Tesla Hits Record EV Sales In China Despite Global Dip: Report

Tesla Inc. TSLA achieved record electric vehicle sales in China in December, marking a new milestone for the company.

The EV maker reported approximately 83,000 units sold in China during December, a 12.8% increase compared to November, according to a report from CnEV Post.

This brings Tesla’s total sales in China for 2024 to around 657,000 vehicles, an 8.8% year-on-year rise, setting another all-time high.

The report noted that China remains a vital market for Tesla, accounting for approximately 196,900 vehicles, or 40% of its global deliveries, in the fourth quarter.

Tesla and other Chinese automakers, including Nio Inc and Li Auto Inc are offering substantial discounts and attractive financing options to lure buyers in the world’s largest automobile market.

Tesla has extended a 10,000 yuan discount on Model Y loans until the month’s end.

Also Read: Tesla’s Energy Storage Deployments Hit New Highs In Q4 Even As Vehicle Deliveries Disappoint

Tesla reported total 2024 deliveries of 1.79 million, down from full-year deliveries of 1.81 million in 2023 and marking the first decline in over a decade.

“In the fourth quarter, we produced approximately 459,000 vehicles, delivered over 495,000 vehicles and deployed 11.0 GWh of energy storage products – a record for both deliveries and deployments,” the company said in a news release.

Wedbush analyst Daniel Ives maintained an Outperform rating on Tesla with a $515 price target and said in his note, “We remain highly confident in Tesla’s ability to accelerate delivery growth into FY25 with 20%-30% growth.”

The EV maker will report financial results for the fourth quarter after the market closes on Jan. 29. 

The automaker is expected to report earnings of 74 cents per share and revenue of $27.385 billion in the fourth quarter, according to estimates from Benzinga Pro.

Price Action: TSLA shares are trading higher by 0.52% at $381.24 premarket last check Friday.

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