Tesla's China Sales Slip Over 10% in Mid-June After Strong May Surge
Tesla's sales in China have declined by nearly 11% in the third week of June, following a strong performance in May. The company recorded over 13,800 new insured registrations, down from 15,500 the previous week and a 21% drop year-on-year. Year-to-date sales are down 7.6%. Despite this, Tesla's Model Y was the best-selling SUV in China in May, with 38,588 units sold, a 34% increase from April. Additionally, Tesla has made a $550 million investment in a grid-scale energy storage facility in Shanghai.
Tesla Inc.‘s TSLA Chinese sales have gone down in the third week of June after experiencing steady growth in the country in May.
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What Happened: Tesla recorded over 13,800 new insured registrations in the Chinese domestic market for the week of June 16 to June 22, according to data shared by influencer Roland Pircher on X on Tuesday.
The registrations fell almost 11% compared to the previous week's 15,500 new registrations and almost 21% year-on-year. Data shared by Pircher also showcased that the company's sales went down 7.6% year-to-date.
Why It Matters: The news comes in as Tesla had recently topped the sales charts in China with the company's Model Y emerging as the best-selling SUV in the country during the month of May.
Tesla had also exported the Model Y Juniper out of China for the first time recently and had registered over 38,588 units sold in May, which was a 34% increase compared to the previous month.
Elsewhere, Elon Musk's company had recently penned down a deal with the local government in Shanghai to set up a grid-scale energy storage facility in the city with the company's Megapacks as part of a $550 million investment.
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