Industry watchers, analyzing data of first-time vehicle registrations in China, have determined that new registrations of Tesla (NASDAQ:TSLA) vehicles reached 14,500 units for the week ending June 18. Based on these estimations, it appears that Tesla China has successfully sold 40,600 vehicles between June 1 and June 18. This is a positive development for Tesla, particularly when considering the company's typical surge in deliveries during the final weeks of each quarter.
Considering that Tesla China is estimated to have seen 16,400 vehicle registrations in the week prior, it would appear the electric vehicle maker saw an 11.5% drop in sales week over week. However, this past week also included sightings of a substantial Tesla fleet in the Shanghai South Port reportedly intended to be exported to Canada.
Despite a decrease in vehicle registrations last week, Tesla China is poised to achieve remarkable results for the second quarter of 2023. The China Passenger Car Association (CPCA) reported that Tesla sold an impressive 77,695 units in May. Taking into account Tesla China's performance thus far in June, it is highly likely that the company will achieve an impressive number of vehicle sales this month.
Shares of TSLA are up 3.90% in afternoon trading on Tuesday.