AutoBeta(AutoBeta.net)05/05 Report--

In the middle of last month, Tesla shocked investors by releasing results for the first quarter of 2023. According to the data, Tesla achieved revenue of US $23.329 billion in the first quarter, up 24% from the same period last year; net profit was US $2.513 billion, down 24% from the same period last year; gross profit was US $4.511 billion, down 17% from the same period last year; and the total gross profit margin was 19.3%, down more than 9.77% from the same period last year. Free cash flow was $441 million, down 80% from the same period last year. Subsequently, Tesla CEO Elon Musk began to push up the prices of all models.

On May 5, Automotive Industry concern learned from Tesla's official website that Tesla's new Chinese Model S and brand-new Model X models were raised by 19000 yuan.

Tesla China shows that the price of the Model S dual-motor all-wheel drive version is adjusted from 789900 yuan to 808900 yuan, the Model S Plaid three-motor all-wheel drive version is adjusted from 1.0099 million yuan to 1.0289 million yuan, the Model X dual-motor all-wheel drive version is adjusted from 879900 yuan to 8989 thousand yuan, and the Model X Plaid three-motor all-wheel drive version is adjusted from 1,039 900 yuan to 1,0589 thousand yuan. According to the official website, the delivery time of both models is in the second quarter.

After this price adjustment, the starting price of Model S is 808900 yuan and that of Model X is 898900 yuan. The Model S and Model X are Tesla's first models to enter China, both of which are imported into the domestic market. Compared with the domestic Model 3gamma Model S and Model X, which are positioned as millions of high-end luxury cars, and because of their high prices, Model S and Model X do not have many audiences in the domestic market.

As new models, the Model S and Model X have been upgraded in terms of appearance, interior and power. In terms of subdivision, the appearance of the new car has not changed much, but the details have been optimized. For example, the new model has removed the chrome-plated ornaments equipped with the old model and replaced it with bright black material. In terms of interior, there are obvious changes in both models. The new car is still designed in a minimalist style, but the central console is redesigned, and the traditional vertical screen is replaced by a brand new square screen, which is consistent with the current Model Y model, with a 17-inch central control screen and a 12.3-inch full LCD instrument. In addition, the new car also uses the new Yoke steering wheel and removes multiple joysticks to integrate functions into the steering wheel.

In terms of power, the maximum power of the new Model S dual-motor all-wheel drive version is 493kW, which is 98kW higher than that of the old model, the acceleration time of 0100km / h is 3.2s, and the mileage of CLTC is 715km. The Plaid version is equipped with a three-motor four-wheel drive system, replacing the old Performance high-performance version with a maximum power of 750kW, 173kW higher than the old model, an acceleration time of 2.1s at 0100km / h, and a mileage of 672km under CLTC conditions. The maximum power of the new Model X dual-motor all-wheel drive version is 493kW, which is 98kW higher than the old model, the acceleration time of 0-100km / h is 3.9s, and the mileage under CLTC condition is 700km; the maximum power of the new three-motor all-wheel drive Plaid model is 750kW, 173kW higher than the old model, and the mileage under CLTC condition is 664km.

It should be noted that on May 2, Tesla China's Model 3, Model Y two domestic cars only increased the price by 2000 yuan. In other words, Tesla's Chinese market adjusted the price of the model twice in one week. According to the official website, the price of Tesla China Model 3 rose to 231900 yuan, the high-performance version of Model 3 to 331900 yuan, the rear wheel drive version of ModelY to 263900 yuan, the long-lasting version to 313900 yuan, and the high-performance version to 363900 yuan.

In addition, Tesla has also raised prices in markets such as the United States, Japan and Canada, including a price increase of $250,300 (about 1733 yuan) in the United States market and C $300 (about 1530 yuan) in Canada. The Japanese market rose 37000 yen (about 1869 yuan). Taken together, the Chinese market has risen the highest in this round of price increases. Financial data show that Tesla's total global revenue in the first quarter of this year rose 24% year-on-year to $23.329 billion, of which Tesla's China market revenue rose 5.18% to $4.891 billion, lagging behind the overall growth rate.

In sharp contrast, the prices of Tesla models were cut in many markets around the world in the first quarter of this year, including China, Japan, South Korea, Australia, Germany, France, Spain, Portugal, the Netherlands, the United Kingdom, Norway, the United States and other countries, with price cuts ranging from 1% to 23%. Among them, the unprecedented decline in the Chinese market, and then triggered a number of domestic car companies to follow suit. On January 6 this year, Tesla China announced a large-scale price reduction, with Model 3 falling by 2.0-36000 yuan and Model Y by 2.9-48000 yuan. The industry believes that falling costs and falling demand are the main reasons for Tesla's price reduction. Musk said: "many people have demand but cannot afford it. Only price reduction can meet demand." The price adjustment does have an impact on ordinary consumers, pointing out that market demand was twice as much as output in January.

According to Tesla's official data, Tesla delivered a total of 422900 new cars worldwide in the first quarter of 2023, an increase of 36% over the same period last year, of which 10700 were delivered by Model Spicer X and 412200 by Model 3Unix. Tesla's delivery volume increased in the first quarter, but it was less than expected, and the market and investors were worried that Tesla's "price war" would erode Tesla's future profit margins, so Tesla's market value plummeted 270 billion overnight. However, Musk believes that in the short term, at the expense of profits and actively strive for market share, even if the gross profit margin and profits fall, Tesla will continue to reduce prices to pursue sales, and make it clear that vehicle costs are falling. Tesla will continue to adjust vehicle prices and pursue sales rather than profit margins.

Tesla China did not give an explanation for this round of price increases, but the industry believes that Tesla may be in order to stimulate sales. According to the plan, Tesla's global sales are expected to be 2 million vehicles in 2023.

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