Tesla China February 2024 sales see 18.87% YoY decline, mirroring industry trend

2024.03.05 3 min read

Data from the China Passenger Car Association (CPCA) has revealed that Tesla China’s sales of Giga Shanghai-made vehicles declined in February 2024. The decrease came amidst the Chinese New Year holiday, which appears to have impacted China’s general automotive sector last month.

As per the CPCA, Tesla China sold a total of 60,365 vehicles produced in China during February 2024. This figure represents an 18.87% year-over-year decrease compared to February 2023 and a 15.51% month-over-month decline from January 2024. While Tesla China’s results in February did show a decline, it should be noted that other automakers in the country saw similar trends.

CPCA reported 60,365 wholesale (local + exports) for Giga Shanghai in China in February.

This year the Chinese New Year, with 2 weeks holiday, was in February. pic.twitter.com/k6CrMD2MqJ

— Roland Pircher (@piloly) March 4, 2024

For context, BYD reported a 36.84% year-over-year decrease and a 39.30% month-over-month drop compared to January 2024. Nio saw a 33.11% year-over-year and a 19.12% month-over-month decline, and Xpeng saw a 24.38% year-over-year and 44.91% month-over-month decrease in sales, as per a report from CNEV Post. With this in mind, it would appear that Tesla China’s February 2024 results generally aligned with the country’s auto sector.

The Chinese New Year holiday this year was held from February 10 to 17, 2024. Interestingly enough, the holiday fell in January during the previous year. Tesla China sold a total of 66,051 vehicles in January 2023, 26,843 of which were sold domestically and 39,208 of which were exported to foreign territories.

$TSLA
NEWS: Tesla China delivered 60,365 vehicles in February. Domestic sales were 36.5k and exports were 23.8k.

– February was the month of the Chinese New Year holiday. pic.twitter.com/Fk56g56MB8

— Tsla Chan (@Tslachan) March 4, 2024

Tesla operates its largest production facility by output in China, with Giga Shanghai being listed as having an annual capacity of over 950,000 vehicles. The facility produces Tesla’s two highest-selling vehicles, the Model 3 sedan and Model Y crossover, and it caters to both the domestic Chinese market and several countries abroad.

Tesla China sold a total of 71,447 Giga Shanghai-made vehicles in January 2024. These figures represented an 8.17% increase year-on-year and a 24.10% decrease compared to December 2023. As per CPCA data, Tesla China’s January sales figures included 39,881 vehicles that were sold domestically and 31,566 vehicles that were exported abroad.

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