Gary Zhou 
Key Points
- 💪 Tesla China’s insurance registrations for the final week of Q2 2023 were impressive.
- 📈 Tesla China saw an estimated 17,400 insurance registrations in the week ending July 2.
- 🚗 Tesla ranked fourth among premium brands in China, behind BMW, Audi, and Mercedes-Benz.
- 💰 Tesla offered an insurance subsidy and adjusted prices to boost domestic sales.
- 📊 Tesla China sold a record 93,680 Giga Shanghai-made vehicles in June, marking significant growth compared to previous years.
Seemingly highlighting its strong performance in the second quarter, Tesla China’s insurance registrations for the final week of Q2 2023 were quite impressive. As per industry watchers, Tesla China is estimated to have seen an impressive 17,400 insurance registrations in the week ending July 2.Â
Weekly sales figures for the domestic Chinese market are not disclosed by Tesla, but the trend in carmakers’ sales in the country can be inferred from data on new vehicle insurance registrations. Thus, automakers such as Li Auto have taken it upon themselves to provide reports on the estimated weekly insurance registrations in the Chinese market.
As per Li Auto’s estimates, Tesla China appears to have seen 17,400 insurance registrations in the week ending July 2. This suggests that the electric vehicle maker ended the second quarter on a strong note. For context, the results were a 4% improvement from the 16,700 registrations in the week ending June 25.
Considering these results, Tesla has ranked fourth among premium brands in China, behind BMW, Audi, and Mercedes-Benz. In the week ending July 2, the three German luxury carmakers posted 20,800, 20,500, and 19,600 insurance registrations, respectively.
Tesla is putting in quite a bit of effort to sell as many vehicles as possible domestically. On June 16, the electric vehicle maker announced an insurance subsidy of RMB 8,000 ($1,110) for local customers who purchase and take delivery of inventory Model 3 RWD units by the end of the month. More recently, adjusted prices for the Model S and Model X were also announced on local social media platform Weibo.
Tesla’s efforts appear to have paid off. As per data recently released by the China Passenger Car Association (CPCA), Tesla China sold a record 93,680 Giga Shanghai-made vehicles in June. This suggested that Tesla China saw an 18.72% rise from the 78,906 vehicles that were sold in June 2022, and a 20.57% improvement from the 77,695 cars that were sold in May.
