In August 2024, Tesla's Gigafactory 3 in Shanghai delivered 86,697 Model 3 and Model Y vehicles, marking a 17% increase from July and a 3% rise year-on-year. However, total deliveries for the first eight months of 2024 fell short by 6%, totaling 624,983 cars compared to the same period last year. This decline comes as the Chinese government doubled EV purchase subsidies to 20,000 yuan (approximately US$2,808) in late July, aiming to stimulate the market. [ba05ce47]
While Tesla is experiencing growth, its rivals are facing challenges. Li Auto reported a 5.6% drop in deliveries, totaling 48,122 units in August, while Nio's deliveries decreased by 1.6% to 20,498 units. In contrast, BYD achieved a record sales figure of 373,083 units in August 2024, further intensifying competition in the EV sector. [ba05ce47]
Looking ahead, Tesla plans to introduce a six-seat variant of the Model Y in China starting in late 2025, which could enhance its product lineup and appeal to a broader customer base. This strategic move is part of Tesla's ongoing efforts to maintain its competitive edge in the rapidly evolving Chinese EV market. [ba05ce47]