Tesla China Hits Record-Breaking Performance in Q4 2023

Tesla China has reported an impressive performance for the fourth quarter of 2023, setting new records in vehicle deliveries and insurance registrations.

According to the latest data, Tesla China’s units based on insurance registrations have seen a significant year-over-year increase, rising from 440,793 units in 2022 to 610,074 units in 2023. That’s a year-over-year increase of 38.4% or 169,281 more cars.

The surge in Tesla’s performance is particularly notable in the last four weeks of December 2023, with insured units reaching 15,400, 18,300, 18,500, and 15,800 respectively. This robust growth culminated in Tesla China selling a total of 248,686 vehicles in Q4 2023, marking the highest delivery volume since the plant’s inception.

Tesla in Q4 announced 484,507 deliveries globally, so Tesla’s Gigafactory in Shanghai’s performance accounted for 51.34%.

In December alone, Tesla China delivered 94,139 vehicles, contributing to a remarkable total of 947,742 vehicles for the whole of 2023, according to the latest data from the China Passenger Car Association (CPCA).

Retail sales in December exceeded 72,141 units, pushing the total number of units sold in China’s domestic market beyond 600,000 for the year.

Tesla China’s performance is not just impressive but also indicative of a growing trend. Based on this trajectory, the company is expected to deliver over 1 million units in 2024, further solidifying its position in the Chinese market and underscoring its significant contribution to Tesla’s global operations. This achievement highlights Tesla’s expanding influence in the electric vehicle sector and its growing popularity among consumers in China.

Yesterday, in Tesla’s 2023 recap video, the company noted Gigafactory Shanghai had reached its max production capacity. The plant is responsible for production of the Model Y and new Model 3 ‘Highland’ refresh, with the latter available for Asia, Europe and the Middle East for now.