Tesla (NASDAQ:TSLA) defied the trend last week, recording a notable increase in new car registrations in China, as other major electric vehicle makers operating in the market saw a drop.
according to data compiled by CnEVPost, Tesla insurance registrations in China totaled 14,000 for the week ending Nov. 5, up nearly 30% vs. 10,800 the week prior.
These figures represent the first complete week that includes Tesla's new Model 3 deliveries. Presently, the data does not offer a breakdown differentiating between the registrations of Model 3 and Model Y.
However, Tesla's insurance registrations in China remain lower than the levels observed during Q3, despite Tesla's efforts to achieve record numbers in Q4, aiming to reach its 2023 target of 1.8 million vehicle deliveries.
Information presented earlier this month by the China Passenger Car Association (CPCA) suggests that Tesla achieved sales of 72,112 Giga Shanghai-manufactured vehicles in October. This reflects a 0.57% increase compared to the same period last year, but represents a 2.64% decrease from the 74,073 vehicles sold in September.
The EV giant introduced its latest Model 3 in China on September 1, and began official sales on October 19. Deliveries of the Model 3 by the international EV powerhouse began on October 26. Tesla also rolled out a slightly enhanced version of the Model Y earlier in October.
Shares of TSLA are up 1.16% in afternoon trading on Tuesday.