FYI: Tesla China maintains robust momentum with a significant spike in vehicle registrations in the sixth week of Q3 2024.
Tesla China Sees a Surge in Vehicle Registrations: A Promising Q3 2024
Tesla is demonstrating substantial strength in the Chinese automotive market this quarter, evidenced by a notable uptick in vehicle registrations. During the week of August 5-11, 2024, Tesla China recorded 15,500 new vehicle registrations. This marks a commendable 24% increase from the 12,500 vehicles registered in the preceding week ending August 4.
Insights from Vehicle Registrations
Tesla China typically withholds weekly domestic sales figures. However, industry analysts can gauge the company’s performance by monitoring vehicle registrations. This data is meticulously tracked by insiders within the Chinese auto industry, with manufacturers like Li Auto proactively reporting weekly figures.
Based on Li Auto’s latest report, Tesla’s registrations for the week ending August 11, 2024, hit 15,500. This is historically the highest number for the sixth week of a quarter for Tesla China and the highest registration count in Q3 2024 so far. More significantly, these results indicate that Tesla China’s 2024 registrations are only 1.3% lower than the same period in 2023.
Analyzing the Trends
While Tesla China’s 2024 domestic sales are slightly behind their 2023 figures, recent trends indicate a growing momentum. According to data from the China Passenger Car Association (CPCA), Tesla China sold 74,117 vehicles wholesale in July 2024. Of these, 27,890 were exported, and 46,227 were sold domestically. This is a 4.38% improvement over the 71,007 units sold in June and a remarkable 15.3% increase compared to the 64,285 units sold in July 2023.
The Role of Giga Shanghai
Tesla’s operations in China play a crucial role in the company’s global strategy, with Giga Shanghai serving as its main vehicle export hub. CEO Elon Musk has hinted that Tesla could surpass its 2023 record of 1,808,581 vehicle sales worldwide this year. Achieving this milestone would require Tesla China to maintain its current pace and high performance through the end of 2024.
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William Kouch, Editor of Automotive.fyi
