Tesla(US:TSLA) Xin Jing Bao·2025-10-10 05:11Core Viewpoint - Tesla has launched a new version of the Model 3 Standard in the U.S. market with a starting price of $37,000, which is a significant price reduction but has received negative feedback from both consumers and the capital market, leading to a 4.45% drop in Tesla's stock price on the launch day, resulting in a market value loss of approximately $65 billion [2][7]. Consumer Feedback - The new Model 3 Standard version has faced criticism for its reduced features, with users expressing dissatisfaction over the perceived value of the vehicle given the significant cutbacks in core functionalities [3][6]. - Key reductions include a decrease in range by approximately 40 miles, an increase in acceleration time by nearly 1 second, and the removal of the Autopilot feature. Additional cuts include manual adjustments for the steering wheel and mirrors, elimination of front seat ventilation and rear seat heating, a downgrade in seat materials, and a reduction in the audio system from 15 speakers to 7 [3][6]. Market Reaction - Following the launch, Tesla's stock price fell by 4.45%, with a market capitalization loss of about $65 billion. Although there was a slight recovery in stock price in subsequent trading, it remained below the pre-launch level [7]. - Despite exceeding delivery expectations in Q3 with 497,000 units, the market response was still negative, reflecting concerns over Tesla's profitability outlook amid increasing competition and strategic execution risks [7][8]. Sales Challenges - Tesla's sales in China for the first half of 2025 are projected to be around 260,000 units, a nearly 5% decline year-on-year, significantly lagging behind the nearly 40% growth in the domestic new energy vehicle market [8]. - In Europe, Tesla's electric vehicle registrations have seen a year-on-year decline of approximately 23%, marking the eighth consecutive month of decline [8]. Strategic Concerns - Analysts suggest that Tesla's decision to launch a lower-spec Model 3 in the U.S. may be a response to the U.S. government's plan to eliminate electric vehicle tax credits, indicating a need to boost sales [6][8]. - The company faces increasing pressure from domestic competitors in China, such as BYD and Huawei, which offer more features at similar price points, and traditional automakers in Europe that are accelerating their electric and smart vehicle transitions [8][9]. - There are concerns regarding Tesla's product innovation pace, with a lack of new models since the Model Y's launch in 2020, which may dilute the brand's perception as a technology leader and impact investor confidence [8][9].