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Tesla's China-made sales hit record following Shanghai factory upgrade

Stock Markets Oct 09, 2022 09:35PM ET
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© Reuters. FILE PHOTO: Visitors wearing face masks check a China-made Tesla Model Y sport utility vehicle (SUV) at the electric vehicle maker's showroom in Beijing, China January 5, 2021. REUTERS/Tingshu Wang/File Photo
 
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By Krystal Hu and Anirudh Saligrama

(Reuters) -Tesla Inc delivered 83,135 China-made electric vehicles (EVs) in September, smashing its monthly record, according to a report released on Sunday by the China Passenger Car Association (CPCA).

The number marks an 8% increase from August and set a record for Tesla’s Shanghai factory since production began in December 2019, topping the prior deliveries high of 78,906 in June, as the U.S. car maker continues to invest in production in China.

"The record high sales of China-made Tesla (NASDAQ:TSLA) cars showed electric vehicles have been leading the mobility trend," Tesla said in a brief statement.

Globally, Tesla last week said it delivered 343,830 EVs in the third quarter, a record for the world's most valuable automaker, but less than the 359,162 analysts on average had expected, according to Refinitiv.

Tesla quickened its China deliveries after suspending most production at the Shanghai plant in July for an upgrade, which has brought the factory's weekly output capacity to around 22,000 units compared with levels of around 17,000 in June, Reuters previously reported.

Since the plant opened in its second largest market in late 2019, Tesla has sought to run the facility in China's commercial hub at full capacity.

It, however, plans to hold production at its Shanghai plant at about 93% of capacity through the end of year, in a rare move for the U.S. automaker, Reuters reported last month, quoting sources, who did not say why it was doing it.

The plant, which manufactures Model 3s and Model Ys to both sell in China and export to other markets including Europe and Australia, had reopened on April 19 after a COVID-19 lockdown, but only resumed full production in mid-June.

Production accelerated despite heatwaves and COVID curbs that hit its suppliers in the southwest region of the country.

Tesla, which has been offering insurance incentives to consumers in China since September, is facing growing competition from domestic EV makers in a sharply weakening economy, while consumption falls amid the strict COVID curbs.

China’s BYD continued to lead the domestic EV market with 200,973 wholesale sales in September, a nearly 15% jump from August. CPCA said higher oil prices and government subsidies continue to encourage more consumers to choose electric vehicles.

Tesla's China-made sales hit record following Shanghai factory upgrade
 

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Comments (6)
young bae
young bae Oct 09, 2022 6:33PM ET
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goodness christ Investing is another main stream media who delete comments.  I will stop using https://investing.com
Peter Andersen
Peter Andersen Oct 09, 2022 4:17PM ET
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Elon musk talk about taiwan is money
ZS Beck
ZS Beck Oct 09, 2022 3:49PM ET
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Tesla shares will fall either way. He needs to cough up 44B for Twitter. He needs to sell shares. A lot of shares.
Warm Camp
Warm Camp Oct 09, 2022 2:55PM ET
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Elon is not perfect, but comparing to some other super-billionaire types he is like an angel.
Stephen Fa
Stephen Fa Oct 09, 2022 2:55PM ET
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He's done more for climate change than any other one person.
Peter ONeill
Peter ONeill Oct 09, 2022 2:55PM ET
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Perfect? He is an arrogant nutjob
Casador Del Oso
Casador Del Oso Oct 09, 2022 2:49PM ET
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Maybe Elon can get the teenage protestors in Hong Kong out of jail.
Stephen Fa
Stephen Fa Oct 09, 2022 2:49PM ET
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I doubt it. He focused on freedom in USA first.
Sabi Sab
SabiSab Oct 09, 2022 2:46PM ET
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Take side and say something good about China, we'll make up the numbers for you!  Your factory in Shanghai will be safe and sound.  It's time to move to China, Elon!
Sabi Sab
SabiSab Oct 09, 2022 2:46PM ET
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We do know little Elon is forced to sell A LOT of Tesla shares before 10/28 for that Twitter purchase.  Time to prop up the stock for a better price per share.
 
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