Tesla Model Y is performing excellently in China’s SUV market

It appears that the Tesla Model Y is still a very notable presence in China’s SUV market. From January to August 2024, the all-electric crossover appears to have become China’s best-selling SUV, battery-electric or otherwise. 

Based on data compiled by Yiche, the Tesla Model Y sold a total of 292,489 units in the Chinese domestic auto sector from January to August 2024. China’s next two best-selling SUVs—the BYD Song Plus New Energy and the BYD Yuan Plus—sold 245,435 units and 169,960 units in the same period, respectively. 

$TSLA
Tesla Model Y is also the best-selling SUV in China.
(YTD: Jan ~ Aug) pic.twitter.com/VZbh2zvc4l

— Tsla Chan (@Tslachan) September 20, 2024

The reengineered Tesla Model 3 is also performing relatively well in the Chinese domestic market, with the vehicle selling 99,198 units from January to August 2024. This may be partly due to the exports of the Model 3 to foreign territories, since Giga Shanghai is only one of two Tesla factories that are currently producing the revamped all-electric sedan for the global market. 

Tesla China seems to be gaining some momentum this Q3 2024, with the electric vehicle maker’s new vehicle registrations proving quite strong in recent weeks. In the week ending September 8, for example, Tesla China saw 16,200 new vehicle registrations, and in the week ending September 15, the company saw 15,600 registrations. If the electric vehicle maker maintains this pace until the end of the quarter, Tesla China’s Q3 2024 results could prove to be quite impressive. 

Top 20 Vehicle Sales by Segment (January to August 2024)

According to data compiled by Yiche from terminal sales (excluding imported cars):

•The top 3 best-selling sedans are Qin PLUS New Energy, Seagull, and Sylphy, with sales of 322,205, 242,039, and 213,420 units… pic.twitter.com/jxqN2x0L7U

— DriveGreenLiveGreen (@DriveGreen80167) September 20, 2024

What is quite remarkable is that Tesla is performing very well in key markets like China with a very limited number of products. The same is true for other markets like the United States. Recent data suggests that the Model Y is within striking distance of becoming the U.S.’ best-selling vehicle, with a market share of 2.8% through Q2. This puts the Model Y just a hair below the Toyota RAV4, the country’s best-selling car through the second quarter. 

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