Recent estimates from industry watchers indicate that Tesla’s (NASDAQ:TSLA) China unit is in position to report impressive August numbers, with estimates showing the car maker receiving 13,900 insurance registrations in the week ending August 20. Less than 1% off their 2nd week numbers, which were estimated at 14,000.
Looking at Tesla's performance during the week of August 14-20, 2023, it seems that the company has achieved approximately 39,400 new insurance registrations in China within this month. This figure indicates a positive outlook for Tesla, particularly given the anticipated emphasis on the domestic market by Giga Shanghai in the upcoming weeks.
Tesla China saw 14,000 vehicle registrations in the week ending August 13, a 9.38% improvement from the 12,800 registrations tracked the week before. The automaker also saw 10,600 insurance registrations in the week ending July 30, 2023.
Although Tesla's local sales within China appear stable at the moment, what stands out as particularly remarkable is that the company is potentially achieving these outcomes with a single vehicle — The Model Y crossover.
Sales of the Model 3 sedan are likely tempered in the domestic Chinese market today, as some buyers may be waiting for the much-anticipated updated Model 3 Project Highland which is expected to be introduced to the market in the coming weeks.
According to a report from the China Securities Journal, Tesla China has reportedly begun accepting reservations for the upgraded Model 3. Customers are presented with a choice: they can either receive a current-generation vehicle with various incentives immediately or opt to wait for a Project Highland unit with reduced incentives. The publication suggested that a larger number of customers are currently inclined to wait for the Project Highland update.
Shares of TSLA are up 0.32% in mid-day trading Tuesday.