Tesla China Shipments Rise for Just The Third Time This Year

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Summary:

Tesla Inc.'s China factory shipments rose for only the third time this year amid a broader global downturn in sales for the Elon Musk-run company.

The company shipped 86,700 vehicles from its Shanghai plant in November, up 10% from a year earlier, according to preliminary data from China's Passenger Car Association Tuesday. This was the second-highest total for the company this year, trailing only September wholesales.

The gain represents a rare bright spot in China this year for Tesla, which is facing curbs on US federal subsidies for EVs and is on course for a second straight annual decline in global sales. Chinese EV giant BYD recently reported its third consecutive monthly decline in sales, while Geely Automobile Holdings Ltd. and Xiaomi Corp. benefited from hit models.

Although the preliminary figures don't break down the proportion of Tesla's shipments that are exported, the bulk of the vehicles built at the Shanghai factory are sold locally. The plant can produce as many as 950,000 EVs a year, accounting for about 40% of the company's total manufacturing capacity.

Data from China's PCA also showed November new energy vehicle sales — which include plug-in hybrid and fully electric vehicles — increased 20% year-on-year.

Source: Bloomberg Europe

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Tesla China Shipments Rise for Just The Third Time This Year

Source: Bloomberg Europe

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