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Tesla’s EV sales from China drop due to Shanghai factory line upgrades

Tesla’s EV sales from China drop due to Shanghai factory line upgrades

Tesla Inc. has reportedly only managed to sell 28,217 China-made electric vehicles in July 2022, roughly two-thirds less than the previous month, as the U.S.-based EV giant's Shanghai factory lines were scheduled for an upgrade.

According to the China Passenger Car Association (CPCA), Tesla exported around 19,756 Model 3 and Model Y EVs from China in July as compared to 78,906 electric vehicles sold in June, with export numbers reaching approximately 968 units.

It is worth mentioning that Tesla intends to produce roughly 22,000 units per week in its Shanghai Gigafactory after it halted most of its production at the plant due to factory line maintenance. Formerly, the plant had also experienced output losses during a two-month shutdown owing to an increase of COVID-19 cases in Shanghai which reduced Tesla's profit margin in the second quarter.

The China Passenger Car Association stated that the total passenger car sales in the country grew by 20.1% year on year to 1.84 million in July, while electric car sales accounted for 26.4% of overall sales in the same month, representing an increase of 117.3%.

The organization added that plug-in hybrid sales are outpacing pure electric cars, which are likely to surpass six million units this year, exceeding the previous prediction of 5.5 million.

Notably, NIO, Guangzhou Xiaopeng Motors Technology Co Ltd., and Li Auto Inc. also supplied 10,052, 11,524, and 10,422 vehicles, respectively. Meanwhile, BYD Auto Co. Ltd. delivered 1,63,042 vehicles, with plug-in hybrids contributing to more than half of its sales.

Surprisingly, the sales of conventional hybrid automobiles surged 81% year over year in July this year, with Japan’s Toyota Motor Corporation and Honda Motor Co. Ltd. leading the segment.

Meanwhile, Tesla owner Elon Musk has sold his shares worth USD 6.9 billion as a contingency plan in case he is compelled to buy Twitter Inc.

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https://auto.hindustantimes.com/auto/electric-vehicles/sales-of-tesla-s-china-made-evs-see-dip-in-july-here-s-why-41660017687978.html

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Rashi Thakkar

Rashi Thakkar

Rashi started her journey in content when she was completing her MBA. Since then, she has helped well-known startups and businesses boost their online presence. Currently Rashi pens downs insightful articles for AlpenHornNews and various other websites, covering an array of sectors from finance and business to technology and healthcare.