Tesla has made waves in the automotive industry by reporting a stellar second-quarter production and delivery performance for 2024 in an announcement issued on July 2, surpassing market expectations by a significant margin.

The electric vehicle (EV) titan churned out over 410,000 vehicles and delivered more than 444,000 units worldwide in Q2, showcasing a remarkable 14.7 percent surge from the preceding quarter. Of particular note is the exceptional performance of Tesla's Shanghai Gigafactory, which saw a remarkable delivery of 71,000 units in June alone, contributing to a total of over 205,000 deliveries throughout the quarter.

Tesla's domestic sales in China have been on a robust upward trajectory. Data from the China Passenger Car Association (CPCA) reveals that Tesla's sales in June soared to nearly 59,000 units, marking a 7 percent increase from May, which itself had witnessed a remarkable 77 percent month-over-month growth. Over the entire second quarter, Tesla's cumulative sales in China surged by 10.2 percent compared to the previous quarter, underscoring the company's strong foothold in the Chinese market.

On July 1, Tesla introduced a groundbreaking five-year interest-free financing option that encompasses all available features, including paint choices, interior options, wheels, Enhanced Autopilot (EAP), and Full Self-Driving (FSD) capabilities. This move has garnered considerable attention and praise, with the daily loan installment for a Model 3 Rear-Wheel Drive variant plummeting to as low as 85 yuan ($12) through the interest-free plan.

The surge in new car purchases can be attributed to the intensifying price competition among domestic automakers and the introduction of nationwide trade-in subsidies. The Chinese auto market has witnessed robust performance in the first half of this year, with new energy vehicle manufacturers recording stellar sales figures. Remarkably, the summer season, traditionally considered a sluggish period for car sales, has defied expectations with a flurry of market activity, further highlighting the resilience and dynamism of China's automotive sector.

Source: Shanghai Observer