Written by Cláudio Afonso | LinkedIn | X
Tesla recorded 3,580 insurance registrations in China during the week of March 31 to April 6, down 83% from the prior week, as the company shifted output toward overseas markets at the start of the second quarter.
Of the total, 2,540 registrations were for the refreshed Model Y, a steep drop from 14,600 in the final week of March. Model 3 registrations fell to 1,040 from 6,000.
The plunge reflects Tesla’s typical quarterly strategy of front-loading exports from its Shanghai factory early in the period, temporarily curbing local deliveries. A three-day public holiday for the Ching Ming Festival from April 4 to 6 also weighed on auto industry activity.
Despite the weekly slowdown, the figure was up 91.5% from a year earlier. However, registrations were down 34.5% from the first week of the previous quarter and 44.6% below the same period in Q3 2023 — Tesla’s best quarter in China to date.
Year-to-date sales in China are up 3% compared with the same stretch in 2023, according to preliminary data.
Tesla sold 78,828 vehicles in March from its Shanghai plant, including domestic and export units, according to the China Passenger Car Association. First-quarter sales totaled 172,754 units, down 21.8% year-on-year and 28.3% from the previous quarter.
The company launched a refreshed five-seat Model Y in China on Jan. 10, with deliveries beginning Feb. 26. Initial “Launch Series” variants were offered through February with additional perks. The standard version went on sale March 1 at the same price.
Tesla raised the price of the Model Y Long Range by 10,000 yuan ($1,370) to 313,500 yuan on March 18, while the base rear-wheel-drive version remained at 263,500 yuan. That same day, Tesla began offering three-year, zero-interest financing on the rear-wheel-drive Model Y and extended the offer to the Long Range variant on March 31.
Tesla introduced last Friday the regular version of its updated Model Y in the United States and Canada, marking the first time the new generation is available outside the limited Launch Series. Deliveries start later this month, according to the company’s website.
The Model Y Long Range All-Wheel Drive now starts at $48,990 before federal tax credits, $1,000 more than the previous version. In Canada, the same trim is priced at C$69,990, also up C$1,000 from the prior version. In both countries, the new Model Y brings now a mobile charger.
Tesla has also discontinued the Launch Series Model Y in North America. As of now, only the Long Range AWD variant is available, and a rear-wheel drive version is not offered in the U.S. — at least for now.
Tesla’s performance in Europe’s largest auto markets remained under pressure in March. In Germany, deliveries dropped 42.5% from a year earlier to 2,229 units. France saw a 36.9% decline to 3,157 vehicles, while sales in the Netherlands fell 50% to 1,536.
The company sold 7,164 vehicles in the UK in March, up 2.4% from a year earlier, according to industry data released earlier on Friday. The U.S. electric vehicle maker registered 12,474 cars in the country during the first quarter, marking a 6% year-over-year increase.
Nordic markets were mixed. Norway remained relatively flat with 2,211 vehicles sold, while Denmark and Sweden posted sharp drops. Danish registrations sank 65.6% to 593 units, and Swedish sales declined 63.9% to 911.
Tesla delivered 336,700 vehicles globally in the first quarter, a 12.9% decline year over year and the lowest reported deliveries in a quarter in three years.
As of the time of writing, Tesla shares are trading 1% higher at $235.50. Year to date, the stock has lost 42% of its value.
