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EV giant Tesla Inc. (NASDAQ:TSLA) reportedly sold 86,697 China-made EVs in August, including exports and sales within the country.
What Happened: The August sales numbers mark a significant growth of 17% compared to July and 3% year-on-year, CnEVPost reported, citing China Passenger Car Association (CPCA) data. The company sold only 84,159 made-in-China vehicles in August last year.
Tesla makes both the Model 3 sedan and the Model Y SUV at its gigafactory in Shanghai. The vehicles made at the factory are sold within China as well as exported to foreign markets including Europe.
According to Tesla’s second-quarter shareholder report, the gigafactory in Shanghai has an annual vehicle production capacity of over 950,000 Model 3 and Model Y.
Why It Matters: Tesla’s biggest rival BYD Co. (OTC:BYDDY), meanwhile, sold 370,854 new energy passenger vehicles in August, including both plug-in hybrids and battery electric vehicles, marking a growth of 35.3% year-on-year.
Tesla, however, makes and sells only battery electric vehicles.
U.S.-listed Chinese EV startup Li Auto (NASDAQ:LI) also marked a growth of 37.8% in sales from last year and sold 48,122 electric vehicles last month.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
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