Tesla's Peak China Dependency Could Be Over Within A Year, Analyst Says: Here's Why

Benzinga2022-09-21

ZINGER KEY POINTSThe Chinese EV market is set to grow to $799B in 2027, according to estimates.Tesla will lose prominence in China due to domestic competition and reinvigoration of its NAFT and EU ...

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Comments

ccmk
2022-09-21
ccmk
[smile]
EAvenue
2022-09-21
EAvenue
Ok
klimkh
2022-09-21
klimkh
OK
YauDK
2022-09-21
YauDK
Ye
- ZBM:
  [Cool]
- YauDK:
  Ye
Deonc
2022-09-21
Deonc
Ok
- Ahleepapa:
  Shirt

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This is evident from the 8,000-yuan ($1,140) subsidy the company is extending to its Model 3/Y reservation holders in China, the analyst noted.This subsidy, however, is available only for customers who purchase Tesla insurance.The analyst sees more premium EV players following suit, pressuring the sales of foreign JV brands’ ICE vehicles, including luxury models, into the fourth quarter. This would force local dealers to react with more aggressive promotions, he added.After the factory upgrade at Tesla's Giga Shanghai, production is ramping up very quickly, the analyst noted.The Chinese EV market was valued at $124.2 billion in 2021 and is poised to grow to $799 billion in 2027, Jonas said, citing Mordor Intelligence data. 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