Tesla China is crushing it this quarter, reaching registrations close to its all-time high. What this means for Tesla.
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Tesla Is Crushing It In China
Tesla is crushing it in China this month. There are those who keep track of the amount of insurance registrations happening for Tesla and this month, Tesla is close to its all-time high. This is a strong signal that demand is there for Tesla vehicles in China.
For December 18th through December 24th, Tesla China reported 18,500 insurance registrations. There is 1 week to go and Tesla China, for the 4th quarter December 2023, has already exceeded the 2nd quarter Tesla record of 156,700 vehicle deliveries.
The week before, China has 18,300 insurance registrations, which makes these the 3rd and 4th highest weeks ever for insurance registrations in China. Things are looking good for Tesla in China, and Tesla hasn't even made the compact vehicle in China yet.
This is fantastic news for Tesla and as the end of the quarter is coming to a close and Tesla China works to get as many deliveries done as possible, we could see 18,700 to 19,000 insured Tesla vehicles for Tesla China in the last week of the year.
Chinese EVs are a little different than they are here in the U.S. and recently, a man in China was seen pouring water on his Tesla charging cable and charge port just to see what would happen.
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Tesla China - Impressive Achievements
Giga Shanghai is Tesla's most efficient factory at the moment and Tom Zhu, head of Tesla China, has done an amazing job there getting everything running at a fast and high quality pace.
After all, the new Model 3 Highland is built at Giga Shanghai and isn't built anywhere else yet. This shows Tesla China's ingenuity and fast pace of innovation. Plus, Tesla vehicles are the least expensive in China with a base Model 3 price of around $35,000.
It's important to note two things from this. First, Tesla China is crushing it, and Tesla's biggest competitor in China is BYD. BYD is also growing quickly in China, however, BYD also makes a lot of hybrid vehicles.
There are other Chinese EV makers like NIO and Li Auto that are starting to do well, and this will certainly be Tesla's most competitive market.
Here in the U.S., most legacy automakers just aren't moving fast enough and Tesla's compact car, made at a breakneck pace, is going to disrupt them.
Rivian is probably the only EV maker in the U.S. that stands a chance at being a significant contributor to the EV revolution in the U.S. so far.
What this means for Tesla in China is that demand is strong and that Tesla has a large runway for the compact vehicle to deliver many more millions of vehicles in China. It also means analysts will up their forecasts for Q4 2023 delivery numbers overall for Tesla.
In Other Tesla News: Tesla is Sandbagging Cybertruck Production as 80+ Cybertrucks Are Ready for Delivery at Giga Texas
What do you think about Tesla's insurance registrations in China? Is Tesla crushing it there?
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Hi! I'm Jeremy Noel Johnson, and I am a Tesla investor and supporter and own a 2022 Model 3 RWD EV and I don't have range anxiety :). I enjoy bringing you breaking Tesla news as well as anything about Tesla or other EV companies I can find, like Aptera. Other interests of mine are AI, Tesla Energy and the Tesla Bot! You can follow me on X.COM or LinkedIn to stay in touch and follow my Tesla and EV news coverage.
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