Following Tesla's pace of price reduction, on April 22nd, Ideal Motors released new prices for the 2024 Ideal L7, Ideal L8, Ideal L9, and Ideal MEGA models. New customers and those who have ordered but have not yet delivered can enjoy the new prices.
Today, the Hong Kong stock of Ideal Automobile opened significantly lower, falling 6.11% to HKD 99.8 as of press release.
Provide cash feedback to owners who have already collected the car
The price reduction information released by Ideal Automobile shows that the 2024 Ideal L9 series will be reduced by 20000 yuan, the 2024 Ideal L7 and Ideal L8 series Ultra and Max will be reduced by 20000 yuan, the Pro version will be reduced by 18000 yuan, and the MEGA will be reduced by 30000 yuan.
At the same time, Ideal Automobile will also provide cash feedback to owners of the 2024 Ideal L7, Ideal L8, Ideal L9, and Ideal MEGA models who have already picked up their vehicles.
According to media reports, as early as January this year, the 2023 Ideal L7, Ideal L8, and Ideal L9 models all launched a promotional campaign, with prices reduced by 33000 to 38000 yuan for different models; The Max models of the Ideal L7 and Ideal L8 also come with free 21 inch wheels, while the Ideal L9 comes with electric pedals throughout the series. If these wheels and electric pedals are removed, an additional 5000 yuan can be lowered.
At that time, Ideal Automobile responded to the Daily Economic News by stating that the purchase discounts for the 2023 model were aimed at addressing the intensifying price competition among the three luxury brands (Mercedes Benz, BMW, Audi), as well as starting the transition to product updates in advance through a limited time New Year discount policy. "Starting from the fourth quarter of 2023, we started the transition of product updates in advance through price discounts," said Ideal Automotive.
Tesla China announced a price reduction one day earlier
On April 21st, Tesla China announced a price reduction of 14000 yuan for all models of Model 3, Y, S, and X. Among them, the price of the updated Model 3 dropped to 231900 yuan, a decrease of 5.7%; The price of the Model 3 Long Range Renewal has dropped to 271900 yuan, a decrease of 4.9%. The selling price of Model Y has dropped to 249900 yuan, a decrease of 5.3%; The selling price of the MODEL Y Long Range Edition has dropped to 290900 yuan, a decrease of 4.6%; The selling price of the Model Y high-performance version has dropped to 354900 yuan, a decrease of 3.8%; The selling price of Model S has decreased to 684900 yuan; The selling price of the MODEL S PLAID version has been reduced to 814900 yuan; The selling price of MODEL X has decreased to 724900 yuan; The selling price of the MODEL X PLAID version has dropped to 824900 yuan.
It is worth noting that it has only been about 20 days since Tesla's last price increase. As for why Tesla made such an opposite decision in just three weeks, Tesla did not respond in this price reduction.
Not long ago, Tesla CEO Elon Musk tweeted that he is not optimistic about the economic situation, Tesla needs to lay off about 10% of its workforce, and will suspend global recruitment.
Behind the price cuts and major layoffs, it reveals the reality that Tesla is under pressure. According to Tesla's sales data for the first quarter of 2024, the company delivered a total of 386800 vehicles worldwide during the reporting period, a year-on-year decrease of 8.5% and a month on month decrease of 20.2% compared to the fourth quarter of last year.
Last week, Tesla's stock price was falling every day, with a total weekly decline of about 14.03%, and a decline of over 40% so far this year. Compared to the end of last year, Tesla's total market value has evaporated by over 300 billion US dollars (approximately 2172.1 billion yuan).
Information sources: Caixin Press, Shangguan News, Red Star News, Securities Times, China Securities News