Tesla’s China Exports Jump in August as Chinese EV Sales Soar 275%

Tesla’s (NASDAQ: TSLA) exports of Chinese-made vehicles ramped up last month, as the automaker expanded production at its Shanghai factory.

According to data published by the China Passenger Car Association (CPCA) on Wednesday, Tesla sold a total of 44,264 Chinese-made cars in August, marking a 29% month-over-month increase, and a 275% jump from the same period a year ago. Of the total EV sales, 31,379 of them were exported.

Tesla’s domestic sales of China-made vehicles were up from 8,621 cars to 12,885 cars last month, despite the automaker’s substantial focus on exports. Still, local sales of Model Ys and Model 3s rose 9% from August 2020. The recent jump in sales comes as major automakers around the world grapple with a severe global semiconductor shortage, which has forced some car manufacturers in the US to even shut down factories.

Back in July, Tesla unveiled a more affordable version of the Model Y for Chinese consumers, after facing heightened scrutiny from both regulators and the public, as well as increased competition from domestic rivals. The lower-range Model Y saw its price fall nearly 20% to $42,600, which will now make eligible for government-funded subsidies.


Information for this briefing was found via the CPCA and Reuters. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

Endeavour Mining Q1 Earnings: Cash Flow Is King

G Mining Oko West Feasibility: Move Fast, Break.. Nothing?

New Gold Q1 Earnings: What’s Behind The Market’s Surprising Reaction?

Recommended

First Majestic Posts Record Cash Flows In Q1 As Production Costs Fall

Brazil Potash Secures Funding In Support Of US$2.5 Billion Autozales Project

Related News

Iraq Rocks Petrodollar Supremacy, Looks To Trade With China In Yuan

In an effort to improve access to foreign currency, Iraq’s central bank announced on Wednesday...

Friday, February 24, 2023, 09:26:38 AM

Probe Calls On Chinese Interference In Canadian Elections Intensify After Trudeau Refuses Inquiry

Voices calling for a federal inquiry on the Chinese interference in Canadian elections have been...

Monday, February 27, 2023, 03:44:00 PM

Canada Halts Funding for Research Connected to Chinese Military and State Security Institutions

Just a few days after Prime Minister Justin Trudeau authorized the United States to shoot...

Wednesday, February 15, 2023, 02:18:00 PM

China Restricts Rare-Earth Technology Exports

China has announced a ban on the export of technology crucial for the production of...

Friday, December 22, 2023, 10:04:26 AM

Geico Reportedly Drops Coverage for Tesla’s Cybertruck For Some Consumers

Geico (NYSE: BRK.B), one of the largest insurance providers in the United States, may have...

Tuesday, June 18, 2024, 03:47:00 PM