However, just in the past week, Tesla’s quarterly profits plummeted 55% and it burned through more than $2 billion in cash in the first quarter. Against this background, Tesla’s recent product plans are still full of uncertainty. The so-called “product” is actually a relatively common part of Tesla’s business, that is, metal is tempered and eventually made into cars that are loved by car fans.

Investors are increasingly doubting whether Elon Musk maintains his interest in developing cheaper next-generation entry-level electric vehicles. In recent weeks, Elon Musk has appeared overly focused on the upcoming launch of robotaxi in August, even though Tesla has yet to prove it can match Alphabet Inc’s Waymo in deploying self-driving cars.

However, on Tuesday, local time in the United States, Elon Musk tried to convey a message to investors: more economical electric vehicles are about to be launched. He claimed that the product roadmap has been brought forward, with the launch of new models brought forward from the original target of the second half of 2025 to later this year.

But these plans don’t seem to be the next-generation cars that investors were expecting, but rather a strategy of combining old and new to quickly launch new products amid the current sluggish growth in U.S. electric vehicle sales, which sounds a bit like It’s a Frankenstein (a giant made of different body parts) patchwork.

Elon Musk told analysts on Tuesday: “These new cars, including more economical models, will combine the advantages of next-generation platforms and existing platforms, and may even be produced on the same production lines as existing models.”

By platform, Elon Musk is likely referring to the underlying architecture of Tesla’s latest existing models, namely the Model 3 and Model Y. When Bernstein analyst Tony Sacconaghi asked whether these new cars were just tweaks to existing products (such as the Model Y) or entirely new models, Elon Musk did not give a detailed answer.

However, auto industry veterans speculate that any new models that begin production later this year on the same production lines as existing cars will likely just be upgraded versions of Tesla’s already-launched models. After all, Tesla just updated the outdated Model 3, and the Model Y is likely to be the next target.

Sacconaghi told investors in a subsequent note: “Tesla has a poor track record of implementing model expansions on existing platforms, let alone in the short term. We believe Tesla is more likely to launch The streamlined versions of Model 3 and Model Y are marketed as low-priced entry-level models, but we are skeptical about how much cost Tesla can actually cut.”

Such a strategy may disappoint new buyers, who are often attracted to fresh, bright products. At the same time, this may also be seen as weakening the brand value of Tesla’s existing products.

For many investors, the promise of a next-generation platform — especially that roughly $25,000 car — has become a cornerstone of Tesla’s future. It’s part of Elon Musk’s ambitious plan to boost Tesla’s annual deliveries to 20 million vehicles by 2030, up from 1.81 million last year, making it the world’s best-selling automaker.

Back in 2020, there were rumors that Tesla would launch a cheaper car. In an investor presentation in March 2023, Elon Musk elaborated on how to make this car affordable for more people. In that speech, Tesla proposed a new assembly process, saying it would completely subvert the traditional car manufacturing method, which is vividly called the “Unboxed” process.

In essence, the way Tesla envisions a car is not made in the traditional box-like assembly line, where parts are added one by one to a moving body. Instead, Tesla is pursuing more efficient modularization of vehicle components and ultimately integrating those modules together. Lars Moravy, Tesla’s vice president of automotive engineering, told investors at the time: “If we want to scale production the way we expect, we have to completely rethink the manufacturing process.”

In January, Elon Musk continued to use the plan to attract investors’ attention, announcing that he would start producing low-priced cars by the end of next year. At the same time, he also warned that it would be a difficult task and might even require sleeping in the factory, which has become his typical signal of the importance of a certain work.

Elon Musk said at the time: “Of course, I should take my words with a grain of salt because I’m generally optimistic. But I firmly believe that once this production process starts running, it will be far superior to any other manufacturing technology in the world – it will Automobile manufacturing technology has been pushed to a new level.”

On Tuesday, however, things took a turn for the better. Molavi said some work on the next-generation platform could be preserved without the need for a completely new production system, and even the bold ideas touted last year may not be realized quickly enough.

He added: “The ‘unboxing’ manufacturing approach is undoubtedly great and revolutionary, but it also comes with certain risks. However, all the subsystems we develop, whether it’s powertrains, drive units, battery improvements, thermal systems, The seats, the integration of internal components, or the reduction of low-voltage controllers are all portable. This is what we are currently working on, trying to apply these technologies to actual products as soon as possible.”

Despite the apparent setback to its plans, Tesla assured investors last week that its pioneering “unboxing” process was still in development. Although no specific timetable was provided and the scope of the application was unclear, Tesla told investors in its earnings report: “Our manufacturing strategy designed for autonomous vehicle products will continue to embrace the revolution of ‘unboxing’ manufacturing. The idea of sex.”

This promise is reminiscent of a few years ago, when Elon Musk predicted that Tesla would make a major breakthrough in its manufacturing process, thereby speeding up production and reducing production costs. This is undoubtedly another major bet related to the company’s fate in Tesla’s short history. However, Elon Musk’s insistence on extreme automation has proven to cause a series of problems. He later personally admitted that the increase in Model 3 production almost brought the company to the brink of bankruptcy.

Still, the eventual success of the Model 3 and Model Y helped Tesla become the world’s most valuable automaker and establish itself as a leader in electric vehicles. These accomplishments are further evidence that while Elon Musk’s grand visions don’t always pan out, he can inspire his teams to deliver innovations that ultimately pay off and set Tesla apart from the competition.

After Elon Musk’s conference call with analysts on Tuesday, some investors seemed willing to give him more patience — even as their usual optimism about Elon Musk faces a new test. Tesla shares rose 14% in the week to Friday, but are still down 32% this year.

For Elon Musk, however, the future of robots is what he really wants investors to focus on. “If anyone is skeptical about Tesla’s ability to solve the self-driving problem, then I don’t think they should be an investor in this company,” he said.

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Overall, although the growth rate of the U.S. electric vehicle market slowed down in the first quarter, Tesla, as the market leader, still has sales far ahead of its competitors. Data show that Tesla’s total sales accounted for 51.3% of the entire electric vehicle market, while Model Y alone accounted for 35.4% of the market, with 96,729 units sold.

The Tesla Model 3 follows with 11.3% market share. Next in order are the Ford Mustang Mach-E (3.5%), the Rivian R1S (2.9%) and the Ford F-150 Lightning (2.8%).

However, first-quarter EV penetration in the U.S. auto market was 7.3%, down from 8.1% in the fourth quarter of last year and the full-year average of 7.6%.

“U.S. electric vehicle sales declined in the first quarter of 2024, marking the first quarter-over-quarter decline since the second quarter of 2020,” said Stephanie Valdez Streaty, head of industry insights at Conkers Automotive.

Tesla captured more than half of the U.S. electric car market last year with the Model Y and Model 3. Looking around the world, Model Y will become the world’s best-selling car in 2023.

Attached are the top ten best-selling electric vehicles in the United States in the first quarter:

Tesla Model Y – 96,729 units; 35.4%

Tesla Model 3 – 30,842 units; 11.3%

Ford Mustang Mach-E – 9,589 units; 3.5%

Rivian R1S – 8,017 units; 2.9%

Ford F-150 Lightning – 7,743 units; 2.8%

Chevrolet Bolt EV/EUV – 7,040 units; 2.6%

Hyundai IONIQ 5 – 6,822 units; 2.5%

Volkswagen ID.4 – 6,167 units; 2.3%

Cadillac LYRIC – 5,800 units; 2.1%

Tesla Model X – 5,607 units; 2.1%

The post Tesla Model Y Leads U.S. Electric Car Market, Capturing Over One-Third of Q1 Sales appeared first on TechGoing.

Currently, Tesla Europe’s official website offers four Model Y models. Comparative data attached:

Model Y rear-wheel drive version costs 44,990 euros (currently about 351,000 RMB): WLTP range 455km, acceleration from 0 to 100 kilometers in 6.9 seconds.

Model Y rear-wheel drive long-range version costs 48,990 euros (currently about 383,000 RMB): WLTP range 600km, acceleration from 0 to 100 kilometers in 5.9 seconds.

Model Y all-wheel drive long-range version costs 54,990 euros (currently about 429,000 RMB): WLTP range 533km, acceleration from 0 to 100 kilometers in 5.0 seconds.

Model Y performance version costs 59,990 euros (currently about 469,000 RMB): WLTP range 514km, acceleration from 0 to 100 kilometers in 3.7 seconds.

This new car is currently available in Austria, Czech Republic, Denmark, Finland, Germany, Belgium, Luxembourg, Switzerland, Spain, Portugal, Norway, Sweden, Iceland, Italy, Greece, Poland, Slovenia, Romania and Hungary.

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In the first quarter of this year, Tesla deployed 4,053MWh of energy storage products, its highest quarterly deployment to date. Tesla will release first-quarter 2024 earnings details after the market close on Tuesday, April 23, 2024.

Due to lower-than-expected deliveries this quarter, Tesla’s stock price fell by about 6.29% at the opening, with a current market value of US$516.396 billion (Note: currently about 3.74 trillion RMB).

It is worth mentioning that Tesla did not announce quarterly car sales by region this time. The company currently produces Model S, X, 3, and Y at the Fremont Gigafactory, and Model 3 and Y at the Shanghai Gigafactory; it is still producing Model Y is produced at the Austin and Berlin plants.

Looking back at the fourth quarter of 2023, Tesla delivered a total of 484,507 vehicles, of which 461,538 were Model 3/Y and the other 22,969 were slightly below expectations.

From a production perspective, Tesla’s total production of all models in the fourth quarter of 2023 was 494,989 units, of which Model 3/Y produced 476,777 units and other models produced 18,212 units.

For the whole of 2023, Tesla delivered a total of 1,808,581 vehicles and produced a total of 1,845,985 vehicles, with Model 3/Y accounting for the highest proportion.

In 2023, Tesla delivered 1,739,707 Model 3/Ys, and 68,874 “other models,” consisting primarily of Model S and Model X, and possibly a smaller number of Cybertruck pickups.

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Tesla reached the production milestone of one million vehicles for the first time in March 2020, a full 12 years after the company was founded. In August 2022, Elon Musk announced that Tesla had produced more than 3 million vehicles, including 1 million at the Shanghai Gigafactory. In September 2023, Tesla announced that it had produced a total of 5 million vehicles, about six months before the 4 millionth vehicle rolled off the assembly line.

Tesla’s financial report shows that the company’s total revenue in the fourth quarter of 2023 was US$25.167 billion (Note: currently approximately 182.209 billion RMB), a year-on-year increase of 3%; the total revenue for the year was US$96.773 billion (currently approximately 700.637 billion RMB), a year-on-year increase of 19%.

Tesla delivered more than 484,000 electric vehicles in the fourth quarter of 2023, bringing the total annual delivery volume to 1.81 million vehicles, a year-on-year increase of 38%, and continues to top the global pure electric vehicle delivery list. Among them, Tesla Model Y accounted for two-thirds of deliveries, with more than 1.2 million vehicles delivered in 2023, making it the best-selling model among all vehicle categories in the world.

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Tesla CEO Elon Musk said during the fourth quarter of 2023 and full-year 2024 earnings calls that the next generation of electric vehicles is expected to be put into production in the second half of 2025.

It is noticed that although rumors about its internal codename “Redwood” have surfaced, the details of this new car are still vague. Tesla has mentioned developing driverless Robotaxi more than once before, but it is unclear whether the next generation of electric vehicles will achieve fully autonomous driving.

At present, this new car is more focused on affordability, which is the key to Tesla’s future growth.

Tesla expects its sales growth to slow “significantly” in the short term. The company said in its financial report: “Tesla is between two major waves of growth, the first beginning with the global expansion of the Model 3/Y platform, and the next wave will be kicked off by the global expansion of the next-generation vehicle platform. 2024, our vehicle sales growth will likely be much slower than in 2023 as the team works on the production of next-generation vehicles at Gigafactory Texas.”

In addition, Tesla also said: “We are focused on bringing the next generation platform to the market as soon as possible, and plan to start production at the Texas Gigafactory first. This platform will completely revolutionize the way cars are produced.”

In the long term, the launch of next-generation vehicles will lead to higher production and sales, further driving Tesla’s growth. Elon Musk expects the road to production of the next generation of electric vehicles to be challenging. The leader, who has always been known for his hands-on approach, often mentioned the hardships of the ramp-up phase of Model 3 production. He seemed to have similar expectations for the next generation of electric cars, saying employees “may be sleeping directly on the production line” when production starts.

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profit

 GAAP (U.S. GAAP) operating profit in 2023 was US$8.9 billion (currently approximately RMB 63.724 billion); fourth quarter GAAP operating profit was US$2.1 billion (currently approximately RMB 15.036 billion);

 GAAP net profit in 2023 is US$15 billion (currently approximately RMB 107.4 billion); fourth quarter GAAP net profit is US$7.9 billion (currently approximately RMB 56.564 billion);

 Non-GAAP net profit in 2023 was US$10.9 billion (currently approximately RMB 78.044 billion); non-GAAP net profit in the fourth quarter was US$2.5 billion (currently approximately RMB 17.9 billion);

 A one-time non-cash tax benefit of $5.9 billion in the fourth quarter resulted from a reduction in the valuation allowance for certain deferred tax assets.

 cash

 Operating cash flow in 2023 is US$13.3 billion (currently approximately RMB 95.228 billion), and free cash flow in 2023 is US$4.4 billion (currently approximately RMB 31.504 billion);

 Operating cash flow in the fourth quarter was US$4.4 billion (currently approximately RMB 31.504 billion), and free cash flow in the fourth quarter was US$2.1 billion (currently approximately RMB 15.036 billion);

 In the fourth quarter, Tesla's cash and investments increased by $3 billion quarter-on-quarter (currently approximately 21.48 billion RMB) to $29.1 billion (currently approximately 208.356 billion RMB).

According to reports, Tesla delivered more than 1.2 million Model Y vehicles in 2023, and Model Y became the best-selling model among all vehicle categories in the world. In addition, the company is focusing on future growth projects. This year’s capital expenditures and R&D expenses reached the highest value in the company’s history. Even so, free cash flow in 2023 is still strong, reaching US$4.4 billion.

Tesla also revealed that Tesla’s total energy storage installed capacity reached 14.7 GWh in 2023, more than double that in 2022; profits from the energy generation and storage business almost quadrupled in 2023; services and The gross profit of other businesses will increase from negative US$500 million in 2019 to US$500 million in 2023.

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In Sweden, Tesla registered a total of 20,330 new vehicles in 2023, a year-on-year increase of 121.3%. As in other markets, Model Y is Tesla’s main sales force in Sweden, with data showing that the car sold 16,415 units throughout the year. It is worth mentioning that despite the dispute between Tesla and the Swedish labor union IF Metall, which has caused its operations to face considerable challenges, it is not easy to achieve such outstanding results under such circumstances.

In Denmark, the Model Y was equally unstoppable, becoming Denmark’s best-selling car in 2023 with 17,955 units sold, beating out more affordable favorites such as the Peugeot 208 (6,035 units) and Ford Kuga (4,425 units). Tesla regional head Kim Gaba Jensen posted on LinkedIn that the number of Tesla fleets in Denmark more than doubled from 29,752 to 59,559 vehicles in 2023.

Norway is known as the “electric vehicle capital of the world”, and Tesla is also performing strongly in the country. Tesla has topped Norway’s car sales for the third consecutive year, with its market share jumping from 12.2% in 2022 to 20% in 2023, Reuters reported. Model Y once again became the main model, with 23,088 units sold throughout the year, far surpassing the second-ranked Volkswagen ID.4 (6,614 units).

Tesla Europe’s outstanding performance proves that there is a huge potential market for well-designed and reliable electric vehicles. It is worth mentioning that Tesla is still focusing on the high-end electric vehicle field. Once it enters a more price-friendly market segment, sales are expected to reach a higher level.

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Among them, Tesla’s two mass-produced models, Model 3/Y, delivered 461,538 vehicles in the quarter and produced 476,777 vehicles. In 2023, Tesla produced a total of 1,775,159 Model 3/Y units and delivered 1,739,707 Model 3/Y units.

Tesla said in its official press release that the company will announce its fourth quarter financial results and full-year financial results for 2023 on January 24, Central Time, when it will also announce net income and cash flow results. At the same time, Tesla management will hold a live webcast of a live Q&A at 4:30 p.m. that day.

According to previous reports, Garrett Nelson, senior analyst at market research company CFRA Research, once said: “In terms of Tesla’s single-quarter deliveries, the fourth quarter is usually the largest in a year. , we expect this to happen again this year.” Analysts surveyed by Bloomberg previously predicted that Tesla may deliver nearly 483,200 vehicles in the quarter.

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Nearly five out of six new cars sold in Norway (82.4%) will be fully electric in 2023, up from 79.3% in 2022, according to the Norwegian Road Federation (OFV). Tesla’s market share also jumped to 20.0% from 12.2% in 2022, further solidifying its lead.

The Norwegian government has always strongly supported the development of electric vehicles and implemented generous subsidy policies. For example, electric vehicles can be exempted from many taxes and fees on traditional gasoline-powered models. In addition, the Norwegian government has invested heavily in charging infrastructure. These policies have greatly stimulated the sales of electric vehicles, and have also attracted world-renowned car companies including Tesla to increase their investment in the Norwegian market.

Tesla Model Y was the best-selling electric car in Norway in 2023, surpassing Volkswagen’s ID.4 and Skoda’s Enyaq.

Christina Bu, head of the Norwegian Electric Vehicle Association, said the rapid growth of electric vehicles in the Norwegian market is expected to continue. She predicted that the market share of electric vehicles may further rise to 95% in 2024, approaching the goal set by the Norwegian Parliament to completely stop the sale of fuel vehicles in 2025.

However, the rapid development of electric vehicles also brings some challenges. For example, some electric vehicle owners complain about the insufficient number of public charging piles and believe that current policies are too biased towards those who can afford electric vehicles.

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