Tesla Shanghai Plant Exports Record 34% Y/Y Growth to 54,504 Vehicles in October

Seeking Alpha2022-11-08
  • Followed by monthly sales release ofChina-made vehicles of 71,704 units, Tesla (NASDAQ: TSLA)announced on Tuesday that 54,504 units were exported for the month of October, up 34% Y/Y and up 887% M/M.
  • Local sales grew 25% Y/Y to17,200 vehicles in October.
  • "Tesla makes cars for export in the first half of quarter & for local market in the second half," the company's CEO Elon Musk's account wrote on Weibo on August 18 in both Chinese and English.
  • Earlier today, Tesla announced a discount of up to RMB 8,000 ($1,110) for Chinese consumers who purchase inventory vehicles.
  • On October 24, the company reported $5.13B in revenue from China in Q3, up around 65% Y/Y. It also announced price cut for its Model 3 and Model Y cars by as much as 9% in China due to softening in demand.
  • Last month, the company reported mixed Q3 results and warned that deliveries could hit a slight speed bump in Q4 due to supply chain and logistical issues.
  • Shares marginally up in the premarket session.
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