In April, Tesla Giga Shanghai's wholesale vehicle shipments (local retail sales and exports) noticeably decreased, deepening the year-to-date decline. According to the China Passenger Car Association's (CPCA) initial data, the wholesale shipments of Tesla's Made-in-China (MIC) Model 3/ Model Y cars last month amounted to 62,167, 18% less than a year ago.
Recent results indicate that Tesla might lose its steam in China in 2024. In 2023, sales were still growing, although noticeable price cuts were required. It is still too early to say how significant the issues are, but it seems that this year will be very challenging, mainly because Chinese manufacturers are engaged in the price war.
So far this year, the total wholesale sales of Tesla MIC Model 3/Model Y exceeded 283,000 units, 7% less than a year ago. For reference, in 2023, the total wholesale sales almost reached 950,000 units, up 33% year-over-year.
A report earlier this year stated that the factory would slow down production. If local sales and exports are lower than a year ago, a reduction in production might be necessary.
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