After five full weeks since delivering its newly redesigned Model 3 in China, Tesla’s (TSLA) insurance registrations rose 5.4% on Tuesday, jumping from 16,700 in the week commencing 27th November to 17,600 at the beginning of this week.
Tesla rolls out more EVs in China ahead of global target reviews
The registrations, reported by CnEVPost, do not calculate the separate Model 3 and Model Y registrations; rather, the figure totals both registrations and pits against competitor electric vehicle (EV) manufacturers. According to the data, Tesla’s sales for November decreased 17.8% when compared to the same period last year, with this drop including Chinese exports in the total.
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Earlier this year, Tesla Motors founder and CEO Elon Musk declared the company’s goal to deliver 1.8 million motors in 2023, and, with the purchasing levels in China alone providing 104,500 sold units, it seems the EV giant may complete its ambitions. However, Model Y prices on the Chinese motor market have consistently increased over the 5-week period since the model’s redesign, contributing to a minor slowdown at the opening of this week’s market. To combat this, Tesla has offered an insurance subsidy of $1,127 for entry-level purchases (first-time Tesla buyers), which has accounted for the majority of Tesla’s China sales.
Tesla stock has grown approximately 90% and outperformed many of the larger cap stocks on the S&P 500 index (standard & poor) since the start of 2023. It now sits at sixth on the 35-stock IBD (investor business daily list) and is up 1.33% at $238.72.
