Tesla's China Made Vehicle Deliveries Jump 145% In June Signaling Recovery, Pent-Up Demand

Tesla, Inc TSLA achieved its highest monthly sales of China-made vehicles in June since opening its Shanghai plant in 2019, Reuters reports.
Tesla sold 78,906 China-made vehicles in June, including 968 for export, the China Passenger Car Association (CPCA) said.
In May, it sold 32,165 vehicles and exported 22,340.
Also Read: Here's How Credit Suisse Views May EV Performance
Tesla also reached the highest monthly output at its Shanghai plant in June.
The numbers reflect its production ramp-up following the country's Covid-19-induced lockdown that curbed output during the April - June quarter.
The Shanghai plant manufacturing Model 3s and Model Ys reopened on April 19 but only resumed total production in mid-June.
China's overall passenger car sales in June totaled 1.97 million, up 22% from a year earlier, aided by government measures.
CPCA expected car sales in July to increase by around 20% year on year. Demand could further strengthen in the fourth quarter, leading to solid growth for the year.
BYD Co, Ltd BYDDY led the EV players with 133,762 cars delivered in June.
China slashed the purchase tax for small-engined vehicles by half on June 1. Local governments offered subsidies or added car ownership quotas to boost sales.
China explored measures to spur demand, including extending a tax break for EVs, building more charging stations, and encouraging lower charging fees.
Price Action: TSLA shares traded lower by 0.90% at $727 in the premarket on the last check Friday.
Photo via Wikimedia Commons

Market News and Data brought to you by Benzinga APIs

Comments

Popular Channels

Tools & Features

Partners & Contributors

About Benzinga