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Tesla retail sales in China fall to lowest since July 2022 as export share hits record

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Tesla retail sales in China fall to lowest since July 2022 as export share hits record

Tesla's (NASDAQ: TSLA) retail sales in China fell to their lowest level since July 2022 in October, while exports accounted for a record share of its Shanghai factory's wholesale sales.

Tesla's Shanghai factory exported 59,012 vehicles in October, according to data released Monday by the China Passenger Car Association (CPCA).

Subtracting exports from the previously reported wholesale total of 67,829 vehicles puts Tesla's domestic retail sales in October at just 8,817 vehicles, down 66.10% year-on-year and 86.40% from September.

This marked the fifth consecutive month of year-on-year declines in Tesla's China retail sales and the first time they fell below 10,000 vehicles since July 2022, when sales totaled 8,461, according to data compiled by CnEVPost.

Meanwhile, Shanghai factory exports rose 66.27% year-on-year and 93.30% from September to their second-highest level on record, trailing only the 66,330 vehicles exported in July this year.

Exports accounted for 87% of Tesla China's October wholesale sales, surpassing the previous record of 76.01% set in October 2022, while domestic retail sales accounted for just 13%.

Export growth offset the decline in domestic retail sales, lifting Tesla China's October wholesale sales by 10.30% year-on-year for a tenth consecutive month of growth. However, wholesale sales fell 28.88% from September to their lowest level since February this year.

The decline in domestic retail sales also pushed Tesla's share of China's new energy vehicle (NEV) market down to 0.80%, from 2.03% a year earlier and 5.98% in September.

48% in September.



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