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Summarizing Article:
Tesla drops its price in China after talk of building battery making plants.
Tesla cut prices in China once again, partly a result of a production overcapacity according to reports by Bloomberg and Reuters. These cuts come just weeks after the U.S. automaker raised prices in a bid to help cope with possible tariff hikes on imported vehicles. Shanghai, China, is Tesla’s biggest export market after the United States (The U.S. still accounts for 73 percent of Teslaʼs global sales), and Tesla’s move marks the first price cut since a brief two percent reduction in November.
In an email, Reuters learned this shift in prices is not permanent, stating that in parallel, promotional offers that make this reduction possible are being offered. Some believe this drop in price can ultimately give Tesla an edge as it battles with traditional automakers in China.
Tesla has been ramping up work in China since 2016, and the company has been looking to construct more factories both in China and South Korea to ramp up production and cut costs in Asian markets, where demand is high. According to Reuters, in July 2018 Tesla announced plans to set up a battery manufacturing plant in Shanghai, which historically reduces vehicle pricing costs.
Reuters also shared that Tesla has reportedly been in talks with Chinese battery makers Contemporary Amperex Technology Co. Ltd. and BYD Co. Ltd. regarding joint ventures for production with the goal of achieving localized production and reducing reliance on foreign supply. BYD, specifically, has over 27 GWh of battery production capacity, compared to less than 5 GWh each at Panasonic (a primary battery cell supplier to Tesla’s Nevada battery plant) and Tesla’s own New York and Nevada facilities.
According to reports by Bloomberg on Monday, this sharp decline of almost five percent in the company’s all-time-high is likely attributed to the aforementioned price drops in China.
Text article:
Tesla drops its price in China for the second time in six months in a bid to ramp up sales.
Tesla cut prices in China for the second time in as many as six months in response to discussions on building battery plants, Bloomberg reported on Tuesday.
The U.S. electric car maker’s stock fell by almost five percent in response to price drops, representing a slight increase over its all-time-high.
Ker Mun Keegan, an analyst at New Street Research, estimates that the Chinese price drop will give Tesla more sales and that it’s reiterating that it’s not accepting the current prices.
China accounts for a significant proportion of Tesla’s sales. The latest price reduction comes just weeks after the company raised prices in response to potential tariff increases on imported vehicles.
Author of the article: Emma McIntyre, Beatrice Jin. The Electrek article is written by Stephen J. Williams.
Tagging: #tesla #china #sales #elonmusk #batterymakingplants #overcapacity #pricecuts #production #traditionalautoeolers #competition #jv #batteryproduction #cutcosts.
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