Tesla China October wholesale sales fall 28.88% to 67,829

October wholesale falls from September high

The October total was the second-lowest monthly level this year, above only February's 58,599 units, CPCA data compiled by CnEVPost showed. Tesla China has now posted year-on-year wholesale growth in all 10 months so far this year, with October's increase accelerating from September's 5.01%.

Wholesale figures count both domestic sales and exports from the Shanghai factory. In the first 10 months, cumulative wholesale sales reached 810,889 vehicles, up 21.42% year on year, slowing from 22.54% growth in the first nine months.

Exports had offset weaker China deliveries

The preliminary release did not split October's domestic sales and exports. Before October, export growth had offset declines in Tesla's domestic deliveries in China.

In July, Tesla delivered 27,249 vehicles in China, down 32.91% year on year, while the Shanghai factory exported a record 66,330 vehicles, according to CPCA data compiled by CnEVPost.

In September, the Shanghai factory exported 30,529 vehicles, up 58.29% year on year, while domestic deliveries fell 9.35% to 64,837, according to CPCA data. The same data showed Tesla delivered 381,088 vehicles in China in the first nine months, down 11.93%, while exports from Shanghai rose 108.44% to 361,972.

Exports accounted for 48.71% of wholesale sales in the first nine months, up from 28.64% a year earlier.

Quarter-end incentives ran before the Q3 record

Tesla announced the incentives on 7 September, after August wholesale sales of 86,166 vehicles, up 3.57% year on year but down 7.92% from July, ending three consecutive months of sequential growth, according to CPCA data.

Customers who ordered and took delivery by 30 September could get 10,000 yuan off Model Y inventory variants and 5,000 yuan off Model 3 inventory variants. The offers also included an 8,000 yuan paint benefit, insurance subsidies for selected Model 3 variants and financing deals.

The quarter ended with record Tesla China wholesale sales of 275,111 units, up 13.73% year on year and 8.08% from the second quarter, CPCA data compiled by CnEVPost showed.

Market growth outpaced Tesla

The CPCA estimated nationwide passenger NEV wholesale sales at 1.8 million units in October, up 12% year on year and 8% from September.

Tesla's 10.30% year-on-year growth trailed that 12% increase, and its 28.88% monthly decline contrasted with the market's 8% expansion.