Can Tesla get out of the slow lane in China?
Can Tesla get out of the slow lane in China?
Tesla is stuck in traffic in China. It is possible that your plan to enter the fast lane is not easy.
The electric car manufacturer has been one of the biggest victims of China-EE. UU trade tensions, since Beijing lifted the rate on cars imported from the USA to 45% of 25% in July. Unlike many American automakers that have factories in China, Tesla cars are manufactured only in the USA. UU That means that a Tesla sold in China is approximately 60% more expensive than one sold at home. According to the data compiled by JL Warren Capital, imports of Tesla vehicles in China decreased from around 1,500 per month in the first semester to around 260 per month on average in July and August.
To drive around that bump, Tesla plans to build its first factory in China, its second largest market, which accounts for about 17% of sales last year. The automaker bought a 210-acre lot in Shanghai this week to build a factory that it is said could produce Up to 500,000 cars per year.. In turn, Tesla could become the first foreign car manufacturer to have a wholly owned factory in China.
First you will have to find some cash. Tesla boss Elon Musk said in August that the Chinese factory will cost around $ 2 billion, although Goldman Sachs, for example, estimates that the total costs could rise from $ 4 billion to $ 5 billion. Tesla will have to raise that cash in addition to the refinancing of $ 4.3 billion of its existing loans due in 2020.
Tesla expects that what is called "local debt" will finance much of the initial investment in its China plant, although it is not clear who the local lenders might be. The Chinese government, which is eager to boost its own electric vehicle industry, may be interested in participating. However, it could demand a high price, such as forcing Tesla to transfer part of its technology.
Assuming everything works, a great assumption for a company that has had innumerable difficulties increasing production at home-The Tesla factory may still not start functioning for two or three years. Meanwhile, Tesla will continue to suffer from higher Chinese tariffs while its competitors catch up. China is already the The largest EV market in the world., with many domestic automakers capable of producing low-end models.
Tesla has a long way to go to reach its destination in China.
Write to Jacky Wong in JACKY.WONG@wsj.com
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