Tesla China: A Bump in September Sales, Yet Strong Q3 Performance Shines Bright

In September, Tesla China faced a slight dip in sales, with 74,073 Giga Shanghai-made vehicles sold, marking a 10.9% decrease from the previous year. This decline continued from August, showcasing an 11.98% month-over-month drop, with 83,135 units sold in the previous year. These figures, released by the China Passenger Car Association (CPCA), encompass both domestic sales and exports.

Despite this September slowdown, Tesla China's overall Q3 2023 performance remained robust. The company managed to sell 222,517 vehicles, reflecting an 18.16% increase from the previous year. Impressively, these numbers constituted 51.15% of Tesla's global deliveries for the quarter.

For context, Tesla achieved a global delivery milestone, selling 435,059 vehicles in Q3 2023, indicating a 26.53% increase from the previous year. However, this was a 6.67% decline from Q2. The company's production for the same period stood at 430,488 vehicles.

Throughout 2023, Tesla China has made significant strides, selling 699,056 Giga Shanghai-made vehicles from January to September, marking an impressive 44.71% year-over-year increase.

It's worth noting that the absence of the Model 3 sedan in Tesla China's domestic market impacted the September sales. Although the Model 3 has been overshadowed by the Model Y crossover, it still contributes substantially to Tesla's overall sales in China. Tesla initiated pre-sales for the new Model 3, priced at 259,900 yuan ($35,600), with consumer deliveries yet to commence.

Anticipated to roll out in the fourth quarter, deliveries of the new Model 3 are poised to enhance Tesla China's monthly results significantly. These deliveries are not limited to China alone; they extend to territories where the vehicle is available. Tesla is gearing up for an aggressive push in this fourth quarter, aligning with the company's ambitious goal of achieving a worldwide delivery milestone of 1.8 million cars in 2023.

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