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Tesla, Inc (NASDAQ: TSLA) achieved its highest monthly sales of China-made vehicles in June since opening its Shanghai plant in 2019, Reuters reports.
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Tesla sold 78,906 China-made vehicles in June, including 968 for export, the China Passenger Car Association (CPCA) said.
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In May, it sold 32,165 vehicles and exported 22,340.
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Also Read: Here's How Credit Suisse Views May EV Performance
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Tesla also reached the highest monthly output at its Shanghai plant in June.
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The numbers reflect its production ramp-up following the country's Covid-19-induced lockdown that curbed output during the April - June quarter.
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The Shanghai plant manufacturing Model 3s and Model Ys reopened on April 19 but only resumed total production in mid-June.
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China's overall passenger car sales in June totaled 1.97 million, up 22% from a year earlier, aided by government measures.
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CPCA expected car sales in July to increase by around 20% year on year. Demand could further strengthen in the fourth quarter, leading to solid growth for the year.
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BYD Co, Ltd (OTC: BYDDY) led the EV players with 133,762 cars delivered in June.
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China slashed the purchase tax for small-engined vehicles by half on June 1. Local governments offered subsidies or added car ownership quotas to boost sales.
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China explored measures to spur demand, including extending a tax break for EVs, building more charging stations, and encouraging lower charging fees.
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Price Action: TSLA shares traded lower by 0.90% at $727 in the premarket on the last check Friday.
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Photo via Wikimedia Commons
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