Tesla fängt jetzt auch an, die Zahnpasta aus der Tube zu drücken.

Dongchedi gave a significant boost to Tesla, which was showing signs of fatigue.

The recent highly - publicized assisted - driving test was originally intended to popularize the safety boundaries of the technology. However, in the public opinion arena, the test results were quickly interpreted as a "Martial Arts Contest on Mount Hua" among car manufacturers. Although no car company's assisted - driving system passed all the test items perfectly, against the backdrop of some competitors scoring zero, Tesla, the "old driver from California", almost getting a full - score result was particularly eye - catching.

Amid the online debates among netizens and the silence of competitors, Elon Musk happily reposted the test video and added: This is the first place in China achieved without local training data.

Not long ago, Tesla just released its worst report card in a decade: In Q2 2025, its revenue plummeted by 12% to $22.5 billion, and its profit dropped by 16% to $1.2 billion. At the earnings conference call, Musk admitted that the next few quarters would be tough.

The endorsement of the third - party test allowed Tesla, which was in a difficult situation, to catch a breath. However, considering Tesla's current position in the race, getting just a three - pointer is far from enough.

Today, its innovation pace is more like that of Intel more than a decade ago. Back then, Intel dominated the CPU market. Each chip upgrade was precisely timed, and it improved performance incrementally. In terms of process technology, after encountering difficulties in the 10nm R & D, it made the most of the 14nm process, using it from the 5th - generation Core to the 11th - generation, creating the so - called "14nm++++". As a result, AMD gave the "toothpaste - squeezing factory" a heavy blow with its 7nm technology.

Although Intel's products still performed well, it declined from being an industry leader to a follower.

Now, Tesla is also at that delicate crossroads.

01 Tesla's Rare "Bending Down"

Among Tesla's two major models, the Model 3 was launched in 2017 and had its first facelift six years later. The Model Y, which was launched in 2020, also waited for five years for its first "upgrade".

During this period, the much - anticipated low - cost model has been a "pie in the sky".

As early as 2018, Musk proposed the concept of a $25,000 low - cost Tesla. At the Battery Day in 2020, he more clearly set a timeline of "three years later". After that, the project went through many twists and turns, and there were frequent rumors of it being cancelled. It wasn't until 2024 that Musk confirmed again that the project was still in progress, with mass production expected in the first half of 2025. Of course, he was proven wrong again.

Driven by Moore's Law, Intel could at least barely meet the outside world's expectations for CPU performance improvement. Before 2025, Tesla didn't even seem to bother to "squeeze the toothpaste".

No wonder, one Model 3 was sold on average every 1.5 minutes, and the Model Y even won the global sales championship in 2023. In 2024, although Toyota RAV4 took away this title, the gap between them was not large, less than 3,000 vehicles.

▲Data source: JATO dynamics

Musk may not have much motivation to respond to market expectations. Additionally, there are many other matters that require his attention, and the automotive business is just one of them.

2025 is a turning point: Since the beginning of this year, Tesla has significantly accelerated its product rhythm. First, the upgraded Model Y was launched in January. On July 16, it was announced that the 6 - seat Model Y L would be released in the fall. Subsequently, it was reported that the longest - range Model 3+ would be launched in September. At the Q2 earnings conference call on July 24, there was news that the low - cost model would be launched. However, according to Musk, it looks "like the Model Y" rather than an independent model with a new platform as originally planned.

▲Photo of the Model Y L released on Tesla's official WeChat account

The new products based on the Model Y in a "copy - cat" way can hardly be called product innovation. At most, it's just "squeezing the toothpaste", but at least Musk has started to feel a sense of urgency.

He is no longer just the self - confident "spokesperson" of the first - principles thinking. He has also started to learn to compromise in market strategies, or rather, become more down - to - earth.

Take the low - cost Model Y as an example. Although its mass production time is later than expected - it is expected to be at the end of the year - some of the "de - Tesla - like" designs that have been exposed have re - stimulated market expectations.

According to real - photo exposures by industry bloggers, this model has removed the iconic panoramic glass sunroof. And netizens' first reaction was - this is not a downgrade, but an upgrade!

Tesla's panoramic glass sunroof not only defined the future technological sense of new energy vehicles but was also emulated by later - comers such as NIO, XPeng, Li Auto, and Xiaomi. However, Chinese car owners have long suffered from the glass sunroof. It only provides sun protection but no heat insulation, making driving in summer like being in a moving sunroom. Many people have to pay for sunshades out of their own pockets.

In addition to removing this symbolic glass sunroof, the low - cost version has also removed the somewhat useless rear - seat entertainment screen, cancelled the through - type lights, and replaced the seats with fabric ones that don't stick to the skin... But it has retained Tesla's soul - FSD.

In a sense, this is the most down - to - earth product transformation in Tesla's history.

To win the favor of more Chinese users and compete with local brands, Tesla is accelerating its "local adaptation". The upgraded Model Y launched in January 2025 has quietly aligned with Chinese peers in details - a new rear - seat entertainment screen has been added, the chassis tuning has become more comfortable, and voice commands have been extended to daily functions such as air - conditioning, music, and navigation. Although it seems just a completion of functions, it reveals an important signal: Tesla is learning to "please".

▲Configuration upgrade of the upgraded Model Y. Source: Tesla's official website

The newly announced Model Y L is a precise response to the needs of Chinese families with two children. Compared with the seven - seat structure of the Model Y in the North American market, this "China - exclusive" full - scenario six - seat luxury SUV has increased the vehicle height and wheelbase, truly leaving enough space for adults in the third row. This is also the first time Tesla has responded to Chinese consumers' practical needs of "accommodating the whole family".

From "performance - first" to considering the passengers' experience, from ignoring local unique needs to tailoring products, and from advocating minimalism to accepting "social norms", Musk is gradually bending down in product design to meet the market.

And this kind of local adaptation is actually a "have - to" attitude. Musk has always led product development with an engineer's thinking, but the logic of the Chinese market is far more complex than technology. Users not only pay for the three - electric systems but also for family scenarios, social labels, and emotional values.

02 Musk Needs to "Recover Blood"

If the compromise in products is Tesla's tactical adjustment, then the change in Musk's attitude is the result of a rapid turn of events.

Previously, Musk promised that Tesla would return to the sales growth path in 2025, with an expected increase of 20% to 30%. However, judging from the performance in the first half of the year, Tesla's global vehicle deliveries dropped by 13.3% year - on - year, and in Q2, with 384,000 vehicles delivered, it set the largest quarterly decline in the company's history.

In the US market, in California, Tesla's core market, deliveries have been declining for seven consecutive quarters. In the second quarter, it plummeted by 21%, far exceeding the overall 13% decline in the local electric vehicle market. Moreover, the electric vehicle subsidies will expire soon. In the European market, Musk's political stance has also caused Tesla's sales to drop sharply. 94% of consumers in Germany clearly stated in a survey that they would not buy Tesla.

▲Tesla's registrations in California have declined for the seventh consecutive quarter

In the Chinese market, Tesla has been "over - pressured" by its competitors. Its market share has dropped from a peak of 15% in 2020 to 7.6%. Meanwhile, BYD has firmly held the title of the best - selling pure - electric vehicle brand. New players such as Xiaomi and Wenjie have quickly captured consumers' minds, and the competition in the 200,000 - 300,000 yuan market segment, where Tesla has been targeting, is fierce.

Since the second half of 2024, the production capacity of Xiaomi's SU7 has been continuously increasing, and its monthly sales have exceeded that of the once - popular Model 3 for several months. What's more disheartening is that new models are emerging almost every month in the new energy vehicle market, while Tesla still relies on the old "3Y combination" to hold its ground, and its pace is clearly falling behind.

It's worth noting that the "price - for - volume" strategy in China has entered a stage of diminishing returns. In 2024, Tesla's sales in the Chinese market increased by 8.8% year - on - year to 657,000 vehicles, but its revenue decreased by 3.7% to $20.94 billion. The sales growth was mainly supported by price cuts and disguised subsidies. Even though Tesla managed to maintain a growth curve through price cuts, its growth rate has long been left behind by its competitors. In 2024, the overall sales of new energy vehicles in China increased by 35.5% year - on - year, and the sales of pure - electric vehicles increased by 22.6%. In contrast, Tesla's growth rate was only 8.8%.

The Cybertruck, which Musk had high hopes for and intended to make the next "super - product", has received a lukewarm response after its launch. The production capacity has not increased as expected, and its export has been suspended.

▲Cybertruck. Source: Tesla's official website

As this star model has failed to break the deadlock, Tesla has to adjust its strategy, turning to a series of "toothpaste - squeezing" product optimizations. Through frequent minor improvements, it maintains market enthusiasm and forms a "flexible, fast, and low - cost" response system. Just like Intel back then, when it encountered bottlenecks in the 10nm process, it continuously made improvements around the 14nm process.

However, to some extent, Musk is quickly "recovering blood" by conforming to the market to gain the possibility of continuing to create "extraordinary" products. His ambition is definitely not to produce low - cost cars but to create "astonishing works" like Rootaxi and Optimus. But before mass - producing them, Tesla must maintain its cash flow and soothe the emotions of the capital market.

Judging from the current results, the "toothpaste - squeezing" product optimizations have achieved initial results: In June this year, the upgraded Model Y regained the monthly sales championship despite the strong competition from the Xiaomi YU7. The low - cost Model Y has also piqued the interest of onlookers.

03 Can the Low - Cost Car Save the Day?

Although the low - cost Model Y launched by Tesla has unexpectedly hit the pain points of some consumers, whether it can reverse the situation is still full of uncertainties.

The biggest problem is that it's coming too late. This model will not be mass - produced until the fourth quarter of 2025. Previously, some media reported that Tesla's goal is to produce 250,000 vehicles in the US in 2026 and then produce in China and Europe. By then, the purchase tax exemption policy for new energy vehicles in China will basically be phased out.

▲Tesla's Shanghai Gigafactory

During the time when it has not been launched, domestic competitors have already accelerated product refinement and channel expansion, seizing consumers' minds and market shares first. The 150,000 - 200,000 yuan price range is already a highly competitive market. Although this "copy - cat" new product of Tesla has cost - effectiveness, whether it can break through remains to be verified.