Tesla's Sales Drop by 19% in February 2024

In February, the total shipments of Tesla cars manufactured at the Gigafactory Shanghai in China (both local retail sales and exports) decreased by a fifth on a yearly basis.

According to preliminary data from the China Passenger Car Association (CPCA), the total wholesale shipments of Tesla cars manufactured in China (MIC) of the Model 3/Model Y last month amounted to 60,365, which is 19% lower than the previous year.

This marks the lowest monthly result in just over a year (55,796 units in December 2022), although this does not necessarily imply that Tesla is in trouble.

The primary reason behind this decline is the Chinese New Year holiday of 2024 (between February 10th and 17th), which fell in the period from January 21st to 27th last year, according to CnEVPost.

This major festival occurs in January or February, depending on the year, significantly affecting state activity during a certain month and annual statistics.

However, even in such circumstances, the Gigafactory Shanghai exceeded 60,000 units (equivalent to over 700,000 units annually), slightly surpassing its 2022 results.

Tesla MIC Model 3/Model Y wholesale shipments last month (year-on-year change):

Total wholesale shipments: 60,365 (down 19%)

So far this year, wholesale sales have exceeded 131,000 units, which is 6% lower than last year.

Tesla MIC Model 3/Model Y wholesale shipments to date (year-on-year change):

Total wholesale shipments: 131,812 (down 6%)

For reference, in 2023, total wholesale sales reached nearly 950,000 units, an increase of 33% on a yearly basis.

2024 will be particularly interesting as it will show us whether Tesla can maintain production and sales growth in China, the largest and most competitive electric vehicle market (with an ongoing price war). Additionally, we anticipate seeing a major update to the Model Y, similar to the one applied to the Model 3 (often referred to as Highland). The Model Y is the best-selling electric model in China.

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