Tesla China appears to be heading towards a strong finish for June 2023, with reports suggesting that the electric automaker recorded 16,700 insurance registrations in the fourth week of the month, ending on June 25.
If this trend continues, Tesla China’s sales figures for June would likely be remarkable, showcasing the company’s continued success in the domestic market.
Weekly insurance registrations indicate positive sales trend for Tesla China
Since entering the Chinese market, Tesla China, renowned for its groundbreaking electric vehicles, has been a force to be reckoned with.
While Tesla does not publicly disclose its weekly sales numbers in the Chinese market, insurance registrations have emerged as a reliable indicator of automakers’ sales performance in the country.
As a result, even other automakers like Li Auto have started aggregating and reporting on weekly insurance registrations in the domestic market.
According to a recent report from Li Auto, Tesla China witnessed 16,700 insurance registrations in the previous week alone. This figure indicates that the Musk-led automaker likely sold approximately 57,300 EVs in China from June 1 to 25.
In hindsight, Tesla China recorded 16,400 and 14,500 insurance registrations in the two weeks preceding the latest figures.
Tesla outshines Mercedes-Benz: Becomes top-selling premium brand in China
The latest registration data also revealed that Tesla China surpassed legacy automaker Mercedes-Benz to become the top-selling premium brand in China between June 1 and 25.
Li Auto estimated that Mercedes-Benz EV sales in the Chinese market hit 52,100 units during the same period. Meanwhile, Tesla China led the industry by a significant margin, with 57,300 unit sales.
The success of Tesla China can be attributed to the company’s strategic focus on its best-selling models, particularly the Model 3 sedan and Model Y crossover. To further stimulate demand, Tesla recently announced an enticing insurance subsidy of RMB 8,000 ($1,110) for domestic customers in China who purchased and took delivery of inventory Model 3 RWD units by the end of June. These proactive measures have undoubtedly contributed to Tesla’s remarkable performance in the second quarter.
The strong performance of Tesla China in June bodes well for the company’s second-quarter figures. True enough, the China Passenger Car Association (CPCA) reported that Tesla’s May sales reached 77,695 units in the country during that month.
Even more, this figure still has the potential to increase when the final sales numbers for June are tallied, indicating Tesla’s continued success and popularity in the Chinese EV market.
See Also:
- Tesla China to attend the 2023 Shenzhen Auto Show, might exhibit the refreshed Model 3
- Tesla China sales grew 2.44% month-on-month in May 2023
- CEO Elon Musk meets Chinese FM as it eyes Tesla China expansion
- Tesla China will increase Giga Shanghai production in response to increasing demand
- Tesla China shortens estimated delivery time of Model 3 & Model Y, good news for customers
In a display of unwavering strength and market dominance, Tesla has once again proven its ability to thrive in the highly competitive Chinese electric vehicle industry.
