Tesla China's July sales surged by 15.3%, reversing the decline
Tesla's car delivery volume in the Chinese market achieved significant growth in July, with a year-on-year increase of 15.3%, successfully reversing the previous downward trend. The number of Model 3 and Model Y cars delivered by Tesla's Shanghai factory in July increased to 74,117 units, a month-on-month increase of 4.4%. This growth is a positive signal for Tesla, especially after the company's second-quarter earnings fell short of expectations. Compared to other Chinese automakers, Tesla has performed well in China. The Chinese government announced subsidy policies to boost electric vehicle sales, which also contributes to Tesla's growth in the Chinese market
According to the VESYNC financial APP, Tesla Inc. (TSLA.US) achieved a significant increase in car deliveries in the Chinese market in July, with a year-on-year growth of 15.3%, successfully reversing the previous downward trend in the largest Asian economy. Preliminary data released by the China Passenger Car Association on Friday showed that the number of Model 3 and Model Y cars delivered by Tesla's Shanghai factory in July increased to 74,117 units, a 24.2% decrease from June. Month-on-month, the delivery volume in July increased by 4.4% compared to June.
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This growth is a positive signal for Tesla led by Elon Musk, especially after the company's second-quarter earnings fell short of analysts' expectations for the fourth consecutive quarter, and the demonstration of the autonomous driving taxi prototype was postponed until October. Despite the challenges, Tesla's performance in China stands in stark contrast to some other Chinese automakers, whose sales have dropped significantly month-on-month due to weak consumer spending.
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To boost electric vehicle sales, the Chinese government announced last month that it would double the subsidy amount for trading in old cars for new ones as part of its 300 billion yuan (approximately $41.4 billion) consumption stimulus plan. BYD Co., Ltd. continued to maintain its position as the best-selling car brand in China, with passenger car sales edging up by 0.2% to 340,799 units in July. Thanks to discounts and promotions, plug-in hybrid car sales surged to 210,799 units, while pure electric car sales fell to the lowest level in five months.
Among Chinese electric vehicle manufacturers listed in the United States, Li Auto (LI.US) stood out with a 6.8% sales growth, reaching 51,000 units in July, mainly driven by the popularity of its extended-range electric vehicles