Summary
- Tesla China expected to report sales boost for Q3 2024 due to new EV subsidy
- Chinese government doubled EV subsidies in July to encourage trade-ins for old cars
- Analysts predict Tesla will deliver 470,000 units globally in Q3
- Giga Shanghai’s numbers expected to contribute to quarterly sales increase
- Contact maria@teslarati.com or X @Writer_0100110 for tips
Article
Tesla China is anticipated to see a rise in sales for the third quarter of 2024 due to a new electric vehicle (EV) subsidy introduced by the Chinese government. The subsidy, which was doubled in July, offers consumers $2,770 per vehicle to trade in their old passenger cars for electric vehicles. This initiative aims to encourage the purchase of EVs and boost the overall sales of new passenger cars.
Analysts believe that Tesla will benefit from China’s new EV subsidies, which will help to offset weak sales in the US and Europe. Barclays analyst Dan Levy predicts that Tesla will deliver around 470,000 units globally in the third quarter of 2024. This expected boost in sales is seen as a result of the increased support for vehicle purchases in China, particularly in Giga Shanghai, Tesla’s manufacturing facility in the country.
Tesla is projected to report a quarterly sales increase for the third quarter of 2024, marking its first time for the year. A group of analysts surveyed by Bloomberg estimates that Tesla will deliver approximately 463,900 vehicles worldwide in Q3 2024, representing a 7% increase from the same period last year. This growth is attributed to the boost in sales in China, driven by the new EV subsidies introduced by the government.
The Chinese government’s decision to double EV subsidies is expected to have a positive impact on Tesla’s sales performance in the third quarter of 2024. The government’s initiative to encourage consumers to replace their old passenger cars with electric vehicles is aimed at promoting the adoption of EVs and boosting the overall sales of new passenger cars in the country. This support for vehicle purchases is anticipated to benefit Tesla’s operations in China, particularly at Giga Shanghai.
Barclays analyst Dan Levy views China’s new EV subsidies as a timely opportunity for Tesla to strengthen its sales performance, especially in the face of ongoing weaknesses in the US and Europe. The boost in sales expected in China is predicted to help offset any challenges in other regions and contribute to Tesla’s overall global sales numbers for the third quarter of 2024. The analysts surveyed by Bloomberg anticipate that Tesla will report a significant increase in vehicle deliveries for the quarter, driven by the strong performance in China.
To stay updated on Tesla’s performance and sales trends, readers are encouraged to contact the writer at maria@teslarati.com or through X @Writer_0100110 for any tips or insights. The expected boost in sales for Tesla in the third quarter of 2024 is largely driven by the new EV subsidies introduced by the Chinese government, which aim to support the purchase of electric vehicles and promote the overall sales of new passenger cars in the country. Tesla is well-positioned to benefit from this initiative, with analysts predicting a significant increase in global deliveries for the quarter, particularly driven by strong performance in China.
Read the full article here
