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Time: January 10, 2020, 06:00:45 China Finance
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Tesla's domestic industrial chain report: MODEL3 launches MODELY after the price cut. Tesla's industrial chain boom again <br /> Category: Industry Institution: Guoyuan Securities Co., Ltd. Researcher: Man Zaipeng / Xue Yubing Date: 2020-01 -09
The official delivery of Model 3 + price reduction, Tesla's industrial chain entered the fast track for development. The first batch of domestic Tesla Model 3 was first delivered to Chinese buyers at the end of December, and the domestic Model 3 delivery was officially opened on January 7. Tesla, as the world's most eye-catching new energy vehicle manufacturer, produced the first domestic Tesla Model 3 after 12 months of construction in Shanghai Lingang , and announced on January 3 that it will sell the domestic Model 3 base price. From 355,800 yuan to 328,800 yuan; at the same time, after superimposing the purchase tax exemption policy and new energy subsidies of 24,750 yuan, the price dropped to 299,900 yuan (including the basic Autopilot). Its competitiveness surpasses other luxury electric vehicle brands (currently average price is about 370,000 to 400,000 yuan).

Model Y opens domestic reservations, and demand may be greater than the total sales of Tesla's current models. In March 2019, Tesla released the Tesla Model Y in the United States, and announced that domestic reservations would start on January 7. Model Y and Model 3 share 75% of the parts. The launch of Model Y will help increase the scale effect of Tesla models, thereby improving its profitability. There are currently 3 versions of ModelY. The WLTP has a range of 480-540KM and a price range of 444-535 thousand yuan. It is tentatively scheduled to be delivered in 2021. Compared with the current similar type of luxury brand electric car competition Mercedes Benz EQC, its mileage is higher. 15.7%; although the body space is not as large as the EQC, but it can seat 7 people, which is in line with the current recognition and preference of the 7-seat SUV in the Chinese market; at the same time, its highest selling price is 44,800 yuan lower than EQC, which has strong competitiveness . With the mass production of Model 3 and Model Y, these two models are likely to become a phenomenal product in the automotive market.

The first phase of Gigafactory 3 was quickly put into production. The second phase broke ground and fully built the Gigafactory 3 in Shanghai Lingang . The Gigafactory 3 was quickly put into operation within 12 months of construction, and the first delivery of Model 3 was completed last year. Its construction and production speed far exceeded everyone's expectations. At present, the localization rate of domestic Model 3 is only 30%. According to the plan, in the middle of this year, Model 3 will complete the localization rate of 80%. By the end of this year, 100% of the production raw materials will be provided by the Chinese industry chain. Tesla's domestic industry chain has a significant meaning. At the same time, as the second phase of the Gigafactory 3 plant is completed and put into operation, and the subsequent volume of Model Y is superimposed, Tesla will truly enter the period of profit return. At that time, as the sales of domestic Tesla models increase, the demand for the domestic industrial chain will increase. Will continue to rise.

Investment recommendations are recommended to pay attention to the leading parts and components manufacturers of Tesla's domestic industrial chain, such as Tesla's thermal management supplier Sanhua Intelligent Control , and Tesla's metal casing supplier Xusheng .

Risks suggest that the macro economy is less than expected, the Tesla plant is put into operation less than expected, and the development of electric vehicles is less than expected
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