Data released by the China Passenger Car Association (CPCA) has revealed the details of Tesla’s January 2024 results. Last month, Tesla China’s wholesale figures were listed at 71,447 vehicles, which included cars that were sold in the domestic market and exported abroad.
Out of the 71,447 total vehicles that Tesla China sold last month, 31,556 units were exported abroad, as per recent CPCA data. This was down 19.5% from the 39,208 vehicles that were exported from Giga Shanghai in January 2023, but up 72.2% from December 2023.
Tesla China sold 39,891 vehicles in the domestic Chinese market in January 2024. This is quite an interesting result, as it represents a 48.6% year-over-year improvement from the 26,843 units that were sold in the domestic Chinese market in January 2023. It also represents the best January for Tesla China’s domestic sales to date.
$TSLA ??
Tesla China registered 39,891 vehicles in domestic(retail) demand in January.
– Export : 31,556
– Model Y : 41,873 (YoY +2.4%)
– Model 3 : 29,574 (YoY +17.6%) pic.twitter.com/x05WE5q8rO— Tsla Chan (@Tslachan) February 8, 2024
Tesla China’s domestic sales in January 2024 are quite encouraging, especially since the electric vehicle maker tends to prioritize exports earlier in the first weeks of a quarter. The company’s strong local deliveries in January suggest that the demand for the Giga Shanghai-made Model 3 sedan and Model Y crossover among local consumers is quite substantial.
The CPCA also provided a breakdown of Tesla China’s sales last month. From the 71,447 vehicles that were sold domestically and exported abroad, 41,873 were Model Y and 29,574 were Model 3, as per the CPCA. This suggests that until last month, sales from Giga Shanghai were still heavily skewed towards the best-selling all-electric crossover.
China reported 39,891 @Tesla sales for January. ??
• Second best first month of the quarter ever and +39% vs. the previous one
• Best January ever
• Year-to-date +49% over same period last year
• Year-to-date is 7% or 0.8/12 of last year's total
Souce: @Tslachan pic.twitter.com/kFHZPccrcU— Roland Pircher (@piloly) February 8, 2024
China’s domestic sales of passenger New Energy Vehicles (NEVs), which include both battery electric cars and plug-in hybrid vehicles, were around 668,000 units in January 2024. This means that Tesla China held a 5.97% share of the domestic NEV market in January. For comparison, Tesla China held an 8.02% share of the country’s NEV market in December 2023, as noted in a CNEV Post report.
Tesla China’s share in the country’s BEV segment, however, was more notable in January 2024. China saw about 376,000 sales of battery electric vehicles last month. This means that Tesla China accounted for over 10.61% of the country’s overall BEV segment in January 2024. For comparison, Tesla China’s share of the country’s BEV market was 12.68% in December 2023.
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Tesla stock (NASDAQ: TSLA) closed at an all-time high on Tuesday, jumping over 3 percent during the day and finishing at $489.88.
The price beats the previous record close, which was $479.86.
Shares have had a crazy year, dipping more than 40 percent from the start of the year. The stock then started to recover once again around late April, when its price started to climb back up from the low $200 level.
This week, Tesla started to climb toward its highest levels ever, as it was revealed on Sunday that the company was testing driverless Robotaxis in Austin. The spike in value pushed the company’s valuation to $1.63 trillion.
Tesla Robotaxi goes driverless as Musk confirms Safety Monitor removal testing
It is the seventh-most valuable company on the market currently, trailing Nvidia, Apple, Alphabet (Google), Microsoft, Amazon, and Meta.
Shares closed up $14.57 today, up over 3 percent.
The stock has gone through a lot this year, as previously mentioned. Shares tumbled in Q1 due to CEO Elon Musk’s involvement with the Department of Government Efficiency (DOGE), which pulled his attention away from his companies and left a major overhang on their valuations.
However, things started to rebound halfway through the year, and as the government started to phase out the $7,500 tax credit, demand spiked as consumers tried to take advantage of it.
Q3 deliveries were the highest in company history, and Tesla responded to the loss of the tax credit with the launch of the Model 3 and Model Y Standard.
Additionally, analysts have announced high expectations this week for the company on Wall Street as Robotaxi continues to be the focus. With autonomy within Tesla’s sights, things are moving in the direction of Robotaxi being a major catalyst for growth on the Street in the coming year.
Elon Musk
Tesla needs to come through on this one Robotaxi metric, analyst says
“We think the key focus from here will be how fast Tesla can scale driverless operations (including if Tesla’s approach to software/hardware allows it to scale significantly faster than competitors, as the company has argued), and on profitability.”
Tesla needs to come through on this one Robotaxi metric, Mark Delaney of Goldman Sachs says.
Tesla is in the process of rolling out its Robotaxi platform to areas outside of Austin and the California Bay Area. It has plans to launch in five additional cities, including Houston, Dallas, Miami, Las Vegas, and Phoenix.
However, the company’s expansion is not what the focus needs to be, according to Delaney. It’s the speed of deployment.
The analyst said:
“We think the key focus from here will be how fast Tesla can scale driverless operations (including if Tesla’s approach to software/hardware allows it to scale significantly faster than competitors, as the company has argued), and on profitability.”
Profitability will come as the Robotaxi fleet expands. Making that money will be dependent on when Tesla can initiate rides in more areas, giving more customers access to the program.
There are some additional things that the company needs to make happen ahead of the major Robotaxi expansion, one of those things is launching driverless rides in Austin, the first city in which it launched the program.
This week, Tesla started testing driverless Robotaxi rides in Austin, as two different Model Y units were spotted with no occupants, a huge step in the company’s plans for the ride-sharing platform.
Tesla Robotaxi goes driverless as Musk confirms Safety Monitor removal testing
CEO Elon Musk has been hoping to remove Safety Monitors from Robotaxis in Austin for several months, first mentioning the plan to have them out by the end of 2025 in September. He confirmed on Sunday that Tesla had officially removed vehicle occupants and started testing truly unsupervised rides.
Although Safety Monitors in Austin have been sitting in the passenger’s seat, they have still had the ability to override things in case of an emergency. After all, the ultimate goal was safety and avoiding any accidents or injuries.
Goldman Sachs reiterated its ‘Neutral’ rating and its $400 price target. Delaney said, “Tesla is making progress with its autonomous technology,” and recent developments make it evident that this is true.
Investor's Corner
Tesla gets bold Robotaxi prediction from Wall Street firm
Last week, Andrew Percoco took over Tesla analysis for Morgan Stanley from Adam Jonas, who covered the stock for years. Percoco seems to be less optimistic and bullish on Tesla shares, while still being fair and balanced in his analysis.
Tesla (NASDAQ: TSLA) received a bold Robotaxi prediction from Morgan Stanley, which anticipates a dramatic increase in the size of the company’s autonomous ride-hailing suite in the coming years.
Last week, Andrew Percoco took over Tesla analysis for Morgan Stanley from Adam Jonas, who covered the stock for years. Percoco seems to be less optimistic and bullish on Tesla shares, while still being fair and balanced in his analysis.
Percoco dug into the Robotaxi fleet and its expansion in the coming years in his latest note, released on Tuesday. The firm expects Tesla to increase the Robotaxi fleet size to 1,000 vehicles in 2026. However, that’s small-scale compared to what they expect from Tesla in a decade.
Tesla expands Robotaxi app access once again, this time on a global scale
By 2035, Morgan Stanley believes there will be one million Robotaxis on the road across multiple cities, a major jump and a considerable fleet size. We assume this means the fleet of vehicles Tesla will operate internally, and not including passenger-owned vehicles that could be added through software updates.
He also listed three specific catalysts that investors should pay attention to, as these will represent the company being on track to achieve its Robotaxi dreams:
- Opening Robotaxi to the public without a Safety Monitor. Timing is unclear, but it appears that Tesla is getting closer by the day.
- Improvement in safety metrics without the Safety Monitor. Tesla’s ability to improve its safety metrics as it scales miles driven without the Safety Monitor is imperative as it looks to scale in new states and cities in 2026.
- Cybercab start of production, targeted for April 2026. Tesla’s Cybercab is a purpose-built vehicle (no steering wheel or pedals, only two seats) that is expected to be produced through its state-of-the-art unboxed manufacturing process, offering further cost reductions and thus accelerating adoption over time.
Robotaxi stands to be one of Tesla’s most significant revenue contributors, especially as the company plans to continue expanding its ride-hailing service across the world in the coming years.
Its current deployment strategy is controlled and conservative to avoid any drastic and potentially program-ruining incidents.
So far, the program, which is active in Austin and the California Bay Area, has been widely successful.
Tesla stock closes at all-time high on heels of Robotaxi progress
Tesla needs to come through on this one Robotaxi metric, analyst says
