Zhi Tong Cai Jing·2025-11-26 11:29Core Insights - Tesla's CEO Elon Musk is focusing on the company's robotics business and a proposed trillion-dollar compensation plan, while the outlook for its core automotive sales is dimming [1] - Tesla faces significant sales pressure in major markets: Europe, China, and the U.S. [1] Summary by Sections Sales Performance - In October, Tesla's sales in Europe plummeted by 48.5% year-over-year, with a year-to-date decline of approximately 30%, while the overall EV market in Europe grew by 26% [1] - Despite record deliveries in Q3 due to a rush for tax incentives, Tesla's global vehicle deliveries are projected to decline by 7% this year, with a further 1% drop expected in 2024 [1][3] Competitive Landscape - Tesla's Model Y SUV remains the best-selling vehicle globally in 2023, but its ranking is slipping due to increased competition from improved and lower-priced EVs [2] - The European market is particularly challenging, with over ten EV models priced below $30,000 and more affordable options being introduced [4] - Competitors like BYD and Volkswagen are significantly outpacing Tesla in Europe, with BYD's sales reaching 17,470 units in October, more than double Tesla's sales for the same period [5] Market Dynamics - In China, Tesla's deliveries fell to a three-year low in October, down 35.8% year-over-year, with a cumulative decline of 8.4% for the first ten months of the year [6] - In the U.S., Tesla's sales surged by 18% in September due to consumers purchasing before tax incentives expired, but this momentum halted in October with a 24% decline [6] Future Outlook - Analysts suggest that Tesla needs to introduce new models to revitalize sales, but there are no indications of new vehicle development as Musk shifts focus to autonomous driving and robotics [6] - Musk's new compensation plan sets a relatively low bar for sales growth, requiring an average of 1.2 million vehicles sold annually over the next decade, which is about 500,000 units below the expected 2024 sales [6]