Tesla China delivered a record 28.9K Model 3 and 73.5K vehicles in November

In November 2024, Tesla China deliveries reveal several major milestones, including a record monthly delivery of 73,490 vehicles for the year.

The previous record monthly retail sales was December 2023, with 75,805 unit sales.

Tesla also delivered a record number of Model 3 in China, 28,914 units to be precise, which is the most since September 2022.

Model Y deliveries were also strong with 44,576 delivered at the retail level.

On a year-to-date November 2024 basis, Tesla has delivered 155K Model 3 and 418K Model Y in China, culminating to 575K for the year.

Tesla has already sold more Model 3 in 2024 than any previous years in China, with the previous record being 151K units in 2021.

Tesla needs 29,489 deliveries in December 2024 to exceeded total sales of 2023 in China, something we are very confident the company will achieve.

In fact, according to Li Auto’s weekly sales ranking, Tesla China has already delivered 21.9K vehicles through the first week of December (Dec 2-8).

In April of this year, Tesla China launched a limited-time offer of five-year, 0% interest financing program.

Since then, the company has achieved year-on-year sales growth in every month except June 2024.

Tesla has recently announced that it will extend the interest-free financing program until the end of the year.

On a cumulative basis as of November 2024, Tesla China is 8.8% ahead of retail sales in 2023 at this time of the year.

Tesla typically ramps up deliveries towards the end of a quarter-cycle in China. If the first week of December is any indication, Tesla is on pace to deliver over 650K vehicles for the year.

Exports on the other hand has fell off to a 2-year low at 5,366 vehicles exported out of China’s Shanghai Gigafactory.

Despite proposed tariff rate will be dropping from 9% to 7.8%, after an initial suggested 20.8% rate in September, Tesla may have started prioritizing production in EU grounds at Giga Berlin.

Given that Tesla has improved Giga Berlin’s production capacity from 500,000 cars to 1 million units annually in mid-2024, the company may have reshuffled its export strategy to bypass tariffs.

Year-to-date, Tesla China’s exports of 257.2K represent a 23.6% decline and will in all likelihood not exceed 325.7K exports achieved in 2023.