Tesla China on track for blockbuster quarter as weekly insurance registrations hit over 18k – money.andronezia.com

By | March 21, 2023

Tesla China is poised for a blockbuster quarter. This comes amidst the company’s strong weekly insurance registrations, which reached over 18,000 units during the week of March 13-19, 2023.

Industry watchers in China have released their data for the weekly insurance registration of the domestic auto market. As per data tracked, insurance registrations for China’s NEV sector were at 113,000 last week, a 4.6% increase from 108,000 units from the previous week.

As per industry data, Tesla China saw 18,712 insurance registrations in the week ending March 19, an increase of 9.8% compared to the previous week’s 17,032 registrations. Considering that Tesla China also saw 13,266 registrations during the first week of March, the electric vehicle maker has sold around 49,000 vehicles domestically this month so far.

A quick glance at Tesla China’s performance in the domestic auto market over the past month suggests that the week ending March 19 was the EV maker’s best week since late November. The week ending March 19 is also the second best week in terms of insurance registration data, right behind the week September 19-25 2022, when the total 23,109 units registered.

Taking these results into account, Tesla China’s insurance registrations have passed around 106,000 units for the first quarter with a week and a half left. Provided that Tesla China maintains its momentum through the final days of March, the electric vehicle maker may have a chance to post record quarterly sales for domestic sales. This is particularly impressive as the Chinese New Year also impacted domestic sales this quarter.

Other automakers in the country’s NEV sector are seeing mixed results. Similar to previous weeks, BYD saw the most insurance registrations in China with 38,414 units last week, a 3.4% increase from the 37,141 registrations it saw in the previous week. This number, however, includes vehicles that are not purely battery-electric. NIO, on the other hand, saw its registrations drop by 18%, from 2,170 in the second week of March to 1,775 units last week.

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