After 4 days, Tesla announced another price increase!
According to Tesla Weibo on November 14th, the price of the Model 3/Y rear wheel drive version will officially increase from now on. The price of the Model 3 rear wheel drive version has increased by 1500 yuan to 261400 yuan, while the Model Y rear wheel drive version has increased by 2500 yuan to 266400 yuan.
Tesla Weibo
It is worth noting that on November 9th, Tesla raised the price of the Model 3/Y Long Range Edition. The selling price of the Model Y All Wheel Drive Long Range Edition has been adjusted to 302400 yuan, up 2500 yuan from 299900 yuan previously. The price of the Model 3 Long Range Renewal has been adjusted to 297400 yuan, from 295900 yuan previously, with an increase of 1500 yuan.
Prior to this, Tesla had just completed the price increase for the Model Y high-performance version. On October 27th, Tesla's official Weibo account announced that the price of the domestically produced Model Y high-performance version was increased by 14000 yuan, with an adjusted price of 363900 yuan.
In the view of Cui Dongshu, Secretary General of the National Passenger Car Market Information Joint Conference, Tesla's move to increase the prices of Model Y and Model 3 is a price adjustment plan made due to increased profit pressure.
Photographed by journalist Sun Tongtong (data image)
At the beginning of this year, Tesla significantly reduced prices in multiple countries and regions such as China, Japan, South Korea, the United States, and Europe, involving best-selling models such as the Model 3 and Model Y, becoming the main reason for the high sales growth in the first two quarters of this year. Musk has expressed his willingness to lower the prices of electric vehicles again during turbulent times, although this will affect the company's gross profit margin, but he is willing to sacrifice gross profit margin for sales growth
The widespread price reduction has significantly reduced Tesla's gross profit margin. Tesla's third quarter report shows that in the third quarter of this year, Tesla's revenue was approximately $23.4 billion, a year-on-year increase of 9%, lower than Wall Street's expected $24.3 billion, the slowest growth rate in three years; The net profit was $1.853 billion, a year-on-year decrease of 44%.
Screenshot of Tesla's financial report
Moreover, due to the large-scale price cuts during the year, Tesla's gross profit margin has continued to decline. In the third quarter, its gross profit margin was 17.9%, a decrease of 0.3 percentage points from 18.2% in the second quarter, setting a new four-year low. Tesla plans to alleviate the decline in gross profit margin by raising the prices of two domestically produced cars, but this will put some pressure on it to achieve its annual sales target of 1.8 million vehicles, "Cui Dongshu believes.
Tesla CEO Musk has stated that the company will maintain its delivery target of 1.8 million vehicles in 2023. This means that Tesla needs to deliver at least 476000 new cars in the fourth quarter of this year to meet its expected targets.
As of the close on November 14th local time, Tesla rose 4.22% to $223.71, with a market value of $711.16 billion.
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