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Tesla’s Local Deliveries In China Edge Higher As Model Y Price Cuts Appear To Spur Demand

Courtesy of ZeroHedge View original post here.

Demand in China and production out of Tesla's Shanghai Gigafactory remain closely watched as key drivers of Tesla's production and earnings metrics each quarter. Chinese numbers have been even more in focus since Tesla's apparent spat with the Chinese government earlier this year, which has for the most part appeared to calm down (mysteriously after Elon Musk publicly made bearish comments about Bitcoin).

For now, at least, things appear to be back on track for Musk in China. Tesla sold 44,264 Chinese made vehicles in August, including 31,379 vehicles for export, new numbers from the China Passenger Car Association (CPCA) revealed this week.

Local sales of vehicles were up to 12,885 vehicles from 8,621 in July, Reuters reported on Thursday. 

Tesla had previously sold 32,968 China-made vehicles in July and 33,155 in June.

Recall, Tesla had introduced a lower-range (and lower priced) Model Y in China. The price made the vehicle eligible for government subsidies that it normally wouldn't have qualified for. The price in China then became the equivalent of $42,600. 

As soon as the lower cost Model Y was introduced, Tesla's product mix between the Model 3 and the Model Y started to shift dramatically, as shown by a chart put together by well known Tesla skeptic @CoverDrive12:

China new energy vehicle wholesale sales totaled 304,000, up 202% vs. a year earlier, IBD noted this week. That number includes all-electric, hybrid and fuel-cell vehicles. EV-only wholesale sales skyrocketed 200% to 249,000. Tesla China's local sales fell about 16% in Q2 vs. Q1, the same report said.

Overall, passenger vehicle sales in China in August down up to 1.5 million, down 14.7% from the year prior. 


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