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Original title: 15th Floor Finance | Tesla price cuts lead to rumors of NIO unsubscribing, where will new domestic automakers go
At the beginning of the new year, Tesla launched a “blockbuster” for the automotive market. Its domestic model Y SUV was officially launched, and the price dropped by more than 140,000 to 160,000 yuan, which is cheaper than many domestic new energy vehicles. Squeeze the space for new forces to build cars.
After news of the price cuts broke, many Tesla stores were overcrowded and their official website was paralyzed due to excessive number of visitors. But on the other hand, in the case of big Tesla sales, Weilai has reported a large number of chargebacks. Under the impact of Tesla’s downsizing, where will the newly upgraded new energy home vehicles go?
New model Y cars produced in the country down 160,000
Due to the rapid completion and commissioning of the Shanghai Super Factory, which greatly reduced the cost of Tesla, the second domestically produced car released by Tesla this time, the Chinese-made Model Y, once again greatly reduced the price. The new car is available in two versions, the long-life version and the high-performance Performance version, priced at 339,900 yuan and 369,900 yuan. The long-life version has a maximum cruising range of 594 km and the high-performance Performance version is 480 km.
In terms of prices, the domestic version of the Model Y has been significantly reduced compared to the imported version. The price of the long-life version has been reduced from 488,000 yuan to 148,100 yuan, and the high-performance version has been reduced by 165,100 yuan from 535,000 yuan. Tesla, which says “prices need to be lowered,” this time the new car was launched directly at a 30% discount. The official website also indicated that some Model Y models enjoy a new energy vehicle purchase tax reduction policy, with a maximum savings of around 37,000. Starting price is actual price after estimated savings, and delivery is expected to begin in January 2021.
The Model Y price cut is just three months after Tesla’s last price cut. The most recent price cut occurred on October 1, 2020 on National Day. Tesla officially announced a price cut on the same day. After the subsidies for the domestic Model 3 standard battery life upgrade version, the price was adjusted to 249,900 yuan, which is a reduction of 21,650 yuan compared to the previous price. It is also the lowest price of the Model 3 after domestic production. The new upgraded standard endurance version of the Model 3 is equipped with a CATL-supplied lithium iron phosphate battery pack, and the range has been increased from 445 km to 468 km.
According to statistics, prior to this announcement of the Model Y price cut, Tesla’s Model S, Model X, Model 3 and Model Y models had a total of seven price cuts since May last year.
Experience crowds of stores comparable to Apple sales
After news of the price cuts spread, Tesla’s offline physical stores in Shanghai, Guangzhou, Hangzhou and other places were extremely popular in the past two days, and the official website was directly paralyzed due to the number excessive number of visitors. The crowds at the Tesla Experience Store in Guangzhou are understood to be comparable to the iPhone sales. At the Taikoo Hui Experience Store in Shanghai, people will book directly before the show car arrives.
A salesperson at Tesla’s Beijing Fangcaoyuan Experience Store told reporters: “Since the price announcement on New Year’s Day, the inquiry call has not stopped. The number of people in the store is also increasing day by day. We don’t have data on how many people there are. Thousands of customers have arrived at the store in almost three days. “
Previously, Tesla also posted news on social platforms that the order page of the official website could not be updated due to the increase in traffic. According to relevant sources, within 10 hours after the official price announcement, the total number of domestic orders for the Model Y exceeded 100,000. In response to this response, Tesla internal staff said: “Model Y pre-orders and test drives are very popular, but the data for 100,000 orders in 10 hours is exaggerated.” He also said: “There will be a lot of people in the store these two days. Yes, consumers can be stunned.
Enter the domestic market aggressively
Before this, several good news about Tesla in the country emerged endlessly. On December 31, 2020, the world’s largest Tesla super charging station, the Shanghai Jing’an International Center Super Charging Station with 72 charging piles, was officially launched. By the end of 2020, Tesla has built more than 600 super charging stations in China.
Tesla invested in the construction of a supercharger battery factory in Shanghai that integrates R&D and production. It plans to officially put it into production in the first quarter of 2021. The initial plan is to produce 10,000 supercharger batteries per year. In addition, Tesla plans to establish a product design center in China to carry out local product design, research and development.
A few days ago, Tesla also announced the number of vehicles delivered in 2020. In the fourth quarter, the global delivery volume reached 180,570, a record. Tesla produced and delivered around 500,000 electric vehicles throughout the year, which was basically in compliance with The expectations.
The Tesla Gigafactory in Shanghai is China’s first wholly foreign-owned vehicle manufacturing project and Tesla’s first overseas factory. In 2019, it reached the “China speed” of commissioning, production and delivery that year.
Weilai blew up a host of chargeback rumors
The price cut of the Model Y produced in the country puts a lot of pressure on the new domestic automakers. Take Weilai Automobile for example, its official website shows that the three ES6 models, which are the same SUV as the Model Y, are priced at 468,000 yuan, 398,000 yuan, and 358,000 yuan respectively. The price of the Model Y was reduced this time to 339,000 yuan, which is even cheaper than the Weilai price. Along with the influence of the brand effect, the news of large-scale cancellations of Weilai users has spread online. On January 2, on the Weilai EC6 forum, there was also a post about order transfer.
Weilai responded by saying, “The news that the official website system has encountered a large-scale chargeback is false. We have filed a complaint against the relevant platform.” Earlier, Weilai Chairman Li Bin mentioned Tesla’s price cuts. Constant price cuts will hurt consumers’ brand loyalty. Weilai hopes to increase user satisfaction and loyalty through more service innovations.
On the afternoon of January 1, Wei Lai released a message saying, “Be loyal to your choice to ‘call’, don’t ask ‘Why.’ In the image below, it read: “He’s an opponent and a teammate. 2021, together Power up and move on.” And Wei Lai granted additional preferential policies for Tesla owners. “Welcome to the NIO test drive. Even if you choose Tesla, you can still get 3 free one-key ignition services from NIO Power.”
Worrying about the market share of new car manufacturers
According to estimates by national institutions, the world market for the Model Y reaches 4.2 million vehicles. Among them, the Chinese market space is about 1 million vehicles, second only to the American market with 1.9 million vehicles, making it the second largest market in the world.
In the rapidly growing Chinese new energy vehicle market in 2020, Tesla is the best selling manufacturer. Since the end of 2019, Tesla has quickly occupied the domestic market for new energy vehicles by continuously reducing the price of the Model 3. Data from November 2020 shows that the monthly sales of model3 in the Chinese market have exceeded 20,000. From January to November 2020, cumulative sales of the Tesla Model 3 have exceeded 110,000. This model alone accounts for about 12% of the Chinese new energy passenger car market.
Cui Shudong, secretary general of the Travel Association, said that considering that SUVs are very popular in the Chinese market, the Model Y may sell better than the Model 3 in China, and Tesla sales this year are expected to reach the 300,000.
In contrast to the new domestic car manufacturing forces, Ideal Auto’s sales volume in 2020 is only 32,621. Weilai cars have delivered 43,728 units in the full year of 2020. Xiaopeng Auto has delivered more than 20,000 units in January. to November. Annual sales volume has yet to be announced, but the top three domestic new automakers are estimated to sell more than 100,000 units for the entire year.
Where will the new national car manufacturing forces go?
In 2020, while the shares of Xiaopeng, Weilai Automobile, Ideal and Tesla have risen staggeringly, they have also seen substantial setbacks. The data shows that Weilai has a cumulative increase of 1112.44% in 2020; Xiaopeng Motors has a cumulative increase of 185.53% since its listing on August 27, 2020; Ideal Motors has a cumulative increase of 150.70% since its listing on July 30, 2020. Take Weilai as an example. Since it peaked at 57.2 yuan in late November, its share price has started to fall. Although it has recovered in recent trading days, its current share price is still falling 14.79% from the highest price.
Whether it’s in terms of sales volume or stock price, Tesla has put enormous pressure on the new car-building forces. With the further implementation of the subsidy policy, domestic electric vehicle manufacturers will also be forced to improve the quality and innovation of their products.
