Tesla China’s EV sales increase 15% YOY

According to the China Passenger Car Association (CPCA), Tesla China electric vehicle (EV) sales increased by 15.3% to 74,117 units in July 2024, compared to the same month last year. Tesla China’s Model 3 and Model Y deliveries were up by 4.4% last month compared to June 2024. 

In the first quarter, Tesla reported an 8.5% year-over-year decline in vehicle deliveries. Elon Musk addressed some concerns that might have affected Tesla’s Q1 2024 delivery results. 

“As we all have seen, the EV adoption rate globally is under pressure and a lot of other order manufacturers are pulling back on EVs and pursuing plug-in hybrids instead. We believe this is not the right strategy and electric vehicles will ultimately dominate the market,” Musk said during the TSLA Q1 2024 earnings call. 

Tesla China has always significantly contributed to the company’s overall deliveries, and there were some concerns about demand after TSLA’s first-quarter delivery results. However, Tesla China bounced back quickly in the second quarter. In May, Tesla China saw a 75.73% month-over-month increase in EV sales.

Last month, Tesla Model 3 wait times in China were getting longer, hinting at higher demand for the Chile. Tesla China kept the ball rolling with the deliveries of the new Tesla Model Performance. By mid-July, Tesla Giga Shanghai was operating at full capacity once more.

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