Tesla, Inc’s TSLA has reportedly shown strong sales performance in China, driven by continued demand for its Model Y and significant gains from the Model 3.
In November, Tesla’s retail sales in China reached 73,490 units, a notable recovery after facing challenges earlier in the year, per a report by CnEV Post.
The Model Y, Tesla’s best-selling electric vehicle (EV) in China, contributed 44,576 units to the total, marking a 23.12% increase from 36,204 units in October.
However, the figure represented a 10.63% decline from the 49,877 units sold in November 2023. Despite this year-over-year drop, the Model Y still accounted for 60.66% of Tesla’s total sales in China for the month, the report read.
Tesla’s strong rebound in China comes as the company competes with local EV makers like BYD Co., Ltd. BYDDY, which continues to lead the market.
While BYD’s insurance registrations were at 85,000 for the week ending December 8, Tesla saw a solid increase, registering 21,900 units, its second-best week of 2024.
This marks a notable improvement compared to 18,700 registrations the prior week. Despite trailing BYD, Tesla’s progress shows that the company is steadily gaining momentum in the competitive Chinese EV market.
Other players in the Chinese EV sector, such as Li Auto Inc. and new entrant Xiaomi Corp., are also making strides.
Li Auto registered 12,600 units last week, while Xiaomi recorded 5,400 registrations, highlighting the growing competition Tesla faces in China.
Price Action: TSLA shares are trading higher by 1.75% to $408.00 at last check Wednesday.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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