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Tesla’s China Sales Have Grown Significantly To Nearly 50 % Of The Company’s Sales In The U.S.

October 26, 2021

 Tesla’s sales in China are now nearly half what the automaker sells in the U.S. Elon Musk’s electric car company reported sales of $3.11 billion in China in the third quarter, or 48.5% of the $6.41 billion U.S. sales during that time, according to a filing Monday. That ratio is up from 41.4% a year ago, and less than 10% in 2018, filings show.

 
China’s share of Tesla’s overall sales rose to 22.6% in the third quarter, up from just under 20% a year ago.

Tesla has opened a gigafactory in Shanghai and delivered its first China-made cars to local customers just before the onset of the coronavirus pandemic in January 2020. The company began delivering a second China-made model locally this year.

Despite criticism from state media and social media users, Tesla’s electric cars remain popular in China. Both Model 3 and Y rank among the top three sold in China’s new energy vehicle passenger car market, according to the China Passenger Car Association.

 

Tesla shares hit a record high — and a $1 trillion market cap — in New York trading Monday after rental company Hertz announced it would buy 100,000 Tesla cars by the end of next year.

China is the world’s largest auto market, and a major destination for global brands. German auto giant Volkswagen generates about 41% of its sales volumes in China, according to Goldman Sachs.














SOURCE: CNBC
IMAGE SOURCE: PIXABAY