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U.S. electric vehicle giant Tesla, Inc. (NASDAQ:TSLA) reported record deliveries for June in China, as production ramped up following the COVID lockdowns.
What Happened: Tesla sold 78,000 Giga Shanghai-made cars in June, Reuters reported, citing estimates by the China Passenger Car Association.
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The June performance marked a 177% year-over-year increase from the 28,138 cars delivered in the year-ago quarter. On a month-over-month basis, the increase was a more modest 142% from the 32,165 units sold in May.
Incidentally, the June number exceeded pre-COVID sales of 65,814 units for March and also eclipsed the previous record of 70,847 units in December 2021.
Preliminary estimates provided by the CPCA did not give the breakdown of domestic sales versus exports for the month of June. Tesla historically focuses on production for exports in the first half of the quarter before beginning to produce for domestic sales in the second half.
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Why It's Important: Tesla was forced to shut down its Giga Shanghai plant for the better part of April due to COVID lockdowns in China. The company sold merely 1,512 cars in April. As the factory reopened on April 19, Tesla could only run a single shift and the ramp-up was gradual.
Chinese EV makers Nio, Inc. (NYSE:NIO), XPeng, Inc. (NYSE:XPEV), Li Auto, Inc. (NASDAQ:LI) and BYD Company Limited (OTC:BYDDY) reported June deliveries of 12,961 units,15,295 units, 13,024 units, and 69,544 units, respectively.
Releasing its worldwide June quarter deliveries on Sunday, Tesla said it sold 254,695 cars, representing an 18% sequential drop. The company, however, said production was at a record in June.
Photo: Courtesy of tesal.com
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.