Tesla’s Chinese sales have declined in the third week of June, after experiencing steady growth in the country in May. The company recorded over 13,800 new insured registrations in the Chinese domestic market for the week of June 16 to June 22.
Key Statistics
- Registrations fell by almost 11% compared to the previous week’s 15,500 new registrations
- Registrations fell by almost 21% year-on-year
- Data also showed that the company’s sales went down 7.6% year-to-date
What Happened
According to data shared by influencer Roland Pircher, Tesla’s sales in China have experienced a decline. The week of June 16-22 saw 13,800 new registrations, which is down 11% from the previous week and 20.7% year-over-year. The quarter is also down 5.4% quarter-over-quarter and 17.1% year-over-year.
Why It Matters
The news comes as Tesla had recently topped the sales charts in China, with the company’s Model Y emerging as the best-selling SUV in the country during the month of May. Tesla had also exported the Model Y Juniper out of China for the first time recently and had registered over 38,588 units sold in May, which was a 34% increase compared to the previous month.
Other Developments
Elsewhere, Elon Musk’s company had recently penned down a deal with the local government in Shanghai to set up a grid-scale energy storage facility in the city with the company’s Megapacks as part of a $550 million investment.
Stock Performance
Tesla scores well on Momentum, Quality, and Growth metrics, but offers poor Value.
Read More
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Photo
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