Tesla China experienced a 9.29% drop in insurance registrations for the week of November 6 to November 12, 2023, with a total of 12,700 registrations. This is down from the previous week’s total of 14,000 registrations.
Insurance registrations provide valuable insights into Tesla’s performance in the Chinese market, as the company does not publicly disclose its weekly sales figures. These registrations are reported by various entities, including insiders and other automakers such as Li Auto.
Although the drop in insurance registrations may seem concerning, it is important to note that Tesla China typically focuses on the domestic market toward the end of each quarter. Therefore, it is possible that the number of insurance registrations will increase in the coming weeks as Tesla allocates more resources to the Chinese market.
One interesting development is Tesla China’s adjustment of prices for its locally-produced vehicles, specifically the Model 3 sedan and the Model Y crossover. Recently, the electric vehicle maker raised the prices for the Model 3 and Model Y Rear Wheel Drive (RWD) variants. Earlier this month, Tesla China also increased the starting prices for the Model 3 and Model Y Long Range Dual Motor All Wheel Drive (AWD) models.
According to the China Passenger Car Association (CPCA), Tesla China sold a total of 72,115 Giga Shanghai-made vehicles in October. Out of this number, 43,489 vehicles were exported abroad, while 28,626 were sold in the domestic Chinese market. Interestingly, the Model Y accounted for a significant 92.06% of Tesla’s domestic sales, with the Model 3 contributing only 7.94%.
As the deliveries of the upgraded Model 3 have already begun, it is expected that the all-electric sedan will play a more prominent role in Tesla China’s sales for the remainder of the fourth quarter. This could help the company in its ambitious goal of achieving 1.8 million vehicle sales this year.
Q: How did Tesla China’s insurance registrations change in the second week of November?
A: Tesla China saw a 9.29% drop in insurance registrations for the second week of November compared to the previous week.
Q: How are insurance registrations used to gauge Tesla China’s performance?
A: Insurance registrations provide insights into Tesla China’s sales performance as the company does not publicly disclose its weekly sales figures.
Q: What adjustments did Tesla China make to its vehicle prices?
A: Tesla China recently increased the prices of the Model 3 and Model Y RWD variants, as well as the starting prices of the Model 3 and Model Y Long Range Dual Motor AWD models.
Q: How did the Model 3 and Model Y perform in Tesla China’s domestic sales?
A: The Model 3 only accounted for 7.94% of Tesla China’s domestic sales in October, while the Model Y made up 92.06% of the sales.
Q: Is Tesla China expected to achieve its sales target for this year?
A: Tesla China aims to sell 1.8 million vehicles this year, and the introduction of the revamped Model 3 Highland may help the company reach its target.