Business
Tesla Outperforms Chinese Rivals with 17% Surge in EV Deliveries Amid Increased Government Subsidies
Tesla's Chinese factory has increased its electric vehicle delivery by 17%, even as competitors Li Auto and Nio experience declining sales. The American automaker has defied the overall downward trend in the first half of the year, largely due to increased government subsidies boosting sales.
Gigafactory 3 in Shanghai, owned by the American automobile manufacturer, dispatched 86,697 units of Model 3 and Model Y cars to both local and international customers in August. This represents a 17% increase from July's figures and a 3% rise compared to the same time last year, as reported by the China Passenger Car Association (CPCA).
Even with the recent recovery, the factory's shipments in the initial eight months of 2024 were 6 per cent less than the 624,983 vehicles it delivered during the equivalent period the previous year.
"Tesla and its Chinese competitors have gained advantage from the government's financial incentives to promote the purchase of electric vehicles as replacements," remarked Tian Maowei, a sales executive at Shanghai's Yiyou Auto Service. "Given the increasing preference for electric vehicles over gas-powered ones among younger drivers, Tesla's market performance in China is expected to sustain its stability in the forthcoming months."
Towards the end of July, Beijing increased the subsidies for electric vehicle purchasers by two-fold, merely three months following the introduction of incentives aimed at speeding up the transformation of the local car industry.
Discover more from Automobilnews News - The first AI News Portal world wide
Subscribe to get the latest posts sent to your email.