Tesla's Model Y Tops China SUV Sales Chart In May With Over 24,700 Cars Sold
Tesla's Model Y has become the best-selling SUV in China for May, with over 24,770 units sold, according to insurance registration data. This marks a 34% increase in sales for Tesla in the Chinese market, despite ongoing sales declines in Europe. The Model Y's success comes as Tesla faces challenges in other regions, with a significant drop in deliveries in France. The company continues to perform well in terms of momentum, quality, and growth metrics, but struggles with value.
In what could prove to be a relief for Elon Musk's EV giant Tesla Inc.'s TSLA global sales woes, the Model Y has emerged as the best-selling SUV in China during May.
What Happened: Tesla sold over 24,770 Model Ys in May, according to new insurance registration data obtained by Car News China on Monday.
The report also outlines that Tesla is closely followed by rival BYD Co. Ltd.'s BYDDF BYDDY Song Plus EV, which sold over 24,240 units in May.
Why It Matters: Tesla has experienced growth in the Chinese domestic market, which has been a silver lining for the company amid declining sales figures. Tesla sales grew over 34% in May as the company exported the new Model Y for the first time.
This comes as the company recorded over 13,000 new registrations, which was preceded by two consecutive weeks of recording over 11,000 new insured registrations in China during May.
However, the sales woes continue to grow in other regions as the company hit record lows in multiple regions in Europe, as Tesla delivered 721 units in France during May, a 67% YoY decline for the company.
Tesla scores well on Momentum, Quality and Growth metrics, but offers poor Value. For more such insights, sign up for Benzinga Edge Stock Rankings today!
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