Tesla’s momentum in the Chinese market has stalled, with sales falling in October despite a strong September performance. The company’s Gigafactory in Shanghai sold over 61,497 units of the Model Y and Model 3, including exports, in October. This figure represents a 9.9% year-over-year decline from 2024.
Sales Performance
The Gigafactory Shanghai’s exports to markets like India and other places also fell 32.3% month-over-month. However, Tesla had a positive start to the month, with a 33% year-over-year jump in sales during the first week of October. The company recorded over 11.3K new insured registrations in China during this period.
European Market Performance
Meanwhile, the Tesla Model Y became the best-selling vehicle in the European market during September, selling 25,938 units in the region. Despite this, Tesla’s sales declined 10.5% in Europe, with a 25% decline in sales in Italy. The company has also kicked off production for the affordable Model Y Standard trim at its Gigafactory in Berlin, with the launch of the product imminent in the European market.
Key Statistics
- 61,497 units sold in October
- 9.9% year-over-year decline in sales
- 32.3% month-over-month decline in exports to Europe
- 33% year-over-year jump in sales during the first week of October
- 25,938 units of Model Y sold in Europe during September
Future Outlook
Tesla scores well on momentum and quality metrics, while offering satisfactory growth, but poor value. The company has a favorable price trend in the short, medium, and long term. As the electric vehicle market continues to evolve, Tesla’s performance will be closely watched by investors and industry analysts.