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Tesla China official announced price reduction!

2024-05-30 Update From: AutoBeta NAV: AutoBeta > News >

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AutoBeta(AutoBeta.net)04/23 Report--

The Model 3, Model Y, Model S and Model X models are on sale on April 21, according to Tesla's official website. Among them, Model 3 starts at 231900 yuan, Model Y starts at 290900 yuan, Model S starts at 684900 yuan, Model X starts at 724900 yuan, and a total of nine versions of the above four models are reduced by 14000 yuan, which only involves price adjustment.

Yesterday, Tesla the United States also announced price cuts, including Model Y rear wheel drive version, long-range all-wheel drive version, high-performance version dropped to $42990, $47990, $51490. In addition, the Model S dual-motor all-wheel drive version and three-motor all-wheel drive Plaid version dropped to $72990 and $87990, while the Model X dual-motor all-wheel drive version and three-motor all-wheel drive Plaid version dropped to $77990 and $92990.

The United States and China are the two largest markets of Tesla in the world. According to the financial report, Tesla's annual operating income in 2023 was 96.773 billion US dollars, an increase of 18.8 percent over the same period last year, of which operating income in the United States was 45.435 billion US dollars, an increase of 11.5 percent over the same period last year, while operating income in China was 21.745 billion US dollars, an increase of 19.8 percent over the same period last year. Operating income in other regions was 29.793 billion US dollars, an increase of 30.9% over the same period last year.

Tesla announced price cuts in two major markets around the world, mainly due to sales pressure. Tesla maintained a leading position in the electric vehicle market until 2022, but since 2023, with the intensification of competition in China's electric vehicle market, Tesla's market pressure has increased significantly.

Under the attack of Chinese car brands, Tesla will be under more and more pressure. According to relevant data, Tesla's market share in China has dropped from 16% in 2021 to 7.8% by 2023. Even in the US market, Tesla's market share has dropped from 62% in 2022 to 55% in 2023. Tesla's dominant position in the electric vehicle market is weakening.

After entering 2024, Tesla's life is even more difficult. In the first quarter of this year, Tesla delivered 386000 new cars worldwide, down 8.5% from the same period last year and far below Wall Street's forecast of 449000. It is understood that this is the first time that Tesla's delivery has fallen below 400000 vehicles since the third quarter of 2022, and it is also the first quarterly delivery decline since the second quarter of 2020, when the decline was mainly due to the epidemic.

Affected by the performance, Tesla announced a 10% layoff on April 15. Musk announced the news in an internal email and social platform, saying it was "a decision I hate but had to make." It is understood that the layoffs are far more intense and faster than expected, especially in the Chinese market, where the proportion of Tesla layoffs is far more than 10%, and even as high as 50% in individual departments, but fortunately, Tesla's salary is higher, and Niss3's compensation may give some comfort to the laid-off employees.

In the announcement of layoffs, Tesla's share price plunged 5.59%, wiping out more than $30 billion in market value. Tesla's share price has fallen 40.82% since 2024, including 14.03% last week, with a total market capitalization of $468.959 billion, falling below the $500 billion mark.

Generally speaking, layoffs are the most direct way to reduce costs and increase efficiency, and it is not a bad thing for enterprises, but outsiders are more concerned about whether Tesla can achieve "cost reduction and efficiency" through layoffs. China, as the largest market for electric vehicles in the world, Tesla is the second largest automobile market in the world. Tesla's competitive advantage in the Chinese market is constantly weakening. competitors continue to export prices in order to seize the market, but also put more emphasis on the configuration of products, especially Xiaomi SU7, which is just listed on the market. Tesla also dragged down the company's profit margin because of continuous price reduction.

In fact, it is not just Tesla, under the successive "price war" in the car circle, consumers have gradually become accustomed to price reduction and promotion, which may not bring effective market reaction, because after each price reduction, there will still be lower prices, and consumers' wait-and-see mentality is very obvious. Therefore, under the background that Tesla's halo begins to dim, it is also unknown whether the price reduction can bring a good market response.

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