FYI: Tesla China has reported robust figures, selling 68,280 vehicles wholesale in October 2024, with over 27,000 units shipped to international markets. This shows the brand’s strong positioning in the electric vehicle sector.
Tesla China’s October Sales Performance
According to the China Passenger Car Association (CPCA), Tesla China achieved wholesale sales totaling 68,280 vehicles in October 2024. Out of these, 27,795 vehicles were exported to international markets, reflecting Tesla’s strategic focus on global expansion. Domestically, Tesla’s sales reached 40,485 units, marking a 41% increase from the 28,626 units sold in October 2023. However, this figure represents a 44% decline from the September 2024 domestic sales of 72,200 vehicles.
Analyst Expectations and Market Impact
Despite an overall increase from the previous year, Tesla China’s October domestic sales fell short of expectations set by Deutsche Bank, which anticipated 47,000 units. Notwithstanding, Tesla’s export strategy leans towards stronger international shipments at the beginning of each quarter. This approach may have influenced domestic sales figures.
Market Share and Model Popularity
In October, Tesla commanded 6% of China’s battery electric vehicle (BEV) market share. The Model Y continues to be a crowd favorite, representing 62% of October’s total wholesale with 42,265 units sold. The Model 3 followed, composing 38% of the sales with 26,015 units. In the larger context, China’s BEV market saw 673,000 units sold in October 2024.
Looking Ahead
January through October 2024 has seen cumulative sales of 500,685 vehicles from Tesla China, surpassing last year’s figures by 8%. With two months remaining, Tesla China will need to sell an additional 141,398 units domestically to outperform its quarterly records.
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Conclusion
Tesla China’s strategic export practices and steady international market penetration are key to its success in 2024. Despite domestic sales challenges, the brand remains a dominant player in the electric vehicle landscape with its popular Model Y leading the charge.
William Kouch, Editor of Automotive.fyi
