Reporter of the Economic Business: Dong Tianyi Reporter of the Economic Business Business: Sun Lei
US stock closed on December 12 local time. Tesla (TSLA) company stock price fell 6.27%, with the latest market value falling to US$525.859 billion, and its market value evaporated by about US$35 billion (approximately RMB 244.2 billion) overnight, falling to its lowest since November 2020. Since the beginning of this year, Tesla's stock price has fallen by more than 54%. After the stock price of
fluctuated sharply, Tesla CEO O Elon Musk (Elon Musk ) was also shaken. On December 13, the latest data from the " Forbes " Rich List showed that Musk has lost the throne of the world's richest man and has been surpassed by Bernard Arnult, the chairman and CEO of Louis Vuitton parent company LVMH.
Image source: Visual China
According to the documents of US Securities and Exchange Commission (SEC), Bernard Arnault owns more than 60% of the voting rights of LVMH Group through the holding company and family trust . According to Forbes, Bernard Arnault is worth $186.2 billion, while Musk's current net worth is $181.3 billion.
In fact, since Musk surpassed Amazon founder Bezos to become the world's richest man in September 2021, he has been at the top of the Forbes rich list. But compared with the peak of about US$320 billion in November 2021, Musk's value has now shrunk by more than US$135 billion (about RMB 940 billion).
In response to this, some netizens said: "It's just a few billion dollars away." Some netizens also left messages and joked: "I have a monthly salary of 3,000 yuan and I have begun to worry about whether Musk will live well after losing the position of richest man."
Picture source: Sina Weibo
Picture source: Sina Weibo
It is worth mentioning that on the eve of Tesla's stock price " dives into ", Musk expressed his latest views on "friendly business" Lucid Motors (LCID) through his personal social media. In his reply, Musk hinted that Lucid Motors (hereinafter referred to as Lucid) may not be far from going bankrupt. The
incident originated from a business insider's report revealing an email from Lucid, which included an extremely radical strategy implemented by the company to prevent customers from canceling reservations for its Lucid Air electric sedan. The report said that the booking volume of Lucid electric car fell from 37,000 in the second quarter to 34,000 in the third quarter. The company believes that this is because some pre-orders have been delivered, but some customers have canceled their reservations. "Every time a customer cancels an order is a failure for us," Lucid said in an email, and outlined a very aggressive strategy to avoid "failures", such as asking employees to call customers up to 14 times to prevent order cancellations, or posting emails to prevent users from unsubscribing and striving to meet target sales.
In response to this, Musk said that this radical approach was a terrible signal from the company and said that Lucid "can't live long in this world."
Image source: Visual China
In fact, Lucid has a deep connection with Tesla. Public information shows that the company was founded by former Tesla executives and board members, and is now led by Peter Rawlinson, who once served as chief engineer at Tesla and is known as the "father of Model S".
This is not the first time Musk has "ripped" Lucid. Musk publicly stated earlier this year that Lucid and Rivian, two electric vehicle startups, are "going bankruptcy."
In August this year, Lucid released its second quarter financial report for 2022, showing that its revenue for the quarter was US$97.34 million, far lower than the average expectations of analyst , which was US$147.5 million. More importantly, the company only delivered 679 electric vehicles in the second quarter of this year, which caused Musk to joke: "I have more children than they produce."
In addition, Lucid also lowered its production forecast for 2022 to 6,000 to 7,000 units, while its production guidance range earlier this year was 12,000 to 14,000 units, which is the second time the company has lowered its production target this year.
Although Musk's behavior of "mocking" other car companies is common, Tesla's dominance in the electric vehicle market may be weakened as competitors launch more and more affordable models. On November 30, a report released by the automotive industry research firm SP Global Mobility (hereinafter referred to as S&P ) showed that as of the third quarter of 2022, Tesla's newly registered electric vehicles in the United States had about 65%, and its market share was reduced by 6 percentage points from the same period last year and 14 percentage points from 2020; S&P predicts that by 2025, the number of electric vehicle models in the United States will increase from the current 48 models to 159 models, while Tesla's electric vehicle market share will drop to less than 20%.
Image source: Visual China
It is reported that in the ranking of electric vehicle registrations in the first three quarters of this year in the United States, Ford Mustang Mach-E ranked third, and is the only non-Tesla model among the top five hot-selling electric models. The other brands of models that followed are Chevrolet Bolt and Bolt EUV, Hyundai Ioniq 5, Kia EV6, Volkswagen ID.4 and Nissan Leaf.
On the other hand, Tesla's market share in China is also facing a "crisis" of gradual shrinking. According to data from the China Passenger Car Association, from January to September this year, Tesla achieved a market share of 8.2% with a cumulative delivery of 318,000 vehicles. But as of November this year, Tesla has delivered about 398,000 vehicles in China, and its market share has dropped to 7.9%. In contrast, BYD's share in the domestic new energy vehicle market has shown a rapid growth trend, with its market share reaching 31.3% in the first 11 months of this year.
According to the plan, Tesla's annual delivery volume will achieve a 50% increase from the approximately 936,000 vehicles delivered in 2021. This means that Tesla's global delivery volume is expected to reach more than 1.4 million vehicles this year. However, Tesla CFO (i.e., chief financial officer) Zachary Kirkhorn admitted that the company's annual delivery growth rate is expected to be slightly below 50% this year. Tesla is expected to reach 1.3 million vehicles in 2022, up 33% from last year, according to a new study by Wade Bush Securities.
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