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Tesla’s grip on EV market loosens as latest earnings disappoint

July 26, 2024
in News
Tesla’s grip on EV market loosens as latest earnings disappoint
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Tesla’s fourth consecutive quarterly profit drop has raised questions about its resilience in the ever-competitive electric vehicle market. On July 23, Tesla reported close to a 45% decline in second-quarter net income, plunging to USD 1.5 billion from the USD 2.7 billion recorded in the same quarter last year. Despite a 2% revenue uptick to USD 25.5 billion for the quarter ending in June, the company’s profitability remains a sore point, spotlighting Tesla’s struggle to keep its earnings buoyant.

The EV titan faces dwindling demand in key markets, with China being a significant battleground. Local players like BYD have ramped up competition by slashing prices, putting pressure on Tesla’s sales. The Shanghai Gigafactory, once a cornerstone of Tesla’s export strategy, saw a 16.8% year-on-year decrease in deliveries for the latest quarter, a stark contrast to its previous performance.

Adding fuel to the fire, recent tariff hikes by the US and the European Union on China-made EVs have jeopardized the Shanghai plant’s status as Tesla’s cost-efficient export hub. The implications are significant, potentially disrupting the company’s global supply chain.

Tesla’s challenges aren’t limited to tariffs and demand issues. Chinese EV makers like Nio and Li Auto are fast closing the gap. Nio’s Onvo sub-brand recently launched the L60 SUV, priced 12% lower than Tesla’s Model Y, directly challenging Tesla’s market share. Delivery of the L60 is expected to commence in September. Meanwhile, Li Auto is making strides in autonomous driving technology, aiming to rival Tesla’s Full Self-Driving (FSD) system.

China remains a powerhouse in the EV market, accounting for 60% of global EV sales last year, according to the International Energy Agency (IEA). The country’s new energy vehicle (NEV) production and sales figures for June 2024 underscore this dominance, with both metrics up 28.1% and 30.1% year-on-year, respectively, according to data from the China Association of Automobile Manufacturers (CAAM). For the first half of 2024, NEV production and sales rose by 30.1% and 32%, respectively, compared to the previous year, signaling robust market activity despite Tesla’s challenges.

Tesla’s stock has been on a rollercoaster ride this year. A 40% plunge since January due to declining profits in previous quarters has left investors jittery. However, hopes are pinned on upcoming technological innovations, such as the highly anticipated robotaxi unveiling. Originally set for early August, the unveiling has been postponed to October 10, with Elon Musk hinting at significant improvements to the vehicle.

In the latest earnings call, Musk also teased the launch of a more affordable Tesla model by the first half of next year. Additionally, he expressed optimism about securing regulatory approval for the FSD system in China soon, a move that could potentially bolster Tesla’s market position.

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Copyright for syndicated content belongs to the linked Source : KrAsia – https://kr-asia.com/tesla-looses-grip-on-ev-market-as-latest-earnings-disappoint

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