Tesla ( TSLA ) saw a sharp rise in auto insurance registrations in China last week, as the global electric car giant looks to end the second quarter on a high note in the country's competitive EV market.
For the week of June 17-23, Tesla's insurance registrations in China totaled 17,400 vehicles, up 49 percent from 11,700 in the previous week. According to local reports, vehicle registrations in China tend to be slow at the beginning of the month and pick up at the end.
With just one week left in the second quarter, Tesla China insurance registrations are up about 14 percent from the seasonally slower first quarter, but down about 7 percent from the same period in 2023.
Tesla's May deliveries in China were 72,573 units, down 6.6 percent from a year ago and up 16.7 percent from April. The U.S. electric car company sold 55,215 vehicles in China in May, up 30 percent from May 2023, according to data released by the China Passenger Car Association (CPCA). Tesla sold 15,230 Model 3 vehicles in China in May, a 33 percent increase from the same month last year. The company's Model Y deliveries in China were up 29 percent in May compared to the same month last year.
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