During the week of March 18-24, 2024, Tesla China observed a rebound in insurance registrations compared to the previous week. Industry analysts focusing on the Chinese auto market note that Tesla China recorded approximately 13,200 insurance registrations during this period.
These figures mark one of Tesla China's strongest weeks in March for domestic vehicle sales. For context, Tesla China's insurance registrations were around 12,500 for the week ending March 3, increased to 13,200 for the week ending March 10, and then slightly dropped to 12,300 for the week ending March 17.
Tesla China's domestic vehicle registrations for the week ending February 17 showed a week-over-week increase of 7.32%. This rise is somewhat expected, given Tesla's typical emphasis on the Chinese market in the final weeks of a quarter.
According to Gary Black, a Tesla supporter and experienced figure in Wall Street's financial landscape at The Future Fund, Tesla China's current estimate for domestic vehicle registrations stands at approximately 116,500 vehicles, leaving one week remaining in the quarter. This figure reflects a quarter-over-quarter decline of 25.6% and a year-over-year decrease of 5%. For context, the CPCA (China Passenger Car Association) reported that Tesla's total domestic deliveries in China during Q1 2023 amounted to 137,400 vehicles.
Although some Tesla enthusiasts may find Tesla China's performance this quarter disappointing, the month isn't over yet. Observers within the EV community in China have observed significant activity at Tesla's delivery centers as March draws to a close. With one week remaining in the quarter, Tesla China still has the opportunity to boost its domestic deliveries for Q1. Given sufficient effort and consumer demand, Tesla China could potentially narrow the gap between its Q1 2024 results and the impressive numbers achieved in Q1 2023.
It's worth noting that Tesla China does not disclose its weekly domestic sales figures. However, industry analysts closely monitor new vehicle insurance registrations filed each week, providing a reliable indicator of the company's performance in the local Chinese market. Additionally, some automakers like Li Auto also track these registrations to gauge market trends.
--------The article excerpted from TESLARATI.