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With the strengthening of the Chinese government's subsidy policy for new energy vehicles, Tesla's Shanghai factory continued to increase its shipments in August.
On Monday, September 2, according to preliminary monthly data from the China Association of Automobile Manufacturers, the estimated shipments of Tesla's Model 3 sedan and Model Y sport utility vehicle (SUV) in August were about 86,697 units, an increase of approximately 3% year-on-year, achieving growth for the second consecutive month.
This growth trend is due to the Chinese government's doubling of subsidies for eligible vehicle models to 0.02 million RMB (about 2,800 USD) at the end of July. The increase in subsidies encourages drivers to replace their old vehicles with new electric vehicles, especially entry-level battery electric vehicles and plug-in hybrid vehicles benefit the most.
Due to the stimulus of the subsidy policy, the plug-in vehicle market in China has received a significant boost under the government subsidy policy. According to data from the China Association of Automobile Manufacturers, wholesale sales of new energy passenger vehicles reached 1.05 million units in August, a year-on-year increase of 32% and a month-on-month increase of 11%. According to the China Association of Automobile Manufacturers, after pure electric vehicle sales surpassed traditional gasoline vehicles for the first time in July, they may exceed the latter again in August.
Analysis suggests that this indicates that after experiencing a slowdown in sales in the first half of the year, Tesla's Shanghai factory has recently seen an improvement in sales momentum and it is expected that Tesla's shipments in China will continue to grow in the coming months under the promotion of government subsidy policies.