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.

Video Articles

Silver’s Finally Breaking the System | Keith Neumeyer – First Majestic

The Best News for Gold Was the Drop! – Peter Grandich

McEwen Copper: The Los Azules Feasibility Study

Recommended

Steadright To Conduct Multi-Phased Exploration At Historic Goundafa Polymetallic Mine

Goliath Resources Drills 10.72 g/t Gold Over 7.83 Metres At Surebet

Related News

Tesla’s Profit Margins Slip Amidst Price Cuts, Impacting Earnings

Tesla (Nasdaq: TSLA) reported Q2 revenue of $24.9 billion, exceeding analysts’ estimates of $24.51 billion....

Thursday, July 20, 2023, 03:07:00 PM

Chamath Palihapitiya Argues That Tesla’s Price Cut Strategy Is Bullish, Gets Dunked On

Tesla’s (NASDAQ: TSLA) recent series of price reductions have raised concerns among both investors and...

Monday, September 4, 2023, 01:04:00 PM

Tesla’s Cybertruck May Have A Charging Problem

After years of delay and a string of issues, there seems to be one final...

Friday, December 1, 2023, 06:36:00 AM

Elon Musk Says Tesla’s Workers Will Need To Be ‘Living’ On The Production Line For New Mass-Market EV

Tesla (Nasdaq: TSLA) CEO Elon Musk said that workers would need to be sleeping at...

Tuesday, February 6, 2024, 09:58:20 AM

Is China Working With Taliban?

Afghan central bank governor Hidayatullah Badri held a clandestine meeting with Chinese envoy Wang Yu,...

Monday, June 19, 2023, 04:54:00 PM