Tesla China Registrations Shine But Will U.S., Europe Weigh On Q4?
Global deliveries are expected Jan. 2. Will they be enough to top 2023's total?
Tesla (TSLA) vehicle insurance registrations in China rose sequentially last week, as demand in China continues to be a bright spot for the EV giant with analysts awaiting official fourth-quarter delivery data later this week. TSLA edged higher early Tuesday.
Tesla insurance registrations in China totaled 18,600 for the week of Dec. 23-Dec. 29, up about 5.7% from 17,600 the previous week, according to data compiled by CnEVPost. The fourth quarter ends and official delivery numbers are expected Thursday. Tesla registrations in China, a rough gauge for deliveries, are up 8.3% compared to last quarter and have increased 13.6% vs. a year ago.
Tesla's year-to-date China registrations, which lagged earlier this year, turned positive in the third quarter and are now up about 7.7% compared to the same time frame in 2023.
Tesla China has been a strength for the EV giant in Q4 while the company has experienced generally weaker EV demand in the U.S. and Europe.
In separate China news, Tesla's Shanghai megapack factory has been completed after seven months and has begun trial production, according to state media. Mass production will start in early 2025. The plant will package batteries from CATL, BYD (BYDDF) and others for Tesla Energy's storage products.