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Tesla’s China deliveries account for more than half of global sales

64a58fd192e31
BM.GE
05.07.23 23:00
202
Tesla’s deliveries from its Shanghai factory more than doubled in the second quarter, accounting for over half of its record global sales, according to a Chinese trade group.

Tesla (TSLA) China’s wholesale deliveries reached 247,217 vehicles in the April to June months, up 120% from a year ago, according to a CNN calculation based on data released Tuesday by the China Passenger Car Association (CPCA).

In June, Tesla China reported wholesale deliveries of 93,680 vehicles, up 19% from the same period a year ago, preliminary data from the CPCA showed.

The wholesale figures include both domestic sales and exports from the Shanghai Gigafactory.

Overall, China’s electric vehicle (EV) market powered ahead in the second quarter, thanks to massive price cuts by car suppliers and local government subsidies, the CPCA said.

Sales of new energy vehicles — which include battery powered EVs, plug-in hybrids and fuel cell vehicles — hit a record high in June, it added.

The robust shipments from the Shanghai factory boosted Tesla’s global sales, sending its shares soaring. On Sunday, the company announced it delivered over 466,000 vehicles worldwide in the second quarter, the highest quarterly number on record.

The electric carmaker led by Elon Musk doesn’t break down its sales by region. The CPCA data suggests Tesla’s shipments from Shanghai accounted for 53% of its total sales.

It’s not just Tesla that had a record-breaking quarter.

BYD (BYDDF), the Chinese electric car maker backed by Warren Buffett, did even better.

Between April and June, BYD sold more than 700,000 new energy vehicles, almost double the number sold in the same quarter last year and setting a new quarterly record.

BYD is currently the best-selling EV brand in China, followed by Tesla, according to the CPCA.

In terms of battery powered EVs, BYD sold 352,163 vehicles in the second quarter, outpacing Tesla China’s figure of just under 250,000, CNN reports.