Tesla Inc TSLA has extended its delivery wait times for its Model 3 sedan in China, with the new expected wait time for all three variants now being 3-5 weeks, up from the previous 2-4 weeks.
The last adjustment occurred on July 11, when the wait time increased from 1-4 weeks to 2-4 weeks. Meanwhile, the Model Y crossover’s delivery time has remained 1-3 weeks since July 4, CnEVPost reported.
Both models are produced at Tesla’s Shanghai factory.
The delivery dates for the Model S and Model X, which are not produced in China, remain set for the fourth quarter.
In April, Tesla introduced the Model 3 Performance variant with an estimated range of 296 miles, which was later changed to an EPA-estimated range of 303 miles.
In China, the Model 3 is available in three versions: an entry-level rear-wheel drive, a long-range all-wheel drive, and an all-wheel drive performance version, with starting prices of 231,900 Chinese Yuan ($31,900), 271,900 Chinese Yuan, and 335,900 Chinese Yuan, respectively.
Similarly, the Model Y has three variants, with starting prices ranging from 249,900 Chinese Yuan to 354,900 Chinese Yuan.
Tesla sold 59,261 vehicles in China in June, a 20.15% decrease from 74,212 units in June last year but a 7.33% increase from 55,215 units sold in May.
The Model 3 sold 18,151 units, making up 30.63% of Tesla’s June sales in China. Although Model 3 sales decreased by 20.18% year-on-year, they rose by 19.18% from May.
The Model Y, which sold 41,110 units in June, accounted for 69.37% of Tesla’s sales, down 20.13% year-on-year but up 2.81% from May.
Throughout the quarter, Tesla sold 205,747 made-in-China vehicles, of which 145,897 were sold in the country, and the rest were exported to Europe.
Tesla’s Shanghai factory has an annual production capacity of over 950,000 units, its highest capacity across giga factories.
Tesla stock has lost more than 11% in the last 12 months. Investors can gain exposure to the stock via two ETFs: the Consumer Discretionary Select Sector SPDR Fund XLY and the Fidelity MSCI Consumer Discretionary Index ETF FDIS.
Price Action: TSLA shares are trading lower by 1.95% at $251.55 in premarket at last check Wednesday.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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