Tesla bucked the trend in China’s new vehicle insurance registrations in the week ending November 5. While insurance registrations for major electric vehicle makers in China saw a drop last week, Tesla saw a notable increase in its registrations, likely boosted by the local deliveries of the updated Model 3 (Highland).
Tesla China does not provide its weekly sales figures, though a general idea of the company’s domestic sales could be inferred from analyzing vehicle insurance registration data. Industry observers and automakers such as Li Auto have so far taken it upon themselves to aggregate and share the country’s vehicle insurance registration data on a weekly basis.
For the week of Oct 30 – Nov 5, $TSLA China reported a very strong 14K insurance registrations. This likely incl ~3K M-3 Highlands. TSLA China 4Q registrations now just 7% below 3Q after 5 weeks. Source: @piloly pic.twitter.com/htB8Z0lJkv— Gary Black (@garyblack00) November 7, 2023
And as per Li Auto’s recent data, Tesla China saw 14,000 vehicle insurance registrations in the week ending November 5. That’s up 29.63% from the already impressive 10,800 registrations from the week prior. The rise in insurance registrations from Tesla China is likely due in part to the upgraded Tesla Model 3, which started deliveries in late October.
Data from the China Passenger Car Association (CPCA) released earlier this month revealed that Tesla sold a total of 72,112 Giga Shanghai-made vehicles in October. That’s up 0.57% year-over-year, but down 2.64% from the 74,073 vehicles that were sold in September.
Gigafactory Shanghai is so far the only Tesla facility that has the capability to produce the upgraded Model 3, better known in EV circles as Project Highland, and the refreshed Model Y. Both vehicles are being delivered today in China. Reports from European countries also indicate that some exported Model 3 Highland units have started deliveries in several countries.
Tesla is aiming to hit 1.8 million vehicles this year. This is a very ambitious target, and it is one that would likely rely a lot on the performance of Gigafactory Shanghai. As per Tesla’s Q3 2023 Update Letter, Giga Shanghai now has an official estimated annual run rate of over 950,000 vehicles. It also serves as the company’s primary vehicle export hub.
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