was "kicked off the throne" by BYD, Tesla's market value evaporated by more than 230 billion overnight, and Musk responded
On January 3, local time, Tesla's stock price suddenly plummeted!
As of the close of local time on January 3, Tesla's stock price closed at $238.45, down more than 4%. The total market value was 758 billion US dollars, and 32.4 billion US dollars (about 231.7 billion yuan) evaporated overnight.
On the news side, according to the reference news citing the website of the Wall Street Journal on January 3, Chinese automaker BYD's quarterly sales of pure electric vehicles surpassed Tesla for the first time and became the world's largest electric vehicle seller, which marks China's emerging strength in the global electric vehicle market.
"Walk the line"
Tesla's full-year sales slightly exceeded its target
On the evening of January 2, Tesla handed over a "barely good" delivery report card for the fourth quarter and full year of 2023. In the fourth quarter, Tesla delivered 484,500 vehicles worldwide, higher than the market estimate of 48.31 units, a year-on-year increase of about 20%, and produced about 495,000 vehicles, a year-on-year increase of 12.58%. So far, Tesla's global delivery results in 2023 have been released, with 1.81 million vehicles delivered for the whole year, a year-on-year increase of 38%, slightly exceeding the previous annual delivery target of 1.8 million vehicles.
For the full year of 2023, Tesla's production increased by 35% year-on-year to 1.85 million units, in line with Tesla CEO Elon Musk's minimum production guidance of 1.8 million to 2 million units. Tesla's fourth-quarter deliveries are typically the highest of the year, and 2023 is no exception, with fourth-quarter deliveries up 20% year-over-year.
Tesla's delivery announcement shows that in the fourth quarter of 2023, Tesla delivered 461,500 Model 3 and Model Y, and about 23,000 other models, both of which increased year-on-year.
Tesla delivered 422,900, 466,000, 435,100, and 484,500 electric vehicles in the first four quarters of 2023, respectively, and the delivery volume in the fourth quarter continued the growth trend in the fourth quarter of previous years.
For the full year of 2023, 1,739,700 Model 3 and Model Y were delivered, a year-on-year increase of 39%, and 68,900 other models were delivered, and Tesla's other models, including Model S and Model X, increased by 2,200 units in 2023 compared with 2022. In addition to these four models, on December 1, 2023, Tesla also opened the first deliveries of the Cybertruck, an electric pickup truck.
According to Tesla's latest 2023 delivery data, it can be guessed that the current delivery volume of the electric pickup Cybertruck is not large. According to the statistics of the three parties, the number of orders for Cybertruck pickup trucks has exceeded 2 million.
Market analyst Jairam Nathan lowered his forecast for Tesla's deliveries in 2024 to 2.04 million units from 2.14 million units. "In 2024, Tesla's average sales revenue per vehicle will decline by 4% year-on-year. Nathan said. In addition, a Wall Street analyst warned that Tesla is grossly overvalued and that its share price could eventually plummet by 65%.
"Kicked off the throne" by BYD
Elon Musk: Tesla is an AI/robotics company
However, even with the data of pure electric vehicles, Tesla has been "kicked off the throne" by BYD.
BYD's official data shows that in the fourth quarter of 2023, it sold more than 526,000 pure electric vehicles, while Tesla sold nearly 485,000 in the same period. For the full year, BYD sold nearly 1.6 million pure electric vehicles, an increase of more than 70% over 2022.
BYD produces a wider range of types of cars, including pure electric vehicles and hybrid vehicles (Tesla currently only has pure electric vehicles), so in terms of cumulative total sales throughout the year, BYD ranks first in China's new energy vehicle delivery list with 3.0244 million units, and surpasses Tesla, locking in the position of the global new energy vehicle sales champion. The change in sales rankings also reflects China's growing influence in the global automotive industry.
According to the analysis of Singapore's "Lianhe Zaobao" website, the reason why BYD was able to surpass Tesla in the fourth quarter of 2023 was mainly due to BYD's wider product line in China and lower prices.
The Paper quoted Wind information as saying that in 2024, Tesla may face more challenges. The reason is that the reduction of subsidies for electric vehicles in places such as the United States and Germany, as well as the stricter investigation of autonomous driving functions in various countries, may have an impact on their sales throughout the year.
On the social media platform X, some netizens compared Tesla and BYD, to which Musk responded that Tesla is more of an AI/robotics company than car companies.
Tesla fired the first shot of the 2024 "price war".
On the first day of the new year, Tesla has fired the first shot of the "price war" in 2024.
On January 1, 2024, Tesla officially announced a Model 3 rear-drive cash car insurance subsidy of 6,000 yuan, and at the same time launched a low-interest financial policy, which can save up to 23,000 yuan by buying Model 3/Y for a limited time. It is worth noting that in 2023, Tesla will also take the lead in firing the first shot of the price reduction wave at the beginning of the year.
Nezha Automobile followed suit and announced that it would be able to enjoy a 5,000 yuan Nezha New Year's exclusive red envelope gift for Nezha AYA/Nezha X/Nezha S/Nezha GT; FAW Toyota launched the "full system direct subsidy" policy, and all models can enjoy the purchase tax for a limited time, up to 5,999 yuan; Geely Emgrand L HiP The Champion Edition also launched a New Year's subsidy of 5,000 yuan, which can be superimposed with a cash subsidy of up to 14,000 yuan, while the Lynk & Co 09 directly reduced the price, and the official guide price of all models was reduced by 10,000 yuan, and the adjusted starting price was 247,900 yuan.
Hua Chuang Securities Research Report believes that because the price of joint venture vehicles and electric vehicles is still not to the end, and the space range is relatively large, it is expected that the price pressure in 2023 will continue in 2024.
The reporter noticed that most of the time-limited promotion policies launched by this round of car companies are concentrated on January 1, 2024 ~ January 31, and some of them are extended to before the Spring Festival in 2024. Compared with previous years, the Spring Festival in 2024 is relatively late, and it is also considered a big year for car market sales.
Cui Dongshu, secretary general of the National Passenger Car Market Information Association, believes that the later the Spring Festival, the longer the market boom period before the Spring Festival, the more it can bring about a strong pre-holiday consumption growth in the auto market.
From the current point of view, the price war in 2024 is still the main theme of the auto market. Ping An Securities Research Report predicts that the "price war" dominated by leading new energy vehicle companies will continue in 2024, especially in the mainstream price band of 100,000~200,000 yuan. In addition, the decline in battery costs also provides room for car companies to cut prices for new energy vehicles.
(This article does not constitute investment advice, and you do so at your own risk)
Edit|Duan Lian covers the source source
Proofreading|Liu Siqi
The daily economic news is synthesized from reference news, China Securities Journal, Jimu News, The Paper, Tesla's official website, Musk X account, every economic network (reporter: Duan Siyao), Finance Associated Press, public information, etc
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