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Tesla Inc (NASDAQ:TSLA) China sales doubled on a year-on-year basis to $6.6 billion, the electric vehicle maker said in a filing with the U.S. Securities and Exchange Commission filing.
What Happened: The Elon Musk-led company said in its annual report that 21.11% out of its total revenue of $31.54 billion for 2020 came from China.
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The number is a marked rise from the previous year when China made up for 12.12% of sales worth $2.98 billion out of a total sales revenue of $24.58 billion.
The United States — the largest market for the automaker — saw sales rise 20.18% to $15.2 billion from $12.65 billion last year.
U.S. sales account for 48.19% of all revenue for the Palo Alto-based EV company.
Why It Matters: Sales of Shanghai-made Tesla Model 3 vehicles commenced last year in China.
The company has been expanding its production facilities to mass produce Model Y vehicles for sale in China.
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At the beginning of 2021, Tesla received enough orders to finish its supply of Model Y vehicles for the first three months of the current year, as per Electrek.
However, it is not been totally smooth sailing for the company in China. On Monday, the automaker received a warning from the country’s top regulator, along with four other agencies, regarding consumer complaints.
Tesla said last week, it was recalling 36,126 Model S and X vehicles in China due to issues related to faulty touchscreens, according to CNBC.
The U.S. automaker faces competition from local Chinese rivals like Xpeng Inc (NYSE:XPEV), Nio Inc (NYSE:NIO), and Berkshire Hathaway Inc (NYSE: BRK-A) (NYSE: BRK-B) Chairman Warren Buffet-backed BYD Company Limited (OTC:BYDDF).
See also: Tesla To Launch $25,000 EV Sedan In China By 2022: Report
Price Action: Tesla shares closed nearly 1.3% higher at $863.42 on Monday and fell 0.56% in the after-hours session.
Related Link: Tesla's $1.5B Bitcoin Investment 'A Sign Of Desperation' From Elon Musk, Says Analyst
Click here to check out Benzinga’s EV Hub for the latest electric vehicles news.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.