Monday, July 15, 2024

Tesla Achieves Record Sales Surge: 84,159 China-Made Vehicles Sold in August 2023, Up 9.35% YoY

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Tesla reported robust sales figures for its China-made vehicles in August, as per data released by the China Passenger Car Association (CPCA). The electric vehicle (EV) manufacturer sold 84,159 China-made vehicles during the month, including exports, marking a significant increase of 30.92 percent from the previous month and a 9.35 percent rise from August the previous year.

In the broader context, Tesla has experienced remarkable success in the January-August period of 2023, with a total of 624,983 China-made vehicles sold. This represents a substantial year-on-year growth of 56.27 percent, underscoring the company’s enduring popularity in the Chinese EV market.

See also: Review of Tesla’s Model 3 Highland: Impressive Performance with a 0-60 MPH Time of 4.6 Seconds

Tesla’s manufacturing facility in Shanghai, where the Model 3 sedan and Model Y SUV are produced, serves as a critical hub for both local and international customers. Notably, the factory also plays a pivotal role as an export center for Tesla’s US operations.

A key factor in this surge in sales was Tesla’s recent price adjustments. In August, the company reduced the prices of its Model Y in China, making its vehicles more competitive in the local market. Furthermore, Tesla initiated pre-sales of an updated version of the Model 3 in China in early September, garnering significant attention.

The Model Y, available in three variants in China, saw a price reduction of RMB 14,000 yuan ($1,930), or approximately 4 percent, on August 14. Consequently, the starting price for the Model Y Long Range decreased to RMB 299,900 from RMB 313,900, while the Model Y Performance started at RMB 349,900, down from RMB 363,900.

See also: New Tesla Model 3 Boasts Impressive 0.219 Drag Coefficient, Maximize Efficiency and Driving Range

However, the increased demand following these price cuts has resulted in an extended wait time for the Model Y Long Range, which now stands at six to eight weeks, compared to the previous estimate of two to six weeks.

Moreover, Tesla surprised the market by commencing pre-sales of the updated Model 3 in China on September 1. This updated version continues to offer a single-motor, rear-wheel-drive model at an entry-level price of RMB 259,900. While this represents a RMB 28,000 increase (12 percent) compared to the previous model’s starting price of RMB 231,900, the new dual-motor Long Range variant, starting at RMB 295,900 for pre-sale, has replaced the previously available dual-motor Performance version, which started at RMB 331,900.

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