The China Passenger Car Association (CPCA) has reported Tesla’s wholesale figures for June 2024, and the data shows a decline in both month-over-month and year-over-year comparisons.
According to data released by the CPCA on Wednesday, Tesla China sold 71,007 vehicles in June. This figure includes both domestic sales and exports. The breakdown between local deliveries and exports will likely be released later this week.
This figure represents a slight 2% decrease from May’s sales of 72,573 units. This was also a more significant 24% drop from the 93,680 vehicles sold in June 2023, however that month was a near-record for the automaker.
The dip in June sales contributed to a lower performance in the second quarter of 2024. Tesla China sold a total of 205,747 vehicles in Q2, a decrease of nearly 17% year-over-year and a nearly 7% drop from the first quarter of 2024. The first half of the year saw Tesla China sell 426,623 vehicles, down 10.5% from the same period in the previous year.
CPCA reported Tesla Giga Shanghai wholesale of 71,007 cars for June. 🇨🇳 pic.twitter.com/yzfPcuVGG6
— Roland Pircher (@piloly) July 2, 2024
Several factors might have influenced this sales decline. Notably, Giga Shanghai reportedly reduced Model Y production by at least 20% between March and June 2024. This production cut could have impacted the availability of vehicles, thereby affecting sales figures.
It remains unclear if these production adjustments will continue into the second half of the year or if they will extend to other models like the Model 3.
In Tesla’s Q2 2024 vehicle delivery and production report released on Tuesday, the company announced it delivered a total of 443,956 vehicles globally, with 422,405 of these being Model 3 and Model Y units. Production figures for the same period stood at 410,831 vehicles, with 386,576 of these being Model 3 sedans and Model Y SUVs.
Tesla has faced several challenges this year, including its largest global layoffs since 2017, which also affected the China team. However, in a bid to boost sales, Tesla China extended a five-year, 0% interest loan incentive initially set to expire on June 30, 2024, to July 31, 2024.
