During the second week of August, Tesla China experienced an uptick in insurance registrations, contrasting with the overall decline observed in the registrations of other major electric car manufacturers in the country.
By the conclusion of the week ending on August 13, 2023, Tesla China garnered 14,000 insurance registrations, displaying a notable increase of 9.38% compared to the preceding week’s figure of 12,800. To provide context, in the week concluding on July 30, 2023, Tesla China’s insurance registrations stood at 10,600.
Considering the cumulative outcomes until August 13, it can be deduced from a report by CNEV Post that Tesla China has accumulated a total of 25,400 insurance registrations within the current month. This positive trend augurs well for Tesla’s performance in the third quarter, particularly as Giga Shanghai maintains its concentrated efforts within the domestic automotive market.
In a typical quarter, Tesla China allots the majority of its production to vehicles that are exported to foreign territories in the first half of a quarter. This usually means that China’s domestic market is only served fully by Giga Shanghai in the latter half of a quarter. Q3 2023 is only reaching its midpoint this week.
If Tesla China follows Giga Shanghai’s typical routine, the following weeks may see even higher insurance registrations. Such results would be beneficial for Tesla, considering that the electric vehicle maker only sold 64,285 Gigafactory Shanghai-made vehicles in July, as per data from the China Passenger Car Association (CPCA), the lowest this year so far.
Tesla China plays a very important role in the electric vehicle maker’s overall operations. This is due in no small part to the fact that Giga Shanghai is both company’s largest factory by volume and its primary vehicle export hub. Previous reports have suggested that Giga Shanghai is not done expanding as well, as Tesla is reportedly looking to produce even more vehicles in the country.
It should be noted that Tesla China does not disclose weekly sales data. However, the trajectory of the company’s weekly vehicle sales can often be deduced from insurance registrations nationwide. Observers within the industry in China subsequently monitor and release insurance registration statistics. This practice offers a broad perspective on the weekly performance of automakers in the nation’s automotive sector.