Core Viewpoint - Tesla's entry into the Indian market has not met expectations, raising concerns about the company's global growth prospects [3][5]. Group 1: Sales Performance in India - Since starting sales in mid-July, Tesla has received over 600 car orders, significantly below expectations, equating to the number of vehicles delivered globally every four hours in the first half of the year [3]. - Tesla plans to ship 350 to 500 vehicles to India, with the first batch arriving in early September, limited to four cities: Mumbai, Delhi, Pune, and Gurugram [4]. Group 2: Market Challenges - High import taxes have resulted in Tesla's entry-level models being priced over 600,000 INR (approximately 68,000 USD), far exceeding the typical price range of 2,200,000 INR for most electric vehicles in India [5]. - The electric vehicle market in India accounts for only about 5% of total car sales, highlighting the challenges Tesla faces in pursuing new growth markets [6]. Group 3: Global Sales Trends - Tesla's sales in China from January to July were approximately 432,000 units, a decline of 13.6% compared to 500,000 units in the same period of 2024 [6]. - In Europe, Tesla's sales have faced a decline for the eighth consecutive month, with new car registrations in France, Denmark, and Sweden dropping by 47.3%, 42%, and 84% respectively in August [7].

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com 格隆汇9月2日｜特斯拉进入印度市场期待已久，但迄今为止的业绩并不令人满意，订单量不温不火又引 发了外界对该公司全球增长前景的疑虑。据知情人士透露，这家由埃隆·马斯克领导的电动汽车制造商 自7月中旬开始销售以来，仅收到了600多辆汽车的订单，这一数字低于该公司自己的预期。这大致相当 于今年上半年特斯拉在全球每四小时交付的汽车数量。上述人士表示，特斯拉目前计划今年向印度运送 350至500辆汽车，其中第一批计划于9月初从上海抵达印度。由于涉及机密事项，这些人士要求不具 名。 ...

Financial Data and Key Metrics Changes - For Q1 2025, revenue was $5.9 million, down from $11.5 million in Q4 2024 and $13.2 million in Q1 2024, with 29 units recognized compared to 51 units and 62 units in the previous quarters [24][25] - Cost of goods sold decreased to $4.7 million from $15.2 million in Q4 2024 and $10.4 million in Q1 2024 [24] - GAAP gross margin was a profit of $1.2 million or 20.6%, compared to a loss of $3.7 million in Q4 2024 and a profit of $2.8 million in Q1 2024 [25] - Non-GAAP gross margin was approximately $900,000 or 15%, down from $2.7 million in Q4 2024 but up from $1.7 million in Q1 2024 [25][26] - Operating expenses were $10.5 million, down from $10.9 million in Q4 2024 and $13 million in Q1 2024 [26] - Operating loss for Q1 2025 was $9.3 million, improved from a loss of $14.6 million in Q4 2024 and $10.2 million in Q1 2024 [27] - Cash and cash equivalents totaled $4.8 million, with free cash flow negative at $4.8 million [28][29] Business Line Data and Key Metrics Changes - The company shipped a total of 60 units in Q1 2025, including 31 additional strip chassis for UPS, but only recognized revenue for 29 units due to GAAP standards [24][7] - The MD XT, a new medium-duty chassis cab, was launched, targeting a total addressable market of up to 100,000 units per year in the U.S. [12][15] Market Data and Key Metrics Changes - Customer demand remains consistent, with growing interest from national fleets, while smaller regional operators are leveraging state incentive programs [8] - The market for conventional chassis cab products like the MD XT can sell up to 100,000 units per year, significantly larger than the strip chassis market [39] Company Strategy and Development Direction - The company aims to focus on growth, protecting margins, and managing liquidity with discipline [6][18] - Plans to reduce exposure to tariffs through reshoring and resourcing strategies [10] - The MD XT is positioned as a more affordable and reliable option compared to legacy players, which are pricing their electric chassis cabs over $300,000 [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating challenges such as new emissions rules, tariffs, and interest rates, emphasizing customer trust and reliable truck performance [7] - The company reaffirmed its full-year 2025 guidance for revenue between $50.2 million and $65.8 million, with unit deliveries between 320 and 420 units [29] Other Important Information - The company has made significant progress in collecting receivables, totaling $10.2 million in Q1 2025 [29] - The MD XT is still undergoing safety certifications and is targeted for production ramp-up by Q3 2026 [17] Q&A Session Summary Question: Can you speak about the parts commonality between your step vans and the MD XT? - The MD XT shares over 90% of the same commodity components with the step van, reducing costs and training requirements [35][36] Question: What are potential customers saying about the MD XT? - The market for the MD XT is larger, with several sizable fleets already interested, and it is expected to take time to ramp up orders [40] Question: How should we think about revenue recognition for the UPS units? - The margin profile for large national customers is lower, but this will be offset by other products in the portfolio, with a concentration of deliveries expected in Q2 and Q3 [42][43] Question: Can you provide an update on the ChargeHub? - There is significant interest in the ChargeHub, with orders coming from outside the truck customer base, and the company is exploring additional features for future versions [46][47]