Tesla recorded over 13,400 new insured registrations in China from August 4 to August 10. This represents a significant increase of 71% compared to the previous quarter. However, the company’s sales in China for the quarter are still down 11% year-over-year (YoY) compared to the same period last year.
Weekly Sales Performance
The week of August 4-10 saw a 21.8% increase in registrations from the previous week, but a 13.5% decline YoY. The current quarter has seen a 70.9% increase in registrations compared to the previous quarter, but is still down 11% YoY.
July Sales Figures
Tesla sold 40,617 units in China during July, representing a 12% decline YoY. The company holds over 6.7% of China’s Battery-Electric Vehicle market, which accounts for 33.2% of the total market.
Model Y and Model 3 Sales
The Model Y sold over 30,766 units in July, while the Model 3 sold 9,851 units. This represents a decline of 15% for the Model Y and over 30% for the Model 3 compared to the same period last year.
Global Sales Performance
Tesla’s sales are declining not only in China but also in Europe. The company saw a 60% fall in sales in the UK, as well as double-digit declines in Sweden, France, and Denmark.
EV Price Reductions
Tesla led the EV price reductions in July, with an average transaction value of $52,949. This represents a 9.1% decline YoY.
Conclusion
Despite the decline in global sales, Tesla’s surge in China registrations is a positive sign for the company. However, the company still faces significant challenges in the global market, and its sales performance will be closely watched in the coming months.
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Photo Credit
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