Tesla, Inc.’s TSLA China wholesale sales rebounded strongly in August, data from China Consumer Passenger Car Association showed, according to CnEVPost.
What Happened: Tesla’s made-in-China sales came in at 76,965 units in August. This represented a 173% month-over-month increase from the 28,217 units sold in July when factory upgradation hurt sales. The headline number is slightly shy of the record volume of 78,906 units recorded in June.
On a year-over-year basis, wholesale sales increased 74% in August.
The break-up of August numbers showed that the U.S. electric vehicle maker exported 42,463 cars and sold 34,502 cars domestically. Tesla customarily focuses on export sales in the first half of the quarter and produces for the domestic market during the second half.
Among rivals, Warren Buffett-backed BYD Manufacturing Co. Ltd. BYDDY BYDDF reported battery EV sales of 82,678 units in August, a 172% increase from a year ago and a 2% month-over-month increase.
Why It’s Important: Tesla’s production and sales suffered in the first half amid the COVID-19 disruptions in China. The company’s first-half global sales came in at 564,743 units, and to meet its long-term delivery growth target of 50%, it has to sell roughly 840,000 cars in the second half.
Tesla’s Giga Shanghai is key for the company in achieving this, given almost half of the production happens at this plant and its newest gigafactories in Berlin and Austin are still ramping up.
Price Action: Tesla shares, which closed Wednesday’s session up 3.38% at $283.70, were seen edging down 0.04% at $283.60 in premarket trading on Thursday, according to Benzinga Pro data.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
