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The highest drop of 11.9%, Tesla Hong Kong price reduction?

2024-07-14 Update From: AutoBeta autobeta NAV: AutoBeta > News >

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AutoBeta(AutoBeta.net)07/31 Report--

A number of Tesla's Model 3 and Model Y models will be cut again in Hong Kong, China, on Aug. 4, following the price adjustment on April 15, with some models falling by as much as 11.9%, the Financial Associated Press reported on July 31.

Pictures circulated on the Internet show that the standard version of Tesla Model 3 rear drive is reduced by 5.98%, the latest price is 320800 Hong Kong dollars, or about 293800 yuan; the long-lasting version is down 8.71%, the latest price is 364700 Hong Kong dollars, about 334100 yuan; and the high-performance version is down 11.91%, the latest price is 387800 Hong Kong dollars, about RMB 355,200 yuan Tesla Model Y rear-drive standard version dropped 5.99%, the latest price is 345100 Hong Kong dollars, about 316100 yuan; long-lasting version down 11.65%, the latest price is 406100 Hong Kong dollars, about 372000 yuan; high-performance version dropped 11.34%, the latest price is 431900 Hong Kong dollars, about 395,600 yuan.

According to Hong Kong media statistics, since 2019, the prices of Tesla Model 3 and Model Y have dropped significantly compared with their peak in July 2022. According to sources, after the price reduction, the price of Tesla's Hong Kong model is the same as that in the United States and other markets.

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However, as of press time, Tesla officials did not respond to the above news.

On April 15, Tesla Hong Kong announced a price adjustment of up to 14% for the Model 3 and Model Y models. Among them, the largest price adjustment reduction is Model 3 Performance, "one for one" price from 440335 Hong Kong dollars, a decrease of 14.7%, followed by Model 3 long-lasting version, "one for one" price is 399485 Hong Kong dollars, a decrease of 11.06%. As for the long-lasting version of Model Y and the Performance version, the prices are reduced by 8.7% and 9.03% respectively, starting from HK $459685 and HK $487205 respectively. In short, it means that of the six models in Tesla's Hong Kong market, only the Model 3 and Model Y rear-drive versions remain at the same price, starting at HK $341200 and HK $367100 respectively.

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In fact, for Tesla's price reduction, Tesla CEO Elon Musk had early "notice". At the earnings meeting in the second quarter of this year, Musk said that if the macroeconomic environment is unstable, Tesla may continue to cut prices, and stressed again: "I think it makes sense to sacrifice profit margins to produce more cars."

On July 20, Tesla released his financial results for the second quarter of 2023. According to the financial report, Tesla's total revenue in the second quarter was $24.927 billion (about 180.1 billion yuan), up 47% from a year earlier, a record high and higher than the market expectation of $24.51 billion, while the net profit of returning home was $2.703 billion, up 20% from the same period last year. It should be noted that Tesla's second-quarter revenue growth of nearly 50%, but the profit level has declined for three consecutive quarters, the second-quarter gross profit margin fell to 18.2%, lower than market expectations of 18.8%, the lowest level in three years. However, the decline in Tesla's profit margin is also to be expected. During the year, Tesla significantly reduced the price of its models in China, Japan, South Korea, the United States, Europe and other countries and regions. The price reduction of the model also directly led to the decline of Tesla's profit margin. Tesla also explained the reason for the decline in profit margins, saying that it was because the company's measures to boost sales through price cuts had hit profit margins.

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And the price reduction strategy initiated by Tesla has indeed brought a significant increase in its sales. According to the data, Tesla produced a total of 479700 new cars worldwide in the second quarter, an increase of 86 percent over the same period last year, of which 19400 were Model Spicer X models and 460200 were Model 3Unip Y. a total of 466100 new cars were delivered, an increase of 83 percent over the same period last year, of which 19200 were delivered by Model Splash X and 446900 by Model 3Universe Y. This is Tesla's output and delivery volume of more than 400000 vehicles for three consecutive quarters.

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On July 1 this year, Tesla launched the new Model Splash X existing car incentive, which can enjoy preferential benefits ranging from 35000 to 45000 yuan. After the discount, the starting price of Model S is 773900 yuan and that of Model X is 863900 yuan. On July 9, Tesla once again announced the incentive policy, including introducing friends to buy Tesla and picking up the car during the validity period of the order, 7000 points for Model 3max Y order and 48000 points for Model Smax X car order. The industry believes that the so-called incentive rules are actually price cuts in disguise.

"Automotive Industry concern" believes that to some extent, the price reduction also reflects Tesla's urgent need to exchange profits for sales. For Tesla, "price for volume" is still its main sales means, and the possibility of further price reduction will not be ruled out in the future.

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