Despite challenges, Tesla Giga Shanghai maintained stable overall wholesale vehicle shipments in March compared to the previous year.
Initial data from the China Passenger Car Association (CPCA) reveals that Tesla’s Made-in-China (MIC) Model 3/Model Y cars saw 89,064 wholesale shipments last month, marking a slight 0.2% increase year over year.
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Tesla Giga Shanghai EV factory
The Tesla Giga Shanghai factory is the world’s largest all-electric car manufacturing plant, producing nearly 950,000 Model 3 and Model Y cars in 2023. Shanghai-made Tesla EVs are primarily sold in China, with over a third being exported.
While this is the highest monthly total for the year, it indicates challenges in expanding sales compared to previous years.
* CPCA data reflects wholesale shipments closely tied to production, not customer deliveries.
The Shanghai factory has been operating at high capacity, producing around 940,000 units in the past 12 months.
Notably, Tesla’s MIC Model 3/Model Y total wholesale shipments last month (YOY change) were as follows:
- Total wholesale shipments: 89,064 (up 0.2%)
In Q1, total wholesale sales surpassed 220,000 units, a 4% decline from the previous year. Concerns arise about whether Tesla will attain 2023’s production volume in 2024, especially amidst reports of potential production slowdowns.
For year-to-date wholesale shipments of Tesla’s MIC Model 3/Model Y (YOY change), the figures are as follows:
- Total wholesale shipments: 220,876 (down 4%)
It’s noteworthy that Tesla nearly hit 950,000 units in total wholesale sales in 2023, marking a 33% increase from the previous year.
Considering Tesla’s Q1 2024 production of 433,371 cars, the Shanghai factory contributed 51% to the overall volume.
CnEVPost reports Tesla’s introduction of 0% interest loans in China, potentially boosting sales in a competitive market landscape with an ongoing EV price war.
Current CPCA data doesn’t cover retail sales, exports, or model-specific results.
Here is a visual representation of the total wholesale sales of the Model 3 and Model Y through February 2024: