Source: Photo.com
Since 2024, major car companies in the new energy vehicle market have launched a price scuffle, and the magnitude and frequency of price reductions have overwhelmed car buyers and onlookers. Tesla is also involved.
Less than a month before the price increase on April 1, Tesla's official website in China announced on April 21 that the prices of all Tesla Model models in Chinese mainland were reduced by 14,000 yuan. At the same time, on April 20, the official website of the United States announced that the price of Tesla's Model Y in the United States has been reduced by $2,000, and the price of Tesla's Model Y model has been reduced to $42,990.
On April 24, Tesla released the latest discount on Weibo: the launch of a 0 down payment campaign, the preferential model is applicable to the order of the Model 3 and Model Y designated version of the existing car, and the discount time is until June 30. It's only been three days since the last big price cut for the whole range.
In addition, Tesla released its financial results for the first quarter of 2024. According to the financial report, Tesla's revenue in the first quarter was $21.3 billion, a year-on-year decrease of 9%; GAAP net profit was US$1.13 billion, down 55% year-on-year; Non-GAAP net profit was $1.536 billion, down 48% year-on-year.
A few days ago, Musk announced a 10% layoff in an all-staff email. He said the company grew rapidly, opening several factories around the world, but as it grew, there was duplication of roles and job functions in some departments. In order to prepare for the next phase of the company's growth, it is extremely important to focus on all aspects to reduce costs and increase efficiency.
It is worth noting that Tesla delivered 386,810 vehicles in the first quarter of this year, down 20.1% from the previous quarter and 8.5% from last year. Musk was revealed to have intended Tesla to lay off 20% of its workforce. Musk said the number of layoffs should be matched by the decline, according to people familiar with the matter.
Overall, in China, the world's largest auto consumer market, Tesla is also facing a tough competitive situation.
The penetration rate of new energy vehicles is rising rapidly
With the gradual development of the new energy vehicle industry, in 2014, private purchases of new energy vehicles began to appear in the mainland, which also opened the first year of new energy vehicles in the mainland. In November 2015, the production and sales of new energy vehicles in mainland China accounted for more than 1% in the overall automotive industry for the first time, and mainland China also became the world's largest new energy vehicle market in this year. According to the latest data released by the China Association of Automobile Manufacturers, the market penetration rate of new energy vehicles in mainland China (the proportion of new energy vehicle sales in the country's total automobile sales) reached 27.6% in 2022, a significant increase from 2021.
The production capacity of representative enterprises of new energy vehicles in China
From the perspective of production capacity, the following table shows the number of factories under construction and existing factories of the leading new energy vehicle manufacturers in mainland China. Among them, Xiaopeng and Li Auto have a large number of production bases, both reaching 5. NIO's Xinqiao Smart Electric Vehicle Industrial Park has a large production capacity, with a single industrial park capacity of 1 million units, compared to the production capacity of most new energy vehicle production bases between 100,000 and 400,000 units.
China's new energy vehicle production forecast
New energy vehicles are the main development direction of the global automotive industry. In the first 11 months of 2023, the output of new energy vehicles in mainland China reached 8.426 million units, and according to national policy planning and market trends in recent years, it is expected that the output of new energy vehicles in mainland China will exceed 30 million units by 2029, which will drive the continuous growth of the market demand for welding robots.
Through the calculation data and the analysis of the five forces model, the Qianzhan Industry Research Institute knows:
Overall, potential competitors in the new energy vehicle industry pose a greater threat. From the perspective of alternatives, the alternatives of new energy vehicles are fuel vehicles and public travel modes.
In the long run, it is the general trend for traditional fuel vehicles to be replaced by new energy vehicles, so the threat is not great. Public transportation may have a certain impact on new energy vehicles. Especially in areas where public transportation is more developed, some consumers believe that there is no need to purchase new energy vehicles, so public travel modes may pose a certain substitution threat to the new energy vehicle market.
In addition, Yin Tongyue, chairman of Chery, talked about the price war of car companies in 2024, pointing out that the price war makes enterprises very passive, and if car companies do not fight, they may lose this part of the market. Yin Tongyue said that the price reduction is the ability to fight downward, and car companies still have to fight upward, and there is a lot of room for upward.
Prospective Economist APP Information Group
For more research and analysis of this industry, please refer to the "Analysis Report on Market Prospect and Investment Strategic Planning of China's New Energy Vehicle Industry" by Qianzhan Industry Research Institute
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