Tesla Insures 12,500 New Vehicles in China Last Week

Tesla Insures 12,500 New Vehicles in China Last Week

Tesla reported strong sales growth in the first half of 2024, with significant increases compared to both 2022 and 2023 figures. The data, compiled from weekly sales figures, reveals a promising trajectory for the electric vehicle maker.

In the fast-evolving landscape of electric vehicles, Tesla continues to make significant strides, especially in key markets like China. As we delve into the insured units data for the specified weeks in the early months of 2024, a clear picture emerges of Tesla’s performance and market reception in China.

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Week 1-4: A Strong Start

The year began on a positive note for Tesla in China, with the number of insured units steadily increasing week by week. In the first week of January, Tesla insured 3,200 units, signaling a promising start to the new year. This momentum continued into the second and third weeks, with insured units climbing to 7,400 and 11,700, respectively.

Week 4-8: Sustained Growth

As January drew to a close and February began, Tesla’s insured units in China remained on an upward trajectory. Week 4 saw a notable increase to 12,700 units, indicating continued demand and consumer confidence in Tesla’s offerings. The trend persisted into early February, with insured units reaching 10,600.

Week 9-10: Transition into February

As the Lunar New Year festivities approached, Tesla’s insured units experienced a slight dip, falling to 5,700 in the first week of February. However, this was followed by a rebound in the second week, with insured units climbing back up to 2,600.

Week 11-12: Towards Mid-February

In the third week of February, Tesla’s insured units in China surged once again, reaching 10,800 units, showcasing resilience and robust demand. This positive momentum carried forward into the last week of February and the beginning of March, with insured units hitting an impressive 12,500.

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  • Overall growth: Year-to-date sales in 2024 have surpassed those of both 2022 and 2023 for the same period.
  • China leads the way: China continues to be Tesla’s strongest market, with sales in 2024 consistently exceeding those of 2022 and 2023.
  • Europe surges: European sales have shown remarkable growth in 2024, nearly doubling compared to the same period in 2023.
  • US market remains steady: While not exhibiting the same explosive growth as other regions, the US market continues to be a significant contributor to Tesla’s overall sales.

Tesla ($TSLA) Plummets 7% Amid Concerns Over Q1 Deliveries and FY’24 Growth Outlook

Tesla’s stock took a sharp 7% nosedive today as investors express growing apprehension over the company’s first-quarter deliveries potentially falling well below Wall Street’s expectations. This concern stems from Tesla management’s indication during the fourth-quarter earnings call that fiscal year 2024 volume growth would be “notably lower” than the impressive 38% growth seen in fiscal year 2023.

But what exactly does “notably lower” mean? Analysts pegged the fiscal year 2024 year-over-year volume growth at a modest 16%. However, emerging worries suggest that Tesla’s first quarter could disappoint, potentially pushing the year-over-year volume growth closer to 10%, significantly lower than the street’s projection.

This disappointing outlook has further fueled speculations of impending downward revisions to Tesla’s fiscal year 2024 earnings. Already, Wall Street estimates for Tesla’s earnings per share for fiscal year 2024 have plummeted by a staggering 45% over the past year.