Tesla China Reports Mixed Results for October 2024

Tesla’s operations in China showed mixed performance in October 2024, with strong year-over-year growth but a notable monthly decline, according to the latest data from the China Passenger Car Association (CPCA).

Overall Performance

• Total wholesale: 68,280 vehicles
• Domestic sales: 40,485 vehicles
• Exports: 27,795 vehicles
• Year-to-date sales (Jan-Oct 2024): 500,685 vehicles (+8% YoY)

Domestic Market Analysis

The October domestic sales of 40,485 units represent:

• 41% increase compared to October 2023 (28,626 units)
• 44% decrease from September 2024 (72,200 units)
• Lowest domestic sales figure since April 2024
• Below Deutsche Bank’s projection of 47,000 units

Model Breakdown

• Model Y: 42,265 units (62% of total wholesale)
• Model 3: 26,015 units (38% of total wholesale)

Market Share

• Tesla captured 6% of China’s battery electric vehicle (BEV) market in October
• This marks a decrease from September’s 11% market share
• Total Chinese BEV market size in October: 673,000 units

The lower domestic sales figures align with Tesla’s typical quarterly pattern, where the company prioritizes exports during the first weeks of each quarter.

Despite the monthly decline, the year-to-date performance shows sustained growth in the Chinese market, with an 8% increase over the previous year.