Breaking into the Chinese market has been of huge success for EV major Tesla Inc. (TSLA) and data published by the China Passenger Car Association (CPCA) on Tuesday has only cemented the claims. According to the agency, Tesla has sold 70,847 vehicles just in December, a record number since Tesla started its production in Shanghai back in 2019, reported Reuters.
The numbers have jumped 300% year-over-year and have increased 34% from its tally in November. According to the article, Tesla has sold a total of 473,078 which includes cars exported. Globally, the carmaker has sold 936,000 units during the same period, another number to show the outright difference that the Chinese market has made in the success of Elon Musk’s company.
The Shanghai factory is capable of producing Model 3 and Model Y SUVs that get delivered in China and exported in countries like Germany and Japan and some other Asian countries. Earlier this month, the company said that the plant has trumped the Street estimates of quarterly deliveries, despite the global semiconductor shortage. The company delivered a total of 308,600 vehicles in the fourth quarter alone beating the estimates of 263,026 vehicles.
Tesla CEO, Elon Musk has also claimed that the EV maker wil be able to hit a 50% growth rate for several years after delivering 87% more deliveries in 2021.
However, Tesla is neither the only player nor the biggest in the Chinese EV market as the top spots are hogged by BYD and Wuling. The global EV surge has also swept over China as the country and Xpeng, Volkswagen, and Nio has also averaged more than 10,000 vehicles per month showing massive growth in a year that has seen a 7% drop in passenger vehicle sales.
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