Tesla Inc (NASDAQ: TSLA) Reports Record Car Sales From Shanghai Factory In June

Tesla Inc (NASDAQ: TSLA) had announced that it attained the highest monthly sales in June for china-manufactured cars since 2019 when the company opened its Shanghai factory, as the company ramped up production that had been affected by  COVID-19 lockdown in the city.

Tesla sold 78,906 China-made cars in June

According to the China Passenger Car Association, Tesla sold 78,906 automobiles built in China in June, and 968 for export. It exported 22,340 cars and sold 32,165 in China in May.

Cui Dongshu, the secretary general of CPCA, said that Tesla also recorded the highest monthly production at its Shanghai factory in June without providing a particular figure

Whereas its new facilities in Texas and Berlin strained to raise production, COvid limitations in Shanghai in the April to June quarter severely limited Tesla’s output there.

At the end of the “extremely challenging” quarter, CEO Elon Musk asked employees to put in more effort to make up for the shortfall after China’s zero-Covid shutdowns caused more severe production interruptions than he had anticipated.

Shanghai factory produces Model Y and Model 3 cars

Model 3 and Model Y vehicles are produced at the Shanghai plant, which restarted on April 19 but didn’t resume full operation until mid-June.

According to the CPCA, China sold 1.97 million vehicles overall in June, an increase of 22% from the same month last year. Cui predicted that auto sales would rise by about 20% in July compared to the same month last year and that demand would likely pick up in the fourth quarter, resulting in substantial growth over the entire year.

According to the CPCA, sales of electric vehicles increased by 130.8% in June, making up 27% of all vehicle sales.

For the first time among all passenger cars, Tesla’s Model Y emerged as the best-selling model, with 52,557 units delivered in June. Its starting price of $47,311 is higher than that of the Wuling Hongguang Mini EV, which costs 28,800 yuan.

With 133,762 vehicles sold in June, BYD was the largest EV manufacturer.

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Published by Neha Gupta

Swati has worked in diverse capacities from financial research to currency trading in a span of 3 years.