Tesla's revenue in China is up nearly 108% YoY in 2021 to $13.8 billion. The growth in revenue comes against the backdrop of continuous expansion of the production capacity of Giga Shanghai, which is the main export hub of the company.
Tesla's revenue in China reached an impressive $13.844 billion in 2021, showing a 107.8% increase year-over-year, according to Tesla's 10-K filing with the US Securities and Exchange Commission (SEC). For the first three quarters, the manufacturer earned $9.015 billion there. Thus, in Q4, revenue increased by 53.6% and amounted to $4.829 billion.
China is currently Tesla's largest market outside the US, accounting for 25.7% of the company's revenue. The US continues to be the manufacturer's top market, with the company's local revenue reaching $23.973 billion in 2021 or 44.55% of total revenue. With the launch of Giga Texas, the further expansion of Giga Shanghai, and the launch of Giga Berlin, this may change.
Tesla's revenue growth in China was driven by growth in production and deliveries from Giga Shanghai. Tesla sales in China reached 473,078 units last year, including exports to overseas markets, a whopping 51.7% of 936,000 deliveries worldwide, according to the China Passenger Car Association (CPCA).
Tesla sold 169,853 Model Y units in China in 2021, making it the best-selling new energy SUV of the year. In addition, Model Y became the best-selling premium SUV of the year in China, regardless of propulsion type.
Model 3 sales were 150,890 units in 2021, up 9.8% from 137,459 units in 2020. Model 3 became the third best-selling sedan on new energy in China for all of 2021 behind the budget Hongguang Mini EV with 395,451 units and the BYD Qin with 187,227 units.
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