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Tesla Inc.’s (NASDAQ:TSLA) China sales is picking up momentum, although it continues to trail behind Warren Buffett-backed BYD Manufacturing Co. (OTC: BYDDY) (OTC:BYDDF).
What Happened: Insurance registrations for Tesla vehicles came in at 17,032 units for the week ended March 12, up 28.4% from 13,266 units in the previous week, reported CnEVPost. Insurance registrations, considered a proxy for sales, have been rising for a fourth straight week.
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About two-thirds were for Model Y vehicles, with the Model 3 vehicles accounting for the rest.
BYD’s weekly sales of pure play EVs, though declining 6%, came in at 19,874 units, outnumbering Tesla’s tally. If the Chinese company's plug-in hybrids were also accounted for, insurance registrations totaled 37,141 units.
Why It’s Important: China is one of Tesla’s key markets, both from demand and supply perspectives. Despite the U.S. EV giant’s diversified production base, about half of its vehicles roll out of its Chinese factory.
Amid the recurrences of the COVID-19 pandemic in China in 2022, the company faced production issues and its demand faltered as well. The company has been resorting to downward price adjustments since late October to reinvigorate demand.
Analysts are of the view that Tesla’s lack of a sub-$30,000 vehicle is hurting its prospects in China.
Price Action: In premarket trading, Tesla stock rose 0.84%, to $175.95, according to Benzinga Pro data.
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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.