Image source: Photo.com
At present, the rapid growth of new energy vehicles in China, especially BYD, has threatened Tesla's position as the global leader in electric vehicles. At the same time, BYD fired the first shot of price reduction in 2024 and launched a model of 79,800 yuan, so that Tesla's "$25,000 low-cost electric vehicle" plan did not know where to go. A few days ago, Reuters revealed that Tesla will cancel the production of the entry-level model Model 2 and instead focus on the development of self-driving taxi Roboride. Subsequently, Tesla CEO Elon Musk posted an article to refute the rumors: "This is fake news. ”
In response to the news, Tesla founder and first CEO Martin Eberhard said that Tesla's abandonment of low-cost car plans is a "shame", but it is also a sign that China will have the opportunity to expand in this area.
Recently, according to electric vehicle media Electrek, although Musk previously refuted rumors that Tesla would abandon its low-cost electric vehicle plan, Tesla did put aside its upcoming $25,000 electric car (the entry-level model Model 2), which is codenamed NV9.
According to people familiar with the matter, Electrek can confirm that the project has been postponed. Musk may be upset by claiming that the project was canceled, but the project has effectively been shelved for now as Tesla puts all of its resources into self-driving work.
According to people familiar with the matter, Musk informed the Austin Tesla team in December 2023 that the NV9 is an expansion of the Gigafactory, Texas, to produce cheaper next-generation new models, and is a top priority in 2024. However, the project was recently forced to terminate due to the cancellation of financial support, and just yesterday in a new round of layoffs, many of the people involved in the project were also laid off. Instead, Musk said Tesla is focusing on the southern expansion of the Gigafactory in Texas to provide a huge data center for the Robotaxi project.
Looking back at the development of the electric vehicle industry from "Tesla postpones 'low-cost electric vehicle plan'":
- Global sales of electric vehicles
According to data released by EV Sales, global electric vehicle sales are growing rapidly, thanks to the excellent performance of the United States, Europe, and especially China. In 2020, global electric vehicle sales hit a record high, with more than 3.24 million units delivered, a year-on-year increase of 43%, continuing the rapid year-on-year growth in 2019, which in turn contributed to the global electric vehicle sales accounted for 4.2% of global vehicle sales.
According to the IEA's Global Electric Vehicle Outlook report, global electric vehicle sales reached 6.6 million units in 2021.
In the U.S. market, policy support has accelerated the growth of electric vehicle sales in the U.S. In the first quarter of 2021, U.S. electric vehicle sales reached 125,000 units, up 62% year-over-year, and the EV penetration rate also increased to 3.4%.
- Global electric vehicle penetration rate
Bank of America Global Research predicts that the global penetration of all electric vehicles, including battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs), will rise from 23% to 67% between 2025 and 2040.
Goldman Sachs pointed out that the base case is still forecast for electric vehicle sales to increase by 21% year-on-year in 2024, but now the possibility of a pessimistic scenario is increasing, according to which electric vehicle sales are expected to decline by 2% year-on-year in 2024.
Goldman Sachs noted in the report that they are increasingly bullish on the prospects for hybrid/plug-in hybrids, and that sales of hybrids and plug-in hybrids have been accelerating amid a slowdown in EV sales. In the U.S., growth has outpaced electric vehicles over the past few months, and global sales of hybrid vehicles could exceed expectations by 1 million to 2 million units.
Prospective Economist APP Information Group
For more research and analysis of this industry, please refer to the "Global Electric Vehicle Industry Development Prospect and Investment Forecast Analysis Report" by Qianzhan Industry Research Institute.
At the same time, the Prospective Industry Research Institute also provides solutions such as industrial big data, industrial research reports, industrial planning, park planning, industrial investment, industrial mapping, smart investment promotion system, industry status certificate, IPO consulting/fundraising and investment feasibility study, and specialized and special new small giant declaration. To quote the content of this article in any public information disclosure such as prospectus and annual report, formal authorization from Qianzhan Industry Research Institute is required.
More in-depth industry analysis is available in the [Prospective Economist APP], and you can also communicate and interact with 500+ economists/senior industry researchers. More enterprise data, enterprise information, and enterprise development are all in the [Qichamao APP], the most cost-effective and most comprehensive enterprise query platform.