Elon Musk's Tesla Records Over 13,000 New Registrations In China, Highest Weekly Total This Quarter
Tesla Inc. has achieved over 13,060 new insured registrations in China for the week of May 26-June 1, marking the highest weekly total this quarter. Despite a 2.6% quarter-over-quarter increase in registrations, sales are down 21.4% year-over-year. The company also saw strong performance in Norway, driven by the new Model Y. Tesla is preparing to launch its Robotaxi on June 12 in Austin, although experts express concerns about the readiness of its Full Self-Driving technology.
Tesla Inc. TSLA has recorded over 13,060 new insured registrations in China as Elon Musk's automaker builds upon its growth in the Chinese market in May.
What Happened: "$TSLA China reported 13,060 insured registrations for the week of May 26-June 1," Future Fund LLC's managing director, Gary Black, said as he shared the data on X on Wednesday.
Tesla's registrations experienced a +2.6% QoQ surge in the 9 weeks. However, the sales are still down -21.4% when compared with last year, the post said.
Black reiterated Tesla's strong may performance. "This was the highest week of the quarter so far," the investor said in the post.
Why It Matters: The data follows Tesla's growth in sales during May in China, with the company recording over 11,000 registrations in the country for two consecutive weeks. The company also saw a surge in Norwegian sales, largely driven by the new Model Y.
The data, combined with the growth in Norway, could prove to be a silver lining for Musk's EV giant, which has been struggling with lackluster sales in various markets and experiencing record lows.
Elsewhere, the company is also gearing up to launch its Robotaxi on June 12 in Austin. However, experts still believe the company's FSD tech is not up to par with Gerber Kawasaki's Co-Founder Ross Gerber admitting the tech needs a lot of work.
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