Tesla(US:TSLA) Feng Huang Wang·2025-11-26 11:24Core Viewpoint - Tesla is facing significant sales pressure in major markets including Europe, China, and the U.S., with a notable decline in vehicle deliveries and market share due to increased competition and a limited product lineup [1][2][3][5]. Group 1: Sales Performance - In Europe, Tesla's sales dropped by 48.5% year-on-year in October, and approximately 30% year-to-date, while the overall electric vehicle market grew by 26% [1]. - Tesla's global vehicle deliveries are projected to decline by 7% this year, following a 1% drop in 2024 [1]. - In China, Tesla's deliveries fell to a three-year low in October, down 35.8% year-on-year, with an 8.4% decline year-to-date [5]. Group 2: Competitive Landscape - The European market has over ten electric vehicle models priced below $30,000, with more affordable options entering the market, intensifying competition for Tesla [3]. - Chinese brands like BYD are outperforming Tesla in Europe, with BYD selling 17,470 vehicles in October, more than double Tesla's sales [4]. - In the U.S., Tesla's sales surged by 18% in September due to a rush before a tax credit expiration, but fell by 24% in October, indicating a potential downturn in the market [5]. Group 3: Strategic Challenges - Tesla's product lineup is perceived as aging, with analysts noting that the company needs new models to revitalize sales [5]. - CEO Elon Musk's focus has shifted towards autonomous driving and robotics, with little evidence of new vehicle development for traditional drivers [5][6]. - Musk's new compensation plan does not require significant sales growth, as it is based on achieving an average of 1.2 million deliveries annually over the next decade, which is 500,000 less than the projected 2024 sales [6].