Tesla Mar retail sales in China reach 56,107 units amid broader market rebound

• Tesla's retail sales in China in March grew 46.85% from February, although slipping 24.31% from a year ago.
• Model Y recorded wholesale sales of 55,856 units in March, up 13.92% year-on-year.

Tesla saw a significant month-on-month rebound in its retail sales in China in March, as the overall market recovered.

The US EV maker's deliveries in the world's largest market reached 56,107 units, representing a 46.85% jump from the previous month, although slipping 24.31% from the same period last year, according to data released Thursday by the China Passenger Car Association (CPCA).

The retail performance was accompanied by a massive increase in exports from Tesla's Giga Shanghai.

The plant shipped 29,563 vehicles to overseas markets in March, achieving a 528.87% year-on-year growth and climbing 44.97% from February.

Including domestic retail sales and overseas exports, Tesla China's total wholesale sales in March reached 85,670 units, an increase of 46.20% compared to the 58,599 vehicles in February.

The popular Model Y SUV continued to drive this sales recovery. It recorded wholesale sales of 55,856 units in March, achieving a 13.92% year-on-year growth.

Wholesale sales of the Model 3 sedan stood at 29,814 units, slightly higher than the 29,799 units in the same period last year, ending a 13-month streak of declines, data compiled by CnEVPost showed.

Compared to the 17,195 units in February, the Model 3's wholesale sales in March grew by 73.39%.

The domestic delivery numbers in China for these two Tesla models produced at the Shanghai plant are not yet available.

Tesla's performance in China occurred against the backdrop of a broader EV market recovery.

Retail sales of battery electric vehicles (BEVs) in China reached 568,000 units in March, surging 104.6% from February, although slipping 11.7% year-on-year.

Including hybrid models, retail sales of new energy vehicles (NEVs) in China were 848,000 units in March, up 82.6% month-on-month, although slipping 14.4% year-on-year.

Tesla's share of the BEV market in China in March was 9.88%, and its share of the NEV market was 6.62%.

The strong March performance pushed Tesla China's first-quarter wholesale deliveries to 213,398 vehicles, contributing nearly 60% to Tesla's total global deliveries of 358,023 units in the first quarter.

Despite the challenges, Tesla reclaimed the global BEV sales crown in the first quarter, surpassing Chinese rival BYD, whose passenger BEV sales slipped to 310,389 units in the first quarter.