马斯科现在是疯了基本上# Automobile - 车轮上的传奇
Y*i
1 楼
Bernstein分析师说$35k model3基本没钱赚。而且听起来像背水一战。
"Given its seeming abruptness, it does not appear that yesterday's
announcement was made from a position of strength...We believe that a $35k
Model 3 has close to ~0% gross margins today, suggesting that these price
cuts could materially dilute Model 3 and company gross margins initially –
we estimate up to 600+ bps and 400 bps respectively. We *guess-timate that
cost savings from reducing Tesla's sales offices might amount to $500M per
year; similarly, a 500 bps hit to GMs from lower prices would point to $850
million of lost gross profit dollars... Accordingly, if Tesla does continue
to improve its manufacturing costs – which it strongly believes it can do
– operating margins over time could very well improve from last quarter's
levels, even before further expected op ex leverage... The move to direct
sales is bold, though we are comforted that 70%+ of Tesla buyers in 2018 did
*not* test drive prior to purchase... That said, we do believe that
salespeople have been important in upselling Tesla customers, as well as
selling Tesla solar products. Tesla's actions appear to be further
acknowledgement that Model S and X sales remain challenged, and that the
European roll-out has been more difficult than expected..."
"Given its seeming abruptness, it does not appear that yesterday's
announcement was made from a position of strength...We believe that a $35k
Model 3 has close to ~0% gross margins today, suggesting that these price
cuts could materially dilute Model 3 and company gross margins initially –
we estimate up to 600+ bps and 400 bps respectively. We *guess-timate that
cost savings from reducing Tesla's sales offices might amount to $500M per
year; similarly, a 500 bps hit to GMs from lower prices would point to $850
million of lost gross profit dollars... Accordingly, if Tesla does continue
to improve its manufacturing costs – which it strongly believes it can do
– operating margins over time could very well improve from last quarter's
levels, even before further expected op ex leverage... The move to direct
sales is bold, though we are comforted that 70%+ of Tesla buyers in 2018 did
*not* test drive prior to purchase... That said, we do believe that
salespeople have been important in upselling Tesla customers, as well as
selling Tesla solar products. Tesla's actions appear to be further
acknowledgement that Model S and X sales remain challenged, and that the
European roll-out has been more difficult than expected..."
