Tesla Revamps China Marketing Strategy As Rivals Lure Customers

The Business Times2022-11-23

Tesla is changing its marketing approach in China as fierce competition from domestic rivals and uneven demand puts its growth plans in the world’s biggest electric-car (EV) market at risk.The EV ...

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Huatahhuat
2022-11-23
Huatahhuat
Ok..
- Firework peh:
  Yes

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The prospect of more challenging conditions in China is adding to pressure on the carmaker’s shares, which sank to a two-year low on Monday (Nov 21) and have lost almost half of their value in less than two months.Tesla recently upgraded its Shanghai factory to double capacity to about 1 million cars a year. Yet in a sign the company is struggling to boost sales to meet those ambitions, wait times for cars in China have shrunk to as little as one week from as long as 22 weeks earlier this year.Failing to shift the extra production could endanger chief executive officer Elon Musk’s target of 50 percent annual global sales growth for years to come.“We can tell from the shortened lead time that the order intake for Tesla in China is insufficient,” said Wang Hanyang, an auto analyst at Shanghai-based 86Research. “The company is facing great competition from local competitors as well as lower consumer confidence. The promotions, including insurance subsidies, may also extend into next year.”Musk last month flagged that demand has been “a little harder” to come by due to China’s property market slowdown and Europe’s energy crisis after the automaker reported lower-than-expected third-quarter revenue. Tesla shipped 71,704 cars from its Shanghai plant last month, down from a record high of 83,135 in September.China is home to the most competitive EV market, with homegrown automakers such as BYD — which sold a record 217,816 vehicles last month — and upstarts including Nio and Xpeng expanding their lineups. Domestic car companies accounted for almost 80 per cent of EV sales through the first seven months of the year, according to China’s Passenger Car Association.Local EV makers have also been adept at appealing to Chinese buyers, offering features like in-built karaoke systems and fragrance dispensers, as well as lavish customer service. Companies like BYD and SAIC-GM-Wuling Automobile also offer a range of low-cost vehicles for budget-conscious drivers.Tesla isn’t the only upmarket EV maker cutting prices in China. Mercedes-Benz Group last week slashed the cost of two electric car models by as much as US$33,000 amid flagging sales.With a starting price of 265,900 yuan for the Model 3 sedan and 288,900 yuan for a Model Y SUV, Teslas have traditionally appealed to wealthier buyers in China’s biggest cities. The company is now looking to attract drivers in smaller cities where EV penetration isn’t as high.In a recent marketing campaign that was a first for the automaker, it asked would-be customers to nominate cities for the automaker to take cars for potential buyers to test drive, and offered some respondents use of a Model 3 for a week. Previously, it asked customers to travel to their nearest showroom for a test drive.Tesla also reintroduced its user referral programme last month — an offer that was dumped in the US last year. Owners who refer family and friends to buy a Tesla in China are rewarded with small gifts like wireless headphones or strollers, along with the chance to win a visit to the Shanghai factory or the free use of a Tesla for a year. Last month, the company closed its flagship showroom in Beijing’s Parkview Green shopping mall.China’s continued reliance on lockdowns and other Covid restrictions is impacting car sales, and that has seen Tesla pressured “to take immediate actions to promote sales”, Cui Dongshu, the secretary general of China’s Passenger Car Association, said at a briefing earlier this month.Previously criticised by local media for being “arrogant” towards Chinese customers, Tesla recently surveyed owners in the country, asking questions about their preferred promotional offers and what services they expected as they wait to take delivery of their vehicle.“We expect a few more promotions to boost demand and max deliveries before year end,” said Junheng Li, chief executive officer of equity research firm JL Warren Capital.Otherwise, Tesla’s monthly new order intake in China might only be around 20,000 to 30,000 units after it normalises in December, while Shanghai’s monthly output is now about 80,000 to 85,000 cars, she said.A chief story for Tesla in 2023 will be “overcapacity”, Li said.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9968850901,"gmtCreate":1669183230604,"gmtModify":1676538163905,"author":{"id":"3574468375375928","authorId":"3574468375375928","name":"Huatahhuat","avatar":"https://static.tigerbbs.com/b8efd6c9f11aac008947d35cb725e0a3","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3574468375375928","authorIdStr":"3574468375375928"},"htmlText":"Ok..","listText":"Ok..","text":"Ok..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9968850901","repostId":1159512762,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":104934695,"gmtCreate":1669248482716,"gmtModify":1669248496376,"authorId":3557460658824677,"author":{"id":3557460658824677,"idStr":"3557460658824677","authorId":3557460658824677,"name":"Firework peh","avatar":"https://static.tigerbbs.com/9873e8ddb08004279796752daf19a999","vip":1,"currentWearingBadge":{"badgeId":"1026c425416b44e0aac28c11a0848493-3","templateUuid":"1026c425416b44e0aac28c11a0848493","name":" Tiger Idol","description":"Join the tiger community for 1500 days","bigImgUrl":"https://static.tigerbbs.com/8b40ae7da5bf081a1c84df14bf9e6367","smallImgUrl":"https://static.tigerbbs.com/f160eceddd7c284a8e1136557615cfad","grayImgUrl":"https://static.tigerbbs.com/11792805c468334a9b31c39f95a41c6a","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.08.19","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1001},"crmLevel":7,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9968850901,"type":1,"supId":0,"prevId":0,"content":"<span class=\"s1\">Yes</span>","text":"<span class=\"s1\">Yes</span>","html":"<span class=\"s1\">Yes</span>"}],"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":32,"commentSize":1,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1159512762"}