Gary Zhou 
Key Points
- 😄 Tesla China received 13.9k insurance registrations in the third week of August, down 0.71% from the previous week.
- 🚗 So far, Tesla China has seen around 39.4k insurance registrations in China this month.
- 🇨🇳 The impressive numbers bode well for Tesla, especially with focus on the domestic market and Giga Shanghai’s resources.
- 📈 Tesla China had 14k vehicle registrations in the week ending August 13, a 9.38% improvement from the week before.
- 🚙 The Model Y crossover seems to be driving consistent domestic sales for Tesla in China.
- 🛠️ Tesla China is expected to deliver the Model 3’s Project Highland update soon, possibly tempering Model 3 sedan sales.
- 📢 Customers are given the option to wait for the Project Highland update with fewer incentives, as per reports.
Tesla China’s vehicle sales in August are shaping up to be impressive, as projected by industry observers who indicate that the electric vehicle manufacturer garnered approximately 13,900 insurance registrations during the week ending on August 20. This figure represents a marginal decrease of only 0.71% compared to the estimated 14,000 registrations recorded in the preceding week.
Based on the performance data from August 14 to 20, 2023, Tesla has seemingly amassed around 39,400 insurance registrations in China for the entirety of this month. This substantial figure reflects positively on Tesla’s prospects, especially since Giga Shanghai is likely to concentrate its efforts on the domestic market in the forthcoming weeks.
For context, Tesla China saw 14,000 vehicle registrations in the week ending August 13. This was a 9.38% improvement from the 12,800 registrations that were tracked from the week before. Tesla China also saw 10,600 insurance registrations in the week ending July 30, 2023.
While Tesla’s domestic sales in China seem consistent for now, especially impressive is the fact that the electric vehicle maker is likely achieving such results with just one vehicle — the Model Y crossover. Expectations are high, after all, that Tesla China is about to start delivering the Model 3’s Project Highland update in the coming weeks.
As such, sales of the Model 3 sedan are likely tempered in the domestic Chinese market today, as some buyers are probably waiting for the updated vehicle to be released. This was certainly suggested in previous reports surrounding Tesla China.
The China Securities Journal, for one, claimed in a report that Tesla China is already taking reservations for the updated Model 3 and that customers are being given the option of taking delivery of a current-generation vehicle with multiple incentives today or waiting for a Project Highland unit with fewer incentives. The publication claimed that more customers are willing to wait for the Project Highland update, at least for now.
