(Bloomberg) — Deliveries from Tesla Inc.’s Shanghai factory fell for a second month in November, despite an increase in subsidies from the Chinese government aimed at enticing more consumers to buy an electric car.
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Elon Musk’s electric vehicle maker shipped 78,856 units last month, down 4.3% year-on-year, preliminary data released Tuesday by the China Passenger Car Association show. That was up 15.5% on October, however.
Tesla and local competitor BYD Co. are among the big brands offering extra incentives to buyers in China, the world’s largest automobile market, in a final push to help meet year-end sales targets. Asia’s biggest economy is a hugely important market for Tesla and its showing there this quarter will be crucial to whether it can close out 2024 with record sales.
Tesla will have to sell a record number of EVs globally in the final three months of 2024 — at least 515,000 units — to make good on its guidance of “slight growth” in annual sales versus last year’s 1.81 million deliveries.
New-energy passenger vehicle wholesale deliveries more broadly in China meanwhile were estimated to be around 1.46 million units last month, up 51% year-on-year, PCA said.
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