Tesla sees jump in China-made EV sales: Tesla’s China-made EV sales increased by 3% y-o-y in August compared to the previous year, Reuters reports, citing data from the China Passenger Car Association. Deliveries of the Model 3 and Model Y rose by 17% from July, driven by strong growth in smaller cities and extended incentives for local buyers. Despite global layoffs affecting its local sales force, Tesla’s China sales are projected to reach 65k units in August, potentially marking the highest quarterly sales volume in China for 3Q 2024.

Behind the increase: Tesla’s success in China is bolstered by government endorsements and compliance with local data collection regulations, allowing its vehicles to enter previously restricted government compounds. The company has also introduced a zero-interest financing plan to attract cautious buyers amid economic uncertainties.

REMEMBER- Tesla’s also getting lower tariffs: The European Union is lowering a planned tariff on Tesla’s Chinese-made EVs to a 9% charge rather than the 20.8% originally proposed. The decision came after the EU reviewed its decision at the company’s request.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • Volvo to launch long range electric trucks: Sweden’s Volvo — which is majority owned by China’s Geely — will launch a new long-haul model of its FH Electric truck in 2Q 2025. The company managed to increase battery capacity by combining the motor, gearbox, and axle into one component which makes the truck able to cover 600 kms per charge. (Reuters)
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