{
  "docId": "019dd923-622c-750b-8b98-56362394aa64",
  "docSlug": "6dfd595fdfac",
  "documentTitle": "Ballard Power Systems (BLDP)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-01-25 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 34,
  "pageCount": 60,
  "prevPage": 33,
  "nextPage": 35,
  "slideType": "key_takeaways",
  "function": "summarize",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "Includes a red flag icon indicating a critical negative insight regarding Ballard's market position.",
  "elementsJson": [
    "headline_text",
    "bullet_list"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-56362394aa64/34",
  "deckHref": "/decks/019dd923-622c-750b-8b98-56362394aa64",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-56362394aa64.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-56362394aa64#slide-34",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "SAIC's choice of using Sunrise Power to supply the fuel cell stacks for the FCV80 again shows the strategic failure of Ballard's choice of partner",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0f19-73dd-8ea8-315b40776615",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.03,
        "x": 0.05,
        "y": 0.48
      },
      "kind": "image",
      "text": null,
      "attrs": null,
      "subkind": "icon-grid",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bc40f219-d6b6-404b-83bf-612ef29888c3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.9,
        "x": 0.05,
        "y": 0.75
      },
      "kind": "list",
      "text": "Dongfeng: Dongfeng, a SOE based in Wuhan, is the second largest automobile manufacturer and its joint venture partners include, Honda, Kia, Peugeot, and Renault. Based on investigators conversations with industry sources, we believe Dongfeng will build 250 – 300 FCV delivery vehicles in 2018. Equities analysts in China are estimating 400 have been produced to date and that an additional 2,000 will be built in 2018. We believe this is overstated. Ballard will supply the fuel cells and Shanghai Re-Fire will build the fuel cell engines.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "24de691e-e7e2-4191-9de6-6f27e7ba0572",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.58
      },
      "kind": "list",
      "text": "Yutong: Yutong in the largest bus manufacturer with 35% of the market. It is purchasing the fuel cell modules for its FCV buses from Sinohytec and currently building 100 fuel cell buses.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b1222200-36ef-4007-8842-c42c55e2a57a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.9,
        "x": 0.05,
        "y": 0.18
      },
      "kind": "list",
      "text": "SAIC: SAIC, an SOE, is the largest automobile manufacture in China and is Volkswagen's JV partner. SAIC will produce its first fuel cell vehicle, the FCV80, for use in SUVs in 2018. The car will be produced at the company's Shanghai location and the production line capacity is said to be 2,000 vehicles a year. The fuel cell stacks will be provided by Sunrise Power. SAIC's choice of using Sunrise Power to supply the fuel cell stacks for the FCV80 again shows the strategic failure of Ballard's choice of partner. Broad Ocean, despite providing the electric power train, could not get Ballard fuel cells into the model. It also shows how a subsidy driven market will favor domestic technology over imported technology.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c5b2e756-33dc-4788-ba1f-c87651886edb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.6,
        "x": 0.3,
        "y": 0.05
      },
      "kind": "title",
      "text": "Overview of Chinese Fuel Cell Vehicle Manufacturers – SAIC, Yutong, & Dongfeng",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b29671d6-c15d-4397-95fe-e1cfb80e9ea5",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}