Core Points - The Norwegian government plans to gradually eliminate major subsidies for electric vehicles over the next two years, leading to increased costs for new cars like the Tesla Model Y by several thousand dollars [1] - In August, electric vehicles accounted for 98.3% of new car sales in Norway, marking a historic high and aligning with the country's goal to phase out gasoline and diesel vehicles by 2025 [1] - The government has proposed reducing the tax exemption threshold for electric vehicles to 300,000 NOK and imposing VAT on all versions of the Model Y and mid-range models like the Volkswagen ID.4 [2] Group 1 - The Norwegian government has set a target for all new passenger cars to be electric by 2025, indicating that this goal is nearly achieved, thus justifying the removal of subsidies [1] - The current policy of exempting electric vehicles from taxes has resulted in a loss of several billion dollars in annual revenue for the government [1] - The government plans to increase the initial registration tax for fuel vehicles to maintain the overall incentive advantage for electric vehicles [2] Group 2 - The electric vehicle association in Norway has expressed concerns about the abrupt changes to tax incentives, fearing it may lead consumers to revert to fuel vehicles [2] - The cheapest version of the Tesla Model Y is priced at 422,000 NOK, and under the proposed tax changes, the cost could increase by approximately 75,000 NOK if VAT exemptions are fully removed [2] - The government has proposed increasing the sovereign wealth fund's expenditure to support public spending, with economic growth forecasts adjusted upward for 2025 and 2026 [3]

Core Viewpoint - Tesla's stock experienced a significant decline of over 5% on October 2, resulting in a market value loss of approximately $78 billion (around 55 billion RMB) despite a record delivery figure for the third quarter [1][3]. Delivery and Production Data - In the third quarter, Tesla achieved a record global delivery volume of 497,000 vehicles, representing a year-on-year increase of 7.4%, surpassing the average media forecast of approximately 439,600 vehicles [3]. - However, production volume saw a year-on-year decline, reaching 447,000 vehicles compared to 462,900 vehicles in the same period last year [4]. - Tesla did not provide a breakdown of sales and production data by model or region, but indicated that its best-selling models, the Model 3 and Model Y, accounted for a production total of 435,800 vehicles [5]. Market Performance and Trends - For the first three quarters of the year, Tesla's delivery volume was approximately 1.2 million vehicles, reflecting a year-on-year decrease of about 6% compared to the same period in 2024 [6]. - Analysts suggest that Tesla's third-quarter performance was negatively impacted by a continued decline in sales in the European market, although this was somewhat offset by strong sales in the U.S. market due to consumer purchases ahead of the expiration of federal tax credit policies [6]. - The expiration of the federal electric vehicle tax credits, which provided up to $7,500 for new electric vehicle purchases and $4,000 for used vehicles, is expected to hinder Tesla's future performance [6][7]. Stock Performance - Despite the significant drop on October 2, Tesla's stock has shown strong performance overall, having doubled since reaching a low point in early April [8]. - On October 1, Tesla's stock rose by 3%, with intraday gains approaching 4%, contributing to a substantial increase in the company's market value [8]. - As a result of this market growth, Tesla's CEO Elon Musk briefly surpassed a net worth of $500 billion, becoming the first person in history to reach this milestone [8].

Core Insights - Tesla's new car registrations in Europe for April were only 5,475 units, representing a significant decline of 52.6% year-over-year, marking the largest monthly sales drop in nearly two years [1][3] - Cumulatively, Tesla's registrations in Europe for the first four months of the year have decreased by approximately 46% compared to the same period last year, indicating a continued poor market performance [1][3] Group 1: Market Dynamics - The decline in Tesla's market performance in Europe is attributed to multiple factors, including the rapid rise of local electric vehicle brands such as BMW, Volkswagen, and Stellantis, which are capturing market share with competitively priced models [3] - Supply chain bottlenecks and delivery delays have not been fully resolved, with the ramp-up speed of Tesla's Berlin Gigafactory falling short of market expectations [3] Group 2: Brand Perception and Consumer Sentiment - Some of the sales decline is linked to consumer dissatisfaction with CEO Elon Musk's controversial statements and actions on social media, which have led to questions about Tesla's brand values among European consumers [3] - Adjustments in electric vehicle subsidy policies and uneven charging infrastructure in Europe pose additional challenges for Tesla and other foreign brands [3] Group 3: Strategic Responses - Despite attempts to stimulate demand through price reductions, the effectiveness of these strategies has yet to be realized [3] - Industry observers suggest that if Tesla cannot quickly repair its brand image and enhance production flexibility, its market share in Europe may face further compression [3]