Key Takeaways
1. Tesla sold 43,370 units of the updated Model Y in March, becoming the top seller of electric vehicles in China.
2. The company recorded 23,000 new Model Y sales in one week, marking its third-highest sales week in China.
3. Tesla increased the price of the AWD Model Y by around $1,380 due to longer delivery times, while the RWD version had shorter wait times.
4. A 0% APR financing offer has been extended to all trims of the Model Y in China until the end of April, aiming to sustain sales momentum.
5. Tesla’s sales in Europe may face challenges, with upcoming Q1 delivery figures expected to show weaker performance outside of China.
Tesla has emerged as the leading seller of electric vehicles in China, having delivered an impressive 43,370 units of the updated Model Y in March.
Strong Sales Week
In just the past week, Tesla recorded sales of 23,000 new Model Y cars, based on insurance registration data, making it their third-highest sales week since they began operations in China. To maintain this strong sales trend, Tesla has broadened its 0% APR financing offer for the RWD Model Y facelift, now including the non-Launch Series AWD variant, which has been available in China since February.
Delivery Times and Pricing Adjustments
Normally, Tesla’s sales mix is about 80% RWD models in that market. However, last month saw longer delivery times for the AWD Model Y, prompting a price increase of around $1,380 to balance demand with production output from Giga Shanghai. At that time, the RWD trim had a delivery window of just 2-4 weeks, while the AWD orders were facing wait times of 6 to 10 weeks. With the introduction of the 0% APR financing for the RWD version, Tesla successfully boosted orders, allowing them to reduce the AWD delivery timeframe to 3-5 weeks.
Financing Offers Extended
Even though the pricing for the dual-motor Model Y facelift remains unchanged, Tesla has now applied the same 0% APR financing offer to the AWD model too. This financing deal for all trims of the Model Y in China will be available until the end of April, set for a 36-month payment term. Tesla seems eager to keep the sales momentum rolling into the second quarter, despite having already served many early adopters of the new Model Y.
In contrast, Tesla’s sales in Europe might be facing challenges, possibly linked to Elon Musk’s political activities. However, the upcoming quarter could clarify if this is indeed the reason for the dip in demand, or if potential buyers are simply waiting for the new Model Y refresh to hit the market.
Regardless of the cause, Tesla is scheduled to release its Q1 delivery figures on April 2nd, and those numbers are anticipated to be less impressive outside of China.
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