Gary Zhou 
Key Points
- 📉 Tesla China experiences a 9.29% week-over-week drop in insurance registrations, recording 12,700 registrations in the second week of November.
- 🚗 Insurance registrations are used as an indicator of Tesla’s performance in the Chinese market, with a projected total of 22,900 registrations for November.
- 🔄 Tesla China often focuses on the domestic market in the latter half of a quarter, potentially leading to increased registrations in the coming weeks.
- 💰 Tesla China adjusts prices for its locally-produced Model 3 and Model Y vehicles, implementing recent increases for certain variants.
- 📊 Recent data from the China Passenger Car Association (CPCA) reveals that Tesla China sold 72,115 Giga Shanghai-made vehicles in October, with the Model Y accounting for 92.06% of domestic sales.
- 🌐 With deliveries of the upgraded Model 3 underway, Tesla aims to reach its ambitious goal of 1.8 million vehicles this year, leveraging revamped models to boost sales in the remaining weeks of the fourth quarter.
Tesla China’s insurance registrations saw a 9.29% drop week-over-week, with industry watchers indicating that the electric vehicle maker saw 12,700 insurance registrations in the week of November 6 to November 12, 2023. During the previous week, Tesla China saw 14,000 insurance registrations.
While Tesla China does not announce its weekly sales, a general idea of the company’s performance in the domestic Chinese market can be inferred through new vehicle insurance registrations. These registrations are reported by a number of entities in China, such as insiders and automakers like Li Auto.
Considering that Tesla saw 12,700 insurance registrations in the week ending November 12, 2023, it would appear that the electric vehicle maker saw a total of 22,900 insurance registrations in November so far. And since Tesla China typically allots its resources to the domestic market in the latter half of a quarter, it would not be surprising if the number of insurance registrations increases in the coming weeks.
Tesla China has been quite busy adjusting the prices of its domestically-produced vehicles, the Model 3 sedan and the Model Y crossover. Just yesterday, the electric vehicle maker implemented a price increase for the Model 3 and Model Y Rear Wheel Drive (RWD). Earlier this month, Tesla China also increased the starting prices of the Model 3 and Model Y Long Range Dual Motor All Wheel Drive (AWD).
Data from the China Passenger Car Association (CPCA) indicates that Tesla China sold a total of 72,115 Giga Shanghai-made vehicles in October. From this number, 43,489 were exported abroad, and 28,626 were sold in the domestic Chinese market. Partly due to Giga Shanghai’s transition to the Model 3 Highland, the all-electric sedan contributed only 7.94% to Tesla’s domestic sales in October. The Model Y accounted for a whopping 92.06%.
Considering that the deliveries of the upgraded Model 3 are already starting, it would not be surprising if the all-electric sedan ends up accounting for a larger portion of Tesla China’s sales for the remaining weeks of the fourth quarter. Tesla, after all, is looking to hit 1.8 million vehicles this year, so a revamped best-seller like the Model 3 Highland may be just what the EV maker needs to help it achieve its ambitious target.
