Tesla Sales in China Increased for 4th Week in a Row, Shows Insurance Data
Tesla’s deliveries in China have increased for the fourth week in a row, as shown by insurance data shared this week (via @Roland Pircher).
Last week alone, Tesla had 17,032 vehicles newly insured, up from the prior week which saw around 13,000 units insured. The new numbers are the strongest week since the end of September, points out Pircher.
As expected, the figures have thus increased for the 4th week in a row. This is also the strongest week since the end of September. $TSLA
— Roland Pircher (@piloly) March 14, 2023
While insurance data isn’t a direct indication of Tesla’s sales, it does provide a rough look into how many vehicles are being registered, and some use it to keep a rough estimate of sales before monthly sales data is released by the China Passenger Car Association (CPCA).
The news comes as the end of the year’s first quarter approaches, with Pircher previously noting that Tesla’s Q1 sales were slowly growing throughout January.
Tesla’s domestic deliveries typically increase nearing the end of each quarter, with the automaker primarily focusing on exports for the beginning of the quarter.
In order for Tesla to set a new quarterly record in China, it will require around 10,500 registrations in the final three weeks, which looks doable.
In February, Tesla sold 74,402 electric vehicles (EVs) made in China for a 32 percent increase year over year.
It also comes after Tesla’s sweeping price reductions on its EVs caused a surge of registrations in China, with the automaker since gradually increasing some pricing again.
Tesla also recently gained Chinese customs approval for its Model S and Model X units, and the automaker is currently upgrading one of its Model 3 production lines in Shanghai to prepare for the Highland build of the sedan.