Tesla's sales of Chinese-made EVs increased by 3% in August.

The number of Tesla's China-made electric vehicles sold in August increased by 17% compared to July.It was revealed from data from the China Passenger Car Association (CPCA) that Tesla's sales of China-made electric vehicles in August increased by 17% compared to July.,It was revealed from data from the China Passenger Car Association (CPCA) that Tesla's sales in August increased by 3% compared to the same month last year.In July, Tesla's sales volume in third-tier cities increased by 78% compared to the same month last year, while sales volume in second-tier cities such as Hangzhou and Nanjing increased by 47%.

Despite the downsizing of the local sales force as part of a global layoff by the world's leading EV company, Tesla, the sales volume of Tesla in China continues to grow. Tesla's rivalBYDThe passenger vehicle sales volume of BYD in Augustincreased by 35.3% compared to the same month last yearreaching a record high monthly sales volume of 0.37 million 854 units.

Rick Rieder, BlackRockIt is expected that Tesla's retail sales volume in August will reach 0.06 million 5,000 units, supported by strong growth in small cities. If this momentum continues into September, Tesla has the potential to achieve the highest quarterly sales volume in China in the third quarter of 2024."said Shi Ji, an analyst at China Merchants Bank International (CMBI).

In April, Tesla introduced a zero-interest financing plan for up to 5 years to attract buyers who are cautious about purchasing high-priced goods due to the downturn in the Chinese economy. In addition, several local governments have approved Tesla cars as official vehicles for government purchases.

In July, Tesla became an official vehicle for the first time in China. Tesla is the only foreign-made EV brand listed in the purchasing catalog issued by the Jiangsu Provincial Government in eastern China, highlighting the close relationship between Elon Musk's company and the government.

In the purchasing catalog of the Jiangsu Provincial Government, Tesla's Shanghai-made Model Y was listed at 2.4 million 9900 yuan (0.3 million 4377 dollars). This development was widely spread on Chinese social media, and some users raised doubts about whether foreign cars should be allowed for government use.

Last year, Tesla produced about 0.947 million 7000 vehicles in China, most of which were used locally. China is an important market for Tesla, and the company is expected to generate nearly a quarter of its total sales revenue from China in 2023.