Revenue fell 9%, net profit fell 55%!
Just now, Tesla delivered its worst record in 12 years.
Layoffs, plummeting sales, and Musk being investigated...... Recently, Tesla has been out of profits.
Subsequently, another "king bomb" was thrown out - the price of the whole system was reduced, and the Model 3 was almost 230,000!
Musk is going to "break the jar and break it", but the days are over?
No, the more ruthless is yet to come.
Tesla's "cheap car" may be coming!
Musk revealed this bombshell news in advance for the sake of the stock price.
Since 2024, Tesla's stock price has fallen by more than 43%, almost halved!
In the global market, Musk's new energy vehicle field, which is a bet on his life, is also experiencing a "big purge".
If you don't go crazy, you can't live!
Tesla is in urgent need of a big victory on the battlefield of new energy vehicles.
But at a time when Chinese automobiles are creating miracles, price cuts, large layoffs, and cheap cars ...... Can it really "save" Tesla, which is losing one after another?
01
Tesla's performance has exploded again!
Tesla announced its results for the first quarter of 2024 on April 23, local time, and all key indicators were lower than expected:
According to the financial report, Tesla's revenue in the first quarter of 2024 will be 21.3 billion US dollars, a year-on-year decrease of 9%, the largest decline in revenue in 12 years, and a net profit of only 1.1 billion US dollars, a sharp decrease of 55% year-on-year;
Negative free cash flow for the fiscal first quarter was $2.53 billion, compared to analysts' expectations of positive $653.6 million, and gross margin for the fiscal first quarter was 17.4%, down 199 basis points versus analysts' expectations of 16.5%.
In 2024, when the "tram reshuffle", the new energy vehicle giant ushered in the first quarter.
It is worth mentioning that after market rumors, explosive photos and parameter spoilers in the past few months, Tesla finally released a new Model 3 high-performance version of the Model 3 Performance on the official website in the United States.
It's a pity that even if Tesla chooses to release the new Model 3P before the earnings report, this performance beast still can't save the current Tesla.
The current situation is that Tesla, the former king of electric vehicles, has been defeated under the "encirclement and suppression" of China's new energy vehicles!
Tesla's largest auto segment in the first quarter was hit hard, with total revenue of $17.378 billion, down 13% year-on-year, and net profit down 55% year-on-year.
For a company mainly engaged in new energy electric vehicles, even if the service business is profitable, it cannot turn the tide of the bleak status quo.
Perhaps, Musk has known this for a long time, so he has frequent external price cuts after the holiday, and even "knives" on employees internally - 10% of employees.
The year-on-year decline was 8.3%, the quarter-on-quarter decline was as high as 20%, the first quarterly sales decline in the past four years, and the sales volume fell below 400,000, a new low in the past five quarters;
In fact, Tesla's delivery data for the first quarter of 2024 has long said this.
02
As of April 22, 2024, Eastern time, Tesla's stock price has fallen by more than 43% during the year, almost halving, and its total market value has evaporated by more than 320 billion US dollars (about 2.3 trillion yuan).
But last night, Tesla's stock price soared by more than 13% after hours, what is going on?
All because Musk mentioned: "The introduction of new and more affordable models will be accelerated".
I feel that Tesla has begun to adapt to the rhythm of A-shares, and the profits are exhausted, and if it does not rise a wave, how can it be worthy of the name of Musk, the richest man!
It's a pity that the Shanghai Gigafactory can only save Musk once, and China can't help Tesla and Musk this time!
The Shanghai Gigafactory is Tesla's first assembly line outside the country, which broke ground in January 2019 and was put into production and delivered at the end of December of the same year.
Shanghai has since become Musk's blessed land, and this factory is Tesla's savior.
Because at that time, Musk had been anxious about the production capacity of Model 3, and almost slept in the only Fremont factory in Silicon Valley.
If the production capacity cannot be increased, it will not be delivered, and Tesla, which has been rapidly depleted of funds, is facing a serious cash flow crisis.
On January 7, 2020, Tesla, which is positioned as comparable to Mercedes-Benz BMW, rolled off the assembly line and delivered its Gigafactory in Shanghai, China.
On that distant winter afternoon, in the face of the screams of fans one after another, Musk was in an extremely comfortable mood, took off his coat on a whim, and writhed on the stage. His posture was rather stiff, and his dance steps were slightly clumsy, but the excitement was palpable.
The commissioning of the Shanghai plant completely solved Tesla's production capacity crisis.
In 2019, Tesla produced a total of 365,000 vehicles. In the following three years, production increased sharply, from 509,000 (154,000), 930,000 (486,000) and 1,370,000 (725,000) respectively, of which the Shanghai plant became the absolute main force, and the proportion of production increased from 30% to 53%!
Since then, Tesla's stock price has risen steadily, and the market value has exceeded one trillion in 21 years, and Musk has begun to frequently ascend to the throne of the world's richest man.
03
Master Yi's long skills to control it!
Admittedly, Tesla is not the only one that will benefit, and this is a win-win project:
The Shanghai government has introduced a façade project and established the best investment image; Tesla has solved the long-standing production capacity problem and opened up the huge Chinese market by localization; and China's electric vehicle industry chain has begun to accelerate growth and growth with Tesla's entry, and has become the world's largest electric vehicle producer and exporter in just three years.
Last year, China exported 4.91 million vehicles, surpassing Japan for the first time and becoming the world's largest automobile exporter!
In 2023, the production and sales of automobiles in China will be 30.161 million and 30.094 million respectively, an increase of 11.6% and 12% year-on-year, respectively, of which the production and sales of new energy vehicles will be 9.587 million and 9.495 million respectively, an increase of 35.8% and 37.9% year-on-year, respectively, and the market share will reach 31.6%.
Ten years of hard work, in exchange for a smile today!
A hundred years ago, Mercedes-Benz invented the automobile, and a hundred years later, China's own brands "redefined new energy vehicles".
In the past 10 years, from no one to be favored, the domestic new energy vehicle market has undergone great changes, the current retail penetration rate of new energy vehicles has exceeded 50%, China's new energy vehicle companies are rapidly expanding the market scale, seizing the minds of users.
According to the latest data released by the Passenger Car Association, in the first half of April this year, the retail penetration rate of new energy vehicles was as high as 50.39%.
What does this mean?
"Oil and electricity are reversed"!
New energy vehicles are becoming the mainstream of the market, and for every two passenger cars sold, one is a new energy vehicle.
And this is 11 years ahead of the original 2035 node, and Chinese cars have created a miracle!
At present, China's new energy vehicle market accounts for more than 65% of global sales, and overtaking in corners is just around the corner, and a huge industrial chain and market are rising.
04
In 2023, China's total automobile output value will be 11 trillion yuan, accounting for nearly 10% of the country's GDP, surpassing real estate for the first time and becoming the first economic pillar.
The automobile manufacturing industry has many characteristics such as large industrial relevance, strong capital accumulation ability, and a large number of employed people, and it involves a wide range of industrial chains.
Whether it is horizontal energy, steel, metal manufacturing, chemical materials, electrical machinery, etc., or vertical financial services, wholesale and retail, transportation services, etc., they are all upstream and downstream industries that will be driven by the development of the automobile manufacturing industry.
It is precisely because of the "deep roots" that it is "solid".
The growth of China's new energy vehicles is inseparable from the strong support of the industrial chain. And this is the fundamental reason why Europe and the United States cannot compete with China in the new energy battle!
The automobile industry, the jewel in the crown of industry, has developed new energy vehicles through great changes unseen in a century, and has burst out with dazzling brilliance in China.
The persistence of old car companies such as BYD and Geely, the rise of new forces such as Wenjie, Ideal, and Zeekr, and the improvement of the technological experience of large manufacturers such as Huawei and Xiaomi with a keener sense of smell than traditional car manufacturers, and the creation of lofty business concepts, are challenging the mental highland occupied by German and Japanese car brands.
The advantages of joint venture brands are gradually being eroded, and their position is increasingly challenged.
Do you think that China is only the largest producer and sales of new energy vehicles? No, core components such as power batteries and high-power motors are also China's leading.
The power battery is represented by CATL and BYD, which firmly occupy the top two thrones in the world. The motor also has Inovance, Weiran Power, etc., which are at the forefront of the industry.
China's electric vehicles have even achieved reverse technology exports, with Volkswagen Group taking a stake in Xpeng Motors, Stellantis Group taking a stake in Leapmotor, Audi and SAIC Motor (600104. SH), and the two major European luxury brands will also buy Chery's high-end pure electric platform.
In the era of fuel vehicles, we have not kept up, and in the era of electric vehicles, no one has kept up with us!
There is no doubt that the development of new energy vehicles at an astonishing speed is a major victory for China's manufacturing industry, and it is well deserved to achieve lane change and overtaking.
After ten years of dormancy, the era of Chinese automobiles has finally come!
Don't forget to click "watching"
Resources:
"50% penetration rate is just an appetizer, new energy is an inevitable trend of automobiles", Finance Associated Press