In the second week of April 2024, Tesla China experienced an increase in insurance registrations, although the numbers still reflected a decrease when compared to the same period in 2023. Industry analysts observed that 6,000 new vehicle registrations were recorded for Tesla China during the week of April 8-14, 2024. This showed a substantial 214% rise from the previous week’s registrations of around 1,900 vehicles during April 1-7. However, it also indicated a 25.7% decline from the previous quarter.
Although Tesla China does not disclose its weekly domestic sales figures, insights into its overall performance in the local automotive sector are obtained through new vehicle registrations, which are monitored by industry insiders. Other companies, such as Li Auto, also make their insurance registration results public. In the competitive Chinese market, Tesla is facing significant competition from local New Energy Vehicle (NEV) manufacturers like BYD. To attract customers, Tesla China appears to be emphasizing the affordability of its vehicles.
During the period from April 8th to 15th, Tesla China reported an addition of approximately 12,000 to 13,000 new orders. Despite the adjustment in its preferential lending policy, the orders remained stable. Tesla China’s promotional post on the Chinese social media platform Weibo highlighted the affordability of its vehicles, offering the best-selling Model 3/Y with a daily payment equivalent to the price of a meal. The company’s ability to deliver on these estimates will become evident in the upcoming weeks as domestic customers who placed orders receive their Teslas.