Photo: Yan Chang
During Tuesday’s regular trading hours, Tesla’s stock jumped 4.6 percent, following a rally of 8.3 percent last week, according to Investor’s Business Daily.
Tesla’s vehicle registrations increased to 12,654 for the week of January 9 to 15, representing a 500-percent increase from the 2,110 registered in the week before. Overall, passenger vehicle registrations totalled 437,000 units during the same week, down 14 percent from last year — but up 50.5 percent from the prior week.
Tesla faces off against rival BYD, which registered 40,420 vehicles to continue its lead in the Chinese market. Other rivals included local startups and EV automakers Li Auto, NIO and XPeng Motors, which saw 4,527, 2,974 and 1,817 vehicles registered, respectively, during the week-long period.
Since the @Tesla Giga Shanghai is still selling in China and exporting in waves, it makes sense to compare the weekly insurance data over the quarter. Today's data is the second week in the quarter.
Right now I have only China insurance data back to August 15th. https://t.co/zzf1WezTU3 pic.twitter.com/IwUuKJ6WP8
— Roland Pircher (@piloly) January 17, 2023
XPeng’s price segments are most similar to those of Tesla’s, and the Chinese automaker followed suit with the U.S. company by cutting prices on most of its models.
Tesla made significant price cuts to its Model 3 and Model Y units in China just a few weeks ago. Local publications reported as many as 30,000 orders within a few days of the announced cuts, just as many critics wonder if the cuts were signs of declining demand.
Additionally, Tesla has made similar price cuts in global markets, which the company recently said were made possible by “normalizing” inflation.
