The Tesla sales in China for October 2024 have been released by the China Passenger Car Association (CPCA), revealing a mixed bag of results for the electric vehicle giant. Total wholesale sales numbers were still strong for the company but domestic sales fell off compared with the previous month and the same period last year.
According to the CPCA data, Tesla sales in China totaled 68,280 vehicles wholesale in October 2024. Together, both home sales and exports amount to 29,395 cars out of which 27,795 have been exported to international markets. while the remaining 40,485 vehicles were Domestic sales in China.
Domestic Sales Dip Year-over-Year
The Tesla sales in China for the domestic market in October 2024 show a 41% increase compared to the same month in 2023. But compared to September next year 2024, domestic sales were reduced by 44 percent. 40,485 electric vehicles were sold domestically in October, which is the lowest monthly figure for Tesla China, since April in 2024.
This dip in domestic Tesla sales in China falls short of expectations from analysts at Deutsche Bank, who had predicted around 47,000 units to be sold within the country in October. The lower than forecasted domestic sales has been offset by the export focused sales strategy adopted by Tesla China in the early weeks of the quarter.
Exports Contribute to Overall Growth
Despite the decline in domestic sales, Tesla sales in China have shown overall growth in the January to October 2024 period. The company was able to sell a total of 500685 automobiles in this period or 8 per cent above what was sold in the prior year.
The numbers reflect the export contribution as a key to Tesla China sustaining sales performance throughout the year. This month, a total of 27,795 vehicles were exported to various countries to support the company’s international market and sales plans.
Model Y Dominates Sales Mix
The Tesla sales in China data also highlights the continued dominance of the Model Y in the company’s product mix. In total, there were 68,280 wholesale vehicles sold in October, and Model Y made up of 42,265 or 62 percent of that figure. The Tesla Model 3 was the second most sold EV with a recorded 26,015 units sold, which accounted for the remaining 38%.
This is important because the Model Y found favor with Chinese users as the demand for electric SUVs and crossovers rises across the global market. A large part of the success that Tesla has achieved in China can be attributed to the company’s capacity to meet the need that this segment represents.
Tesla’s Market Share in China’s BEV Sector
In October 2024, production sales of battery electric vehicles (BEVs) included within China’s domestic market reached 673,000 units. Tesla sales in China accounted for 6% of this market, a notable decrease from the 11% share the company held in September 2024.
The loss of market share can be rigously blamed to upsurge in market competition in china’s BEV market due to rise in local automobile manufacturers food for a share in development. However, Tesla has not faded away to be a contender in the market does have advantage in brand recognition and greater technology.
Looking Ahead
By 2024 Tesla China has to gain strong domestic sales which will help the company to continue strengthening its non-stop competitive position on the Chinese BEV market. This situation appears to be clearly illustrated by the export numbers that demonstrate the popularity of Tesla electric cars on the international market.
Analysts and investors will closely watch Tesla sales in China in the coming months to gauge the company’s performance and its ability to navigate the challenges posed by the evolving market dynamics. As the leading electric auto, Model Y and the possible addition of new models assure Tesla China of sustaining its upward trend in the largest electric auto market globally.
