AutoBeta(AutoBeta.net)12/03 Report--

The subsidy policy for the purchase of new energy vehicles will officially end on December 31, and Tesla officially launched a variety of preferential policies before the state subsidy retrogression. Consumers who buy existing cars in December and pick up their cars on schedule will receive an insurance subsidy of 4000 yuan, while consumers who place self-help orders online to order Model 3 or Model Y models and complete delivery will receive a bonus of 20, 000 "treasure chest" points, which can be exchanged for gifts such as 5000 km mileage limit and roof luggage rack, Tesla official said on December 2.

Since September, Tesla China has repeatedly launched preferential insurance subsidy programs and price reduction adjustments. According to previous reports concerned by the automobile industry, on September 16, Tesla launched car owners who delivered domestic Tesla Model 3 and Model Y from September 16 to September 30, 2022. If they choose to buy Tesla's in-store insurance, and the insurance includes compulsory insurance and car damage insurance, they can enjoy an insurance subsidy of 8000 yuan. The insurance subsidy is in the form of a direct reduction of the car price of 8000 yuan at the time of delivery. Tesla announced that all Model3 and ModelY models (only applicable to unlicensed vehicles) will be ordered and delivered between October 1 and December 31, 2022, and car owners will enjoy an insurance subsidy of 7000 yuan if they choose to purchase corresponding insurance through Tesla's cooperative insurance institutions. Tesla lowered the price adjustment of Model3 and ModelY on sale in Chinese mainland area on October 24, bringing the starting price of the adjusted Model3 model to 265900 yuan. The starting price of Tesla's ModelY model is 288900 yuan (all after subsidies), of which Model3 and ModelY drop by 1.4-18000 yuan and 2.0-37000 yuan respectively. On November 8, Tesla issued another poster saying that from November 8 (inclusive) to November 30 (inclusive), the final payment can be reduced by 8000 yuan if he buys the car insurance combination of existing cars and cooperative insurance institutions and completes the car pick-up on schedule. From December 1st (inclusive) to December 31st (inclusive), the final payment can be reduced by 4000 yuan.

In response to Tesla's successive launch of heavyweight price cuts and promotions in the Chinese market in the past three months, the industry generally believes that, on the one hand, it is related to the upgrading of the production line of Tesla's Shanghai super factory and a substantial increase in production capacity. According to the China Banking International report, Tesla's Shanghai factory has a production capacity of about 87700 vehicles in October 2022, which is about 16000 vehicles higher than the delivery volume, and the gap between production and sales is relatively large. Since the transformation and upgrading of the Shanghai factory was completed in July this year, the production capacity of the factory has been increased to 1.1 million vehicles, an increase of about 127% over the same period last year. From January to October 2022, Tesla delivered a total of about 335000 new cars in the Chinese market, an increase of only 53.5% over the same period last year. There is a significant gap between production and sales growth. On the other hand, in order to sprint delivery volume to meet the annual target, official figures show that Tesla delivered a total of 908000 new cars worldwide in the first three quarters of 2022, accounting for only 60.53% of 1.5 million annual sales.

However, Automotive Industry concern noted that Tesla's price adjustment is not limited to the Chinese market. Tesla ModelY and Model3 began a round of price cuts in the US market in December, with a range of $3750 (26300 yuan), according to several media reports. Tesla said that the discount is a time-limited special offer, and car owners need to pick up their cars within December of 2022 to enjoy the relief, while the $3750 is exactly half of the US $7500 limited tax credit for new energy vehicles, which will take effect in January. Relevant media believe that Tesla's price reduction in the US market may be affected by the current high-intensity competition in China's electric vehicle market.

According to "Automotive Industry concern" statistics, the decline of national subsidies is approaching, in the domestic market, in addition to Tesla, a number of auto companies have launched different promotional measures to attract consumers to buy cars, in order to grab more orders. Among them, Tesla, Electric Horse and Mercedes-Benz chose to reduce vehicle prices; Xiaopeng Motor, Changan Automobile, AITO Boundary and Geely Motor adopted time-limited price protection policy; Lantu Automobile launched "Land compensation" and issued an order Lan FRE on December 31, 2022. Lan FRE will provide local financial subsidies of up to 30000 yuan.

In addition, BYD, GAC Ean and Skyline Motors stimulate sales through "alternative" programs-price increases, in which BYD will increase 2000 yuan to 6000 yuan for dynasty, ocean and momentum-related new energy models. GAC Ean will increase its models by 3000 to 8000 yuan. Both car companies say that owners who pay a deposit before January 1, 2023 will not be affected by the price increase. Skyline will increase the guiding price of its products by 5000 yuan to 8000 yuan next year, and the specific model price adjustment and the timing of the adjustment have not been announced. At the same time, Skyline officials said that the car will be booked before January 15, 2023. Skyline can be subsidized differently in accordance with the 2022 subsidy policy, and can enjoy a car purchase subsidy of up to 12600 yuan. As for the three car companies announced that the price increase is mainly due to the state's abolition of subsidy policy, battery raw material prices rose sharply.

No matter what kind of promotion plan car companies adopt, the actual purpose is to stimulate sales. According to the Forecast of the Federation of passengers, the retail sales of domestic narrow passenger cars in November 2022 are expected to be 1.86 million, an increase of 2.4% over the same period last year and 0.9% compared with the same period last year. Retail sales of new energy vehicles are expected to be 600000, up 58.5% from the same period last year, 8.2% from the previous month, and 32.3% from the previous year. In addition, the China Automobile Association predicts that the cumulative sales of new energy vehicles in China may exceed 6.5 million in 2022.

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