Tesla China experienced a 145% surge in insurance registrations during the week of July 7-13. This represents the sale of 12,300 new vehicles compared to the previous week’s 5,010, Teslarati reported.
The publication detailed that there has been strong domestic demand for the Tesla Model Y crossover as well as the Model 3 sedan and that Tesla sold over 71,000 vehicles wholesale in China in June.
This sales leap contrasts with the overall company decline in sales over the first half of the year and a 12% revenue drop in the second quarter.
Teslarati speculated that the sales surge in China is the result of a strong domestic demand and the minor upgrades that have been introduced. Both of the vehicles are built at Tesla’s Gigafactory Shanghai, a primary export hub.
Tesla has also lowered the price of the Model S, which may have incentivized more buyers.
Despite the surge in domestic sales, Tesla has experienced a dip in exports, which has been attributed to a stronger domestic focus, local promotions, or inventory adjustments.
Tesla’s decline in revenue is thought to be partially due to increased competition from domestic and foreign car manufacturers introducing electric vehicles into the market. As Tesla’s market share has declined, overall electric vehicle sales have been steadily increasing that would be a huge win for the environment.
Switching from a gas-powered vehicle to an EV not only helps the environment, but it also results in cost savings for EV owners who never have to purchase gas again. Though it does cost money to charge your vehicle at home or at charging stations, the cost is far lower than paying high prices for gasoline.
Installing solar panels further reduces the cost of EV ownership, as you can charge your vehicle at home using clean, sustainable energy that is much cheaper than relying on the grid or charging stations. EnergySage offers a tool that makes it easy to compare quotes from vetted local installers, which can save you up to $10,000 on solar panel installation.
The positive sales news for Tesla China is great news in terms of global widespread adoption of EVs –– and great news for the planet.
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