Tesla Inc.’s growth in China is accelerating, with electric vehicle registrations reaching a record high last month.
According to data from the state-backed China Automotive Information Net, 34,635 Teslas built in China were registered in the country in March. This is nearly double the 18,155 registrations in February, when the week-long Lunar New Year holiday delayed sales, and nearly triple the amount a year ago, when the country was engulfed in coronavrius lockdowns.
Tesla, based in California, delivered 184,800 cars worldwide in the first quarter, owing to rising demand in China. The figure exceeded the average estimate of 169,850 vehicles in a Bloomberg survey of analysts and exceeded the fourth-quarter result by approximately 4,000 vehicles.
Musk is expanding into China – now the world’s largest automotive market, including for electric vehicles – in order to gain a foothold in the face of competition from domestic electric vehicle startups and Volkswagen AG. Automobile sales are expected to increase in the country for the first time since 2017, and Premier Li Keqiang told the National People’s Congress in March that the government will assist in expanding the number of electric vehicle charging stations and battery swapping facilities.