Tesla China witnessed a significant change in its weekly insurance registrations during the period of September 11-17. In the week ending September 17, the numbers revealed a total of 8,500 insurance registrations, marking a 20.56% decrease compared to the preceding week’s figure of 10,700.
When we take a step back and look at the bigger picture, it becomes apparent that up until the end of the previous week, Tesla China had accumulated a total of 22,300 vehicle registrations. For context, just a couple of weeks earlier, during the week concluding on September 3, 2023, Tesla achieved a total of 11,800 insurance registrations.
While the recent statistics may suggest a dip in registrations for the week ending September 17, they hold a rather impressive story when you consider that these numbers do not encompass the new Model 3 at all. Notably, orders for the updated Model 3 have been opened in China, but the actual deliveries of the vehicle within the country are yet to commence, as reported by CNEV Post.
Hence, it’s reasonable to infer that the 8,500 registrations recorded for the week ending September 17 primarily pertain to the Model Y.
Tesla China had initiated pre-sales of the new Model 3 at the start of the month, with delivery expectations set for Q4 2023. Drone flyovers of Gigafactory Shanghai indicate that production of the updated Model 3 is already in progress, with initial shipments to international destinations ongoing. It’s essential to note that Gigafactory Shanghai is the sole Tesla facility currently manufacturing the updated Model 3. Consequently, all the updated Model 3 units available for purchase are originating from Giga Shanghai. Fortunately, Giga Shanghai stands as Tesla’s largest factory by volume, ensuring that deliveries of the new Model 3 should remain consistently available.
With the prospect of domestic deliveries for the new Model 3 on the horizon, there’s reason to anticipate a notable uptick in Tesla China’s insurance registrations in the coming weeks. This could translate to a positive impact on Tesla’s fourth-quarter results and potentially catalyze the global rollout of the updated Model 3.