Tesla’s China-made EV sales soar in December
Elon Musk’s Tesla (TSLA) has just hit a home run in China-made sales. In December, the electric vehicle (EV) giant reported an astounding 68.7% year-over-year increase and an impressive 14.2% month-over-month surge, reaching a remarkable 94,139 vehicles. This data, unveiled by the China Passenger Car Association (CPCA) on Wednesday, solidifies Tesla’s impressive performance in the world’s largest automotive market.
A Record-Breaking Month
December 2023 marked the second-highest monthly record for Tesla, with November 2022 holding the top spot at 100,291 units. This historic milestone cements December 2023 as the best-performing single month of the year, showcasing Tesla’s unwavering dominance in the Chinese EV sector.
For the full fiscal year of 2023, Tesla achieved a monumental milestone by selling 947,742 China-made vehicles, almost matching the Chinese factory’s current capacity. This remarkable feat represents a staggering 33.32% increase from the previous year’s sales of 710,865 units in 2022.
Furthermore, China-made deliveries now represent a significant 52.4% of Tesla’s global deliveries, amounting to a staggering 1.81 million units. This underscores the pivotal role of the Chinese market for the U.S. electric vehicle pioneer and reinforces Tesla’s ability to capture and retain a substantial share of the global EV market.
Global Industry Impact
On a global scale, Tesla has set a new industry record by delivering 484,507 cars in the fourth quarter, surpassing market estimates. Despite this admirable achievement, Tesla conceded its top position in the electric vehicle market to BYD (OTCPK: BYDDF), which sold 526,409 units in the same quarter. This shift in dynamics highlights the fierce competition within the rapidly-expanding EV sector, with Tesla at the forefront of this evolution.