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Sales of Tesla Inc (NASDAQ:TSLA) vehicles in China are crucial for the company's future growth, which has raised concerns among investors after a decline in sales during the first half of 2024.
What Happened: Tesla vehicle sales in China saw a rebound in the month of July, with a year-over-year increase of 15% reported and 7.8% market share of new electric vehicles.
Tesla China sales could come in strong for the month of August thanks to a holiday and buying incentive, adding to the third-quarter strength for the company in the region.
The Beijing Crab Island Delivery Center in China saw strong traffic of consumers waiting to take delivery of their new electric vehicles over the weekend, as reported by Teslarati.
The report, based on photos and videos posted on social media, highlights the potential significance of August for Tesla’s performance in the region.
According to the report, the delivery center can deliver 100 Tesla vehicles simultaneously when it is full. Additional images of the Hangzhou Delivery Center revealed similarly heavy traffic.
Saturday, Aug. 10 marked Qixi Festival for Chinese residents, a holiday similar to Valentine's Day in the United States. It was that day that saw the large influx of buyers.
Tesla also recently extended its 0% interest financing offer in China until Aug. 31 on several models.
Why It's Important: With the influx of buyers at Tesla delivery centers over the weekend and the 0% interest offer, August could come in as a strong month for sales of Tesla vehicles in the region for the month.
Tesla's Shanghai gigafactory had 46,277 vehicles delivered domestically in July, according to the report. This marked the best first month for a quarter for Tesla in China.
The Tesla Model Y was the bestselling new energy vehicle in China for the first half of 2024 with 207,817 units sold.
As Tesla faces competition in China from the likes of BYD Co. (OTC:BYDDY) and concerns of demand in areas like the United States, the reports of a strong rebound in China in August after a rough first half of the year will be welcomed by investors.
TSLA Price Action: Tesla shares trade at $198.58 versus a 52-week trading range of $138.80 to $278.98. Tesla stock is down 20.7% over the last year.
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Image created using artificial intelligence via Midjourney.
