Tesla China saw a drop in its weekly insurance registrations during the week of September 11-17. During the week ending September 17, Tesla China saw a total of 8,500 insurance registrations, a 20.56% drop from the previous week’s 10,700.
With the previous week’s results in mind, it would suggest that Tesla China has seen a total of 22,300 vehicle registrations until the end of the previous week. For context, Tesla saw a total of 11,800 insurance registrations for the week ending September 3, 2023.
China reported 8.5k @Tesla insurance registrations for the week of September 11-17. 🇨🇳 pic.twitter.com/PpQYjMKNCl
— Roland Pircher (@piloly) September 19, 2023
While Tesla’s results for the week ending September 17 represent a drop in registrations, the numbers are actually quite impressive if one were to consider the fact that the figures do not include the new Model 3 at all. Orders of the updated Model 3 have been opened in China, but the vehicle has yet to start customer deliveries in the country, as noted in a CNEV Post report.
The 8,500 registrations recorded for the week ending September 17, therefore, are likely just Model Ys.
Tesla China opened pre-sales of the new Model 3 at the beginning of the month, with the company stating that deliveries are expected to start in Q4 2023. Drone flyovers of Gigafactory Shanghai suggest that production of the updated Model 3 is already ongoing, and initial shipments to foreign territories are still underway.
$TSLA Tesla China's weekly insurance registrations were just released at 8.5k for 11-17Sep placing Q3 -4.3% behind the same point in Q2. This shortfall was to be expected due to the switching over to new Model 3/discontinuation of old M3 and Tesla's temporary inability to sell… pic.twitter.com/iK9ueXLJ6P
— ajd69420 (@alojoh) September 19, 2023
Gigafactory Shanghai is the only Tesla factory that currently produces the updated Model 3. Thus, all updated Model 3s that are being sold today are being produced at Giga Shanghai. Fortunately, Giga Shanghai is also Tesla’s largest factory by volume, so deliveries of the new Model 3 would likely be consistent.
Considering that domestic deliveries of the new Model 3 are expected to begin soon, Tesla China’s insurance registrations could see a notable rise in the coming weeks. This should help Tesla’s fourth quarter results, and it could start the ramp of the updated Model 3 worldwide.
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