Tesla China Sees Strong October with 40K Domestic Sales, Model Y Leads Market Demand

Tesla China recorded impressive domestic sales of 40,485 units in October 2024, marking a 41% year-over-year growth despite lower month-to-month totals. The Model Y maintained its popularity, accounting for 62% of Tesla’s wholesale sales, as the company navigated a shifting electric vehicle market in China.

Tesla China’s October Sales Show 41% Yearly Growth but Fall Short of Forecast

In October 2024, Tesla China sold 68,280 cars at wholesale prices. Out of this total, 27,795 cars were shipped to overseas markets. The China Passenger Car Association (CPCA) recently produced data that supported this.

Recent figures from the CPCA reveal that Tesla China's domestic sales in October reached an impressive 40,485 units. According to Teslarati, this marks a substantial 41% growth from the 28,626 units sold in October 2023, despite a 44% decrease from the 72,200 units sold in September 2024.

According to a CNEV Post story, Tesla China's domestic sales in October were the company's lowest since April 2024. Additionally, in October, domestic sales for Tesla China fell short of Deutsche Bank's projections. In a note published in late October, experts at Deutsche Bank predicted that Tesla China would sell about 47,000 units domestically.

Tesla’s Model Y Leads October Sales in China, Boosting Total Yearly Growth by 8%

However, this is not all that remarkable given that Tesla China often exports more cars in the first few weeks of a quarter. This resilience in sales strategy is evident in that between January and October 2024, Tesla China sold 500,685 vehicles, an 8% increase over the prior year.

Tesla's best-selling model, the Model Y, continues to dominate the market. In October, 42,265 of the 68,280 cars that were sold at wholesale were Model Ys. This popularity is further underscored by the fact that 62% of the electric vehicle manufacturer's wholesale sales last month came from the all-electric crossover. For its part, 26,015 Tesla Model 3 units were sold wholesale, accounting for 38% of the company's total October 2024 sales.

In October, 673,000 BEVs were sold domestically in China. This indicates that last month, Tesla China held a 6% market share in the nation's battery-electric vehicle market. In September 2024, for instance, Tesla China had 11% of the Chinese BEV market.