In February, Tesla Giga Shanghai's overall wholesale vehicle shipments (local retail sales and exports) decreased by a fifth year-over-year.

According to the China Passenger Car Association's (CPCA) initial data, the overall wholesale shipments of Tesla Made-in-China (MIC) Model 3/Model Y cars last month amounted to 60,365, 19% less than a year ago.

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Tesla Giga Shanghai EV factory

The Tesla Giga Shanghai factory is the world's largest all-electric car manufacturing plant, which in 2023 produced close to 950,000 Model 3 and Model Y cars. Tesla EVs from Shanghai are sold mostly in China, while exports represent more than a third of the volume.

That's the lowest monthly result in slightly over a year (55,796 units in December 2022), although it doesn't necessarily mean that Tesla is in trouble.

* CPCA reports wholesale shipments, not registrations/customer deliveries.

The main reason behind the drop is the 2024 Chinese New Year holiday (between February 10 and 17), which last year was January 21-27, according to CnEVPost. This major festival falls in January or February, depending on the year, which substantially affects the country's activity during a particular month and year-over-year stats.

Nonetheless, even in such conditions, the Giga Shanghai plant exceeded 60,000 (an equivalent of over 700,000 units a year), slightly beating its result from 2022.

Tesla MIC Model 3/Model Y wholesale shipments last month (YOY change):

  • Total wholesale shipments: 60,365 (down 19%)

So far this year, the total wholesale sales exceeded 131,000 units, which is 6% less than a year ago.

Tesla MIC Model 3/Model Y wholesale shipments year-to-date (YOY change):

  • Total wholesale shipments: 131,812 (down 6%)

For reference, in 2023, the total wholesale sales almost reached 950,000 units, up 33% year-over-year.

The year 2024 will be very interesting because it will show us whether Tesla can maintain growth of production and sales in China, which is the largest and one of the most competitive EV markets (with an ongoing price war). Additionally, we are waiting to see a major refresh of the Model Y, similar to the one applied to the Model 3 (often referred to as Highland). Model Y is the best-selling all-electric model in China.

As of today, the initial CPCA data does not include numbers for retail sales and exports or individual results for the two models.

Below, we share the total wholesale sales of the Model 3 and the Model Y through January 2024.

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