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Tesla, Inc. (NASDAQ:TSLA) achieved record sales in China for the month of August despite several pushbacks on the electric vehicle market in the country.
What Happened: Tesla's wholesale sales in China totaled 44,264 units in August, Reuters reported, citing the China Passenger Car Association.
This represented a 275% year-over-year increase and a 34.3% month-over-month increase from the 32,968 vehicles sold in July.
The company exported 31,379 units of the August wholesale sales total, up about 29% from a month ago.
In terms of total new energy vehicles sold, Tesla was second only to Warren Buffett-backed BYD Company Limited (OTC:BYDDF).
Tesla now produces two vehicle models, namely Model 3 and Model Y, at its Giga Shanghai.
The factory is now mass producing Model Y vehicles for deliveries in China as well as overseas markets, including the rest of Asia, Europe and Australia.
Related Link: Is Tesla's Long-Term EV Market Leadership Under Threat?
Uptick In Domestic Sales: After excluding exports, domestic sales came in at 12,885 units.
The number, though representing a nearly 50% month-over-month increase, is up only 8% on a year-over-year basis.
Last month, Tesla's CEO Elon Musk clarified the company focuses on exports in the first half of the quarter, and the focus shifts to vehicles meant for domestic sales in the second half.
Among the U.S.-listed Chinese EV trio, Nio, Inc. (NYSE:NIO) delivered 5,880 vehicles in August, up 48.3% year-over-year but down 25.9% from July. The company also lowered its deliveries target for the third quarter.
XPeng, Inc. (NYSE:XPEV)'s August deliveries climbed 172% year-over-year but were down 10.3% from July at 7,214. Li Auto, Inc. (NASDAQ:LI) reported a 250% year-over-year increase and a 9.8% rise in August deliveries to 9,433 vehicles.
TSLA Price Action: Tesla shares were down 0.87% at $746.40 midday Wednesday.
Related Link: Tesla's Model Y Makes News, Here's Why
Photo: Tesla CEO Elon Musk at the Giga Shanghai groundbreaking.
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.
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