Demand for Tesla booms in China after price cuts

A survey by Dan Ives found a sharp rise in interest in Tesla cars in China after recent price cuts.

Tesla’s price cuts haven’t fared well in China, with hundreds of previous buyers Storming Tesla showrooms, asking the automaker to compensate for the sudden price change. However, according to a survey by Dan Ives of investment firm Wedbush Securities, Interest in the brand has skyrocketed In China though the rage.

According to Mr. Ives’ survey, it was initially reported before BaronsOur survey found that 76% of Chinese EV consumers would consider buying a Tesla in 2023, with closest local competitors BYD in second place followed by NIO in third. This data comes just days after China Merchants International Bank announced that sales of Tesla has skyrocketed according to their payment data. Furthermore, this renewed interest in the Tesla brand is supported by the order times listed on the Tesla China website.

Order times for the base Tesla Model 3 and Model Y are extended by nearly a month, while long-range trims for both cars have been pushed even further. And while the performance variants of both models have remained fairly unaffected by new demand, if the recent trend is anything to go by, that lull may not last long.

The increase in demand has spread outside of China as well. Late last week, order times for the Tesla Model 3 and Model Y in Germany They were expelled by a similar amount to their Chinese counterparts. While here in the US, wait times for most Model 3 trims extend into the next month, while Model Y customers have reported wait times of several months.

After this latest surge in demand, investors responded in turn, ending the week with a A rare positive move for Tesla stock, up nearly 5% on Friday and nearly 15% during the week. No wonder many now believe this is the beginning of an even bigger revival for the automaker. Although it is worth noting that with the recent gradual decline in the CPI, many stocks, including those in the auto industry, also saw their shares recover this weekend.

But outside of Tesla and its customers, perhaps the most significant change that occurred after the US automaker’s move was the reaction of other brands. In the second half of last year, many automakers followed in Tesla’s footsteps by raising prices for new electric models. Most famously, the bastion of affordable electric trucks, the Ford F150 Lightning, saw its professional balloon pass above $50,000 for the first time. However, many automakers have now had to follow Tesla, lowering prices to remain competitive.

The most aggressive price cuts by other brands after Tesla were seen in China, where Tesla implemented the price cut first. However, many analysts expect these price cuts to come to Western markets in the coming month(s) as an increasingly competitive EV market pushes prices lower for the first time in a long time.

William owns shares of Tesla but does not invest in any Wedbush products, and the company does not manage his money.

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Demand for Tesla booms in China after price cuts

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