According to Tesla's official Weibo account on October 27th, Tesla will increase the price of the Model Y high-performance version sold in China by 14000 yuan to 363900 yuan.
Tesla China official website
According to Tesla USA's official website, on October 26th local time, Tesla USA raised the price of the Model Y Long Range Edition from $48490 to $48990.
Tesla US official website
Musk: Tesla will insist on continuing to lower prices
It is worth noting that Tesla CEO Elon Musk stated on October 18th during the third quarter financial report conference call that Tesla will still strive to lower the prices of its cars.
He said, "I am concerned about the high interest rate environment we are in. Car buyers are concerned about how much money they need to pay back each month. If interest rates remain high or even higher, it will be much more difficult for people to buy cars
The importance of cost cannot be overemphasized... We must make our products more affordable so that people can afford them. Reducing the cost of Tesla cars is like a 'game of power, just a few cents', "he added.
Like Musk, Tesla's Chief Financial Officer and Chief Accounting Officer, Vaibhav Taneja, also emphasized that the company will "unwaveringly pursue further cost reduction in 2024", which involves engineering and factory operations.
Photographed by journalist Zhang Jian
On October 19th, Beijing time, Tesla released its financial report for the third quarter of 2023, which showed that Tesla's revenue in the third quarter of this year was about 23.4 billion US dollars, a year-on-year increase of 9%, lower than Wall Street's expected 24.3 billion US dollars, 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
Tesla explained that the reason for the decline in net profit was due to insufficient utilization of new factories, increased operating expenses caused by the upcoming electric pickup truck Cybertruck, and expenses for artificial intelligence and other projects.
It is worth noting that while Tesla maintains revenue growth, its gross profit margin continues to decline. The financial report shows that Tesla's gross profit margin further declined to 17.9% in the third quarter, a decrease of 0.3 percentage points from 18.2% in the second quarter, setting a new four-year low.
In the eyes of the outside world, the decline in Tesla's profit margin is mainly affected by its large-scale price cuts this year. However, Tesla CEO Musk stated that he is willing to sacrifice profitability in exchange for sales. Willing to lower the price of electric vehicles again during the 'turbulent period', although this will affect the company's gross profit margin, willing to sacrifice gross profit margin for sales growth, "Musk has publicly stated.
At the beginning of this year, Tesla's "price reduction frenzy" swept the world, significantly reducing its original 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, which once sparked a consumer buying frenzy and became a magic weapon for high sales growth in the first two quarters of this year.
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