The Tesla China official website shows that the price of the Model Y has been reduced to 249,900 yuan, the price of the Model Y long-range version has been reduced to 290,900 yuan, and the price of the Model Y high-performance version has been reduced to 354,900 yuan. The price of the Model S has been reduced to 684,900 yuan, and the price of the Model S PLAID version has been reduced to 814,900 yuan. The price of the Model X has been reduced to 724,900 yuan, and the price of the Model X PLAID version has been reduced to 824,900 yuan.
At the same time, the Tesla China official website shows that the price of the new version of the Model 3 has been reduced to 231,900 yuan, and the price of the new version of the Model 3 long-range has been reduced to 271,900 yuan.
The Tesla US official website shows that the entire line of Model Y in the US market has reduced the price by $2,000, and the price of the Tesla Model Y has been lowered to $42,990.
It is worth noting that raising or lowering the car price seems to be a rather common move for Tesla in recent years. For example, since this year, the Model Y in the US market has frequently adjusted prices. Not long ago, Tesla’s chief executive, Elon Musk, said in an internal electronic mail to employees that the company will lay off more than 10% of its global employees.
As of Friday, Tesla (TSLA, stock price: $147.05; total market value: $468.3 billion) closed at $147.05, which has fallen more than 40% so far this year.
Tesla announced 14,000 layoffs globally on the 15th, which is more than 10% of its total number of employees. Musk said in an e-mail that this is a difficult decision. He said it will keep the company lean, innovative, and enter the next growth cycle.
According to MarketWatch, an employee who was laid off said that she received the mail on her rest day, “The mail was sent in the middle of the night without prior notice, which is really unethical.”
It is worth noting that Tesla Senior Vice President Drew Baglino and Tesla Vice President of Public Policy Rohan Patel will also leave the company.
The market generally believes that the main reason for this layoff is also the slowdown or even decline in its sales growth. Robert W. Baird analyst Ben Kallo recently said in an interview with Bloomberg that after an unexpected decline in sales in the first quarter of 2024, Tesla’s sales may decline again in the second quarter.
With large layoffs and executive departures, Tesla has recently “suffer[ed] successive misfortunes”, which has caused a heavy blow to the net worth of its CEO Elon Musk.
This week, Tesla’s stock price has fallen every day, with a weekly total decline of about 14.03%. Since the beginning of this year, the decline has exceeded 40%. The latest stock price is $147.05, and the total market value is $467.460 billion. Compared with the end of last year, it has evaporated more than $300 billion (approximately RMB 2172.1 billion).
Forbes data shows that Musk’s net worth reached $219 billion in 2022, but since then, Musk’s net worth has declined by approximately $39.8 billion (approximately RMB 288.1 billion).
Musk’s wealth has been “halved”. The key factor for this is Tesla’s stock price. He holds 13% of Tesla’s shares, and these shares account for the majority of his personal wealth. Tesla’s stock price has fallen sharply from the peak of $415 after the stock split adjustment in 2021 to $155, with a decline of more than 62%. The sharp drop in the stock price has led to a sharp decline in Tesla’s market value from the peak of 1.2 trillion dollars to 467.4 billion dollars. Musk’s net worth has also decreased significantly as a result.
Musk has a bad start in 2024. Currently, Musk is the third-largest billionaire in the world, behind Bernard Arnault, chairman of Louis Vuitton (with a personal net worth of $214 billion), and Jeff Bezos, founder of Amazon ($193 billion in personal net worth).
