Electric vehicle giant Tesla Inc TSLA delivered 1.81 million units in 2023, which came in ahead of most analyst estimates and guidance from the company.
China remains a key focus for the company and the region may have found a rebound in February after months of declines.
What Happened: Tesla celebrated many highs in 2023, including the Model Y becoming the top-selling electric vehicle of all time and the top-selling vehicle globally for the year.
One area of concern for shareholders is China, which is the company's second-largest region for unit sales behind the U.S.
According to a report from Teslarati, Tesla China had 10,600 insurance registrations for the week of Jan. 29 through Feb. 4, which is the fifth week of 2024. This marked a 22.6% year-over-year increase in registrations.
The sales figure was down 17.2% from the previous week but marks several consecutive weeks of 10,000 or more insurance registrations in the region to start 2024 and several year-over-year increases.
Data from China Passenger Car Association cited in the report said Tesla China sold 71,447 units in January, which was up 8.2% year-over-year.
Related Link: Tesla Q4 Earnings Highlights: Revenue Miss, EPS Miss, Model Y A Global Bestseller, Next-Gen Vehicle Update And More
Why It's Important: Tesla has rolled out several new initiatives to help boost its sales in China including a cash discount on Model Y units, discounts on paint colors for new vehicles and new hardware introduced for vehicles in the region.
While Tesla is a major player in the Chinese electric vehicle market, the company faces increasing competition from other Chinese and European electric vehicle companies.
TSLA Price Action: Tesla shares were up 2.23% to $185.10 on Tuesday at market close versus a 52-week trading range of $152.37 to $299.29. Shares of Teals are down 28% year-to-date in 2024.
Read Next: Tesla Wins Trademark Battle In China, But It’s Not Related To Electric Vehicles
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