AutoBeta(AutoBeta.net)10/03 Report--

On October 2nd, Tesla released the third quarter production and delivery report of 2023. According to the report, Tesla produced a total of 430500 new cars worldwide in the third quarter, an increase of about 18 percent over the same period last year, which was lower than the market estimate of 462000. Of these, 13700 were Model Splash X models and 416800 were Model 3Universe Y models. In terms of new car delivery, Tesla delivered a total of 435100 vehicles worldwide in the third quarter, an increase of about 27% over the same period last year, but lower than the market estimate of 456700. Of these, 16000 were Model Splash X models and 419100 were Model 3 Universe Y models, lower than the market estimate of 439400.

Tesla said on the earnings call that the quarter-on-quarter decline in sales was due to the shutdown of factory upgrading plans. It should be noted that this is the first time that Tesla has delivered less than output since the second quarter of 2022. For comparison, Tesla produced a total of 479700 new cars worldwide in the second quarter, an increase of 86% over the same period last year, and delivered 466100 new cars, an increase of 83% over the same period last year.

In fact, it was a sign that Tesla's delivery was lower than output in this quarter. Tesla executives warned on a conference call on the second-quarter earnings report that some capacity could be idle because of some planned shutdowns. "We expect production to decline slightly in the third quarter because we will stop work in the summer to upgrade the plant," Tesla CEO Elon Musk said at the time.

It is understood that one of the main reasons for the "production line upgrade" is the new version of the Model 3 refurbished released on Sept. 1, which officials say will be delivered in the fourth quarter, while the old model sold out at the end of the third quarter.

The pre-sale price of the new Model 3 was announced on Sept. 1. The standard continued version of the new car costs 259900 yuan and the long-lasting version costs 295900 yuan. Compared with the old model, the price of the new standard continued version of Model 3 has been raised by 28000 yuan, while the price of the long-lasting version has been reduced by 36000 yuan. As a new model, the new car is mainly upgraded for appearance design, driving experience, cockpit interaction and safety.

In addition, Model Y will also be upgraded for the Chinese mainland market on October 1st, including new 19-inch rims, new multicolor atmosphere lights, instrument console decoration panels upgraded to technology textile material and rear wheel drive 0-100km/h acceleration to 5.9 seconds from the previous 6.9 seconds. Although the new car has been greatly upgraded, the price of the Model Y has not been adjusted after the upgrade.

On the basis of the product refurbishment, Tesla China's official website also launched an introduction and reward activity. By the end of October, in addition to the 3500 yuan final deduction for the "new car owner", the old car owner could also receive a 7000 bonus. In fact, Tesla launched such activities may also be to promote the growth of new car sales. As early as the second-quarter earnings meeting, Musk said that if the macroeconomic environment is unstable, Tesla may continue to cut prices, and stressed again: "I think it makes sense to sacrifice profit margins to produce more cars." Mark Delaney, an analyst at Goldman Sachs, has also said: "Tesla is likely to cut prices further next year to support higher sales, which we believe will weaken earnings per share growth due to lower costs."

Up to now, Tesla's models on sale include Model 3, Model Y, Model S and Model X. among them, Model S and Model X are the first models for Tesla to enter China, both of which are introduced into the domestic market by importation. Compared with the domestic Model 3G YMagnum Model S and Model X positioning millions of high-end luxury cars, but also because of the high price, Model S and Model X do not have many audiences in the domestic market. As Tesla's Model 3 and Model Y models usher in significant upgrades in important markets such as China, Tesla's annual sales may reach the expected 1.8 million.

Tesla officials said that despite a month-on-month decline in production in the third quarter, the target for delivery in 2023 remained unchanged at about 1.8 million vehicles, and expected delivery to pick up to about 475000 in the fourth quarter. By the end of the third quarter, Tesla delivered a total of 1324074 vehicles in the first three quarters.

Or affected by the above news, U. S. stocks opened on the evening of October 2, Beijing time, Tesla shares once plunged nearly 3%, and then rebounded. Up 0.55% as of press time, with a total market capitalization of US $798.6 billion.

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