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Tesla halts Shanghai factory output on COVID curbs

Tesla’s Sales in China Are Half the Size of Its U.S. Sales

The latest data showed that Tesla’s sales in China are now nearly half the size of what the company sells in the U.S.

Elon Musk’s electric vehicle company reported sales of $3.11 billion in China in Q3 of the year. Remarkably, it is 48.5% of the $6.41 billion U.S. sales during that time. It is up from 41.4% a year ago, while less than 10% in 2018.

China’s share of Tesla’s overall sales gained 22.6% in the third quarter, up from just under 20% a year ago.

As we know, the giant electric car maker has opened a gigafactory in Shanghai and delivered its first China-made cars to local consumers just before the onset of the COVID-19 pandemic in January 2020. The firm started delivering a second China-made model locally this year.

Tesla has faced criticism from state media and social media users. However, its electric vehicles remain popular in China.

According to the China Passenger Car Association, Model 3 and Y are among the top three sold in China’s new energy vehicle passenger car market.

 

Tesla Hit a Record High After Hertz Reported It Would Acquire 100,000 Tesla Cars in 2022

 

Shares of the giant electric vehicle maker hit a record high — and a $1 trillion market capitalization — in New York trading Monday. The surge came after rental company Hertz reported it would acquire 100,000 Tesla cars by the end of next year.

The firm joins trillion-dollar market capitalization companies like Apple, Amazon, and Microsoft.

Bloomberg reported earlier that the deal would bring in $4.2 billion for Tesla, the biggest ever purchase of electric vehicles.

Bloomberg also announced that the vehicles are slated for delivery within the next 14 months. Remarkably, it will be available to clients in the U.S. and parts of Europe in November.

The deal came over a year after Hertz filed for bankruptcy protection amid the height of the COVID-19 pandemic, as demand for travel and rental vehicles declined. This year, investors from Knighthead Capital Management and Certares Management announced they would take over the firm.

The news lifted Tesla’s stock to over $1,045 a share, a new record peak one trading day after the shares hit $900. The stock closed up 12.66% at around $1,024 a share.

China is the world’s biggest auto market and a major destination for global brands. According to Goldman Sachs, German auto giant Volkswagen makes about 41% of its sales volume in China.

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