Tesla China’s insurance registrations saw a rebound during the week of February 26-March 3, 2024. Over the week, Tesla China saw 12,500 insurance registrations, the second-best in 2024 so far.
Tesla China does not post its weekly sales figures in the country, though a general idea of the electric vehicle maker’s performance in the domestic sector can be inferred from the number of insurance registrations that are filed every week. Fortunately, industry watchers and automakers such as Li Auto have taken it upon themselves to share China’s weekly insurance results.
For the week of February 26-March 3, China reported 12.5k insurance registrations for Tesla. 🇨🇳
— Roland Pircher (@piloly) March 5, 2024
The quarter is -26.0% QoQ. YTD is at +8.7% YoY. pic.twitter.com/rLb9eKokgh
And as per Li Auto, Tesla China saw 12,500 insurance registrations in the week ending March 3, 2024. This represented a 15.74% increase from 10,800 registrations that were recorded in the previous week. The past weeks’ results also suggest that Tesla China has sold 77,200 vehicles domestically in 2024’s first nine weeks. In 2023, 71,106 vehicles were sold in the first nine weeks.
With this in mind, Tesla China’s insurance registrations in the country during the first nine weeks of 2024 are currently up 8.7% year-over-year.
The China Passenger Car Association (CPCA) has previously reported that Tesla China sold a total of 60,365 Giga Shanghai-made vehicles in February 2024. This figure reflected a decrease of 18.87% compared to February 2023 and a decline of 15.51% compared to January 2024. It should be noted, however, that Tesla China’s February results were tempered by the Chinese New Year’s holiday, which also affected other automakers.
2024’ Tesla China insured 1~9w : 77,200 pic.twitter.com/01AlH8Hca4
— Tsla Chan (@Tslachan) March 5, 2024
BYD, for example, reported a 36.84% year-over-year decrease and a 39.30% month-over-month drop compared to January 2024. Nio saw a 33.11% year-over-year and a 19.12% month-over-month drop, and Xpeng saw a 24.38% year-over-year and 44.91% month-over-month decrease in sales, as per a report from CNEV Post.
Tesla operates Giga Shanghai, a vehicle production facility in Shanghai that manufactures the Model 3 sedan and Model Y crossover. This facility serves not only the Chinese domestic market but also functions as an export hub for the company. Giga Shanghai is also Tesla’s largest factory today by output, with the facility being listed with an estimated annual output of over 950,000 vehicles.
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