In June, Tesla Giga Shanghai's wholesale vehicle shipments, including local retail sales in China and exports, decreased year-over-year for the third consecutive month, completing an all-red quarter.
According to the China Passenger Car Association's (CPCA) initial data, the wholesale shipments of Tesla's Made-in-China (MIC) Model 3/Model Y cars last month amounted to 71,007. That's a 24% lower result than a year ago.
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Tesla Giga Shanghai EV factory
The Tesla Giga Shanghai factory is the world's largest all-electric car manufacturing plant. In 2023, it produced close to 950,000 Model 3 and Model Y cars. Tesla EVs from Shanghai are sold mostly in China, while exports represent more than a third of the volume.
Three months of year-over-year decreases in a row, including 24% in June, are a warning sign for Tesla's factory in China.
* CPCA reports wholesale shipments, which are closely related to production. However, this figure does not necessarily represent registrations/customer deliveries.
The market situation is challenging right now. Tesla is not an exception, as even BYD noted a slight increase in all-electric car sales in June (by 13% year-over-year).
Tesla MIC Model 3/Model Y wholesale shipments last month (YOY change):
- Total wholesale shipments: 71,007 (down 24%)
During the second quarter of 2024, Tesla Giga Shanghai's wholesale vehicle shipments amounted to 205,747 units, down 17% year-over-year. The result was also lower than in Q1 at 220,876.
With two negative quarters under the belt, this year's total wholesale sales exceeded 426,000 units, 10% less than a year ago.
Tesla MIC Model 3/Model Y wholesale shipments year-to-date (YOY change):
- Total wholesale shipments: 426,623 (down 10%)
For reference, in 2023, the total wholesale sales almost reached 950,000 units, up 33% year-over-year.
As of today, the initial CPCA data does not include June retail sales and export numbers or individual results for the two models. However, during the January-May period, both categories were down year-over-year.
Below, we share the total wholesale sales of the Model 3 and the Model Y through May 2024. As we can see, the Model 3's total volume slightly increased after the refreshed "Highland" version was launched in 2023. By the end of May, its wholesale volume amounted to 142,588 units (up 10% year-over-year).
The main issue is that the Model Y's volume decreased by 16% year-over-year to 213,028 units. Applying a refresh to the Model Y would probably help, but according to Tesla CEO Elon Musk, it's not planned for 2024.
