Tesla Records 14K New Insured Registrations In China From August 11 To 17 — 60% Surge Over Last Quarter
Tesla Inc. recorded 14,000 new insured registrations in China from August 11 to 17, marking a 60% increase over the previous quarter, despite a 9.5% year-over-year decline in sales. The surge coincides with the launch of the Model Y L and Model 3+ in China. Globally, Tesla faces declining sales, with a notable 60% drop in the UK, while Norway saw a 24% increase in sales for the first half of the year. Tesla's performance metrics indicate strong momentum and growth but poor value.
Tesla Inc. TSLA sales in China experienced a 4.5% surge for the week of August 11 to 17, as the automaker struggles with declining sales globally.
60% Growth Over Last Quarter Despite YoY Decline
The company recorded 14k new insured registrations in China, a 60% surge compared to the previous quarter for Tesla, data shared by influencer Roland Pircher on social media platform X showed on Tuesday.
The week from August 11 to August 17 was also the highest week of the quarter so far, sales-wise, the post said. However, despite the improvements over the last week and quarter, sales are still down 9.5% YoY and 5.9% Year-To-Date (YTD).
Tesla Releases Model Y L, Model 3+ In China
The news comes as Tesla released the Model Y L, a 6-seater version of the Model Y SUV in China, retailing for around 339,000 RMB or $47,184. The Model Y L will offer a CLTC range of 467 miles on a single charge.
Tesla is also releasing a long-range version of the Model 3 sedan named Model 3+ with about 500 miles of range on a single charge.
Tesla Sales Decline Globally, Norway Sales Defy Slump
Elsewhere, Tesla sales have declined in multiple countries across the globe, with sales in the UK dropping 60% in July, delivering over 987 units in the country. However, Norway defied the global slump, registering a 24% surge in the country for the first half of the year as Tesla sold over 13,039 units.
Tesla scores well on Momentum and Growth metrics, while offering satisfactory Quality, but poor Value. For more such insights, sign up for Benzinga Edge Stock Rankings today!
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