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Tesla (TSLA) China sees 18% increase in new vehicle registrations

December 19, 2023 3:19 PM

According to industry watchers. Tesla (NASDAQ: TSLA) China saw over 18,000 new vehicle insurance registrations last week. The impressive 18.83% increase over the previous week’s total suggests that the electric automaker may be focusing more recourses on the region’s domestic market.

It should be noted that in December’s first week, Tesla China saw 17,400 insurance registrations.

Tesla China does not publicly disclose its weekly sales figures, but observers can gauge the company's performance in the local automotive market through the weekly tracking of new vehicle registrations. Luckily, these figures are closely monitored by industry experts. Even other car manufacturers, like Li Auto (NASDAQ: LI), have proactively shared China's weekly insurance data to provide additional insights.

Based on the tracked vehicle insurance registrations for Tesla China in December up to the 17th, approximately 41,700 registrations have been recorded. This positive trend signals a promising outlook for Tesla, especially considering there are still 14 days remaining before the end of the month.

Undoubtedly, Tesla China appears to be on track to surpass its prior domestic delivery record of approximately 156,700 vehicles. Giga Shanghai is expected to significantly contribute to the company's ambitious target of delivering 1,800,000 vehicles this year.

Shares of TSLA are up 1.79% in afternoon trading on Tuesday.

By Michael Elkins | [email protected]

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