Tesla China-Made EV Sales Decreased Again In May 2024

Last month and so far this year, the total volume is roughly 7% lower than a year ago.

2024 Tesla Model 3 (Highland) at a destination charger

Mark Kane

By: Mark Kane

Jun 7, 2024 at 2:00pm ET

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In May, Tesla Giga Shanghai's wholesale vehicle shipments, including local retail sales and exports, decreased year-over-year.

According to the China Passenger Car Association's (CPCA) initial data, the wholesale shipments of Tesla's Made-in-China (MIC) Model 3/Model Y cars last month amounted to 72,573, almost 7% 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. In 2023, it 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.

The recent results do not bring growth like in the first few years of the factory operation, suggesting that the easy expansion path has been exhausted.

** CPCA reports wholesale shipments, which are closely related to production. However, this figure does not necessarily represent registrations/customer deliveries.*

The market conditions are challenging, competition fierce and even maintaining the sales volume requires cutting prices, which happened a few times across 2023.

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

Total wholesale shipments: 72,573 (down 7%)

So far this year, the total wholesale sales exceeded 355,000 units, 7% less than a year ago.

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

Total wholesale shipments: 355,616 (down 7%)

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

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

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The numbers through April 2024 indicate that the situation is similar in both categories. Retail sales in China in the first four months of the year were 7.5% lower than a year ago, while exports were 6.7% lower.

Below, we share the total wholesale sales of the Model 3 and the Model Y through April 2024. As we can see, the Model 3's total volume slightly increased after the refreshed "Highland" version was launched in 2023. On the other hand, the Model Y is down over 17% year-over-year after the first four months of the year.

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