Tesla Reports Best Sales Month in China; Stock Sees Slight Gains
- by The Tokenist
- Sep 03, 2024
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Published on September 03, 2024 07:22 AM EST
Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.
Tesla, Inc. (NASDAQ: TSLA) reported its best sales month of the year in China for August 2024, while its stock continues to show volatility in the market. The EV firm sold 37% more cars than in August, making it the company’s best sales month in China so far in 2024.
Tesla’s China Sales Rebound from July, Numbers Up 37%
In August 2024, Tesla sold over 63,000 cars in China, marking a 37% increase from July and its strongest month in the country this year.
The company’s China-made vehicle sales, including exports, grew 3% year-over-year to 86,697 units. Deliveries of locally produced Model 3 and Model Y vehicles saw a 17% boost from the previous month.
Despite these gains, August sales were slightly down compared to the same period last year, when Tesla sold 64,694 units. The company’s performance in China during the first half of 2024 had declined by 5% year-over-year, making the August rebound particularly significant.
Tesla’s growth in smaller Chinese cities has been noteworthy, with a 78% year-on-year increase in deliveries to tier-three cities and a 47% rise in second-tier cities like Hangzhou and Nanjing, based on July data.
To adapt to the Chinese market, Tesla has implemented strategies such as offering zero-interest loans for up to five years and benefiting from local government policies that make its vehicles eligible for official purchases. The company also plans to produce a six-seat variant of the Model Y in China starting in late 2025.
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