Chinese market contributes 32% sales and 21% revenue for Tesla in Q1
Published: Apr 25, 2023 01:06 PM
Tesla Photo:Xinhua

Tesla Photo:Xinhua

China's auto market has made over 30 percent of contribution for Tesla's global sales and over 20 percent of revenue in the first quarter of 2023, according to Tesla's quarterly report and industrial data.

The revenue of the US electric car maker reached $23.33 billion in the first quarter, up 24 percent year-on-year, a form submitted to US' Securities and Exchange Commission (SEC) on Monday showed.

Revenue in Chinese market, the second largest market for Tesla, hit $4.89 billion, increasing by 5.18 percent year-on-year and accounting for nearly 21 percent of overall revenue.

According to monitoring data from China Passenger Car Association, Tesla's sales in Chinese market hit 137,429 in the first quarter, accounted for over 32 percent of its global delivered volume of 422,875 which was listed in the SEC form.

In addition, Tesla's revenue from energy generation and storage sales hit $1.53 billion in the first quarter, surging by 148 percent year-on-year and has grown to one major income sources for the company. 

Tesla China and Lin-Gang Special Area Administration in Shanghai signed the construction contract in early April for the manufacturing plant of Megapack, Tesla's energy storage product.

Tesla China said the new factory will produce 10,000 Megapacks each year, equal to around 40 gigawatt hours of energy storage, and those products will be sold worldwide, according to a statement sent to the Global Times on April 11, which will further increase Tesla's local manufacturing capacity after the Gigafactory for producing electric vehicles.

Global Times