Tesla China Records Nearly 9.8k Domestic Registrations as May Approaches Midway.

During the week ending May 12, 2024, Tesla China saw 9,800 new vehicle registrations in the domestic Chinese market. Although Tesla China does not disclose its weekly sales figures, industry insiders closely track new vehicle registrations, providing a general idea of the company’s performance. Li Auto shares weekly new vehicle registration data and reported that Tesla China saw 9,800 insurance registrations last week. This implies that from May 1-12, Tesla recorded 16,900 new vehicle registrations in the local Chinese market.

For the week of May 6-12, China reported 9,800 insurance registrations for Tesla. The quarterly results show a decrease of 5.4% QoQ and 16.3% vs. 23Q3, the best quarter after 6 weeks, with year-to-date standing at -5.8% YoY. Based on the recent results, it appears that Tesla China’s numbers are down approximately 6% year-over-year. To potentially boost domestic sales figures, Tesla China may focus less on exports and prioritize fulfilling vehicle orders within the local market.

This was suggested in a recent drone flyover by a longtime Tesla China watcher, Wu Wa. The observer noted that Tesla’s vehicle shipments to the Shanghai Southport Terminal have been halted in recent days. The halt in vehicle shipments to the Shanghai Southport Terminal may indicate a shift in strategy for Tesla China, potentially leading to an increase in domestic sales figures in the future.

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