Tesla has seen a substantial increase in registrations in China, with a 60% surge compared to the previous quarter. The company recorded 14,000 new insured registrations in the country, indicating a significant growth in demand for Tesla vehicles in the Chinese market.
Quarterly and Yearly Sales Performance
The week of August 11 to 17 saw the highest number of registrations for the quarter so far, with a 4.5% increase from the previous week. However, despite this growth, Tesla’s sales in China are still down 9.5% year-over-year (YoY) and 5.9% year-to-date (YTD).
New Model Releases in China
Tesla has released the Model Y L, a 6-seater version of the Model Y SUV, in China. The vehicle is priced at around 339,000 RMB (approximately $47,184) and offers a range of 467 miles on a single charge. Additionally, the company is releasing a long-range version of the Model 3 sedan, named Model 3+, which boasts a range of about 500 miles on a single charge.
Global Sales Performance
While Tesla’s sales have declined in multiple countries globally, Norway has defied this trend, registering a 24% surge in sales for the first half of the year. In contrast, sales in the UK have dropped 60% in July, with only 987 units delivered in the country.
Conclusion
Tesla’s significant growth in China registrations is a positive indicator for the company, despite declining sales globally. The release of new models in China, such as the Model Y L and Model 3+, is likely to further boost sales in the region. However, the company still faces challenges in other markets, and it remains to be seen how it will address these declines in the future.
Additional Resources
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