Tesla China’s insurance registrations saw a 9.29% drop week-over-week, with industry watchers indicating that the electric vehicle maker saw 12,700 insurance registrations in the week of November 6 to November 12, 2023. During the previous week, Tesla China saw 14,000 insurance registrations.
While Tesla China does not announce its weekly sales, a general idea of the company’s performance in the domestic Chinese market can be inferred through new vehicle insurance registrations. These registrations are reported by a number of entities in China, such as insiders and automakers like Li Auto.
Considering that Tesla saw 12,700 insurance registrations in the week ending November 12, 2023, it would appear that the electric vehicle maker saw a total of 22,900 insurance registrations in November so far. And since Tesla China typically allots its resources to the domestic market in the latter half of a quarter, it would not be surprising if the number of insurance registrations increases in the coming weeks.
#Tesla China 🇨🇳 weekly insurance regs by Model through week of Nov 6-12
— Berlinergy (@Berlinergy) November 15, 2023
Note: figures by Model deviate slightly by source pic.twitter.com/1s0wQ9RtFy
Tesla China has been quite busy adjusting the prices of its domestically-produced vehicles, the Model 3 sedan and the Model Y crossover. Just yesterday, the electric vehicle maker implemented a price increase for the Model 3 and Model Y Rear Wheel Drive (RWD). Earlier this month, Tesla China also increased the starting prices of the Model 3 and Model Y Long Range Dual Motor All Wheel Drive (AWD).
Data from the China Passenger Car Association (CPCA) indicates that Tesla China sold a total of 72,115 Giga Shanghai-made vehicles in October. From this number, 43,489 were exported abroad, and 28,626 were sold in the domestic Chinese market. Partly due to Giga Shanghai’s transition to the Model 3 Highland, the all-electric sedan contributed only 7.94% to Tesla’s domestic sales in October. The Model Y accounted for a whopping 92.06%.
Considering that the deliveries of the upgraded Model 3 are already starting, it would not be surprising if the all-electric sedan ends up accounting for a larger portion of Tesla China’s sales for the remaining weeks of the fourth quarter. Tesla, after all, is looking to hit 1.8 million vehicles this year, so a revamped best-seller like the Model 3 Highland may be just what the EV maker needs to help it achieve its ambitious target.
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