China wholesale sales rebounded strongly in August, data from the China Passenger Car Association showed, according to CnEVPost.
What you should know Tesla’s sales of units made in China reached 76,965 in August. This represented a 173% month-on-month increase from the 28,217 units sold in July, when factory modernization hit sales. The main number is slightly lower than the record volume of 78,906 units registered in June.
On a year-over-year basis, wholesale sales increased 74% in August.
A breakdown of August figures showed the US electric car maker exported 42,463 cars and sold 34,502 units domestically. Tesla typically focuses on export sales in the first half of the quarter and produces for the domestic market in the second half.
Among the rivals, BYD Manufacturing Co. Ltd. (OTC:BYDDY) (OTC:BYDDF), backed by Warren Buffet, reported battery electric car sales of 82,678 units in August, marking a 172% increase from last year. previous year and an increase of 2% month-on-month.
Why It Matters Tesla’s production and sales suffered in the first half amid COVID-19 disruptions in China. The company’s global sales in the first half were 564,743 units and, to meet its long-term delivery growth target of 50%, it needs to sell approximately 840,000 cars in the second half.
Tesla’s Shanghai Gigafactory is key for the company to achieve this, given that almost half of production occurs at this plant and its newer Gigafactories in Berlin and Austin are still ramping up.
The price move Shares of Tesla, which closed Wednesday’s session up 3.38% at $283.70, were down 0.04% at $283.60 in pre-open trading on Thursday. , according to data from Benzinga Pro.
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