通用汽车值得买入；凭借更优的卡车产品线以及电动车强制要求放宽后略好的估值，其相较福特更受青睐。
逐段跳播
福特汽车公司和通用汽车公司是两家美国汽车巨头。销售额正逼近1900亿美元。但在当前市场价格下，这两家之中哪一家是更好的投资？
Ford Motor Company and General Motors Company are two American automotive giants. Sales are approaching a hundred and ninety billion dollars. But which one of these two is a better investment at current market prices?
回顾过去十年，福特汽车和通用汽车公司的销售趋势看起来几乎一模一样。通用汽车为1860亿美元。
Sales trends look almost identical for Ford Motor and General Motor Company looking back over the previous decade. a hundred and eighty-six billion dollars for General Motors.
所幸，关税把中国汽车挡在了美国之外，这让福特和通用汽车得以在美国保持强劲的市场份额。你可能会惊讶地发现，福特和通用汽车在过去十年里从未报告过两位数的营业利润率，一次都没有，没有一年做到过。
Thankfully, tariffs have kept Chinese cars out of the United States and that's allowed Ford and General Motors to keep strong market shares here in the states. You might be surprised to know that Ford and General Motors they haven't reported an operating profit margin in the double digits in the previous decade, not once, not one single year.
如今，通用汽车在2021年接近了10%的利润率。
Now, General Motors approached a 10% margin in 2021.
但回顾一下营业利润率，那曾是通用汽车接近10%的峰值。
But look back at the operating profit margin that was the peak at near 10% for GM.
但我最近上调了评级。福特和通用汽车是我最近上调为买入机会的两家公司，原因是一些有利于它们的动态变化，最显著的是美国政府推动电动汽车的这一推力被取消，这一直是福特和通用汽车的重大负面因素，但美国政府最近取消了它。因此，这些对福特和通用汽车都是利好。
but I recently made upgrades. Ford and GM were two companies that I recently upgraded to buying opportunities as a result of some changing dynamics that work in their favor, most notably the removal of this push, this force from the United States government to electric vehicles that had been a significant negative for Ford and GM, but the US government removed that recently.
And so those have been positive for Ford and GM.
通用汽车的重型卡车产品线。美国人大量购买这些重型卡车、这些油老虎，而美国的产业政策让福特和通用汽车更难有利可图地销售这些车。
GM's heavy truck lineup. That's what Americans buy a lot of these heavy trucks, these gas guzzlers, and the industrial policy in the United States was making it more difficult for Ford and GM to sell those cars profitably.
通用汽车的远期市盈率为5.8。同样，这是因为汽车行业不是一个利润丰厚的行业，所以你很少看到汽车公司以溢价估值交易。除非你能说服投资者你是一家AI和机器人公司，否则作为一家汽车公司你无法获得溢价估值，对吧？
你得有一位非常厉害的销售型CEO才能让投资者相信这一点。福特和通用汽车一直没能做到，所以它们的估值一直停留在个位数。
forward price to earnings for 5.8 for GM. Again, it's because the car industry is not a lucrative industry, and so you rarely see car companies trading at premium valuations. Not unless you're able to convince investors that you're an AI and robotics company, can you earn a premium valuation as a car company, right?
You've got to have a really strong salesman as a CEO to be able to convince investors of that fact. Ford and GM haven't been able to do that, so their valuations have remained in the single digits.
如果我必须在这两家公司中选一个，记住我现在把这两家都评为买入机会，所以你不必只选其中一家。如果你有兴趣，你可以把购买金额分成两份，两家都买。
If I had to pick one of these two, now remember I have them both ranked as buying opportunities right now, so you don't have to pick just one of them. If you're interested, you can get split your purchase in two and buy both of them.
但是，如果我必须只选一个，我想我会选通用汽车。这会是个艰难的选择，但我会选通用汽车，因为我更喜欢该公司的卡车产品线，胜过福特的卡车产品线。
But, if I had to pick just one, I think I would pick General Motors. It would be a close call, but I would pick General Motors because I like the company's truck lineup better than Ford's truck lineup.
当我说卡车时，我把SUV也包括在内，普通卡车和SUV。总体而言，我更看好通用汽车的这一产品线。这正是目前需求很高的东西，这类车辆，而且通用汽车的估值略具吸引力。
And when I say truck, I'm including SUVs in that mix, regular trucks and SUVs. Overall, I like that lineup better for General Motors. That's really what's highly in demand right now, those kinds of vehicles, and the valuation is slightly more attractive for General Motors.
这个频道对 $GM 的历次判断
Parkev Tatevosian, CFA 在这只股票上只有这一条判断。