Tesla sales in China rose 85.5% in March

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Tesla Inc (NASDAQ: TSLA) reported higher sales for locally made electric vehicles in China last month, according to multiple reports on Sunday, citing the China Passenger Car Association (CPCA).

What happened: Austin, Texas-based Tesla sold 65,814 Chinese-made electric vehicles in March, up 85.5% year over year and up 16.5% from February, CnEVpost reported.

Tesla sold 35,478 vehicles in China in March last year and 56,515 vehicles in February this year.

The Elon Musk-led company shipped just 60 vehicles in March, the report said.

See also: Tesla Giga Shanghai said to remain closed amid COVID-19 lockdowns

Why it matters: Tesla’s Giga Shanghai began production in December 2019, a year after construction began at the site. The site, which contributed to 52% of Tesla’s global deliveries last year, has made the Model 3 electric sedan and the Model Y sport-utility vehicles at its Shanghai gigafactory.

Built with a $2 billion investment, the manufacturing site has quickly become a key element of Tesla’s manufacturing strategy.

Price action: Tesla stock closed 3% lower Friday at $1,025 a share.

Photo: Courtesy of Tesla

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.


This post Tesla sales in China rose 85.5% in March was original published at “https://www.benzinga.com/news/22/04/26560554/breaking-teslas-china-sales-jumped-85-5-in-march”

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