Source: Tesla

On March 4, the China Passenger Car Association (CPCA) released automotive wholesale (domestic and export) sales figures, including Tesla’s February results.

Tesla delivered a total of 30,688 vehicles, representing a 49.2% year-on-year decline from the 60,365 units delivered in February of 2024.

Meanwhile, BYD sold 304,673 Dynasty and Ocean series, a 167.1% YoY growth from 114,060 vehicles in February.

This is also the fifth consecutive month that Tesla has experienced YoY monthly decline in sales, starting from October of last year.

However, February results are significantly worse, more than half of what it has delivered the month prior, or roughly one-third of December’s wholesale sales.

In fact, this is the worst month in terms of wholesale sales Tesla has had in China since July 2022, when it as delivered 28,217 EVs (more than two years ago).

Year-to-date, Tesla China has delivered 93,926 vehicles as of February, compared to 131,812 deliveries through the same period last year.

However, the timing of such weak sales volume coincide with the upcoming start of deliveries of the new Model Y “Juniper”, which entered mass production on February 18 at the Shanghai Gigafactory.

The Tesla Model Y facelift will be available in two 5-seater Launch Series configurations (RWD and AWD), starting at 263,500 CNY and 303,500 CNY, respectively.

According to the Tesla China website, deliveries of the new Model Y will begin ahead of schedule, which was previously in March.

Moreover, the Launch Series was only available for orders placed before February 28.

Hence, the seemingly underwhelming sales in February may be largely due to the transition period to the new Model Y as the factory retooled for the new Model Y and buyers waited as deliveries ramp up through end of February.