Wrestling "overweight" Tesla down to 300,000 yuan

The domestic Model 3 fell below 300,000 yuan, and the new car-making forces met strong opponents; Tesla concept stocks continued to sell well, rising nearly half this year

Only one week after the price increase, Tesla announced a price reduction. However, this move was expected.

　　On April 30th, Beijing time, Tesla released its first quarter results this year. During the earnings conference call, Tesla founder Elon Musk said that on May 1, the price of the Model 3 standard battery life version made in China was reduced to meet the new requirements of the energy subsidy policy. This time, the price of Model 3 went down to less than RMB 300,000.

　　This will inevitably bring great pressure to the new domestic car-making forces. In the first quarter of this year, China's new energy vehicle market sales fell 56% year-on-year, but Tesla's performance was unique. According to data from the China Passenger Car Market Information Joint Conference, Model 3 sales in the first quarter reached as high as 16,700 units, ranking first in the domestic pure electric market.

　　Musk said that although the selling price was lowered, the move is expected to increase the gross profit margin of the Model 3 made in China.

● Price reduction

Fall below 300,000 yuan, new forces in car manufacturing are under pressure

　　As early as April 24, Tesla announced that the price of the upgraded version of the Model 3 standard battery life and the long battery life version made in China rose by 4,500 yuan and 5,000 yuan, respectively, mainly due to the new energy subsidy and new policies. The previous day, the Ministry of Finance, the Ministry of Industry and Information Technology and other four ministries issued a new energy subsidy new policy. New energy vehicles with a price of more than 300,000 yuan this year will no longer enjoy subsidies, except for vehicles that support the power exchange model. Officially entered into force on the 22nd.

　　Since the pre-subsidy selling price of the Model 3 standard battery life version (323,000 yuan) is higher than the threshold of 300,000 yuan, if the price is not adjusted, the model will lose the subsidy discount after July 22.

　　This time, Tesla lowered the price of the China-made Model 3 standard battery life version to 300,000 yuan, which means that the price of the model after subsidy will be within 280,000 yuan from May 1 to July 22. However, since the long-life and high-performance version of the Model 3 rear drive does not plan to adjust prices, the models affected by Tesla's price reduction will be concentrated below the 300,000 yuan range.

　　From the perspective of price range and configuration, the main competitors of the Model 3 standard endurance version are the P7 series that Xiaopeng Auto has just launched, the ideal ONE of the ideal car, and a variety of traditional fuel car products. The ideal car founder Li Xiang has predicted that the threshold of 300,000 is estimated to be designed to limit Tesla, but it gave Tesla the reason and necessity to reduce prices.

　　He Xiaopeng, the founder of Xiaopeng Motors, believes that Tesla's gross profit in China is 30%, and it is fully capable of adapting to new changes, but it will pose greater challenges to new EVs of some joint ventures and high-end brands. He predicts that Tesla's domestic Model 3 long-term battery subsidy will most likely drop in price to 277,500 yuan during the year. "At this price point, the original competitive pressure of electric vehicles with a price of 150,000-400,000 yuan will only increase significantly, and will not shrink. Everyone should be prepared. But it is good for customers and good for the market cake."

　　Recently, Xiaopeng Automobile and Tesla opened a positive contest. On April 27, Xiaopeng Auto ’s first pure electric car, the Xiaopeng P7, was officially launched, priced from 229,900 yuan to 349,900 yuan. The new car is positioned as a super long-end smart coupe and will be delivered from the end of June 2020. The rear-drive super long-range Zhixing version with 706Km mileage is priced at 254,900 yuan. The body size is almost the same as the Tesla S, and the price is almost in the same price range as the Tesla Model 3. At the same time, ultra-long battery life, hardware configuration, intelligent driving, etc. can be comparable to Tesla's configuration, becoming Xiaopeng P7 can compete with Tesla's bargaining chip.

　　He Xiaopeng believes that even Tesla's price reduction will not affect the P7 series. However, the Xiaopeng P7 came with Xiaopeng's ambitions, but it needs to be acknowledged that it will take time to play against Tesla. "Tesla has achieved its current scale and branding in 17 years, and the accumulation of hardware and software is by no means a breakthrough in a short period of time. Moreover, this is a company that can launch and recycle rockets." According to sources, Xiaopeng P7 is a concentrated demonstration of the hard power of Xiaopeng Automobile. Whether it can achieve the competition with Tesla or not, it will eventually become an active attempt to upgrade the technology of the new force of independent car manufacturing and improve the brand.

　　It is worth noting that the new policy of new energy subsidies will only be officially implemented after July 22nd, and the official cooperation between Tesla and Ningde Times will begin in July. At that time, the price of the domestic Model 3 may have a new round Look down. At present, Tesla's domestic Model 3 is equipped with power batteries supplied by LG Chem and Panasonic. The power battery supplied to Tesla in the Ningde era may be a lithium iron phosphate battery with a lower cost than a ternary lithium battery. This will be Prepare for the price reduction of the domestic Model 3.

● Running

　　Tesla's three consecutive quarters of profitability, gross profit margin hit record high

　　In the early hours of April 30th, Beijing time, Tesla released its first quarter results this year. The financial report shows that Tesla's first quarter revenue was 5.985 billion US dollars, which was higher than the market's expected 5.9 billion yuan, an increase of 32% year-on-year; under US accounting standards, the net profit attributable to shareholders of listed companies was 16 million US dollars, better than the market The expected loss of 200 million US dollars, the company lost 700 million US dollars in the same period last year.

　　This is the first time Tesla has achieved profitability for three consecutive quarters, and it is also the first time in Tesla's history that it has achieved profitability in the first quarter. Tesla said that despite global business challenges, the company still produced the best-performing first quarter in production and delivery.

　　Affected by this news, Tesla shares rose nearly 10% after-hours. As of the close of April 30, Tesla's stock price was reported at $ 800.51, with a total market value of $ 147 billion. Since the beginning of this year, the company's stock price has risen more than 90%, far better than other auto stocks and Internet companies.

　　Tesla said that although factories around the world have temporarily reduced production and delivery and reduced overall efficiency, the company's gross profit margin is still high. The financial report shows that Tesla's auto business gross profit margin in the first quarter reached 25.5%, compared with 20.2% in the same period last year. Both the automobile gross profit margin and the company's overall gross profit margin (20.6%) reached a new high in nearly 18 months.

　　In addition, due to the further growth of sales in China, the gross profit margin of China-made Model 3 has substantially increased. Tesla said that the capacity ramp of the Shanghai Super Factory is progressing better than expected. The capacity of the Chinese-made Model 3 is expected to reach the level of 4,000 vehicles per week (annual output of 200,000 vehicles) by the middle of this year. In the first quarter of this year, the Shanghai Super Factory only produced an upgraded version of the Model 3 standard battery life, but since April, the factory has produced a long-drive and high-performance version of the rear drive.

　　Tesla ’s latest model, the Model Y, was delivered for the first time in the first quarter of this year. The company stated in the financial report that the gross profit margin of the Model Y in the first quarter was positive. This is the first time Tesla ’s history has delivered a new model. Profits were realized in the first quarter. Tesla revealed that the production efficiency of Model Y in the first quarter is much higher than the first production of Model 3 in 2017. The company is expected to start delivering the first batch of Model Y at the Berlin Super Plant in Germany next year.

　　It is worth noting that although the California plant has ceased operations since March 23, Tesla continues to maintain its annual delivery target of 500,000 vehicles. Tesla said that for factories in the United States, after resuming operations, it is still uncertain how quickly the company and suppliers can increase production. Tesla will once again update this year's performance guidance in the second quarter.

　　Tesla said that the company still has sufficient cash flow to meet the shutdown of the California plant. It is continuing to invest heavily in the company ’s models and long-term capacity expansion plans. The Model Y production lines in Shanghai and Berlin are still Tesla ’s most important short-term project.

● Boom

　　Birth of 88 concept stocks, 8 stocks rose more than 50%

　　According to Oriental Fortune Choice, 88 A-share listed companies are classified as Tesla concept stocks. Affected by the news of Tesla's price cut, as many as 84 listed companies' stock prices rose on April 30, while 11 stocks received a daily limit, including Jingwei shares, Mitutoyo, Dongmu shares, World Games Circuit, etc.

　　Looking from January to April this year, a total of 40 Tesla concept stocks have a positive increase, of which 8 stocks have a cumulative increase of more than 50%, including Dawn shares rose 205.15%, molding technology rose 105.85%, and Outega Rose 98.88%.

　　Taking Dawn shares as an example, in 2020, where the concept of Tesla is highly sought after, the share price of Dawn shares rose from 10.69 yuan / share at the beginning of the year to a closing price of 32.62 yuan / share on April 30. When he received investment research in August last year, he said that the company's product TPV is one of the environmentally friendly lightweight materials, which can replace EPDM and solve the problem of difficult recycling. The company's TPV is mainly used in cooling water pipes for new energy vehicles, while Cooper is a Tesla Tier 1 supplier and Dawn is Cooper's TPV Tier 1 supplier.

　　With the rise of the A-share "Tesla" boom, many concept stocks have disclosed their business relationship with Tesla, but they also mentioned risks and uncertainties. After the stock price rose for three consecutive trading days, the listed company Ningbo Junsheng Electronics Co., Ltd. said on January 9 that, after self-examination by the company management, the company currently supplies Tesla with safety belts, airbags and steering wheels For the related products, HMI products and related sensors, the operating income generated by the business related to Tesla in 2019 is expected to be no more than 2 billion yuan, which accounts for a small proportion of the company's overall revenue. Investors pay attention to investment risks.

　　The reporter noted that there are also short-lived and low-gold concept stocks. Derivative Technology once mentioned in the investor relations activities, "The company has passed the qualification certification of Tesla's qualified supplier, and has not yet produced related products for it." On January 6, this year, its stock price limit, but has so far fallen 8.38%.

　　Beijing News reporter Lu Yifu Xiao Wei