Tesla Inc. has reported its best week of the quarter in the Chinese domestic market. The company recorded 15,400 new insured registrations in the Chinese market, up 7.3% compared to last week and 34.4% against the previous quarter.
Tesla Sales Grow in China
The sales growth comes amid a strong performance by Tesla’s six-seater Model Y L SUV, which has racked up over 120,000 orders since its launch in the market. The Model Y L is averaging 10,000 orders daily and is proving to be a successful product for the company.
Tesla has also slashed the price of its Model 3 Long Range sedan by 3.7% in the Chinese domestic market. The Model 3 Long Range offers a range of over 500 miles on a single charge and retails for over $36,000 in China.
Quarterly Performance
The data translates to Tesla’s best week of the quarter so far, but sales are still down 11% year-over-year (YoY) and down over 7% when compared to year-to-date (YTD) sales during the same period in 2024.
Market Share
Elsewhere, Tesla’s market share in the U.S. has fallen below 40% for the first time in almost eight years, currently standing at 38%. The company has also discontinued the most affordable variant of the Cybertruck, which was the $69,990 rear-wheel drive long-range variant offering 362 miles of range.
Key Takeaways
- Tesla records 15,400 new insured registrations in China, up 7.3% compared to last week and 34.4% against the previous quarter
- Model Y L SUV racks up over 120,000 orders since its launch in the market, averaging 10,000 orders daily
- Tesla slashes price of Model 3 Long Range sedan by 3.7% in the Chinese domestic market
- Sales are still down 11% YoY and down over 7% when compared to YTD sales during the same period in 2024
- Tesla’s market share in the U.S. falls below 40% for the first time in almost eight years, currently standing at 38%