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Tesla China sees 14,300 new vehicle registrations in Q3’s seventh week

Credit: Tesla Asia/X

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Tesla China saw 14,300 new vehicle registrations in the week of August 12-18, 2024. This represents a 7.74% drop from the 15,500 registrations that the electric vehicle maker saw in the week ending August 11, 2024.

Tesla China does not report its weekly domestic sales figures, though a general idea of the company’s overall performance in the local Chinese automotive market can be inferred from new vehicles’ insurance registrations. Fortunately, these registrations are tracked and reported by industry watchers, as well as domestic automakers like Li Auto. 

And as per Li Auto’s recent data, Tesla China saw 14,300 new vehicle registrations last week. These figures represent the second-best weekly numbers from the electric vehicle maker this third quarter, exceeded only by the previous week’s 15,500 registrations. For context, Tesla China also saw 12,500 new vehicle registrations in the first week of the third quarter. 

Tesla seems to be building up towards a strong Q3 in China. While Tesla China’s overall 2024 numbers are still lagging behind its 2023 figures, the company’s domestic registrations are down just 1.2% year-to-date. Provided that Tesla China maintains its recent momentum, it would not be surprising if 2024’s registrations catch up to the company’s 2023 numbers in the coming weeks. 

Such a scenario seems quite likely as Tesla China’s registrations in 2023 saw a drop during the fourth quarter due to the rollout of the reengineered Model 3, which required upgrades to Giga Shanghai and a period when local deliveries of the all-electric sedan were paused. For now, at least, Tesla China is unlikely to see similar headwinds in the coming months. 

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Elon Musk has noted that Tesla has the capability to exceed its record-setting 2023 global sales figures this 2024. Tesla sold a total of 1,808,581 vehicles during Full Year 2023. In comparison, Tesla has delivered 830,776 vehicles globally between Q1 and Q2 2024. From this number, 426,623 were from Giga Shanghai

Don’t hesitate to contact us with news tips. Just send a message to simon@teslarati.com to give us a heads up.

Simon is an experienced automotive reporter with a passion for electric cars and clean energy. Fascinated by the world envisioned by Elon Musk, he hopes to make it to Mars (at least as a tourist) someday. For stories or tips--or even to just say a simple hello--send a message to his email, simon@teslarati.com or his handle on X, @ResidentSponge.

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Tesla Model S makes TIME’s list of Best Inventions

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(Credit: Tesla)

Tesla’s flagship sedan, the Model S, has officially been named one of TIME Magazine’s Best Inventions of the 2000s. It joins its sibling, the Model 3, which made the list in 2017.

The Model S is among the most crucial developments in the automotive industry in the last century.

Just as the Ford Model T made its mark on passenger transportation, becoming the first combustion engine vehicle to be successfully developed and marketed at a time when horse and buggy were the preferred mode of transportation, the Model S revolutionized things a step further.

Although it was not the first EV to be developed, the Tesla Model S was the EV that put EVs on the map. In 2012, TIME recognized the Model S as a piece of technology that could truly transform the car industry.

The publication wrote:

“This electric four-door sedan has the lines of a Jaguar, the ability to zip for 265 miles (426 km) on one charge—that’s the equivalent of 89 m.p.g. (2.6 L/100 km)—and touchscreen controls for everything from GPS navigation to adjusting the suspension.”

Looking back, TIME was right on. The Tesla Model S was truly a marvel for its time, and it, along with the OG 2008 Roadster, can be seen as the first two EVs to push electrification to the mainstream.

As TIME described this year, the Model S “proved to be a game-changing experience for electric vehicles,” and it ended up truly catalyzing things for not only the industry, but Tesla as well.

The Model S acted as a fundraiser of sorts for future vehicles, just as the Model X did. They paved the way for the Model 3 and Model Y to be developed and offered by Tesla at a price point that was more acceptable and accessible to the masses.

The Current State of the Tesla Model S

The Model S contributes to a very small percentage of Tesla sales. The company groups the Model S with the Model X and Cybertruck in its quarterly releases.

Last year, that grouping sold 85,133 total units, a small percentage of the 1.789 million cars it delivered to customers in 2024.

Things looked to be changing for the Model S and the Model X this year, as Tesla teased some improvements to the two cars with a refresh. However, it was very underwhelming and only included very minor changes.

Lucid CEO shades Tesla Model S: “Nothing has changed in 12 years now”

It appeared as if Tesla was planning to sunset the two cars, and while it has not taken that stance yet, it seems more likely that the company will begin taking any potential options to heart.

CEO Elon Musk said a few years ago that the two cars were only produced due to “sentimental reasons.”

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Investor's Corner

Tesla analysts are expecting the stock to go Plaid Mode soon

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Credit: Tesla Mania

Tesla (NASDAQ: TSLA) has had a few weeks of overwhelmingly bullish events, and it is inciting several analysts to change their price targets as they expect the stock to potentially go Plaid Mode in the near future.

Over the past week, Tesla has not only posted record deliveries for a single quarter, but it has also rolled out its most robust Full Self-Driving (Supervised) update in a year. The new version is more capable than ever before.

Tesla Full Self-Driving v14.1 first impressions: Robotaxi-like features arrive

However, these are not the only things moving the company’s overall consensus on Wall Street toward a more bullish tone. There are, in fact, several things that Tesla has in the works that are inciting stronger expectations from analysts in New York.

TD Cowen

TD Cowen increased its price target for Tesla shares from $374 to $509 and gave the stock a ‘Buy’ rating, based on several factors.

Initially, Tesla’s positive deliveries report for Q3 set a bullish tone, which TD Cowen objectively evaluated and recognized as a strong sign. Additionally, the company’s firm stance on ensuring CEO Elon Musk is paid is a positive, as it keeps him with Tesla for more time.

Elon Musk: Trillionaire Tesla pay package is about influence, not wealth

Musk, who achieved each of the tranches on his last pay package, could obtain the elusive title as the world’s first-ever trillionaire, granted he helps Tesla grow considerably over the next decade.

Stifel

Stifel also increased its price target on Tesla from $440 to $483, citing the improvements Tesla made with its Full Self-Driving suite.

The rollout of FSD v14.1 has been a major step forward for the company. Although it’s in its early stages, Musk has said there will be improved versions coming within the next two weeks.

Stifel raises Tesla price target by 9.8% over FSD, Robotaxi advancements

Analysts at the firm also believe the company has a chance to push an Unsupervised version of FSD by the end of the year, but this seems like it’s out of the question currently.

It broke down the company’s FSD suite as worth $213 per share, while Robotaxi and Optimus had a $140 per share and $29 per share analysis, respectively.

Stifel sees Tesla as a major player not only in the self-driving industry but also in AI as a whole, which is something Musk has truly pushed for this year.

UBS

While many firms believe the company is on its way to doing great things and that stock prices will rise from their current level of roughly $430, other firms see it differently.

UBS said it still holds its ‘Sell’ rating on Tesla shares, but it did increase its price target from $215 to $247.

It said this week in a note to investors that it adjusted higher because of the positive deliveries and its potential value with AI and autonomy. However, it also remains cautious on the stock, especially considering the risks in Q4, as nobody truly knows how deliveries will stack up.

In the last month, Tesla shares are up 24 percent.

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Tesla lands permission to test Full Self-Driving in new country

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tesla showroom
(Credit: NicklasNilsso14)

Tesla has landed permission to begin testing its Full Self-Driving suite in a new country: Sweden.

Tesla has been working to expand its Full Self-Driving suite across the world. Currently, it is available in seven countries: the United States, Canada, Mexico, Puerto Rico, Australia, New Zealand, and China, where it is referred to as “City Autopilot.”

Capabilities of the Full Self-Driving suite differ in each region based on the approvals given to Tesla by regulatory agencies.

In Europe, Tesla has been attempting for a long time to launch FSD in various countries, but regulatory red tape has been prolonging the company’s ability to launch the suite.

However, Sweden appears to be ready to allow Tesla to test FSD in some passenger and public locations, according to the country’s Transport Agency.

On X, a Swedish Tesla owner named Alexander Kristensen, says he received direct confirmation from the Transport Agency that Tesla has “received permission to test automated vehicles.”

The full email said:

“Tesla received permission to test automated vehicles last week. This includes three vehicles and all state highways and expressways in Sweden.”

Tesla has already been working with the Swedish Transport Agency on the first steps of Full Self-Driving’s approval. The company and the Transport Agency spent two weeks assessing data gathered during a Formal Site Assessment Test, or SAT.

Based on the communication from the Transport Agency to Kristensen, it appears the company has passed the SAT and will now be able to perform its own testing within the market.

This approval seems similar to the approval Tesla received in U.S. states for Robotaxi operation. Nevada and Arizona have both given Tesla approval for Robotaxi testing, but passengers are not allowed in the vehicles quite yet.

Instead, company employees perform the testing, which is likely what will go on in Sweden until the Transport Agency gives the company a green light to roll FSD software out to customers.

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