Recently, Tesla CEO Elon Musk issued an all-staff email, announcing a 10% global layoff, affecting tens of thousands of employees. He admits that it was a difficult decision, but it had to be done to reduce costs and increase efficiency.
On the evening of April 17, Tesla's stock price fell, reaching about $153, down more than 60% from its all-time high. The overall market capitalization fell from $1.2 trillion to less than $500 billion, evaporating more than $700 billion. As a result, Musk's personal wealth has plummeted by about $160 billion (about 1.16 trillion yuan). As of Tuesday's close, Musk had $178 billion left in his net worth.
Tesla's sales data in the first quarter became the direct trigger for the stock price crash. According to the data, Tesla's deliveries in the first quarter were 386,800 vehicles, down nearly 9% year-on-year and more than 20% month-on-month. Analysts at JPMorgan Chase, a U.S. financial services institution, pointed out that the decline in deliveries was a decline in demand, and Steve Mann, an analyst in the automotive industry at Bloomberg, said that the Federal Reserve maintained high interest rates and repeatedly postponed the timing of interest rate cuts, which weakened consumer demand for commodities such as cars. At the same time, electric car manufacturers such as BYD have put a lot of competitive pressure on Tesla.
Tesla is a leading company in the new energy vehicle industry in the United States, with a strong brand influence and market share in the American market. Its high-performance, high-quality electric models are deeply loved by consumers. While the company has a global presence, Tesla's primary market is the United States. In 2020, the operating income of the United States accounted for 48.22% of Tesla's total operating income, and Tesla has also established a large number of charging stations throughout the United States to provide users with convenient charging services.
Tesla accounted for 16.01% of global NEV sales in 2020. In terms of the U.S. market, Tesla also has the highest market share among new energy vehicle companies, and its new energy vehicles accounted for 63% of new energy vehicle sales in the United States in 2020.
In 2020, BYD was the largest seller of new energy vehicles in China, accounting for 13.10% of the total new energy vehicle sales in China, while Tesla only accounted for 10.06% of China's new energy vehicle sales.
In terms of models, Tesla's Model 3 and Model Y models ranked among the top two in sales in 2020, accounting for 58% of the market share. From January to May 2021, the market share of the Model 3 and Model Y decreased to 58%.
In 2021, driven by the U.S. EV support policy, U.S. EV sales grew strongly. From January to May 2021 alone, U.S. electric vehicle sales reached 224,000 units, a year-on-year increase of 107%. As the U.S. EV market accelerates, there will be a large number of new models released in the future.
Michael Ashley Schulman, chief investment officer at investment firm Running Point, said the departure of two of Tesla's core executives was a "bigger negative signal" than the layoffs, indicating that Tesla faces serious headwinds during its growth phase. Experts point out that to turn things around, Tesla must get sales in the right direction again in addition to simply reducing labor costs.
Merrill Lynch predicts that Tesla's EV market share will drop sharply from the current 70% to 11% by 2025. The reason is that Tesla has not been able to expand its product portfolio quickly, while traditional automakers and emerging car companies are constantly improving their product lineups. Tesla's product line is becoming more and more prominent, and the two current best-selling models, the Model 3 and Model Y, were released in 2016 and 2019, respectively.
Wall Street is increasingly concerned about Tesla's near-term sales prospects. Wells Fargo analyst Colin Langan last month described Tesla as a "growth company without growth." And Musk has also previously said that Tesla is currently in the middle of two major growth waves.
Prospective Economist APP Information Group
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