Summary
- CPCA expected to release October 2024 sales figures soon
- Deutsche Bank forecasts strong sales for domestic EV makers like Nio and BYD
- Tesla China estimated to deliver 47,000 vehicles domestically in October, a 53% increase year-over-year
- Tesla Model Y saw momentum in China’s automotive market in September, with 48,202 units sold
- Tesla China extends zero percent interest loan offer on Model Y until end of November
Article
Deutsche Bank has shared its forecast for China’s electric vehicle sector in a recent note to investors, ahead of the release of the October 2024 sales figures by the China Passenger Car Association (CPCA). Analyst Wang Bin expects strong sales from domestic EV makers such as Nio and BYD, with Deutsche Bank estimating that Tesla China would deliver around 47,000 vehicles domestically in October, representing a 53% year-over-year increase.
Tesla China’s domestic retail sales in the first four weeks of October were already at 34,000 units, according to Deutsche Bank. In September, Tesla China sold 72,200 vehicles in China, surpassing August’s 63,456 units and achieving a year-to-date high. Additionally, Tesla China exported 16,121 vehicles in September, indicating a strong global demand for their electric vehicles.
The Tesla Model Y has seen significant momentum in China’s automotive market, with 48,202 units sold domestically in September. This represents a 6.34% increase from August’s sales and a 16.35% increase from the same month in 2023. Tesla China seems to be capitalizing on the demand for the Model Y in China, with plans to continue its growth trajectory until the end of 2024.
Tesla China recently extended its five-year zero percent interest loan offer for the Model Y until the end of November, a promotion that started in April. This move is expected to make the Model Y more accessible and affordable for customers in China, further boosting sales for the electric vehicle manufacturer in the country.
The strong performance of Tesla China in the domestic market, along with its export numbers, highlights the company’s growing influence and popularity in the electric vehicle sector. With the extension of the zero percent interest loan offer for the Model Y, Tesla China is poised to continue its growth and solidify its position in the Chinese automotive market.
For any news tips or updates related to the electric vehicle sector in China or globally, readers are encouraged to contact Tesla Rati via email at simon@teslarati.com. This open invitation for news tips showcases the platform’s dedication to providing up-to-date and relevant information to its audience, emphasizing the importance of staying informed in the dynamic electric vehicle industry.
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