Core Viewpoint - Tesla has opened its first Supercharger restaurant in Los Angeles amidst declining vehicle sales, aiming to enhance customer experience by combining charging, dining, and entertainment [1][2]. Group 1: Restaurant Launch - Tesla's first restaurant is located at 7001 Santa Monica Boulevard, Los Angeles, operating 24/7 and featuring 80 V4 Supercharger stations available for non-Tesla vehicles [1]. - The restaurant's design is inspired by 1950s car cinemas, offering a unique dining experience with outdoor movie screens and Tesla merchandise for sale [1]. - CEO Elon Musk indicated plans for more Tesla restaurants in major cities and along long-distance routes [1]. Group 2: Sales and Delivery Challenges - Tesla faced a 13.5% year-over-year decline in vehicle deliveries in Q2, with a total of 384,100 units delivered, and a cumulative delivery of 720,800 units in the first half of the year, down 13.3% [2]. - The company experienced its first global sales decline in a decade in 2024, with total deliveries of 1.789 million, a 1.1% decrease from 2023 [2]. Group 3: Financial Pressures - Tesla is nearing a loss, with Q1 profits heavily reliant on selling $447 million in carbon credits, which may be threatened by potential legislative changes in the U.S. [3]. - The company faces increasing competition from automakers like BYD, which saw a 359% year-over-year growth in electric vehicle sales in Europe, surpassing Tesla for the first time [3]. Group 4: Management Changes and New Models - Following poor performance in North America and Europe, Omid Afshar, responsible for these regions, has left the company, with Musk taking over sales operations [4]. - Tesla plans to launch a new six-seat Model Y L to stimulate consumer demand, expected to be priced around 400,000 yuan, with deliveries set for this fall [4]. Group 5: Future Prospects - Despite challenges in the automotive sector, Tesla is focusing on the potential of autonomous driving software, ride-hailing services, and the development of humanoid robots, although continued vehicle sales are essential for funding these initiatives [4].

Investment Rating - The industry rating is "Outperform the Market" [81] Core Insights - Tesla's global sales in Q2 reached 384,122 units, a 13% decline from 443,956 units in the same period last year, marking the second consecutive quarter of decline [3][12] - The decline is attributed to delays in the launch of more affordable models, controversies surrounding CEO Elon Musk's political stance, and a significant drop in sales in the US market [3][12] - Tesla faces increasing competition from new models launched by General Motors, Volkswagen, BMW, BYD, and Xiaomi, while exploring potential in autonomous driving software and humanoid robots [3][13] - Xiaopeng Motors launched the new AI smart family SUV, Xiaopeng G7, with three versions priced between 195,800 and 225,800 yuan, featuring advanced AI capabilities and a long range of 702 km [4][14][15] Market Performance - From June 30 to July 4, the automotive sector increased by 0.1%, underperforming the CSI 300 index, which rose by 1.5%, resulting in a 1.4 percentage point lag [18] - Year-to-date, the automotive sector has increased by 8.2%, ranking 8th among 31 sectors [18] Key Industry Data - In June, retail sales of passenger vehicles reached 2.032 million units, a 15% year-on-year increase, while new energy vehicle retail sales were 1.071 million units, up 25% year-on-year [6][34] - Wholesale sales for passenger vehicles in June totaled 2.473 million units, a 14% increase year-on-year, with new energy vehicle wholesale sales at 1.259 million units, up 28% year-on-year [6][35] New Vehicle Highlights - Xiaopeng G7 features a powerful AI chip configuration, achieving an effective computing power of 2,250 TOPS, making it the highest globally [14][15] - The G7 aims to redefine the market for smart electric SUVs with its advanced AI capabilities and long-range performance [15]