According to CCTV Finance on April 4th, American media reported that Tesla will send a team to India this month to select a site for its planned investment of $2 billion to $3 billion (approximately RMB 14.5 billion) in an electric vehicle factory.
As of April 3rd local time, Tesla reported $168.38, an increase of 1.05%, with a market value of $536.255 billion.
On April 3rd local time, it was announced that Tesla headquarters will send personnel to India by the end of April to inspect factory locations, with a focus on Maharashtra, Gujarat, and Tamil Nadu, which already have automotive industries.
According to sources familiar with the matter, Tesla may also be looking for potential locations to build factories in areas near New Delhi, but the company's focus will still be on the three areas mentioned earlier - as all three areas have ports that facilitate the export of cars.
For the Modi government, which is committed to developing local manufacturing, obtaining Tesla's official announcement to build a factory will be an important achievement. During his visit to the United States in June last year, Modi specifically met with Musk, and after the meeting, Tesla CEO also expressed his hope to visit India in 2024. At that time, Musk stated that Modi was pushing Tesla to make significant investments in India, which was also "what we planned to do", and we just needed to find the right timing.
Modi social media account
It is worth noting that Tesla has previously announced that it will build a factory in Mexico scheduled to start production in 2026. Sources say that Tesla expects the annual production capacity of its Indian factory to reach 500000 vehicles after completion. At the same time, the company may emulate the "super factory" model in California, Shanghai, and Berlin, consider building battery factories locally in India, and arrange suppliers to build industrial chains nearby.
So in addition to Tesla's own $2-3 billion investment, the "Tesla India Super Factory" will also drive a group of suppliers to enter the local market, and is expected to drive billions of dollars in investment.
Prior to trading on Tuesday, April 2nd Eastern Time, Tesla's Q1 2024 production and delivery report surprised the market.
During the reporting period, Tesla delivered a total of 386810 vehicles, far below the analyst's previous average expectation of 449080 vehicles. This is also the first time Tesla has fallen below the 400000 vehicle mark since the third quarter of 2022, and the first year-on-year decline since the second quarter of 2020, a decrease of over 8.5% compared to the delivery of 422875 vehicles in the first quarter of last year.
Tesla Financial Report
Affected by delivery data, Tesla's stock price plummeted by 4.9% on April 2nd, evaporating its market value by $27.36 billion (approximately RMB 1980 billion).
CNBC reported that Tesla's delivery volume in the first quarter was even lower than the most pessimistic analyst expectations. The 11 analysts compiled by FactSet have estimated Tesla's delivery volume for the first quarter to be between 414000 and 511000 vehicles, with an average of 457000 vehicles. Troy Tesla, an independent automotive industry researcher closely followed by Tesla fans, had predicted that the delivery volume would be around 409000 vehicles.
Deutsche Bank analyst Emmanuel Rosner wrote in a report, "The difference between delivery and production means that Tesla has approximately 46000 units in stock, which means that in addition to the production bottlenecks known at the Fremont and Berlin factories, there may also be serious demand issues at Tesla."
Tesla has not announced quarterly car sales by region, and the United States and China have long been its largest markets. The company produces Model S, X, 3, and Y in Fremont, California, Model 3 and Y in Shanghai, and also produces Model Y in factories outside Austin and Berlin. The Model Y sport utility vehicle and Model 3 sedan accounted for 96% of the delivery volume in the fourth quarter.
On April 1st, Tesla China's official website showed that the selling price of Model Y was raised to 263900 yuan, the selling price of Model Y Long Range Edition was raised to 304900 yuan, and the selling price of Model Y High Performance Edition was raised to 368900 yuan, all with a price increase of 5000 yuan.
Tesla official website
On January 25th of this year, Tesla released a financial report showing that its revenue was $96.773 billion last year, a year-on-year increase of 18.79%; The net profit attributable to common shareholders was 14.997 billion US dollars, a year-on-year increase of 19%; The net profit attributable to common shareholders under non GAAP was $10.882 billion, a decrease of 23% year-on-year. Tesla also experienced its first annual profit decline since 2017. Goldman Sachs analysts have said that the main adverse factors faced by Tesla include a larger than expected decline in car prices, increased competition in electric vehicles, and delays in products and functions such as FSD and third-generation platforms. Therefore, although the company has long-term growth potential, it faces significant risks in the short term.
Recently, due to sluggish demand in the electric vehicle market, there have been continuous revisions by Wall Street to Tesla's delivery expectations for the first quarter of this year. Previously, Da Mo lowered its Q1 forecast from 469400 vehicles to 425000 vehicles. Nowadays, even Tesla's loyal fans cannot bear it anymore, believing that Q1 will be disappointing.
As is well known, Dan Ives, a renowned strategist at the US investment bank Wedbush, has long been bullish on Tesla. In his latest report, he lowered Tesla's target stock price from 315 to 300, while also calling Q1 a "nightmare" for Tesla. However, the analyst stated that despite the recent dark clouds of demand forming, he remains optimistic about Tesla in the long term.
"Chinese demand is still very weak, and Tesla's delivery to China this year will only be 2 million vehicles, lower than previously expected, and may decline by 3% to 4% annually in the future." Dan Ives believes that Tesla is in between "two waves of growth," but he emphasizes that investor patience is starting to weaken. However, Dan Ives still has "high confidence" in Tesla's FSD and its artificial intelligence (AI) software growth, but admits that "the challenges it faces are leading to a bleak outlook in the near future.".
Daily Economic News Comprehensive CCTV Finance, Tesla Financial Report, Daily Economic News (Reporter Cai Ding), Public Information
Disclaimer: The content and data in this article are for reference only and do not constitute investment advice. Please verify before use. Based on this operation, the risk is borne by oneself.
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