August Sales Data Overview
On September 3, 2024, the China Passenger Car Association (CPCA) released the latest data showing that Tesla's Shanghai Gigafactory delivered 86,697 vehicles in August, a 17% MoM increase from July.
Most importantly, China sales reached 63,000 units, marking the highest monthly sales for Tesla in China this year and a 37% growth compared to July.
Year-to-date as of August 2024, Tesla China has sold 387,317 vehicles, which track closely with last year's sales volume at this time (390,222).
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Model Y Continues to Dominate
Breaking down the sales figures, the Model Y remains the best-selling passenger vehicle in China, with over 45,000 units sold domestically in August.
Additionally, the Model 3 contributed over 18,000 units to Tesla’s China retail sales.
Extended Financing Promotion Drives Sales
In conjunction with these strong sales numbers, Tesla has announced an extension of its popular 5-year interest-free financing offer until September 30.
Initially introduced in July and first extended in August, this promotion has been key in driving recent sales growth.
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The offer covers all customizations, including paint, interior, wheels, Enhanced Autopilot (EAP), and Full Self-Driving (FSD) capabilities.
For example, with the 5-year interest-free plan on the Model 3 rear-wheel-drive version, daily loan payments can be as low as 85 RMB.
Six-seater Model Y rumors
Domestic insider reports suggested recently that Tesla is planning to introduce a six-seater version of the Model Y in China by the end of 2025 to better meet the specific demands of the Chinese market.
However, Tesla China has refuted the rumors, calling them "false news". Instead, we can expect a major facelift in early 2025 with a new design language according to spy photos.
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In preparation for the Model Y "Juniper", Tesla has asked its suppliers to gear up for a substantial increase in production at its Shanghai plant.
Despite reducing its sales staff in May, the company remains optimistic about its Q3 performance in China, particularly with strong sales growth in smaller cities.
Additionally, Tesla plans to launch its Full Self-Driving (FSD) feature in China by the end of the year.