Tesla Reports Best Week Of The Quarter After Securing 15.4K New Insured Registrations In China

Tesla Inc. TSLA reported the best week of the quarter so far in the Chinese domestic market amid Elon Musk’s $1 billion stock purchase.

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Tesla Sales Grow In China

The company recorded 15.4K new insured registrations in the Chinese market, up 7.3% compared to last week and 34.4% against the previous quarter, according to data shared by influencer Roland Pircher on X on Tuesday. 

The data translates to Tesla’s best week of the quarter so far, but sales are still down 11% YoY and down over 7% when compared to YTD sales during the same period in 2024.

Tesla’s China Sales Driven By Model Y L

The figures come as Tesla’s sales in China are growing, with the company reporting over 14.3K new registrations in the region, which saw sales grow 41% over the previous quarter. However, Tesla’s YoY sales were still down 12.1%

Meanwhile, Tesla’s six-seater Model Y L SUV racked up over 120,000 orders since its launch in the market, averaging 10,000 orders daily and is proving to be a successful product for the company.

Tesla also slashed the price of its Model 3 Long Range sedan by 3.7% in the Chinese domestic market. The Model 3 Long Range, which was reportedly going to be the Model 3+, offers a range of over 500 miles on a single charge and retails for over $36,000 in China.

Tesla Market Share Dwindles In The U.S.

Elsewhere, Tesla’s market share in the U.S. fell below 40% for the first time in almost eight years since October 2017, currently standing at 38%, according to the latest data compiled by experts.

Tesla also reportedly discontinued the most affordable variant of the Cybertruck, which was the $69,990 rear-wheel drive long-range variant offering 362 miles of range. The Cybertruck only has two trim levels on offer currently.

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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