Tesla’s China-Made EV Sales Reportedly Rise 10% In November – Offering Relief Amid Tough Month In Europe

• Tesla’s China-made EV sales rose to 86,700 units in November, compared to 78,856 units during the same period a year ago.
• On a sequential basis, Tesla’s China-made EV sales rose 41%, from 61,497 units in October.
• The company makes the Model 3 and Model Y in China at its Gigafactory Shanghai.

Tesla Inc.’s (TSLA) China-made electric vehicle sales reportedly rose 10% year-on-year in November, after registering a decline in October.

According to a CnEVPost report citing data from the China Passenger Car Association (CPCA), Tesla’s China-made EV sales stood at 86,700 units in November, compared to 78,856 units during the same period a year ago.

On a sequential basis, Tesla’s China-made EV sales rose 41%, from 61,497 units in October.

Tesla shares were up more than 1% in Tuesday morning’s trade. Retail sentiment on Stocktwits around the company trended in the ‘bullish’ territory at the time of writing.

The company makes the Model 3 and Model Y in China at its Gigafactory Shanghai. The cars are produced for both the Chinese market as well as for export to other regions.

Struggles In Europe

This comes at a time when the company is struggling in several key European markets. Tesla’s registrations in Europe declined in several key markets in the region in November. Tesla car registrations declined by 58% in France, 59% in Sweden, 49% in Denmark, and 44% in the Netherlands.

However, the company bucked the trend in Norway. Its sales rose 34.6% year-to-date to 28,606 cars in the country, eclipsing the previous record of 26,575 cars set by Volkswagen in 2016, the report added.

BYD, Stellantis Gain Traction In Europe

According to a Bloomberg report citing data from the European Automobile Manufacturers’ Association, BYD’s sales more than tripled in Europe in October, while Stellantis NV’s (STLA) affordable fully electric car, Citroen e-C3, drew the attention of buyers.

Tesla registrations in Europe declined by 48% in October, according to the report.

TSLA stock is up 7% year-to-date and 25% over the past 12 months.

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