Tesla Model Y Was Best-Selling SUV In China In October: CPCA Data

Tesla Inc’s TSLA mid-size sports utility vehicle Model Y emerged the best-selling SUV in China in October, securing more registrations than the  gas-powered rivals, Tesmanian reported on Wednesday, citing data from China Passenger Car Association (CPCA).

What Happened: Tesla registered 13,303 locally-made Model Ys in China last month, ahead of German automaker Mercedes-Benz’s GLS with 12,620 registrations and BMW’s X3 with 11,243 registrations.

See Also: Tesla China Sales Rise 350% YoY In October But Drop 2.8% Sequentially: CPCA Data

The Elon Musk-led company sold 54,391 electric vehicles to dealers in China, a rise of 348% on a year-on-year basis, which included 40,066 export units.

Why It Matters: Tesla launched the locally made Model Y standard range in July and started customer deliveries on August 26. The entry-level variant of Model Y uses CATL's more affordable lithium iron phosphate batteries.

The deliveries of in-demand Model Y  to customers have been further delayed in China, the electric vehicle maker’s website shows.

See Also: Tesla Further Extends Delivery Time For Model Y Standard Range In China

The delivery time for the $43,200 Model Y standard range is now stretched to 10-14 weeks, from the earlier 6-10 weeks range. 

Price Action: Tesla shares closed 4.34% higher ast $1,067.95 a share on Wednesday.

Photo: Courtesy of Tesla