Tesla, Inc.'s (TSLA) sales of vehicles produced in China showed a slight recovery last month.
According to data released today by the China Passenger Car Association (CPCA), Tesla China sold 74,117 vehicles in July, which includes both domestic sales and exports to international markets, reported CnEV Post.
This represents a 4.38% increase from the 71,007 vehicles sold in June and a 15.29% rise compared to the 64,285 vehicles sold in the same month last year.
According to the CPCA, China's wholesale sales of new energy vehicles (NEVs), including plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs), were estimated at 950,000 units in July.
This represents a 29% increase year-on-year but a 3% decrease from June, CnEV Post added.
This indicates that Tesla China accounted for approximately 7.8% of China's wholesale NEV sales in July.
Between January and July, Tesla China sold 500,740 vehicles, exceeding the 500,000 mark but representing a 7.41% decline compared to the same period last year.
Also Read: Emerging Tesla Rival Vinfast Launches Affordable Mini E-SUV In Vietnam, Aims To Deliver 20K Units In 2024
Tesla follows a pattern of focusing on producing cars for export in the first half of the quarter and shifting to local market production in the second half, as previously stated by the company.
Details for Tesla's July sales in China and the number of vehicles exported from its Shanghai factory are not yet available.
Tesla's Shanghai factory manufactures the Model 3 sedan and Model Y crossover, supplying both local customers and serving as an export hub.
Tesla exclusively produces battery electric vehicles (BEVs), whereas some Chinese NEV manufacturers, such as BYD Co., Ltd. (OTC:BYDDY) and Li Auto Inc. (NASDAQ:LI), produce both plug-in hybrid electric vehicles (PHEVs) and BEVs.
Price Action: TSLA shares are trading lower by 0.30% to $216.20 premarket at last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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