Tesla China’s insurance registrations for the week of March 18-24, 2024 saw some recovery from the previous week. As per industry watchers who are following the domestic Chinese auto segment, Tesla China appears to have seen about 13,200 insurance registrations last week.
With such results, the week of March 18-24 currently stands as one of Tesla China’s strongest weeks this March in terms of domestic vehicle sales. For context, Tesla China is estimated to have seen 12,500 registrations for the week ending March 3; 13,200 registrations for the week ending March 10; and 12,300 insurance registrations for the week ending March 17.
Considering Tesla China’s results from the week ending February 17, it would appear that the electric vehicle maker’s domestic vehicle registrations saw a 7.32% increase week-over-week. This increase is not that surprising, however, as Tesla tends to focus a considerable portion of its resources on the domestic Chinese market during the closing weeks of a quarter.
2/ Here’s an alternate view of China weekly insured registrations for Mar 18-24. Source: @Tslachan pic.twitter.com/OAhVmM4pKF
— Gary Black (@garyblack00) March 26, 2024
As noted by Tesla bull and Wall Street veteran Gary Black of The Future Fund, Tesla China’s domestic vehicle registrations are currently estimated at about 116,500 vehicles with one week to spare. This represents a 25.6% drop quarter-over-quarter, and a 5% decline year-over-year. For context, the CPCA has noted that Tesla’s total domestic deliveries in China during Q1 2023 were 137,400 vehicles.
While Tesla China’s numbers this first quarter have been disappointing to some TSLA bulls, the month is not over just yet. EV community members from China have noted that Tesla’s delivery centers seem pretty busy as March approaches its end. And with one week left in the quarter, Tesla China still has some time to push for more domestic deliveries this Q1. With enough effort and demand from consumers, Tesla China may very well be able to reduce the gap between its Q1 2024 results and its stellar numbers from Q1 2023.
Tesla China does not report its weekly domestic sales figures, though a general overview of the company’s performance in the local Chinese market can be inferred from new vehicle insurance registrations that are filed per week. Fortunately for Tesla China, these registrations are tracked closely by industry watchers, and even some carmakers like Li Auto.
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