Tesla registered 11,000 vehicles in China between May 19 and 25 reaching its second strongest sales week of the quarter in the country
The figures represent a 1.2% decline from the 11,130 units sold in the second full week of May and a 16.5% year over year drop, data shared on Chinese social media this Tuesday showed.
These numbers represent the EV maker’s second-best sales week of the quarter, trailing only the registrations recorded during the week of May 12 to 18. However, year to date, sales are still down 7.1%.
Registrations in the second quarter have averaged 5,436 units per week so far — just 26.4% of the record 20,600 units registered in the final week of the first quarter.
The company sold nearly 7,370 Model Ys last week, a jump of 23% from the previous week. The updated Model Y launched in China earlier this year, and is priced from 263,500 yuan ($36,600).
Deliveries started in March, and the model became the best-selling vehicle in China during that month. In April, the model ranked third among SUVs.
From the total 11,000 Tesla vehicles sold from May 19 to 25, 3,600 were Model 3s. The Model 3 begins at 235,500 yuan ($32,700), and the company is now offering an 8,000 yuan ($1,100) insurance subsidy for Model 3 buyers.
Additionally, both Model 3 and Model Y customers can take advantage of a 0% interest financing option available for terms ranging from 1 to 5 years. These offers are valid for customers taking delivery before the end of June.
For previous-generation Model Y vehicles in inventory, customers are offered a 10,000 yuan discount on the final payment.
Last week, Tesla outsold other NEV brands in China — Li Auto recorded 10,500 units, while Aito and Leapmotor listed 8,800 and 7,200 vehicles, respectively. XPeng sales stood at 5,700 units — below 6,000 units for the second consecutive week.
Xiaomi sold 6,800 SU7s — nearly double of its main competitor, the Model 3. The last time Tesla’s sedan outperformed the SU7 in weekly sales was in mid-February.
Last week, the tech giant pre-launched its YU7 SUV, which is set to rival the refreshed Model Y in China. The official launch is expected for July.
Co-founder and CEO Lei Jun said at the launch event that the model offers 50,000 to 60,000 yuan ($7,000 to $8,300) more value than Tesla‘s SUV.
Year to date, Tesla sold 192,500 EVs in China, the second best-selling new energy vehicle (NEV) brand after BYD.
The China giant, which sells both fully electric and hybrid models, registered about 1,076,200 vehicles from January 1 to May 25.
According to data from Jato Dynamics, the Shenzhen-based car and battery giant registered 7,231 fully electric vehicles in Europe last month, overtaking Tesla for the first time, which sold 7,165 units.
Figures from the European Automobile Manufacturers’ Association (ACEA) released on Tuesday confirm these figures.
According to the association, battery electric vehicles (BEV) made up 15.3% of all new vehicle sales in the EU last month, up from 12% last year.
Hybrid models took 35.3% of the market and were the top choice for consumers on the continent. In April, 1,077,186 new vehicles were sold in the EU, with Volkswagen Group making up 27.6% of those sales, according to the ACEA.
The report confirms that Tesla sold 7,165 vehicles, however it doesn’t include sales from Chinese carmakers.
Over the weekend, BYD announced a temporary price cut of up to 35% across 22 models, sparking a new price war in China and a sell-off in Chinese EV stocks. Direct competitors have started to respond by cutting prices from 18% to 30%.
On Friday, Tesla extended its test drive offer to 48 hours in the United States — for both existing owners and potential customers — which has led to record signups in “some Tesla stores.”
Speaking during a virtual interview at the Qatar Economic Forum, Elon Musk said last week that the company’s “sales are doing well at this point” and that Tesla doesn’t “anticipate any meaningful sales shortfall.”
The “stock wouldn’t be trading near all time highs if it was not if things weren’t in good shape,” the CEO stated. Tesla’s stock has almost doubled in the past twelve months.
As of the time of writing, shares are trading nearly 3% higher at $349.25 on Tuesday’s pre-market session.
