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Tesla is expected to say on Tuesday, Jan. 2 that 2023 had another record year for deliveries, largely due to Elon Musk’s staunch fans and tech-savvy early adopters. Now the company is working on broadening its appeal,
The Austin-based electric vehicle maker is projected to deliver about 483,200 vehicles in the fourth quarter, according to a survey of analysts. bloomberg, This means Tesla has likely exceeded its delivery target 1.8 million cars last yearThat’s an all-time high for the company but only a fraction of what Toyota Motor or General Motors typically sell.
For the next phase of its growth, Tesla needs to win over regular buyers, who select vehicles primarily based on price and ease of use. “When we look at buying a car in general, We’re trying to reach the next group of electric vehicle users”CFO Vaibhav Taneja said during an investor call in October.
The Musk-led company faces many obstacles in reaching that crowd: Inflation and high interest rates have made it Consumers should be more cautious about big purchases, Additionally, many buyers are still wondering about safety and whether there are enough charging stations. Those who decide to ditch gasoline cars also have a growing pool of electric vehicles to choose from in addition to Tesla.
In another challenge, on Jan. 1, some Tesla models are expected to lose the entire $7,500 federal electric vehicle tax credit due to tighter sourcing rules for battery components from China. The company’s website says this Some versions of the Model 3 will be affected,
Tesla took some steps to enter the mass market in 2023. It cut prices across its entire range, sacrificing profit margins in exchange for volume. The discount was especially pronounced in China, where Musk has said it is hardest to compete.
However, the electric vehicle maker is likely to be overtaken by China’s BYD, which has a much newer range. Tesla’s latest vehicle, a futuristic-looking Cybertruck, Has not yet reached production volumes and is at least a year away from being profitableMusk said in October. Analysts estimate the automaker could deliver 200 to 5,000 Cybertrucks this quarter.
Tesla has not yet provided guidance on how many vehicles it expects to deliver in 2024. Two models accounted for nearly 97 percent of the company’s deliveries this year (Model 3 sedan and Model Y sport utility vehicle). These were first released in 2017 and 2020,
“We are struggling to understand how underlying demand is likely to materially improve with an increasingly aging product range Amid increasing competition, without any increase in price in the electric vehicle sector,” Bernstein analyst Tony Sacconaghi, who has a sell rating on Tesla shares, wrote in a research note to clients this week. “And equally important, we do not see the situation improving in 2025.”
Tesla will have to take some measures to increase sales in the future. This year it refreshed its Model 3 sedan, giving it a more handsome appearance and greater range. The vehicle was first introduced in China before being sold in EuropeAnd the new Model 3 is expected to arrive in the United States in 2024, although Tesla has not confirmed the timing. Additionally, the company is said to be planning to launch a new version of the Model Y from its Shanghai plant.
Tesla is also expanding its marketing efforts. You’ve built a strong brand without paying for traditional advertising, but have recently started experimenting with Google Ads. Advertises the ability to lease a Model Y already available for $399 per month.
Owuraka Kony, CEO of Jennison Associates, which has a stake in Tesla, said he is confident The electric vehicle maker is doing a lot to reach the next generationFor potential customers.
The Cybertruck is attracting eager buyers to Tesla showrooms. Additionally, he said Tesla executives, including Musk, design chief Franz von Holzhausen and vice president of vehicle engineering Lars Moravy, They are speaking more to the market on behalf of the company Tesla products.
“If you look at global sales of electric vehicles, BYD and Tesla are still Key players driving volumeConnie said. “Moving forward, Tesla will remain well positioned.”
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