Hi Leute,
melde mich nach längerer Abwesenheit mal wieder im Board. Dafür habe ich auch eine wunderschöne Nachricht aus California, es geht voran, die 10%-ZEV-Quote bei Neuzulassungen in Kalifornien sind nochmals bestätigt worden. Daraufhin wurde die Aktie von Credit Suisse First Boston, eine der grossen Investmentbanken, auf `Strong Buy` mit Kursziel 170 $ gesetzt. Aber das mit dem Strong Buy wussten wir eh schon...
@an die Münchener Fraktion:
wäre auch gern dabei, der Job lässt es aber leider nicht zu. Aber wie ich Euch kenne, gibt es einen detaillierten Besuchsbericht noch in dieser Woche, gell
?So, aber jetzt der Artikel:
Morning Comments from CREDIT SUISSE FIRST BOSTON
By: CREDIT SUISSE FIRST BOSTON
9/11/00 7:18:37 AM
Morning Call:
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Ballard Power Systems, Inc.
CARB upholds ZEV mandate. Upgrading to Strong Buy.
The California Air Resources Board has maintained their Zero Emission Vehicle (ZEV) mandate following their biennial review of the policy.
The legislation states that 10% of automakers’ light and medium-duty vehicle unit sales must qualify as zero emission vehicles by 2003 in the state of Cali-fornia.
The CARB received over 75,000 letters of support to uphold the mandate in its current form and a recent survey found that 1/3 of new car buyers in California would purchase a cost competitive electric vehicle if more of them were made available.
The result of the biennial review is positive for Ballard, as fuel cell vehicles are the leading technology actively being developed that qualify as pure zero emis-sion vehicles.
Following the biennial review of the Zero Emission Vehicle (ZEV) legislation, the California Air Resources Board (CARB) has maintained their ZEV mandate, which states that 10% of automakers’ light and medium-duty vehicle unit sales must qualify as zero emission vehicles by 2003 in the state of California.
Auto manufacturers can meet the current 10% ZEV requirement by producing battery-powered electric vehicles, hybrid-electric vehicles (HEVs), fuel cell vehi-cles, and extremely low-emitting conventional vehicles (super-ultra-low-emission vehicles, or SULEVs). However, the large-volume manufacturers must meet at least 40% of their obligation (or 4% of sales) using pure ZEVs, that is, vehicles that have zero exhaust and evaporative emissions. At present, fuel cell vehicles are the leading technology actively being developed that qualifies as pure zero emission vehicles. The remaining 60% of an automakers obligation (or 6% of unit sales), can contain vehicles that receive partial ZEV credit, such as SULEVs, HEVs, and fuel cell vehicles that use an on-board reformer.
The CARB received over 75,000 letters of support to uphold the mandate in its current form and a recent survey found that 1/3 of new car buyers in California would purchase a cost competitive electric vehicle if more of them were made available.
Upgrading to Strong Buy
The result of the biennial review is positive for Ballard, as they are the world’s leading fuel cell developer, particularly for transportation applications. As a result of the outcome of this review, the development path for fuel cell technology as it pertains to transportation applications has been further clarified, and a potential slowing mechanism (if the rules had been softened) with respect to its future adoption has been removed. The upcoming demonstrations that we expect to take place as part of the California Fuel Cell Partnership will only increase the spotlight and consumer awareness on this technology. We are upgrading our recommendation on BLDP to Strong Buy from Buy and maintain our US$170 tar-get price. N.B.: CREDIT SUISSE FIRST BOSTON CORPORATION may have, within the last three years, served as a manager or co-manager of a public offering of securities for or makes a primary market in issues of any or all of the companies mentioned.
Ciao