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China Emerging as Key Driver for Tesla’s Global Sales

By Ding Yi / Oct 31, 2019 06:19 PM / Business & Tech

Photo: VCG

Photo: VCG

As Tesla’s U.S. sales slow, the growing China market is increasingly playing a more important role in its global sales as the American electric-car maker inches toward opening its Shanghai factory.

Tesla’s third-quarter revenue in China surged 64% year-on-year to $669 million, a stark contrast to the U.S., where its sales were down $2 billion to $3.1 billion, according to a regulatory filing.

Tesla racked up $6.3 billion in total revenue in the third quarter, according to the filing, with the U.S. remaining the biggest source of revenue.

Its Shanghai factory has started producing electric vehicles on a trial basis, and has been described by founder Elon Musk as a “template” for the company’s future growth. The factory is set to expand Tesla’s production capacity by 500,000 units by June 2020.

On Tuesday, Tesla said that it had expanded its fast-charging network in the Chinese mainland to include 2,000 charging stations.

The company has so far placed its “Superchargers” in more than 130 Chinese cities, the company said.

Contact reporter Ding Yi (yiding@caixin.com)
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