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Tesla Deliveries Rose 83% in the Latest Quarter
Price cuts and discounts benefit carmaker as EV competition stiffens随着电动汽车竞争加剧，降价和折扣使汽车制造商受益
Updated July 2, 2023 4:30 pm ET东部时间 2023 年 7 月 2 日下午 4：30 更新
Tesla has been trimming prices throughout the electric-vehicle company’s model lineup this year. PHOTO: PATRICK PLEUL/ZUMA PRESS特斯拉今年一直在削减这家电动汽车公司车型阵容的价格。照片：帕特里克·普鲁尔/祖玛出版社
Tesla’s TSLA 1.66%increase; green up pointing triangle global deliveries surged 83% in the second quarter, helped by sharp price cuts and hefty discounts as the electric-car maker chases growth in an increasingly competitive marketplace.特斯拉的TSLA1.66%全球交付量在第二季度飙升了83%，这得益于大幅降价和大幅折扣，因为这家电动汽车制造商在竞争日益激烈的市场中追逐增长。
The car company led by billionaire Elon Musk said Sunday that it delivered more than 466,000 vehicles to customers worldwide in the April-to-June period, a record quarter for sales.这家由亿万富翁埃隆·马斯克（Elon Musk）领导的汽车公司周日表示，它在4月至6月期间向全球客户交付了超过466，000辆汽车，这是创纪录的销售季度。
The better-than-expected results give Musk new ammunition in his argument that demand remains strong for his aging lineup as he gambles that pursuing growth at the expense of profitability will have long-term benefits for the electric-car maker. 好于预期的结果为马斯克提供了新的弹药，他的论点是，他的老化阵容的需求仍然强劲，因为他赌以牺牲盈利能力为代价追求增长将为这家电动汽车制造商带来长期利益。
Investor confidence was shaken earlier this year after Tesla reported first-quarter results that some suggested showed softening interest in the company’s bestsellers, the Model 3 sedan and Model Y sport-utility vehicle, and Musk’s comments that he would be willing to sacrifice some profitability for continued growth. 今年早些时候，在特斯拉公布第一季度业绩后，投资者信心受到动摇，一些人认为，人们对该公司最畅销车型Model 3轿车和Model Y运动型多功能车的兴趣减弱，马斯克表示他愿意牺牲一些盈利能力来持续增长。
How much the effort to boost sales this year has affected profits will be evident on July 19, when the electric-car maker reports financial results. In the first quarter, Tesla’s operating margin, a measure of profitability, fell to 11.4%, from 19.2% in the first three months of 2022. Still, it remains higher than that of many carmakers. 今年提振销量的努力对利润的影响程度将在7月19日公布财务业绩时显而易见。在第一季度，衡量盈利能力的特斯拉的营业利润率从 2022 年前三个月的 19.2% 降至 11.4%。尽管如此，它仍然高于许多汽车制造商。
Sunday’s results mean Tesla’s rate of growth can slow in the second half to 24% compared with the same period a year ago and still meet Wall Street expectations for 1.82 million deliveries this year. Some investors are hopeful that Tesla’s price cuts hit a bottom in the second quarter.周日的业绩意味着特斯拉的增长率在下半年可能会放缓至与去年同期相比的24%，但仍符合华尔街今年182万辆交付量的预期。一些投资者希望特斯拉的降价在第二季度触底。
Tesla has been targeting 50% annual delivery growth on average, though it has set a more modest goal for this year. The car company has been adding factory production at the same time that underlying demand for its vehicles has been showing some signs of softening after years of blistering sales increases.特斯拉的目标是平均每年交付增长50%，尽管它为今年设定了一个更温和的目标。这家汽车公司一直在增加工厂生产，与此同时，经过多年的销售增长，对其汽车的潜在需求已经显示出一些疲软的迹象。
Deliveries in the first quarter rose 36% from a year earlier, lifted in part by a series of price reductions that also dented earnings in the same period. Last year, an extended shutdown at Tesla’s Shanghai assembly plant weighed on the company’s second-quarter performance. 第一季度的交付量同比增长36%，部分原因是一系列降价也削弱了同期的收益。去年，特斯拉上海装配厂的长期停工打压了该公司第二季度的业绩。
The world’s top seller of electric vehicles, Tesla has regained momentum this year after a punishing 2022, in which the stock had its worst annual performance and the company fell short of its target for deliveries.作为全球最畅销的电动汽车，特斯拉在经历了惩罚性的 2022 年之后，今年重新获得了动力，该股票的年度表现最差，该公司没有达到交付目标。
Tesla’s shares have more than doubled in the first six months of this year, ending June at $261.77, as the company has remained upbeat about its growth prospects and recruited several car-company rivals to use its fast-charging network.特斯拉的股价在今年上半年翻了一番多，截至6月为261.77美元，因为该公司对其增长前景保持乐观，并招募了几家汽车公司的竞争对手来使用其快速充电网络。
But the stock remains below a peak of more than $400 a share in November 2021, and Tesla is under pressure to prove to Wall Street that it can keep winning over buyers as competitors accelerate the rollout of their own electric-vehicle offerings.但该股仍低于 2021 年 11 月每股超过 400 美元的峰值，特斯拉面临着向华尔街证明，随着竞争对手加速推出自己的电动汽车产品，它可以继续赢得买家的压力。
Other car companies are expected to release their second-quarter sales on Wednesday. 预计其他汽车公司将于周三公布第二季度销量。
Musk, Tesla’s chief executive, unnerved some investors this spring with his declaration that the company was prepared to sacrifice near-term profitability in pursuit of growth, a strategy that rival automakers have largely abandoned over the years.特斯拉首席执行官马斯克今年春天宣布，该公司准备牺牲近期盈利能力来追求增长，这让一些投资者感到不安，多年来竞争对手汽车制造商基本上放弃了这一战略。
“We’ve taken a view that pushing for higher volumes and a larger fleet is the right choice here, versus a lower volume and higher margin,” Musk said in April.“我们认为，推动更高的产量和更大的机队是正确的选择，而不是更低的产量和更高的利润率，”马斯克在四月份表示。
“This is a good time to increase our lead further,” he added.“现在是进一步增加我们领先优势的好时机，”他补充说。
Over the past year, Tesla has gone from having monthslong waiting lists for many of its models to accumulating inventory.在过去的一年里，特斯拉已经从许多车型长达数月的等待名单变成了积累库存。
To juice demand, Tesla has employed a range of promotional tactics, from outright price cuts that are unusual in the car business to more conventional techniques such as discounts and freebies.为了刺激需求，特斯拉采用了一系列促销策略，从汽车业务中不寻常的直接降价到折扣和免费赠品等更传统的技术。
Since early January, starting prices across the company’s lineup have dropped between 14% and 28% in the U.S., depending on the model, according to The Wall Street Journal’s review of the changes on Tesla’s website.根据《华尔街日报》对特斯拉网站变化的评论，自 1 月初以来，该公司阵容在美国的起售价下降了 14% 至 28%，具体取决于车型。
The reductions have stoked sales, pressured rivals and divided customers, some of whom have been caught on the wrong side of the price changes.这些削减刺激了销售，给竞争对手带来了压力，并分裂了客户，其中一些人陷入了价格变化的错误一方。
Tesla aims to boost sales from the 1.3 million vehicles delivered last year. It produced more than 920,000 cars and sport-utility vehicles in the first six months of the year and has set a goal of producing 1.8 million vehicles in 2023.特斯拉的目标是提高去年交付的130万辆汽车的销量。它在今年上半年生产了超过 920，000 辆汽车和运动型多功能车，并设定了到 2023 年生产 180 万辆汽车的目标。
To achieve its targets, it has been adding factories around the world. It officially opened one in Texas last year and another in Germany to help it churn out more cars. With the added output, it needs to keep sales rising to avoid an inventory buildup.为了实现其目标，它一直在世界各地增加工厂。它去年在德克萨斯州正式开设了一家，在德国又开设了另一家，以帮助它生产更多的汽车。随着产量的增加，它需要保持销售额增长以避免库存积累。
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Elon Musk has said he would be willing for Tesla to give up some profitability for continued growth. PHOTO: MICHEL EULER/ASSOCIATED PRESS埃隆·马斯克（Elon Musk）曾表示，他愿意让特斯拉放弃一些盈利能力以实现持续增长。照片：米歇尔·欧拉/美联社
Adding to the pressure is that Tesla, unlike traditional automakers, doesn’t have a dealership network to help it sell down excess stock if it starts to pile up.雪上加霜的是，与传统汽车制造商不同，特斯拉没有经销商网络来帮助它在开始堆积时出售多余的库存。
Because of its direct-sales model, the car company holds the inventory on its books until it can make a sale and has to do the work of storing the vehicles and finding buyers, a task that becomes more onerous if supplies build. 由于其直销模式，汽车公司将库存保留在账簿上，直到可以进行销售，并且必须完成存储车辆和寻找买家的工作，如果供应增加，这项任务将变得更加繁重。
In the first quarter, the value of Tesla’s finished goods—a measure that reflects unsold vehicle inventory and those in transit to customers, among other products available for sale—increased to roughly $4.6 billion, up from less than $1 billion the year before, securities filings show.证券文件显示，在第一季度，特斯拉成品的价值（反映未售出的汽车库存和在运给客户的库存以及其他可供销售的产品）从前一年的不到10亿美元增加到约46亿美元。
While Tesla has often tinkered with prices—adjusting them up and down in a way that is similar to the dynamic pricing models of airlines and hotels—the revisions this year have resulted in substantial price cuts.虽然特斯拉经常对价格进行修改——以类似于航空公司和酒店的动态定价模式的方式上下调整价格——但今年的修订导致了大幅降价。
For example, in the U.S., Tesla has adjusted the price of one version of its Model Y SUV at least seven times in the past six months. Together, those changes have resulted in a sizable downward revision: The long-range Model Y now starts at $50,490, compared with $65,990 in early January. 例如，在美国，特斯拉在过去六个月中至少七次调整其Model Y SUV的一个版本的价格。总之，这些变化导致了相当大的下调：远程Model Y现在的起价为50，490美元，而1月初为65，990美元。
As of late June, Tesla also was offering thousands of dollars off certain vehicles it had in stock, and some buyers qualified for a $7,500 federal tax credit on top of that. 截至6月下旬，特斯拉还为其库存的某些车辆提供了数千美元的价格，一些买家有资格获得7，500美元的联邦税收抵免。
Tesla’s discounts have stood out during a time that car companies are mostly holding the line on such promotions. The industry on average spent about $1,900 a vehicle on sales incentives in May, according to automotive-services firm Cox Automotive.特斯拉的折扣在汽车公司大多坚持此类促销活动的时期脱颖而出。根据汽车服务公司Cox Automotive的数据，该行业在5月份平均每辆车花费约1，900美元用于销售激励。
Some buyers have been frustrated by Tesla’s recent price cuts, which are more visible than the discounts and sales promotions other car companies heap on. 一些买家对特斯拉最近的降价感到沮丧，这比其他汽车公司的折扣和促销活动更明显。
Paul Gassman paid $60,240 for his Model Y in December, after a $3,750 discount and before taxes and fees. Six months later, that same vehicle would have cost $51,490.保罗·加斯曼（Paul Gassman）在12月为他的Model Y支付了60，240美元，折扣为3，750美元，不含税费。六个月后，同一辆车的价格为51，490美元。
“That is the cost of transparency: You know whether you got a good deal or not,” said Gassman, who owns an enterprise-software company and lives outside Jacksonville, Fla. Still, he said, “I think I’d prefer that than being in the dark and feeling good because I really don’t know what the going rate is.” “这就是透明度的成本：你知道你是否得到了一笔好交易，”加斯曼说，他拥有一家企业软件公司，住在佛罗里达州杰克逊维尔郊外。不过，他说，“我想我宁愿这样，而不是在黑暗中感觉良好，因为我真的不知道目前的比率是多少。
Tim Higgins contributed to this article.Tim Higgins对本文有贡献。
Write to Rebecca Elliott at rebecca.elliott@wsj.com写信给丽贝卡·埃利奥特 rebecca.elliott@wsj.com
- 作者:NotionNext
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