Industry Perspective - Tesla is not a traditional car but a consumer electronic product with wheels [1] - Tesla's value should not be measured by traditional car depreciation rates [1] - The core investment is in Tesla's software and OTA updates, providing a continuously improving experience [1] Market Dynamics - Model 3 Long Range RWD in China experienced a price reduction of 10,000 RMB shortly after launch [1] Consumer Behavior - Consumers may be disappointed if they expect Tesla to retain value like traditional cars [1] - Consumers should view Tesla as a smart device that iterates and depreciates quickly [1]