China

Tesla Sales in China Surged 76% YoY Right After Price Cut, per Brokerage Data

Tesla Sales in China Surged 76% YoY Right After Price Cut, per Brokerage Data

Image: @JayinShanghai/Twitter

Tesla's sales in China surged 76% from a year earlier, after a price cut, brokerage data showed. The prices of the manufacturer's cars in the country have become much more affordable, which attracts crowds of customers.

Tesla retail sales in China rose in January after the company cut prices on its Model 3 and Model Y earlier in the month. According to data compiled by China Merchants Bank International (CMBI), Tesla's average daily sales in China between January 9 and 15 increased by 76% compared to the same period in 2022, to 12,654 vehicles, according to Channel News Asia. Assuming that the manufacturer registered orders at this level daily, this would mean that 316,350 orders would be received from January 6 to January 31. However, we cannot know for sure if this influx of orders will continue.

Tesla is registering a 76% rise despite total car retail sales in China falling 14.5% from the same period a year earlier. However, growth in sales of electric and hybrid vehicles in the country was 36.5% in the same period compared to a year earlier, according to the data.

On January 6, Tesla cut prices for Model 3 and Model Y in China by 6-13.5%. Since then, there have been several local media reports that the number of orders is growing at a tremendous rate. The CMBI data confirm that the reports were correct and reflect the true situation.

© 2023, Eva Fox | Tesmanian. All rights reserved.

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Article edited by @SmokeyShorts; follow him on Twitter

About the Author

Eva Fox

Eva Fox

Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.

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