Source: Tesla
In October 2024, Tesla China delivered a total of 68,280 vehicles out of its Shanghai gigafactory, of which 40,000 were retail sales in the domestic market.
Tesla also reached a major milestone, delivering over 3 million vehicles in less than 5 years. Shanghai gigafactory also exported its one millionth vehicle this month.
Globally, Tesla has rolled off over 7 million vehicles and Shanghai gigafactory alone accounts of over 40% of it.
Shanghai gigafactory began delivering vehicles in China in February 2020 and to export markets in March 2021.
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Despite only manufacturing two models, the Model 3 and Model Y, Tesla has managed to achieve these feats without major vehicle facelifts and upgrades through this period.
Tesla China’s single best month came in November 2023 with 100,291 vehicles delivered. In 2024, the company delivered the most cars in March, with 89,064 units.
In October, Tesla Shanghai gigafactory delivered 40,000 vehicles to the domestic market, compared to 26,826 units during October of last year.
Deliveries declined from an annual high of 72,200 units in September 2024, but a drop-off was expected as Tesla typically prioritizes exports in the first month of the quarter before ramping up through the last two months.
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For example, Tesla delivered 46,227 vehicles in China in July 2024, before ramping up domestic deliveries to 63,456 and 72,200 units in August and September, respectively.
Tesla China’s cumulative retail sales in 2024 has exceed the 500,000 mark in October.
Last year, Tesla had delivered 462,355 in China, which means cumulative retail sales have increased by 8.2% year-over-year.
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Tesla China is on track to exceed last year’s total annual domestic sales of 603,664.
According to local reports, Tesla will end its 5-year zero interest financing promotion at the end of November for the Model 3 and Model Y.
With a minimum down payment of 79,900 CNY (c. 11,130 USD), Chinese consumers are able to drive a Model 3 or Model Y for a daily payment of only 85 CNY (c. 12 USD) or 95 CNY (c. 13 USD), respectively.
Tesla exported over 28,000 vehicles in October, which pales in comparison with last year’s 43,489 units. However, this is a significant improvement over September’s exports of 16,121 units.
On a cumulative basis, Tesla China’s exports volume have underperformed compared to 2023, with a total of 243,838 exports as of October 2024.
Last year at this period, Tesla had delivered more than 300,000 units to export markets.
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As Shanghai gigafactory mainly exports to Europe and Asia Pacific, European Commission’s extra tariffs of 7.8% for Tesla on China manufactured vehicles, on top of EU’s standard 10% import duty, may have pushed production in Europe.
