Tesla Model Y Tops China’s New Energy Vehicle Sales in 1H of 2024

Tesla’s Model Y emerged as the best-selling new energy vehicle (NEV) in China for the first half of 2024, surpassing fierce competition. The Model Y recorded 207,817 units sold, up from 203,900 in the same period last year, noted @Tslachan, citing official Chinese NEV data.

This is impressive considering Tesla is facing off against cheaper Chinese EV companies. The second-best selling NEV was at 167,861. Tesla’s Model Y has a solid lead as more consumers realize the company’s advanced software, vehicle engineering and safety features.

According to Tesla China’s insurance registration data, 6,500 Model Y units were insured from July 1 to 7, 2024. This followed 12,000 units from June 3-9, 11,700 from June 10-16, 17,500 from June 17-23, and 14,100 from June 24-30.

“In China, 6.5k Tesla insurance registrations were reported for the week of July 1 to 7,” Tesla observer Roland Pircher noted. He further commented that the quarter showed a 9.0% increase quarter-over-quarter but a 15.2% decrease compared to Q4 2023, describing it as the best quarter after 13 weeks. Year-to-date, registrations are down 4.3% year-over-year. But with Tesla typically ramping up production in Q4, things can rapidly change.

In June, Tesla reported 59,261 sales in China, capturing a 3.3% market share. This market share is 33 basis points or 11% above the three-month trailing average of 3.0%. Model Y accounted for 69% of these sales, while Model 3 made up the remaining 31%.

Despite a 22% decline compared to June last year, this quarter was Tesla’s third-best ever, with a 10% increase quarter-over-quarter. Year-to-date sales are down 6% compared to the same period last year, achieving 46% of last year’s total sales.