Tesla’s insurance registrations in China saw a recovery in the week ending August 6. With its results, the electric vehicle maker became one of the few automakers in China which saw an uptick in insurance registrations last week.
Weekly sales data are not reported by Tesla China, though the trend in the company’s vehicle sales per week could generally be inferred through insurance registrations across the country. Insurance registration figures are then tracked and reported by industry watchers in China to provide a general overview of automakers’ weekly performance in the country’s automotive segment.
As per industry watchers, Tesla China saw 12,800 insurance registrations from July 31 to August 6, 2023. That’s a 20.75% improvement from the 10,600 registrations that were tracked for the electric vehicle maker in the week ending July 30. It should also be noted that in the week ending July 23, Tesla China only saw 7,700 insurance registrations across the country.
Data from the China Passenger Car Association (CPCA) has indicated that Tesla sold 64,285 Gigafactory Shanghai-made vehicles in July. The number included Model 3 sedans and Model Y crossovers that were exported and sold in China’s local auto market. Tesla China’s July results represent a 31.38% drop from the 93,680 units that were sold in June. It also represented the lowest monthly sales for Tesla China this year so far.
While Tesla China’s results in July are quite low, it may also not be unexpected. During the second quarter earnings call, CEO Elon Musk highlighted that Tesla is still looking to hit 1.8 million vehicle deliveries this year, but production in the third quarter will be a bit low due to shutdowns for factory upgrades. Giga Shanghai, which produces vehicles for China and several other countries, could be receiving some of these upgrades.
“We continue to target 1.8 million vehicle deliveries this year, although we expect that Q3 production will be a little bit down because we’ve got some shutdowns to for — a lot of factory upgrades. So, just probably a slight decrease in production in Q3 for sort of global factory upgrades,” Musk said.
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