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Chinese automaker Nio Inc's (NYSE: NIO) rival Tesla Inc (NASDAQ: TSLA) has further slashed the delivery time for its Model 3 and Model Y cars in China to a maximum of 14 weeks.
What Happened: According to the company’s Chinese website, the Elon Musk-led U.S. auto giant shortened the delivery waiting period for its best-selling models to six to 10 weeks.
The buyers will still have to wait for 10 to 14 weeks after placing the orders for the long-range version of Model Y; however, this is still significantly lower compared to a previous wait time of 16 to 20 weeks. The reduction came as the company ramped up the output at its Shanghai plant.
Earlier, the company, in mid-August, had shortened the waiting period from 24 weeks to 12 to 20 weeks.
Meanwhile, TrueCar’s sales estimates showed that Tesla sales saw 105% growth year-over-year in August in the U.S. — the most out of any brand. Its closest competition was General Motors Co (NYSE: GM) at 40.9% and Mercedes-Benz Group (OTC: DMLRY) at 40% annual growth.
The analysis estimated that Tesla’s market share is now at 4.1% overall or 4.4% of retail.
Price Action: Tesla closed Tuesday's session up 1.56% at $274.42, according to Benzinga Pro data.
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