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☆ Tesla's China sales slow as price-cut boost wanes
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +3 min

The U.S. automaker nearly doubled weekly retail sales in the week of Feb. 20 to 10,703 vehicles versus a week prior, showed data from China Merchants Bank International (CMBI) on Tuesday, which tracks weekly retail sales based on car insurance registrations. Sales are slowing in part due to an ageing product line, said Yale Zhang, managing director at Shanghai-based consultancy Automotive Foresight. Consumers are also delaying purchases while waiting to see if other EV makers cut prices, Zhang said. Meanwhile, the market share of BYD Co Ltd (002594.SZ), surged to 37% from 27%, CMBI data showed. Smaller EV players such as Leap Motor and Great Wall Motor Co Ltd's (601633.SS) Ora are among those whose market share shrank.

☆ Tesla's slowing sales, shrinking margins in focus in EV price war
▼ + stars: | 2023-01-24 | by ( Akash Sriram | ) www.reuters.com time to read: +2 min

Net profit is set to increase at its slowest rate in three years, according to Refinitiv estimates. Reuters GraphicsThere are some early signs that the price cuts are working, with Chinese EV makers XPeng and Seres (601127.SS) slashing prices of their EVs in response and data showing a surge in Tesla's China sales. There was also an uptick in U.S. orders for Tesla vehicles in December after the company rolled out the cuts, according to YipitData. WALL STREET SENTIMENT* Of the 42 analysts covering the company, 25 rate the stock "buy" or higher, 12 rate it "hold" and five rate it "sell" or lower. Tesla's shares, which have more than halved in the past 12 months, closed at $143.75 on Monday.

☆ Tesla slashes Model 3, Model Y prices in China for second time in 3 months
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +2 min

On Friday, the U.S. automaker slashed prices for all versions of its Model 3 and Model Y vehicles in China by between 6% to 13.5%, according to Reuters calculations based on the prices shown on the website. The starting price for Model 3, for instance, was cut to 229,900 yuan ($33,427) from 265,900 yuan. The Model 3 and Y have been the only models it delivers in China, though on Friday it announced prices for the Model S and Model X in China. The China prices of the Model 3 and Model Y cars are now 24% to 32% lower than in the United States, Tesla's largest market, Reuters calculations showed, due to reasons including different material and labour costs. Tesla will sell the Model S Plaid and Model X Plaid in China from 1,009,900 yuan and 1,039,900 yuan, respectively, nearly 10% higher than its U.S. prices, its website showed.

☆ Exclusive: Tesla makes China boss highest-profile executive after Musk
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +5 min

[1/2] Tesla's China chief Tom Zhu speaks at a delivery ceremony for China-made Tesla Model 3 vehicles in the Shanghai Gigafactory of the U.S. electric car maker in Shanghai, China December 30, 2019. The move makes Zhu the highest-profile executive at Tesla after Chief Executive Elon Musk, with direct oversight for deliveries in all of its major markets and operations of its key production hubs. Under Zhu, Tesla's Shanghai plant rebounded strongly from COVID lockdowns in China. Tesla country managers in China, Japan, Australia and New Zealand continued to report to Zhu, the notice showed. Zhu, who was born in China but now holds a New Zealand passport, joined Tesla in 2014.

☆ Tesla makes China boss Tom Zhu its highest-profile executive after Elon Musk
▼ + stars: | 2023-01-03 | by ( ) www.cnbc.com time to read: +4 min

In this article TSLA Follow your favorite stocks CREATE FREE ACCOUNTTom Zhu Xiaotong, Tesla's current executive in charge of China, speaks as a new Tesla experience store opens on Aug. 18, 2015 in Hangzhou, China. The move makes Zhu the highest-profile executive at Tesla after Chief Executive Elon Musk, with direct oversight for deliveries in all of its major markets and operations of its key production hubs. Under Zhu, Tesla's Shanghai plant rebounded strongly from Covid lockdowns in China. Tesla country managers in China, Japan, Australia and New Zealand continued to report to Zhu, the notice showed. Zhu, who was born in China but now holds a New Zealand passport, joined Tesla in 2014.

☆ Tesla's China head Tom Zhu takes over sales in North America- Electrek
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

Jan 2 (Reuters) - Tesla Inc's (TSLA.O) head of China, Tom Zhu, has taken over responsibilities for sales, service and deliveries in North America, Electrek website reported on Monday, citing sources familiar with the matter. Zhu's official title remains vice president in charge of Asia/Pacific, according to the report on the U.S. website dedicated to news on electric transportation and sustainable energy. Under Zhu's leadership, Tesla Shanghai rebounded strongly from lockdowns this year to bring Tesla close to its target for 2022 of 50% production growth. Tesla's stock fell 65% in 2022, its worst year since going public in 2010. Reporting by Urvi Dugar in Bengaluru; Additional reporting by Akanksha Khushi; Editing by Howard GollerOur Standards: The Thomson Reuters Trust Principles.

☆ Tesla's struggles in China and Europe may be a preview of the pain coming for Elon in the US
▼ + stars: | 2022-12-09 | by ( Asia Martin | ) www.businessinsider.com time to read: +6 min

Reaching those numbers required cuts of up to 9% of the Model 3 and Model Y sale prices. Strong competition in China and EuropeMusk's auto company faces similar battles in Europe, the second-biggest EV market, behind China. Globally, Tesla's Model Y led the market last quarter, making up 7.5% of EV sales, Counterpoint reported. Competition is chipping away at Tesla's market share in the US, too. S&P Global Mobility predicts Tesla's market share will drop to 20% by 2025.

☆ Musk taps Tesla's China chief to run Texas gigafactory - Bloomberg News
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +1 min

Dec 8 (Reuters) - Tesla Inc (TSLA.O) chief Elon Musk has roped in longtime executive and the company's president in China, Tom Zhu, to help run the carmaker's new plant in Austin, Texas, Bloomberg News reported late on Wednesday. Zhu, who joined Tesla in 2014 and is heading Tesla's Asia Pacific operations, is in Austin this week. He has brought some of his engineering team from China with him to assist in overseeing the ramp-up of Giga Texas, the report said, citing people familiar with the matter. Giga Texas, which opened earlier this year, makes the Model Y and will produce Tesla's upcoming Cybertruck. It is not clear whether Zhu will retain his Asia responsibilities or for how long he will be in Austin, Bloomberg added.

☆ Exclusive: Tesla has considered exporting EVs from Shanghai to U.S., Canada
▼ + stars: | 2022-11-12 | by ( ) www.reuters.com time to read: +5 min

Tesla's evaluation has included consideration of whether parts made by Tesla's China-based suppliers would be compliant with regulations in the United States and Canada, they said. Tesla would not be the first U.S. automaker to ship made-in-China vehicles to the United States. Tesla's Shanghai Gigafactory has the capacity to produce 1.1 million electric vehicles per year after an upgrade earlier this year, making it Tesla's most productive manufacturing hub. The Shanghai plant makes Model 3 sedans and Model Y crossovers to sell in China and for export to markets including Europe, Australia and Southeast Asia. That means Tesla vehicles could potentially be exported to North America at a competitive price.

☆ Tesla closes its first showroom in China in retail strategy shift - sources
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +3 min

"Their contract with us expired and Tesla decided not to extend it," the mall staff member said. A call to the store earlier in the day was redirected to another Tesla showroom nearby. As part of that effort, Tesla has been hiring technicians and other staff for service jobs in China. More than half of Tesla's China stores do not offer repair or maintenance services and are in high-rent locations where space is limited. read moreTesla sold 318,151 vehicles in China in the first nine months of 2022, up 55% from a year earlier, according the China Passenger Car Association.

BEIJING, Oct 23 (Reuters) - Li Qiang, who oversaw Shanghai's grinding two-month COVID-19 lockdown this year as party boss of China's commercial hub, is on track to become China's next premier after President Xi Jinping unveiled a new governing body packed with loyalists. Current Premier Li Keqiang, a more reform-minded voice, will step down in March after the maximum two terms. "We have not seen Li Qiang introduce any market-oriented reforms," said Lam. In 2015, Li accompanied Xi on a visit to the United States to meet then-President Barack Obama. In Seattle with Xi, Li gave a speech calling for more cooperation between Zhejiang and U.S. firms.

☆ Exclusive: Tesla to keep output at upgraded Shanghai plant below maximum -sources
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +3 min

Since the plant opened in its second largest market in late 2019, Tesla has sought to run the facility in China's commercial hub at full capacity, and recently upgraded its weekly output by 30%, to a maximum of 22,000 vehicles. Register now for FREE unlimited access to Reuters.com RegisterTesla did not immediately respond to a request for comment on Tuesday. The upgraded factory can produce 14,000 Model Ys and 8,000 Model 3s, the sources added. Now Tesla plans to turn out 20,500 units a week for the rest of the year, for a total of 13,000 Model Ys and 7,500 Model 3s, the sources said. Tesla China-made Model 3 vehicles are seen during a delivery event at its factory in Shanghai, China January 7, 2020.

☆ EXCLUSIVE Tesla to keep output at upgraded Shanghai plant below maximum -sources
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +2 min

Tesla China-made Model 3 vehicles are seen during a delivery event at its factory in Shanghai, China January 7, 2020. Since the plant opened in its second largest market in late 2019, Tesla has sought to run the facility in China's commercial hub at full capacity, and recently upgraded its weekly output by 30%, to a maximum of 22,000 vehicles. The upgraded factory can produce 14,000 Model Ys and 8,000 Model 3s, the sources added. Tesla has sought to keep it running at full capacity, except during the upgrade and a city-wide COVID-19 lockdown for two months this year. Now Tesla plans to turn out 20,500 units a week for the rest of the year, for a total of 13,000 Model Ys and 7,500 Model 3s, the sources said.

☆ Tesla weighs reset for China retail strategy even as sales boom
▼ + stars: | 2022-09-20 | by ( ) www.cnbc.com time to read: +4 min

Tesla's China recruitment website showed more than 300 openings for service jobs as of Thursday. Musk said last week on Twitter, in response to a Tesla owner in Texas who complained that he had been waiting a month to get his vehicle fixed, that he had made "advancing Tesla service to make it awesome" a top priority. That has allowed it more leeway to adjust a retail strategy that had been initially modeled on Apple's stores. More than half of Tesla's showrooms in seven of China's biggest cities, including Shenzhen and Chengdu, are now in downtown areas, according to a Reuters count based on Tesla's China website. Nio, like Tesla, has a network of high profile urban stores in China.

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