Panasonic is freezing plans to expand its role as Tesla’s electric car battery supplier, a move that raises new questions about demand for Tesla’s Model 3 — and the company’s future.
Tesla Chief Executive Elon Musk unveils a Model Y prototype at an event in March. Musk must figure out how to sell enough Model 3s to avoid a restructuring at his financially troubled company.
A Tesla spokesman said Thursday the company’s demand for batteries remains strong. “Contrary to what is implied in [the Nikkei] report, our demand for cells continues to outpace supply. It remains the fundamental constraint on Tesla vehicle and Powerwall/Powerpack production.” Powerwalls and Powerpacks are home and utility battery storage products assembled and sold by Tesla.
Because the Model 3 absorbs most of the cylinders Panasonic makes, it would be logical to assume that a cutback in battery production plans translates into a drop of anticipated Model 3 demand. Model 3 deliveries fell 19%, to 50,900 in the first quarter of this year, and a 56% drop in sales for its Models S and X, higher-priced cars with gross profit margins to match.
The Model 3, available for sale since July 2017, has outsold luxury sedans from the likes of BMW, Audi and Mercedes-Benz. But the sedan market is declining and the high price of luxury car limits total demand. The fact that Tesla is shipping cars to Europe and China is also indicative of demand problems, she said.
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