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tesla's china shipments in august rose year-on-year, boosted by trade-in subsidies

2024-09-03

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tesla's shanghai factory continued to maintain growth in shipments in august as the chinese government strengthened its subsidy policy for new energy vehicles.

on monday, september 2, data from the china passenger car association showed that according to a comprehensive estimate of preliminary monthly data, tesla's shipments of model 3 sedans and model y sports utility vehicles (suvs) in august were approximately 86,697 units, an increase of approximately 3% year-on-year, achieving the second consecutive month of growth.

the growth trend is thanks to the chinese government doubling subsidies for eligible models to 20,000 yuan (about $2,800) at the end of july. the increase in subsidies encouraged drivers to replace their old cars with new electric vehicles, especially entry-level battery electric vehicles and plug-in hybrid vehicles.

stimulated by subsidy policies, china's plug-in vehicle market has been significantly boosted by government subsidy policies.data from the china passenger car association showed that in august, the wholesale sales of new energy passenger car manufacturers nationwide reached 1.05 million units, up 32% year-on-year and 11% month-on-month. according to estimates by the china passenger car association, pure electric vehicle sales may surpass traditional gasoline vehicles again in august after surpassing the latter for the first time in july.

the analysis said that this showstesla's shanghai factory has seen a recent improvement in sales momentum after experiencing a slowdown in sales in the first half of the year.driven by government subsidy policies, tesla's shipments in china are expected to continue to grow in the coming months.