Tesla needs a lower-than-electric car to expand its addressable market.
On February 28, Eastern time, Tesla (TSLAO) CEO Elon Musk revealed more details of the supercar Roadster on social platform X.
*: Elon Musk X account.
The Roadster is an all-electric sports car launched by Tesla in 2008 and discontinued in 2011. In 2017, the **Roadster was officially unveiled, and it is scheduled to go public in 2020.
The new model is supposed to help automakers' share prices. However, the Roadster may not be what Tesla needs.
Musk said that the production design of the sports car has been completed and will be officially launched at the end of this year, with deliveries starting next year.
Musk added that the sports car was developed by Tesla in collaboration with SpaceX. "Tonight, we've radically raised our design goals for the roadster. There's never a second car coming close, if you can call it a car. “
It is reported that the speed of the Roadster can go from 0 to 60 miles per hour in a second, although this is what Musk called "the most boring part".
On the same day, Tesla's stock price was slightly **116% to 202$04, the S&P 500 and the Nasdaq Composite are each **017% and 055%。
Tesla's share price has risen modestly, in part because the Roadster isn't the driving force behind the company's stock price — even if its parameters are impressive. The cost of a Roadster can exceed $200,000 per bike. (The reservation fee is 4.)$50,000, refundable. There is little space in the high-end car market, for example, in 2023, Lamborghini and Ferrari (racen) sold a total of about 230,000 cars** in the six-digit range ($100,000).
Tesla needs a lower-than-electric car to expand its addressable market. In the fourth quarter of 2023, BYD (002594sz、1211.HK) surpassed Tesla in sales of pure electric vehicles, mainly from lower-priced cars. In addition, Wall Street expects Tesla's sales to grow by about 20% in 2024, down from the 40% increase in 2023, according to FactSet data.
On February 25, BYD unveiled its supercar U9, a single car with more than $200,000 and aimed at competing with high-end automakers such as Ferrari.
However, investors don't seem to care much about the high-end sports cars produced by mass-market automakers, but rather about independent high-end sports car manufacturers. Currently, Ferrari has a market capitalization of $76 billion, which is close to BYD, which sold more than 3 million new energy vehicles in 2023.
In 2023, BYD's operating profit will exceed $5 billion, up from $3.1 billion in 2022; Ferrari's operating profit reached $1.8 billion, up from $1.3 billion in 2022.
Similar to Ferrari, high-end automaker Porsche (PAH3Germany) has a market capitalization of $80 billion. Volkswagen (VOW3., which owns about 75% of Porsche's sharesGermany) has a market capitalization of $74 billion.
Tesla's peers are also volatile. As of Feb. 28, the U.S. stock market**, NIO (NIOn、9866.HK) stock price**606%；Ford Motor (Fn) Stock price**25%；General Motors (GM.)n) Stock price**112%；lucid（lcid.o) Stock price**189%。As of February 29, the Hong Kong stock **, BYD Hong Kong stock price**021%。
Currently, Tesla's stock price is well below the 52-week high of 299$29.
Text |Al Root, Rupert Steiner
Edit |Cao Yan
Copyright Notice: Barron's original article, without permission, may not**. For the English version, see "Tesla's Roadster is a waste of Elon Musk's time and money—and not what the stock needs," February 28, 2024**.
The content of this article is for informational purposes only and does not constitute investment and financial advice of any kind; The market is risky and investors should be cautious. ）
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