Summary
- Tesla China sold a total of 68,280 vehicles wholesale in October 2024
- 27,795 vehicles were exported to foreign markets
- Tesla China sold 40,485 vehicles domestically in October, up 41% from the previous year
- Model Y accounted for 62% of sales, Model 3 accounted for 38%
- Tesla China has sold a total of 500,685 vehicles in the January to October 2024 period
Article
In October 2024, Tesla China sold a total of 68,280 vehicles, with 27,795 of those being exported to foreign markets, according to data from the China Passenger Car Association (CPCA). Domestic sales for Tesla in China reached 40,485 vehicles, which was a 41% increase from the previous year but a 44% decrease from the previous month. This marked the lowest domestic sales for Tesla China since April 2024 and fell below analysts’ expectations for the month.
The Model Y remains Tesla’s best-selling vehicle in China, with 42,265 units sold in wholesale in October, accounting for 62% of the total sales. The Model 3 followed with 26,015 units sold, contributing 38% to the overall figures. Tesla China saw a total of 500,685 vehicles sold in the January to October 2024 period, marking an 8% increase from the previous year. The company tends to export more vehicles in the first weeks of a quarter, which may explain the lower domestic sales in October.
Despite the lower domestic sales in October, Tesla China’s market share in China’s battery electric vehicle sector was reported at 1.8% for the month. The overall BEV penetration in China was 29.8%, with Tesla holding a 6% share of this segment. The company accounted for 6% of the country’s BEV market in October, down from 11% in September 2024. Analysts estimated that Tesla China would need to deliver 141,398 units to beat the record for best domestic sales in the previous three quarters, indicating a potential goal for the company in the coming months.
Tesla China’s sales performance in October 2024 highlights the dynamics of the country’s electric vehicle market and the company’s position within it. The data released by the CPCA provides insights into the company’s sales trends and market share in China, shedding light on its performance compared to previous months and years. With the Model Y leading sales and exports to foreign markets, Tesla China continues to be a significant player in the country’s electric vehicle sector. As the company looks to increase its domestic sales and maintain a strong presence in China, the data from October serves as a benchmark for its performance in the coming months.
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