Tesla's China sales surge by 40% in August
Tesla's August Performance in China: Record Sales and Market Growth
Tesla has reported a significant surge in its local sales and market share in China during August. The American electric vehicle manufacturer sold 57,152 vehicles domestically, marking a 40.7% increase in retail sales compared to July.
The company's production figures also showed a notable rise, with 24,304 Model 3 sedans and 58,888 Model Ys produced locally last month. This production output contributed to Tesla capturing 8.3% of the battery electric vehicle market in China, an increase from the 6.7% market share it held in July.
One of the key factors driving Tesla's growth in China is the success of the Model Y. The electric SUV ranked as the second best-selling vehicle in China in August, accounting for 69% of Tesla's local sales. In addition, Tesla introduced a new variant of the Model Y, the Model Y L, which has already started domestic deliveries.
The Model Y L is a three-row, six-seat variant of Tesla's best-selling electric SUV. While there is no information available about the Model Y L achieving 10,000 orders per day in its first few weeks on the market, it is expected to contribute to Tesla's growth in the coming months.
Despite these positive developments, Tesla's year-over-year performance in China has shown a slight decline. From January through August, Tesla delivered 361,179 cars in China, down 6.9% compared to the same period in 2021. Wholesale sales also decreased by 12.2% year-over-year during this period.
However, Tesla's recent product launches and pricing adjustments, such as the reduction of $1,400 in the price of the newly launched Model 3 Long Range RWD, could provide an additional lift in the final month of the quarter. The Model 3 Long Range RWD boasts a record CLTC range of 830 km, making it an attractive option for consumers in China.
In terms of market share, Tesla captured 5.2% of NEV sales in China in August, up from 4.1% in July. This growth indicates that Tesla is steadily increasing its presence in the Chinese electric vehicle market.
With September still to come, it will be interesting to see how Tesla's recent product launches and pricing adjustments will impact its sales and market share in China.
