Tesla China recorded a notable 15% year-on-year increase in its wholesale vehicle shipments in July 2024, indicating a modest recovery after a few months of weak figures.
Tesla China reports 15% YoY sales growth in July 2024
Tesla’s Made-in-China (MIC) electric vehicle wholesale shipments surged 4.38% MoM and 15% YoY to 74,117 units in July 2024, CnEVPost reports, citing China Passenger Car Association’s (CPCA) initial data. This data includes both local retail sales and exports.
For context, Tesla China only sells the Model Y crossover and Model 3 sedan from Gigafactory Shanghai.
The sales increase last month is an encouraging sign for the Musk-led automaker, considering the downward trend in the previous months.
YTD results
China’s electric vehicle market condition remains challenging for electric automakers. In fact, even Chinese leader BYD recorded a YoY EV sales drop in July 2024.
Tesla’s wholesale sales crossed the 500,000 mark in the January to July 2024 period. However, it indicates a 7.4% YoY sales decline.
In hindsight, Tesla China’s total wholesale sales nearly hit 950,000 units in 2023 (up 33% YoY).
Tesla China’s market share
China’s total wholesale sales of new energy vehicles (NEVs) were approximately 950,000 units in July 2024, representing a 29% YoY increase and a 3% decline MoM.
This considered, Tesla China accounted for around 7.8% of the total wholesale NEV sales in the Chinese market in July 2024.
Results for Tesla’s July 2024 sales in China and exports from Giga Shanghai are not yet available.
Tesla’s China EV sales have shown indications of recovery in July 2024, marking a positive turnaround after several challenging months. However, with YTD sales still down compared to the previous year, sustained growth will be crucial for Tesla’s continued success in the world’s largest automotive market.
