA’s only comparables in terms of multiple are business models that TSLA is not:
− Software companies: TSLA has low / negative margins and heavy fixed asset commitment
− Social media companies: TSLA has no network effects, no platform economics and high scaling costs
− Biotech or oil explorations companies: TSLA has high marginal costs for every unit it produces
TSLA has relied heavily on existing technology in designing a successful EV model, and while it may have generated some
valuable IP it now controls little of it and has questionable sustainable competitive advantage in technology
− TSLA’s patents cover battery-related technology and selected components but not battery cells
− TSLA’s patent holdings are dwarfed by its technology competitors, limiting its freedom to operate in the EV market
where its technology position is modest
− TSLA’s engineering talent is thin relative to competitors and many productive inventors have left
− TSLA’s valuable inventions can be readily copied by its EV competitors
− TSLA’s cost position is heavily dependent on its bargaining positions with strategic suppliers who have an incentive to
price aggressively for their advanced technologies
TSLA is not the green company it claims to be, with environmental risks at all stages of the vehicle lifecycle
− TSLA battery production requires the mining and use of numerous toxic chemicals
− TSLA EV production has a heavier carbon footprint than traditional vehicles
− TSLA vehicles consume lots of energy; battery charging shifts CO2 emissions from car engines to power plants
− Disposal of TSLA batteries at large scale will create a heavy toxic burden
7. -Attorney Confidential-
Tesla wears many hats—does this large scope of functions justify its
“disruptive” reputation and corresponding market cap?
7
Automotive
Design /
Manufacture
Automotive
Components
Sales &
Service
Software
Business Function
Electric Utility88888888
Battery / Energy
Storage Provider
77777777
Automotive Dealer66666666
Electric Motor /
Powertrain Provider
55555555
Software Company33333333
Consumer Electronic
Device Maker
44444444
Systems Integrator22222222
Automotive
Manufacturer / Designer
11111111
SIC / NAIC Code
4931 / 2211
3691 / 335911
5511 / 441110
3714 / 336390
7372 / 511210
3571 / 334111
7373 / 541512
3711 / 336111
Nature of TSLA Involvement
Charging stations, battery swapping
Powerwall home battery, Gigafactory
Direct-to-consumer vehicle sales
EV powertrain design & manufacture
Autopilot, over-the-air updates, GUI
Control & sensor electronics
Assembly plant in Fremont, CA; network
of suppliers, retail stores, charging stations
Models S and X in production
Example Comps
Entergy, Edison, Ameren
A123, Panasonic, LG Chem
Sonic, Penske, CarMax
Magna, Denso, Delphi
Symantec, Microsoft, Oracle
LG, Toshiba, Sony, HP
Apple, IBM, Fujitsu
GM, Ford, Honda, VW
8. -Attorney Confidential-
Tesla is currently trading at a 7.0x revenue multiple—far above any
comparable except, at the extreme, a high-flying software company
8
Key financials across TSLA comps (EV in billion USD)
Tesla is not, and will not grow like, a software company—it is an automotive
company, and the automotive industry is mature and famously difficult to disrupt
Systems Integrator
22222222
Electric Motor /
Powertrain Provider
55555555
Software Company
33333333
Automotive Dealer
66666666
Battery / Energy Storage
77777777
Electric Utility
88888888
Consumer
Electronic Device Maker
44444444
Automotive
Manufacturer / Designer
11111111
Name EV/Rev EV P/E
GM 0.6 91 6
Honda 0.7 99 9
VW 0.7 159 7
Nissan 1.0 106 8
Daimler 1.0 173 8
Continental 1.1 47 13
Ford 1.1 162 7
AverageAverageAverageAverage 0.9 119 8
TeslaTeslaTeslaTesla 7.0 29 NM
Name EV/Rev EV P/E
Fujitsu 0.4 15 8
Hitachi 0.7 63 10
Cisco 2.0 100 12
IBM 2.0 165 10
Rockwell 2.2 13 18
Apple 2.5 585 11
Citrix 3.6 12 16
AverageAverageAverageAverage 1.9 136 12
TeslaTeslaTeslaTesla 7.0 29 NM
Name EV/Rev EV P/E
HP 0.2 22 7
Sharp 0.3 7 NM
LG 0.3 15 16
Toshiba 0.4 22 NM
Sony 0.5 37 18
Samsung 0.7 118 9
Canon 0.8 28 16
AverageAverageAverageAverage 0.5 36 13
TeslaTeslaTeslaTesla 7.0 29 NM
Name EV/Rev EV P/E
Symantec 1.7 11 16
Microsoft 4.0 351 18
Oracle 4.0 150 14
SAP 4.3 98 17
Intuit 5.9 26 27
Salesforce 7.1 48 69
Adobe 8.4 40 31
AverageAverageAverageAverage 5.1 103 27
TeslaTeslaTeslaTesla 7.0 29 NM
Name EV/Rev EV P/E
Magna 0.5 16 8
Valeo 0.7 12 13
Denso 0.8 33 13
Cummins 0.9 18 13
MAN 1.1 17 39
Delphi 1.5 23 11
Eaton 1.7 35 14
AverageAverageAverageAverage 1.0 22 16
TeslaTeslaTeslaTesla 7.0 29 NM
Name EV/Rev EV P/E
Sonic 0.3 3 9
Penske 0.4 8 10
Group 1 0.4 4 8
AutoNation 0.5 11 12
Asbury 0.5 3 10
Lithia 0.6 5 12
CarMax 1.4 20 16
AverageAverageAverageAverage 0.6 8 11
TeslaTeslaTeslaTesla 7.0 29 NM
Name EV/Rev EV P/E
Panasonic 0.3 20 14
Elentec 0.5 0 NM
Saft 1.0 1 13
LG Chem 1.0 17 14
EnerSys 1.1 3 14
Electrovaya 2.3 0 9
A123 - - NM
AverageAverageAverageAverage 1.0 7 13
TeslaTeslaTeslaTesla 7.0 29 NM
Name EV/Rev EV P/E
Entergy 2.3 26 14
FirstEnergy 2.5 37 12
Xcel Energy 3.1 35 18
Edison 3.2 36 18
Ameren 3.2 19 19
Natl. Grid 3.9 88 16
NextEra 4.7 83 19
AverageAverageAverageAverage 3.3 46 17
TeslaTeslaTeslaTesla 7.0 29 NM
9. -Attorney Confidential-
By valuation multiples, Tesla is comparable to a social media
giant—except that it lacks network effects or serious user traction
9
Name EV/Rev EV P/E
Yelp 2.2 1 40
SINA 2.7 4 36
LinkedIn 4.4 13 35
Twitter 4.9 11 34
Alphabet 5.6 420 21
Renren 16.2 1 NM
Facebook 16.3 293 34
AverageAverageAverageAverage 7.5 106 33
TeslaTeslaTeslaTesla 7.0 29 NM
Social Media
Comps derived from business model fail to support valuation Valuation-appropriate comp set?
Social media companies have… Tesla has…
VS
Network effects / tipping point economics Word-of-mouth marketing
A dominant platform used by an active user base A subreddit with 30k subscribers
A clear path to user base monetization No ability to sell product at a profit
10. -Attorney Confidential-
11
12
14
0
6
8
2
10
4
1
9
13
5
3
7 TSLA
Broadly speaking, Tesla’s multiple places it among industries that
rely on speculative future windfalls; true comparables lie far below
10*Source: Cognient Industry Valuation Multiples, Q3 2015
Distribution of median revenue multiples across non-financial industries
EV / LTM
Revenue
Percentile Rank
Real EstateReal EstateReal EstateReal Estate
BiotechBiotechBiotechBiotech
PharmaPharmaPharmaPharma
Software
AutomotiveAutomotiveAutomotiveAutomotive
Retail
Transportation Electric Utilities
Electrical
Equipment
Chemicals
Upstream OilUpstream OilUpstream OilUpstream Oil
Electronics
Where Tesla
Currently Is
Where Tesla
Should Be
Square
Twitter
11. -Attorney Confidential-
Executive Summary
11
What kind of company is TSLA really? Few companies have ever managed such a broad scope of business models. Its
valuation multiples (when they can be calculated) lie well above its direct business model comparables
− TSLA is attempting more vertical integration than any auto company has recently tried
− TSLA trades at a higher revenue multiple than any related technology business
− TSLA’s only comparables in terms of multiple are business models that TSLA is not:
− Software companies: TSLA has low / negative margins and heavy fixed asset commitment
− Social media companies: TSLA has no network effects, no platform economics and high scaling costs
− Biotech or oil explorations companies: TSLA has high marginal costs for every unit it produces
TSLA has relied heavily on existing technology in designing a successful EV model, and while it may have generated some
valuable IP it now controls little of it and has questionable sustainable competitive advantage in technology
− TSLA’s patents cover battery-related technology and selected components but not battery cells
− TSLA’s patent holdings are dwarfed by its technology competitors, limiting its freedom to operate in the EV market
where its technology position is modest
− TSLA’s engineering talent is thin relative to competitors and many productive inventors have left
− TSLA’s valuable inventions can be readily copied by its EV competitors
− TSLA’s cost position is heavily dependent on its bargaining positions with strategic suppliers who have an incentive to
price aggressively for their advanced technologies
TSLA is not the green company it claims to be, with environmental risks at all stages of the vehicle lifecycle
− TSLA battery production requires the mining and use of numerous toxic chemicals
− TSLA EV production has a heavier carbon footprint than traditional vehicles
− TSLA vehicles consume lots of energy; battery charging shifts CO2 emissions from car engines to power plants
− Disposal of TSLA batteries at large scale will create a heavy toxic burden
12. -Attorney Confidential-
Tesla’s patents focus on battery peripherals but do not address
battery cells, the key performance driver of their products
12
TSLA patent portfolio*: semantic map of 357357357357 patent documents
* Worldwide search of grants and applications,
collapsed to one document per distinct invention
13. -Attorney Confidential-
Tesla’s limited IP footprint is clearly evident in the broader scope
of automotive technologies—they are exposed in many key areas
13
Broad automotive space*: semantic map of 24,30224,30224,30224,302 patent families (past 10 years only)
TSLA patents
Non-TSLA patents
Key
* US grants in past 10 years on the topic of
motor vehicle or electric vehicle technology
15. -Attorney Confidential-
As a technology owner, Tesla’s patent holdings in key topic areas
are dwarfed by its direct competitors in the automotive space
15
Patent counts* in core automotive topic areas
* INPADOC families filed in past
20 years, worldwide patent search
16. -Attorney Confidential-
Within even the more narrowly specified electric vehicles space,
Tesla’s portfolio accounts for a small share of total R&D activity
16
Key
More EV patents
than TSLA
Fewer EV patents
than TSLA
TSLA
Electric vehicle* patent citation network
*Source: Search on electric vehicle keywords returning ~13k INPADOC families
filed in past 20 years. Chart shows assignees with 50+ patent families in set
17. -Attorney Confidential-
Tesla’s Model S battery technology builds on pioneering
innovation by EV competitors — these patents are still enforceable
17
Patent No. Title Inventors
Publication
Year CitationsAssignee
Method for adjusting battery
power limits in a hybrid EV to
provide consistent launch
William Cawthorne
Gregory Hubbard
US6868318B1US6868318B1US6868318B1US6868318B1 2005GM 257257257257
Interactive battery charger for
electric vehicle
Allan Gale
Michael Degner
US7679336B2US7679336B2US7679336B2US7679336B2 2010Ford 50505050
System and method for
minimizing energy
consumption in hybrid vehicles
James Hafner
Anthony Tomlin
US7013205B1US7013205B1US7013205B1US7013205B1 2006IBM 226226226226
Battery assembly system used
for electric vehicle
Minamiura Keiichi
Nakanishi Toshiaki
US6541151B2US6541151B2US6541151B2US6541151B2 2003Toyota 52525252
Method for resetting a state of
charge of a battery of a hybrid
electric vehicle
Jae Seung KooUS6841972B2US6841972B2US6841972B2US6841972B2 2005Hyundai 26262626
Battery unit mounting structure
for electric vehicle
Takasaki Seiichi
Shimura Nobuyuki
US7610978B2US7610978B2US7610978B2US7610978B2 2009Mitsubishi 55555555
Tesla has proudly Open Sourced and abandoned it’s Intellectual Property, but other
companies have not, and are under no obligation to abandon their rights
18. -Attorney Confidential-
Tesla has orders of magnitude less patent protection than
competitors in any of the related industries in which it participates
18
Automotive Manufacturer / Designer
Consumer Electronic Device Maker
Electric Motor / Powertrain Provider
Battery / Energy Storage
Tesla Motors
Software Company
Systems Integrator
* INPADOC families filed in past
20 years, worldwide patent search
10
100
1,000
10,000
100,000
100 1,000 10,000 100,000 1,000,000
CanonPanasonic
EnerSys
AdobeRockwell Automation
VW
Nissan
Honda
GM
Ford
IBM
TeslaTeslaTeslaTesla
Microsoft
Oracle
Symantec
SAP
Patent Count*
Sony
Samsung
Sharp
Salesforce
Magna
Toshiba
Cummins
Delphi
Daimler
Continental
Hitachi
Cisco
Apple
Citrix
Fujitsu
Intuit
Eaton
Denso
LG
HP
Saft Groupe
LG Chem
Valeo
MAN
TEV
(MM USD)
19. -Attorney Confidential-
Tesla’s small inventor group highlights their lack of R&D depth in
an industry with vast inventive resources
19
Tesla: 114 iTesla: 114 iTesla: 114 iTesla: 114 inventors with >2 patents Ford: 3245Ford: 3245Ford: 3245Ford: 3245 inventors with >2 patents
Inventor Co-Occurrence Networks
Beyond the overwhelming difference in scale, Tesla’s small core inventor team is a
source of fragility—R&D quality relies on the consistent output of a small talent base
20. -Attorney Confidential-
The core inventor team is fragile: of the 16 inventors with 5+ co-
authored patents, 10 have since left Tesla for other opportunities
20
Currently employed by TSLA
No longer employed by TSLA
Key
IP Counsel
21. -Attorney Confidential-
Why patents matter: battery and automotive technology is
complicated, and keeping up requires every advantage possible
21
TSLA battery patents: 9-grams in claim language
22. -Attorney Confidential-
Tesla’s technology would risk being copied even if it owned all the
patents assigned to it…but it has actually given its IP away
22
Patents have no value beyond the ability to enforce them; unless this is a PR platitude with no real-
world meaning, then TSLA has discarded a key source of competitive advantage
Translation: “please do not sue us, established auto manufacturers of the world!” Engineers do build
technology leadership, but IP (and the threat of mutually assured destruction) maintains it
23. -Attorney Confidential-
Tesla imports large volumes of strategic components in a supply
network that is volatile and poorly understood
23
Two 10x swings in
less than a year
25. -Attorney Confidential-
Tesla is increasingly dependent on battery and motor imports
25
The “smoking gun”: as
deployment of diverse
motor parts increases, the
probability of patent
infringement increases
The “smoking gun”: as
deployment of diverse
motor parts increases, the
probability of patent
infringement increases
26. -Attorney Confidential-
Tesla’s cost position is driven by negotiations with suppliers (e.g. Panasonic and
Fukuta) with incentives to charge high prices for advanced technologies
26
Supplier # bills Supplier # bills Supplier # bills
Constellium France Sas 67 Sanyo Electric Co. Ltd. (Panasonic) 521 Fukuta Electric & Machinery Co.,Ltd 251
Constellium Neuf Brisach 40 Lg Electronics Inc 54 Da Horn Refining Co., Ltd. 79
Constellium Singen Gmbh 23 Tesla Motors Netherlands 52 Faurecia (Wuxi) Seating Components 75
Toyota Tsusho Corporation 12 Amtek Plastic (Shenzhen) Ltd 49 Kuen Tong Industrial Co., Ltd. 62
Sanmina-Sci Enclosure System 11 Samsung Sdi Co.,Ltd 19 Ningbo Xusheng Auto Technology 60
Premo Mediterranee Sarl 7 Ningbo Jinyi Automotive Parts 10 Hongfujin Precision 41
King Lai International Co., Ltd. 2 Tesla Motors Ltd 7 Igarashi Electric Works Hk Ltd 38
Aleris Aluminium Duffel Bvba 1 Samsung Sdi Co.,Ltd. 5 Mabuchi Taiwan Co., Ltd. 35
Constellium 1 Tesla Motors Japan Kk 5 Amtek Plastic (Shenzhen) Ltd 34
Hunan Xiangtou Goldsky Titanium 1 Shenzhen Tat Fook Tech Co Ltd 4 Tesla Motors Taiwan Limited 28
Kobe Steel, Ltd. 1 Tesla Automobile Distribution 4 Semyung Industrial, Co., Ltd. 18
Kobe Steel,Ltd. 1 Atlasbx Co., Ltd. 3 Sixxon Precision Machinery Co., Ltd 16
Mga International 1 Tesla Motors Hk Ltd 3 Brembo Spa 15
Odawara Engineerinbg Co.,Ltd. 1 LG Electronics Inc 2 Faurecia (Yancheng) Automotive Syst 12
Sanmina-Sci Enclosure Systems 1 Aig Verpackungs Gmbh 1 Central Corporation 10
Shenzhen Meinie Tool & Die Co Ltd 1 Brabus Gmbh 1 Eaton Automotive Controls Ltd. 10
Srems Zhongshan Cenity Electronic 1 Galliker Transport Ag 1 Jiu-Bor Industrial Co.,Ltd. 9
Aluminum (for doors, hood, etc.) Batteries Motors & motor parts
Tesla does not own its IP, and worse, it doesn’t own the technology within its motors.
As soon as Tesla becomes profitable its margins will be drained by its vendor network
Basic industrial commodity Valuable semi-commodity Critical technology chokepoint
27. -Attorney Confidential-
Executive Summary
27
What kind of company is TSLA really? Few companies have ever managed such a broad scope of business models. Its
valuation multiples (when they can be calculated) lie well above its direct business model comparables
− TSLA is attempting more vertical integration than any auto company has recently tried
− TSLA trades at a higher revenue multiple than any related technology business
− TSLA’s only comparables in terms of multiple are business models that TSLA is not:
− Software companies: TSLA has low / negative margins and heavy fixed asset commitment
− Social media companies: TSLA has no network effects, no platform economics and high scaling costs
− Biotech or oil explorations companies: TSLA has high marginal costs for every unit it produces
TSLA has relied heavily on existing technology in designing a successful EV model, and while it may have generated some
valuable IP it now controls little of it and has questionable sustainable competitive advantage in technology
− TSLA’s patents cover battery-related technology and selected components but not battery cells
− TSLA’s patent holdings are dwarfed by its technology competitors, limiting its freedom to operate in the EV market
where its technology position is modest
− TSLA’s engineering talent is thin relative to competitors and many productive inventors have left
− TSLA’s valuable inventions can be readily copied by its EV competitors
− TSLA’s cost position is heavily dependent on its bargaining positions with strategic suppliers who have an incentive to
price aggressively for their advanced technologies
TSLA is not the green company it claims to be, with environmental risks at all stages of the vehicle lifecycle
− TSLA battery production requires the mining and use of numerous toxic chemicals
− TSLA EV production has a heavier carbon footprint than traditional vehicles
− TSLA vehicles consume lots of energy; battery charging shifts CO2 emissions from car engines to power plants
− Disposal of TSLA batteries at large scale will create a heavy toxic burden
28. -Attorney Confidential-
Finally, all-electric vehicles are not as sustainable as they may
seem; this is a serious brand risk and an unknown legal exposure
28
“ ”
Battery Sourcing Battery Charging Battery Disposal
“When a wire is connected to an
electric vehicle at one end and a
coal-fired power plant at the other
end, the environmental
consequences are worse thanworse thanworse thanworse than
driving a normal gasolinedriving a normal gasolinedriving a normal gasolinedriving a normal gasoline----poweredpoweredpoweredpowered
car…allcar…allcar…allcar…all----electric vehicles cause 86%electric vehicles cause 86%electric vehicles cause 86%electric vehicles cause 86%
more deaths from air pollutionmore deaths from air pollutionmore deaths from air pollutionmore deaths from air pollution
than do cars powered by regular
gasoline.“ -- Carnegie Inst. for Sci.
“Graphite…is mined and processed
in China where graphite pollution
has fouled air and water, damagedfouled air and water, damagedfouled air and water, damagedfouled air and water, damaged
crops and raised healthcrops and raised healthcrops and raised healthcrops and raised health
concerns…concerns…concerns…concerns…TeslaTeslaTeslaTesla’’’’s factory alones factory alones factory alones factory alone
could double demandcould double demandcould double demandcould double demand for graphite
in batteries.” -- Bloomberg
“Initial production of the vehicle
and the batteries together make up
something like 40 percent of the40 percent of the40 percent of the40 percent of the
total carbon footprint of antotal carbon footprint of antotal carbon footprint of antotal carbon footprint of an EVEVEVEV—
nearly double that of an equivalent
gasoline-powered vehicle.” -- EC
“The recovery rate of lithium ion
batteries, even in first world
countries, is in the single digit
percent range. Most batteries endMost batteries endMost batteries endMost batteries end
up in landfillup in landfillup in landfillup in landfill.” -- Tech Metals
Insider
“The extraction of lithium has
significant environmental and socialsignificant environmental and socialsignificant environmental and socialsignificant environmental and social
impactsimpactsimpactsimpacts, especially due to water
pollution and depletion.” -- EC
“The environmental impacts
include resource depletion, global
warming, and ecological toxicity —
primarily resulting from the
production, processing, and use ofuse ofuse ofuse of
cobalt and nickel metalcobalt and nickel metalcobalt and nickel metalcobalt and nickel metal
compoundscompoundscompoundscompounds, which can cause
adverse respiratory, pulmonary,respiratory, pulmonary,respiratory, pulmonary,respiratory, pulmonary,
and neurological effectsand neurological effectsand neurological effectsand neurological effects in those
exposed.” -- ABT Associates
“A carbon emissions surchargecarbon emissions surchargecarbon emissions surchargecarbon emissions surcharge [was]
slapped on…the Model S [in
Singopore for]…an equivalent CO2
emission of 222g/km. The
emissions were calculated using a
"grid emissions factor" [for]
emissions created by energy useemissions created by energy useemissions created by energy useemissions created by energy use …
when its battery converts electricity
into power” -- CNBC
29. -Attorney Confidential-
Pounds of toxic cobalt and unstable lithium are present in each
Tesla EV, and present a serious safety (as well as moral) hazard
29
From US20150111082A1: Cell Module Assemblies
Tesla Battery Pack
LithiumLithiumLithiumLithium
CobaltCobaltCobaltCobalt
Immediately dangerous to life and health at 20
mg / m3 (microgram / L)
A Tesla EV contains 18 pounds of cobalt
distributed throughout the battery cells
This toxic concentration of a dangerous heavyThis toxic concentration of a dangerous heavyThis toxic concentration of a dangerous heavyThis toxic concentration of a dangerous heavy
metal is core to Tesla vehicle performancemetal is core to Tesla vehicle performancemetal is core to Tesla vehicle performancemetal is core to Tesla vehicle performance
Lithium in damaged battery cells is known to
lead to spontaneous and violent explosions
The Model S stores 30 pounds of lithium in
cells with reduced individual safety features
What happens when aging Tesla batteries getWhat happens when aging Tesla batteries getWhat happens when aging Tesla batteries getWhat happens when aging Tesla batteries get
compacted and punctured in landfills?compacted and punctured in landfills?compacted and punctured in landfills?compacted and punctured in landfills?
Just as switching from tobacco cigarettes to e-cigarettes is still bad for your health,
switching from gas automobiles to electric vehicles is still bad for the environment
30. -Attorney Confidential-
On market price adjustments:
30
There’s a man goin’ round takin’ names.
An’ he decides who to free and who to blame.
Everybody won’t be treated all the same.
There’ll be a golden ladder reaching down.
When the man comes around.
-Johnny Cash