Tesla finalizes Shanghai to build a factory: the industry questioned its entry into China for the renewal of the money

On June 5th, US time, at Tesla's shareholders meeting, Tesla disclosed plans to build the first factory outside the US in Shanghai, China. It is currently negotiating with the local government in Shanghai and will reach an agreement as soon as next month. Announced. Some people in the automotive industry questioned: "At this time, Tesla entered the Chinese market to want to circle money, so as to warm up the capital chain, seek Chinese investors, and regain the trust of Wall Street."

Image source: Visual China

It is doubtful that Tesla's capacity problems in the United States have not been resolved in more than two years. The factory built in Shanghai can guarantee that similar problems will not occur.

On June 5th, US time, at Tesla's shareholders meeting, Tesla disclosed plans to build the first factory outside the US in Shanghai, China. It is currently negotiating with the local government in Shanghai and will reach an agreement as soon as next month. Announced.

At this time Tesla is in trouble. The rumors of capacity shortage, Model3 large-scale unsubscription, Tesla bankruptcy, and Musk's class appear in major media reports. At this general meeting, Tesla was certified in different vortexes.

Tesla may hope to save some confidence through a good deal. This good is to announce the establishment of a factory in Shanghai, China. Tesla CEO Elon Musk said at the meeting that unlike Tesla's US factory, Tesla's new-generation factory, Dreadnought, will produce both batteries and assembled vehicles. The plant will focus on the production of the Model S and Model X models in the early days, and will mainly produce Model 3 and entry-level Model Y in the future.

He also said that the company may launch the Model 3 rental program in early 2019, when Tesla has already achieved the goal of producing 5,000 Model 3 per week and is profitable.

“The rental service will have a negative impact on Tesla’s cash flow, so we will not offer Model 3 rental services within 6 to 9 months. In any case, loan financing is a better option because the bank’s remaining for new models Value is a conservative estimate, but fortunately, the residual value of Tesla has always been good," Musk said.

Building a factory is a booster for capital?

In fact, since three years ago, Tesla’s rumors of building factories in Shanghai have been frequently reported, but they have not received the official response from Tesla. Every time there is rumor, Tesla has different degrees of benefit, and the capital market is generally optimistic about its establishment in China.

On June 22 last year, it was reported that Tesla signed a contract with the Shanghai Municipal Government to establish a factory in China, and Tesla will at least establish a joint venture with a local Shanghai company. On the same day, Tesla signed a contract with the Shanghai government. The photos flowed out at the same time, but were later clarified as "not true."

However, Musk has publicly expressed his strong interest in investing in China. He believes that local production can eliminate tariffs and reduce transportation costs, which can reduce the price of Tesla electric vehicles in China by one-third.

Since then, almost every month there has been news that Tesla has been built, and people once thought that in December 2017, Tesla will settle the Shanghai factory. In just a few months, it has been slow to see the construction of the factory. One of the important problems lies in the state’s policy restrictions on the establishment of wholly foreign-owned enterprises.

However, soon after, the Chinese government announced that it would expand its openness, reduce tariffs, and eliminate the restrictions on foreign-invested shares of new energy vehicles. On April 17 this year, the National Development and Reform Commission announced a timetable for relaxing the restrictions on the proportion of foreign shares in the auto industry. The restrictions on the foreign shares of new energy vehicles will be lifted this year. Previously, the government stipulated that foreign-funded car companies could only exist through joint ventures, and the maximum shareholding ratio could not exceed 50%.

At Tesla's first quarter earnings meeting, Musk unexpectedly publicly stated: "Maybe in the next quarter, we will announce information about Tesla's China super factory, no later than this year. Quarter."

The favorable policies, the development trend of new energy vehicles and the improvement of the industry level have undoubtedly accelerated the official admission of Tesla. Tesla (Shanghai) Co., Ltd., which is located in Tesla's super factory before its establishment in China, is only involved in technology development, electric vehicle import and export sales, and does not involve manufacturing. This time Tesla confirmed the establishment of a factory in Shanghai and actively disclosed the production of batteries and assembly vehicles.

In this regard, Singular Auto CEO Shen Haijun once said that it is possible to see why Tesla is building a factory in China from two angles. "First, China is the world's largest electric vehicle market. The future must be Tesla's battle." From this perspective, it is reasonable and sooner or later to enter the Chinese market. Second, Tesla has been seeking sole proprietorship to build a factory in China. Now that China’s policy has been liberalized, there is such a company. I think it is expected."

In China, the world's largest automobile manufacturing base, Tesla has sold 14,883 electric vehicles last year. Its sales in China reached US$2.027 billion. The number of super charging stations has exceeded 1,000 and the destination charging station has 2000. One.

Another point of view is that in the case of car delivery, Tesla has broken the new domestic car-making forces, and many new car companies have learned the way of Tesla when they are in trouble. Some people in the automotive industry questioned: "At this time, Tesla entered the Chinese market to want to circle money, so as to warm up the capital chain, seek Chinese investors, and regain the trust of Wall Street."

Another question that is doubtful is that Tesla's capacity problems in the United States have not been resolved for more than two years. The factories built in Shanghai can guarantee that similar problems will not occur.

Tesla Motors has been established for fifteen years, but it still cannot solve the problem of mass production of new cars, which is unimaginable for traditional car companies. Therefore, Tesla's problem is considered to be a problem in a whole set of models such as automobile R&D and design.

The crisis is still accompanied by Tesla

Can we save Tesla in the case of building a factory in Shanghai? Earlier reports said that Tesla was on the verge of bankruptcy. If there is no capital injection, Tesla will really go bankrupt this year.

According to Tesla's first quarter earnings report for 2018, although revenue was 3.409 billion US dollars, much higher than the 2.696 billion US dollars in the same period last year, the net loss also reached 785 million US dollars, double the same period last year, and set a historical loss. The highest record.

The Tesla problem has appeared in production capacity. Due to the large proportion of Tesla's manual assembly during the assembly process, only the battery's defective rate may be as high as 20%, and the Tesla Model 3's weekly output is only about 2,000. The high cost and low output lead to Tesla. crisis.

Due to the delay in delivery, Model 3 was recently expelled and suffered a large unsubscribe. As the most intimate model of the Tesla family, the Model 3 is considered to be a key product for Tesla electric vehicles to go to the public. After the first announcement in 2016, the low price of $35,000 was won by many fans.

In July last year, Tesla held the first batch of 30 delivery models for Model 3 in California. Most of the first owners came from Tesla. At that time, global orders "like missiles" flew to Tesla, with orders exceeding 500,000 units. With the difficulty of mass production of Model 3, as of August 2017, more than 60,000 orders have been unsubscribed.

According to the latest data from analyst firm Second Measure, 23% of Model 3 orders in the US have been cancelled. In April, Musk said that the delivery of Model 3 will be postponed for 6 months to 9 months, and about 18% of Model 3 has started to refund in the month.

The shrinking orders have intensified the problem of Tesla's tight funds. Therefore, many Wall Street analysts believe that Tesla will go bankrupt without external financing.

"We made a lot of mistakes on Model 3. We know how to solve these problems, we are working on them. The automated methods we used in some cases didn't work. But obviously, some of the production factors are very suitable for humans, some parts Very suitable for robots," Musk said.

The shortage of Tesla Model 3 capacity, battery supply shortages and system management have problems. "In fact, Musk has a good production design concept for Tesla, but in the verification process, the results are not satisfactory." An industry insider said in an interview with the 21st Century Business Herald.

In the 6th shareholders meeting, Musk said that Tesla's goal of producing 5,000 Model 3s per week was "very likely" to be achieved by the end of this month. He also said that Tesla's super battery factory will soon produce more batteries, and the output will exceed the total battery output of all electric vehicle manufacturers. In addition, starting next month, the Model 3 test drive will be deployed to all Tesla retail stores in North America.

He also said that Tesla may launch a small electric car in the next five years. Musk said that Tesla is expected to turn losses in the third quarter of this year, and the cash flow in the third and fourth quarters will turn positive.

At the general meeting of shareholders on the same day, Tesla shareholders voted on the shareholder proposal to separate the CEO and the chairman's duties. Eventually, the proposal to separate Mask's duties was not passed. In other words, Musk, who once faced the class, will continue to serve as chairman and chief executive officer after the shareholders meeting.

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