Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Tesla sold 78,000 China-made vehicles in June, up 142% vs May -CPCA estimates

Published 2022-07-06, 05:41 a/m
Updated 2022-07-06, 06:30 a/m
© Reuters. FILE PHOTO: A Tesla sign is seen on the Shanghai Gigafactory of the U.S. electric car maker before a delivery ceremony in Shanghai, China January 7, 2020. REUTERS/Aly Song/

© Reuters. FILE PHOTO: A Tesla sign is seen on the Shanghai Gigafactory of the U.S. electric car maker before a delivery ceremony in Shanghai, China January 7, 2020. REUTERS/Aly Song/

SHANGHAI (Reuters) -U.S. electric vehicle maker Tesla Inc (NASDAQ:TSLA) sold around 78,000 China-made vehicles in June, preliminary estimates published by the China Passenger Car Association (CPCA) showed on Wednesday.

This was up 142% from May, when Tesla sold 32,165 China-made vehicles, and up 135% from a year ago.

Tesla's factory in Shanghai, China's economic hub, was badly affected in the second quarter by a lockdown which forced the site to halt production for 22 days from late March.

The plant, which manufactures Model 3s and Model Ys, reopened on April 19 and resumed exports on May 11, but had struggled to get production back to pre-lockdown levels.

The difficulties in China were viewed as a key factor that led Tesla to report an 18% drop in second-quarter deliveries from the previous quarter, ending a nearly two-year run of record quarterly deliveries.

Last month, Reuters cited an internal production memo as saying that Tesla was aiming to make more than 71,000 vehicles at its Shanghai plant in June.

The plant is undergoing an upgrade to boost its output, which requires it to suspend most production in the first two weeks of July, according to a separate internal memo seen by Reuters. The factory's goal is to eventually produce 22,000 cars per week, the memo said.

© Reuters. FILE PHOTO: A Tesla sign is seen on the Shanghai Gigafactory of the U.S. electric car maker before a delivery ceremony in Shanghai, China January 7, 2020. REUTERS/Aly Song/

Beyond Tesla, the CPCA estimated that 1.926 million passenger cars were sold across China in June, up 22% year-on-year, helped by recent efforts to stimulate the market by local authorities.

Electric vehicles, in particular, were selling strongly and the association said overall June sales could hit 546,000, up 130% year-on-year, led by BYD Co which CPCA estimated sold 134,000 vehicles during the month.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.