Tesla's vehicle sales in China are on the brink of making a remarkable impact this August, as indicators from industry observers project that the electric vehicle giant has accumulated around 13,900 insurance registrations in the week leading up to August 20. This minor dip of only 0.71% is compared to the approximately 14,000 registrations noted in the previous week.
Analyzing Tesla's performance during the week spanning August 14-20, 2023, it becomes evident that the company has garnered an estimated total of about 39,400 insurance registrations within China throughout this month. These numbers are promising for Tesla, particularly as Giga Shanghai is expected to continue focusing its efforts on the domestic market in the weeks ahead.
For context, the week culminating on August 13 saw Tesla China accumulating 14,000 vehicle registrations, representing a significant 9.38% increase from the 12,800 registrations recorded the week prior. In the week terminating on July 30, 2023, Tesla China reported 10,600 insurance registrations.
While Tesla's domestic sales within China remain consistent at present, what's truly impressive is the fact that the brand is achieving these results predominantly with the Model Y crossover alone. Heightened anticipation surrounds the imminent launch of the Model 3's Project Highland update in the near future.
As a result, sales of the Model 3 sedan are likely somewhat subdued in the Chinese market for now, as prospective buyers may be holding off for the upgraded vehicle's release. Prior reports have indeed indicated this trend within Tesla China.
According to the China Securities Journal, Tesla China has reportedly commenced reservations for the enhanced Model 3, offering customers the choice between receiving a current-generation vehicle with various incentives immediately or waiting for a Project Highland unit with reduced incentives. The publication suggests that a considerable number of customers are opting to wait for the Project Highland update, at least for the time being.
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