share_log

顶不住了,特斯拉中国全系降价!股价“跌跌不休”之际,遭多家机构下调目标价

I can't stand it anymore. Tesla China has cut all prices! At a time when the stock price was “falling and falling”, the target price was lowered by many institutions

Gelonghui Finance ·  Apr 21 18:23

Source: Gelonghui

After experiencing an increase in inventory due to disappointing first-quarter sales, Tesla cut prices one after another in two major markets, China and the US.

Tesla's stock price has continued to fall under the influence of a series of events such as recent sales declines, layoffs, Cybertruck delivery delays, and “hitting a wall” in autonomous driving. So far this year, Tesla's stock price has fallen by more than 40%.

Prices cut again in the Chinese market

Following price cuts in the US market, Tesla cut the prices of all its models by nearly $2,000 in China to deal with declining sales and the intensification of the electric vehicle price war.

On Sunday, its official website revealed that the electric car manufacturer under Elon Musk cut the starting price of the facelift Model 3 by 14,000 yuan (1,930 US dollars) to 231,900 yuan (32,000 US dollars) in China.

After this round of price cuts, the starting price of the Model 3 rear-wheel drive version is lower than the Xiaomi SU7 Pro (245,900 yuan), but it is still 16,000 yuan more expensive than the Xiaomi SU7 standard version.

Tesla also made a similar reduction in the starting price of the Model Y. It is now 249,900 yuan, the starting price of the regular Model S is 684,900 yuan, and the starting price of the Model S Plaid is 814,900 yuan. Currently, the regular model X is priced at 724,900 yuan, and the plaid version is priced at 824,900 yuan.

Notably, Tesla only cut the price of its Model Y, Model X, and Model S cars in the US by $2,000 on Friday.

Meanwhile, the company also cut the price of its fully automated driving assistance software in the US from $12,000 to $8,000 on Saturday.

Musk is betting that the technology will be a cash cow for the world's most valuable automakers. But over the years, he has failed to achieve his goal of autonomous driving capabilities, and the technology is subject to increasing regulatory and legal scrutiny.

Earlier this month, Musk said that Tesla will launch robot taxis on August 8. Earlier, Reuters reported that Tesla had given up cheap mass-market cars and switched to robot taxis.

Musk posted “Reuters is lying” after the report was published, but did not point out any inaccuracies or discuss the issue further.

The negative situation broke out, and many agencies lowered their target prices

Tesla reported this month that global car deliveries declined for the first time in nearly four years in the first quarter due to price cuts that failed to stimulate demand.

As high interest rates dampen consumer interest in bulky items, the electric car maker is slow to update its existing models, while rivals in China, the world's largest car market, are launching cheaper models.

According to Bloomberg calculations, Tesla's market share in China shrunk from 10.5% in the first three months of this year to around 6.7% in the fourth quarter of 2023.

Musk said last Monday that Tesla will lay off more than 10% of its employees globally as the company prepares for the first drop in annual deliveries.
On Wednesday, Tesla said in its power of attorney that it would ask shareholders to vote again on Musk's $56 billion compensation package, which was declared invalid by a Delaware court in January.
On Friday, the company recalled nearly 3,900 Cybertruck pickups to repair or replace the accelerator pedal, which could shift and cause the vehicle to unintentionally accelerate, increasing the risk of a crash.
Then on Saturday, Musk delayed his scheduled trip to India to meet Indian Prime Minister Narendra Modi this weekend, citing Tesla's “heavy obligations.” According to reports, the purpose of the trip was to announce Tesla's plans to enter the South Asian market.

The company's stock price fell more than 40% this year due to concerns about declining sales, increased competition in China, and Musk's risky plans to “hit a wall” in autonomous driving.

As losses are piling up, Tesla will announce its latest quarterly earnings report next Tuesday (23rd). The market unanimously expects Tesla's revenue for the first quarter to be US$22.521 billion, a decrease of 3.46% year on year; profit per share is 0.44 US dollars, a decrease of 39.48% year on year.

Recently, analysts from about 15 agencies lowered their 12-month price targets for Tesla.

Recently, Goldman Sachs lowered Tesla's target price for the third time in the year. Goldman Sachs analyst Mark Delaney maintained Tesla's neutral rating and lowered the target share price from $190 to $175. Delaney said that future car pricing and gross margin are still key factors affecting Tesla's stock price. Furthermore, it is still unknown whether FSD (fully automated driving) can bring lasting profits.

Deutsche Bank downgraded Tesla's rating from buy to hold, and the target price from $189 to $123.

Barclays cut Tesla's target share price by 20% from $225 to $180. Barclays believes Tesla's upcoming first-quarter earnings report will be a negative catalyst for the stock.

edit/lambor

The translation is provided by third-party software.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
    Write a comment