Tesla Records 17.3K Insured Registrations In China During 3rd Week Of September, Sales Grow Over 33%

Tesla Inc.‘s TSLA sales in the Chinese market have continued their growth trajectory with the latest data released for the third week of September.

A 33% Growth In Sales For Tesla China

The company recorded 17.2K new insured registrations in China during the week of September 15 to September 21, up 33.2% from the previous quarter, as illustrated by influencer Roland Pircher‘s data shared on X on Tuesday.

Compared to the previous week, the sales grew over 12.7% and 25.6% YoY, but YTD sales for China were still down 5.9% when compared to the same period last year. This week was also Tesla’s third-highest week of the year, as well as the highest week of the quarter so far.

Tesla China Sales Boost Amid Lackluster Global Performance

Tesla’s China sales in September could provide the company with a much-needed boost as its sales figures in other regions have been lackluster. Tesla recorded a 40.2% decline in sales in Europe, as well as captured a market share of less than 40% in the U.S. for the first time since October 2017.

Tesla has also reportedly discontinued the RWD long-range version of the Cybertruck in the U.S., which retailed for $69,990 as the company struggles to get the EV pickup off the showroom lots.

However, the company is on track to beat analyst expectations for the third quarter deliveries, which led to a surge in its share price despite experts like Gerber Kawasaki‘s co-founder Ross Gerber cautioning against the surge.

FSD China Lawsuit

Meanwhile, Tesla is also facing a lawsuit in China, as over 7 customers have claimed refunds and damages from the automaker for not providing the customers with FSD capabilities despite the customers paying for the feature, reports from the local media in China suggest.

Tesla scores well on Momentum and Growth metrics, while offering satisfactory Quality, but poor Value. For more such insights, sign up for Benzinga Edge Stock Rankings today!

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