Copyright FOURIN, Inc. 2023
Tesla Sales Soar in China Following the Launch of Local Production
In the first 10 months of 2020, Tesla’s new vehicle registration volume increased threefold to about 100,000 units compared to the same period of the previous year driven by mass production of the China-made Model 3. In the first three quarters of 2020, sales revenue went up 1.9-fold to 4.04 billion USD. Following the sales expansion in China, Tesla is increasing production capacity of its Shanghai plant and expanding its product lineup as well as charging and service network.
Tesla is increasing its production capacity in response to sharp increase in sales in China. As of October 2020, the Model 3’s annual production capacity at the Shanghai plant reached 250,000 units, far exceeding the originally planned 150,000 units. In addition, construction of the second phase of the Shanghai plant began in January 2020.