uncertain situation in China, but strong growth in sales

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Image credit © Tesla

(Boursier.com) — You are here , the US electric car maker, delivered 100,291 Chinese-made electric vehicles in November, the highest monthly sales since its Shanghai factory opened in late 2020, Xinhua reported on Monday. This reflects an increase of 40% over October and 89.7% over last year. The automaker has increased production at its Shanghai plant, cut prices for top-selling models and offered incentives to Chinese buyers. China’s BYD, however, led November in China with 229,942 electric cars sold, including plug-in hybrids and pure electric vehicles, three times more than a year earlier, according to data from the China Passenger Car Association cited by Reuters.

You are here It also plans to cut December production of the Model Y at its Shanghai factory by more than 20% from November, two people with knowledge of the matter told Reuters on Monday. Tesla has not commented on this planned reduction, also reported by Bloomberg. China has partially relaxed anti-covid health restrictions on people and businesses, but many restrictions are still in place. These have dampened demand and caused slowdowns in local production in the automotive industry due to difficulties in securing the supply of components, Reuters recalls. Tesla increased its inventory of electric vehicles in Shanghai at the fastest pace ever in October, according to data from China Merchants Bank International.

Elon Musk said China, the company’s second largest market, was “in a bit of a recession”. Nevertheless, Tesla’s retail sales in China nearly doubled in the first four weeks of November compared to a year earlier. Globally, Tesla had planned to significantly increase production of the Model Y and Model 3 in the fourth quarter, with new factories in Austin and Berlin ramping up production.


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