Tesla Weekly Sales In China Fall Nearly 20%, Slipping Below 10K Units

Tesla Inc. TSLA experienced a decline in sales in the third week of July in the Chinese domestic market amid sluggish sales in North America and Europe.

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What Happened: Elon Musk‘s automaker recorded 9.9k new insured registrations in China during the week of July 14 to July 20, data shared on Tuesday by influencer Roland Pircher on X showed.

Sales declined 19.3% compared to last week, when Tesla registered over 12.3k new insured registrations. However, this quarter for the EV giant is up over 72.2% but sales are down 4.3% YoY.

Why It Matters: The figures follow an interesting time for Tesla. While sales in the U.S. dropped over 12% in Q2, the Chinese figures have continued to be resilient for Musk and Tesla.

Dwindling sales have also led to high-profile exits from the EV maker, with Troy Jones, who led the Tesla sales team for more than a decade, recently parting ways with the company to be replaced by Raj Jegannathan, a senior IT executive at Tesla.

Meanwhile, the company is doubling down on China with Tesla recently registering the Model 3+ trim with over 500 miles of range on a single charge, as the all-electric sedan recently reached the 3 million worldwide sales mark.

Tesla offers Satisfactory Momentum and Quality, while scoring well on the Growth metric, but offering poor Value. For more such insights, sign up for Benzinga Edge Stock Rankings today!

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