Tesla’s domestic sales in China seem to be getting stronger, with insurance registrations for the company’s vehicles hitting 17,000 units in the week ending August 27, 2023. The number represents a 22.3% improvement from the 13,900 insurance registrations tracked by industry watchers the week prior.
Tesla China does not report its weekly sales figures in the country. However, the general trajectory of the company’s weekly vehicle sales can be inferred from the number of insurance registrations that are tracked nationwide. Fortunately, industry watchers such as Li Auto have taken it upon themselves to monitor and publish insurance registration figures every week, as they offer a broad perspective on the weekly performance of automakers in China.
Tesla’s insurance registrations in the week ending August 27 are particularly impressive since they represent an improvement over numbers that were already quite satisfactory. In August’s second and third week, Tesla China’s insurance registrations were flat, with 14,000 units being registered in the week ending August 13 and 13,900 units being registered in the week ending August 20.
With 17,000 units being registered last week, it would appear that Tesla China’s insurance registrations have reached 56,400 units this month so far.
The rise in Tesla’s insurance registrations in China could partly be attributed to the company’s efforts to push its domestically produced vehicles to local consumers. On August 14, for example, Tesla China started offering insurance subsidies for Model 3 inventory vehicles. This may have pushed some demand for the all-electric sedan, whose sales are likely weighed down by the anticipation surrounding the impending release of the vehicle’s Project Highland update.
A previous report from China Securities Journal has claimed that some Tesla stores are already encouraging customers to place pre-orders for the Model 3. The report claimed that Model 3 customers are given the option to either take delivery of a current-generation Model 3 sedan with several incentives or wait for a Project Highland unit with fewer incentives. As per the Journal, more Model 3 customers are opting to wait for the release of Project Highland.
Don’t hesitate to contact us with news tips. Just send a message to firstname.lastname@example.org to give us a heads-up.