Tesla sold 82,432 China-made vehicles in November, up 14.31 percent from 72,115 in October, ending the previous two months of sequential declines.
Tesla (NASDAQ: TSLA) saw renewed growth in China-made vehicle sales last month, ending the previous two months of sequential declines.
The US electric vehicle (EV) maker sold 82,432 China-made vehicles in November, up 14.31 percent from 72,115 in October, though down 17.81 percent from 100,291 in the same month last year, according to data released today by the China Passenger Car Association (CPCA).
Tesla's China-made vehicle sales fell 11.98 percent and 2.64 percent month-on-month in September and October, respectively, likely due in part to the impact of the new Model 3, or Model 3 Highland, starting production.
In the January-November period, Tesla sold 853,603 China-made vehicles, up 30.31 percent year-on-year.
Tesla has a factory in Shanghai that currently has an annual capacity of more than 950,000 vehicles, its largest in the world, according to the company's third-quarter financial report released in October.
The plant, which produces the Model 3 sedan and Model Y crossover, not only delivers to local consumers, but is also an export hub for Tesla. A breakdown of local deliveries and exports is not currently available.
Giga Shanghai began operations in late 2019 and started deliveries of the locally produced Model 3 in January 2020 and the locally produced Model Y in January 2021.
Tesla unveiled the new Model 3 on September 1 and began pre-sales of the sedan in China. On October 19, the new Model 3 officially went on sale in China. On October 26, Tesla said it had begun deliveries of the new Model 3 in China.
The EV maker also rolled out the new Model Y, which has minor feature updates, in China on October 1, and announced on October 15 that deliveries of the model had begun.
Tesla has made several price hikes in China over the past two months, most of which have been small and seemingly aimed at getting potential customers who are still on the fence to place orders.
The Model 3 is offered in two versions in China -- a base version with rear-wheel drive, and a Model 3 Long Range version with dual-motor all-wheel drive.
The Model Y is offered in three versions in China -- the base rear-wheel-drive version, the dual-motor all-wheel-drive Model Y Long Range version, and the dual-motor all-wheel-drive Model Y Performance version.
The Model Y Performance's starting price in China was raised by 14,000 yuan ($1,960) on October 27, the start of this latest round of price hikes.
After that, Tesla made four price hikes in November, each in the range of about RMB 2,000, all less than 1 percent.
On November 28, Tesla announced, along with its last small price hike, that customers ordering already-produced rear-wheel-drive versions of the Model 3 and Model Y during the year would receive an insurance subsidy of RMB 8,000 if they complete delivery before the end of the year.
In addition to the insurance subsidy, Tesla is also offering a limited-time loan offer with annual rates as low as 2.75 percent for 3- and 5-year loans, it said on Weibo last week.
($1 = RMB 7.1367)
Tesla offers $1,120 insurance subsidy for basic Model 3 and Model Y inventory cars in China
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