Tesla Continues to Expand Chinese Market

Tesla’s sales in the Chinese market are consistently increasing. In the fourth quarter of 2023, Tesla sold 484,507 units a 19.55% increase compared to the same period last year. Out of these, 169,935 units were sold in the Chinese market marking a 39.73% increase and capturing 35% of the market share.

Tesla’s total revenue for 2023 amounted to $96.7 billion. According to documents submitted to the U.S. Securities and Exchange Commission (SEC), Tesla’s revenue in China amounted to $21.75 billion, or 22.5% of its overall sales.

According to the financial report announced on January 24, Tesla’s fourth-quarter revenue was $25.17 billion, up 7.78% from the third quarter and 3.49% from the same time last year. In China, Tesla’s fourth-quarter revenue was $6.1 billion, reaching a new high following $5.73 billion in the second quarter of 2023. This represents a 33.34% increase from the same period last year and a 21.57% increase from the third-quarter revenue of $5 billion.

24.25% of Tesla’s quarterly revenue in the fourth quarter was generated in China, up from 21.50% in the third quarter and 18.82% in the same period last year.

In 2023, Tesla sold 603,664 units in the Chinese market, a 37.27% increase from the previous year. China is Tesla’s second-largest single market in the world after the United States. In 2023, Tesla’s revenue in the US amounted to $45.2 billion, or 46.7% of its overall revenue. Europe accounted for 29.8% of total revenue, or $29.8 billion, from other markets.

By. Global Auto News