In March, Tesla Giga Shanghai’s overall wholesale vehicle shipments (local retail sales and exports) remained stable compared to the previous year.

According to the China Passenger Car Association’s (CPCA) initial data, the wholesale shipments of Tesla’s Made-in-China (MIC) Model 3/Model Y cars last month amounted to 89,064, 0.2% more than a year ago.

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Tesla Giga Shanghai EV factory

The Tesla Giga Shanghai factory is the world’s largest all-electric car manufacturing plant, which in 2023 produced close to 950,000 Model 3 and Model Y cars. Tesla EVs from Shanghai are sold mostly in China, while exports represent more than a third of the volume.

That’s the highest monthly result so far this year but it indicates that the company is not able to significantly expand sales like in the previous years.

* CPCA reports wholesale shipments (closely related to production), not registrations/customer deliveries.

The Shanghai factory is operating at a high level of utilization, producing some 940,000 units during the past 12 months.

Tesla MIC Model 3/Model Y wholesale shipments last month (YOY change):

• Total wholesale shipments: 89,064 (up 0.2%)

In Q1, the total wholesale sales exceeded 220,000 units, which is 4% less than a year ago. The question is whether Tesla will be able to match 2023’s volume in 2024. There was a report that the factory would slow down production.

Tesla MIC Model 3/Model Y wholesale shipments year-to-date (YOY change):

• Total wholesale shipments: 220,876 (down 4%)

For reference, in 2023, the total wholesale sales almost reached 950,000 units, up 33% year-over-year.

Considering that Tesla produced 433,371 cars in Q1 2024, the Shanghai factory was responsible for 51% of the total volume.

According to CnEVPost, Tesla recently introduced in China—for the first time—a 0% interest loan offer. The basic deal is for three years, but when combined with an old car trade-in, it might be for up to five years. This might help to boost sales, although the situation is challenging due to fierce competition and an ongoing EV price war in China.

As of today, the initial CPCA data does not include numbers for retail sales and exports or individual results for the two models.

Below, we share the total wholesale sales of the Model 3 and the Model Y through February 2024.