Tesla sold 78,828 vehicles in China in March, a decline of 11.5% year over year, according to data released on Wednesday from the China Passenger Car Association (CPCA).
In the first quarter, Tesla’s sales stood at 172,754 units, representing a 21.8% fall year-over-year. Early in the quarter, the company stopped production of its best-selling vehicle Model Y and and started the transition to the new version.
Sequentially, sales are up 156.9% from the 30,688 vehicles in February. Tesla’s China operations have historically focused on exports in the first half of each quarter before shifting to local deliveries.
The latest registration figures show an acceleration in domestic production for the refreshed Model Y.
Tesla Model Y
Tesla launched its refreshed Model Y in early January, which began selling in China on March 1st. The prices start at 36,308 yuan ($36,300).
Tesla’s CEO Elon Musk stated in late March, in an all-hands session with Tesla employees, that Model Y will be “the best-selling car on Earth again this year”.
As the production ramp up, Tesla announced on Monday it is rolling out new financing incentives in China, offering a three-year zero-interest loan option across the entire lineup for the first time.
Tesla’s revamped SUV was the best selling car in China, from March 3 to 30, according to vehicle registrations shared in China, with more than 43,000 units registered. The same data suggests that Model 3 registrations were over 23,000, coming up just below its Xiaomi rival, the SU7, with just over 27,000 units.
The Beijing-based Li Auto listed 36,674 vehicles, up 26.5%, while XPeng sold 33,205 units, growing 267.9%. Nio Group‘s March numbers came at slightly above 15,000 vehicles.
Performance
Tesla revealed its global deliveries for the first quarter earlier this Wednesday posting 336,700 vehicles EVs delivered in the first quarter of the year while producing 362,615 units.
Deliveries fell 12.9% year over year as the company transitioned to the refreshed Model Y and faced increased attacks on the company and protests stemming from political tensions with Elon Musk.
As of the time of writing, shares are falling 2.08%, at $263. Year to date, stock performance is down 35%.
