On June 19, according to Bloomberg , citing people familiar with the matter, the company is restructuring its Asian business in order to focus more energy on the Chinese market as Tesla prepares to enter production in China, the world's largest electric vehicle market.
According to the person familiar with the matter, Tesla is splitting its Asia-Pacific business unit and setting up a new division in Greater China to cover mainland China, as well as Hong Kong, Taiwan and Macau. The people familiar with the matter asked not to be named as the plan has not been announced publicly. He said that in 2018, he took over as vice president of operations of the Asia-Pacific region from Ren Yuxiang (Robin Ren) will be responsible for leading the department.
In addition, Zhu Xiaotong will continue to lead the construction and operation of Tesla's Shanghai factory. He will also be responsible for sales and training in China and some other teams, people familiar with the matter said. Other teams in the Asia-Pacific region will report to Tesla's headquarters in , , Palo Alto.
Tesla's representative to the United States did not respond to a request for comment in response to this news, and Musk , Ren Yuxiang and Zhu Xiaotong have not responded yet.
January 7, 2019, Shanghai, China, the largest foreign-funded manufacturing project in Shanghai so far, Tesla's Super Factory officially started construction in the Shanghai Lingang Industrial Zone
Since this year, with the decline in subsidies for new energy vehicles in the United States and the weakening of global electric vehicle demand, Tesla's stock price has fallen from US$380 at the end of 2018 to US$177 on June 3, 2019, a total of 53%, and its market value has evaporated by US$36 billion. As Tesla's stock price falls, investor confidence also declines. Wall Street "bearing" forces said that Tesla's stock price may fall by as much as 70% in 2019.
At the same time, according to Tesla's first-quarter financial report released in April this year, the company's total revenue in the first quarter was approximately US$4.54 billion, a year-on-year increase of 33.2%, but delivery volume fell from 90,700 in the fourth quarter of last year to 63,000. In addition, Tesla lost about $700 million in the first quarter of this year.
It is worth noting that the federal government’s halving of the tax incentives for buying Tesla from January has dragged down demand in the United States in the first quarter, and Tesla has difficulty offsetting the decline by starting the delivery of Model 3 in Europe and China.
Therefore, it is not difficult to understand Tesla CEO Elon Musk (Elon Musk) is going to bet on China, hoping to boost sales with a restructuring of Asian businesses and restore investor confidence. Currently, China is Tesla's largest single market second only to the United States.
In particular, compared with the United States, the Chinese electric vehicle market obviously has greater potential to explore. According to data from the China Passenger Car Association, in 2018, the sales of new energy passenger cars in China were 993,000, an increase of 90.4% over the same period last year.
At present, Tesla is accelerating its domestic production in China, hoping to increase its competitive advantage with local companies by reducing prices.
It is reported that the Tesla Shanghai factory (Gigafactory 3), which officially started construction in January this year, is progressing rapidly. The construction has been basically completed and production line equipment has begun to be installed. According to Musk at Tesla's annual shareholders' meeting, the Shanghai factory (Phase I) will be completed this summer and mass production of the Model 3 model will begin at the end of the year. According to the plan, by the end of this year, the Shanghai factory (Phase I) will produce 1,000 cars per week, and under ideal conditions, 3,000 cars per week.
At the end of May, Tesla finally announced the price of the domestic Model 3. The standard battery life upgraded version is priced at 328,000 yuan, a range of 460 kilometers, a maximum speed of 225km/h, and an acceleration of 5.6 seconds per 100 kilometers. At the same time, Tesla has fully launched the Model 3 reservation in China, with the expected delivery time being around half a year.
As of 15:20 pm New York time on June 18, Tesla's stock price rose 4.3% to $226.39, and it still has a cumulative decline of 32% so far this year.
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