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Tesla China-made Sales Hit a Record

Sam Boughedda trader
Updated 10 Oct 2022

Buy Tesla Shares Your Capital Is At Risk

Key points:

  • Tesla China-made sales hit a record
  • The number rose 8% from August
  • Tesla shares fell in early Monday trading

Tesla (NASDAQ: TSLA) delivered 83,135 vehicles from its Shangai factory in September, smashing its monthly record, according to a report released on Sunday by the China Passenger Car Association.

According to Reuters, the number was an 8% increase from August, setting a new record for Tesla's Shangai factory since production began back in December 2019. In addition, September topped its previous record of 78,906 back in June.

The electric vehicle firm accelerated its China deliveries after suspending production at its Shangai facility in July. As a result, Reuters said Tesla increased its factory capacity and weekly output to levels of 22,000 units compared to 17,000 in June.

Also Read: Who Are Tesla’s Competitors?

The plant manufacturers Model 3s and Model Ys, and the facility reopened on April 19th after Covid lockdowns. The company since resumed its full production in mid-June.

Furthermore, TheFly stated that CPCA data showed Tesla's 8% outpaced the 5% month-on-month growth of all wholesale electric vehicles in China.

In a brief statement reported by Reuters, Tesla said, “the record high sales of China-made Tesla cars showed electric vehicles have been leading the mobility trend.”

Despite the positive news, Tesla's price target was cut to $340 per share from $367 at RBC Capital. Tesla's stock has tumbled 41% in 2022 and is down a further 1.4% on Monday, shortly after the open.

Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.