Tesla's China Sales Slip Over 10% in Mid-June After Strong May Surge

Tesla Inc.‘s TSLA Chinese sales have gone down in the third week of June after experiencing steady growth in the country in May.

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What Happened: Tesla recorded over 13,800 new insured registrations in the Chinese domestic market for the week of June 16 to June 22, according to data shared by influencer Roland Pircher on X on Tuesday.

The registrations fell almost 11% compared to the previous week's 15,500 new registrations and almost 21% year-on-year. Data shared by Pircher also showcased that the company's sales went down 7.6% year-to-date.

Why It Matters: The news comes in as Tesla had recently topped the sales charts in China with the company's Model Y emerging as the best-selling SUV in the country during the month of May.

Tesla had also exported the Model Y Juniper out of China for the first time recently and had registered over 38,588 units sold in May, which was a 34% increase compared to the previous month.

Elsewhere, Elon Musk's company had recently penned down a deal with the local government in Shanghai to set up a grid-scale energy storage facility in the city with the company's Megapacks as part of a $550 million investment.

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