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Chinese electric car sales tripled in August with You’re here (TSLA) is seeing a sharp increase in export sales, the China Passenger Car Association reported on Wednesday. Tesla stock edged up before the open, still in a buy range.
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Wholesale sales of new energy vehicles (NEVs) in China totaled 304,000, up 202% from the previous year. NEV’s sales include all-electric, hybrid and fuel cell vehicles. Wholesale sales of electric-only vehicles jumped 200% to 249,000.
Tesla’s wholesale sales totaled 44,264 in August, up 34% from July’s 32,968, even as chip shortages continue to weigh on automakers. The American electric vehicle maker exported 31,379 electric vehicles from its Shanghai plant. It is 29 against 24,347 in July.
In July, Tesla unveiled a cheaper, lower-end, Chinese-made Model Y. Its lower price makes the vehicle eligible for government subsidies, which brings the price down to $ 42,600. This is about 20% less than the Model Y at long range.
With a large chunk of Tesla’s China shipments to Europe each month, investors should look at quarterly data to get a better picture of its sales in China.
Tesla China’s local sales fell about 16% in the second quarter compared to the first quarter, although ramping up Model Y production boosted sales. Sales of the Chinese-made Model 3 fell significantly from the first quarter.
The Tesla plant in Berlin is under construction. CEO Elon Musk recently hinted that production in Berlin could start as early as October, but other indications point to a start in 2022. In any case, the time is approaching when the Tesla plant in Shanghai will not export as many cars to Europe. This will give a clearer picture of Chinese demand.
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Supply problems weigh on Chinese rivals as well
Some of Tesla’s China-based competitors have also seen their shipments drop. Nio (NIO) delivered 5,880 vehicles in August, up from 7,931 cars in July, but up 48% year on year. Xpeng (XPEV) delivered 7,214 vehicles in August, up from 8,040 in July, but rose 172% from the previous year.
However, Li Auto (LI) August shipments jumped 9.8% from July to 9,433 units of its Li ONE, the only model it has on the market. Sales of the SUV, equipped with a small gasoline engine, climbed 248% year over year.
Supported by Warren Buffett WORLD (BYDDF) sold 61,409 new energy vehicles in August, more than quadruple the number sold a year ago. BYD’s electric vehicle sales jumped 223% to 30,382.
Tesla’s production delays
Tesla halted some operations at its Shanghai plant last month for about four days due to a global semiconductor chip shortage, Bloomberg News reported, citing sources.
Musk has also tweeted frequently in recent weeks about supply chain issues hampering production. But neither he nor the company gave details.
On the bright side, severe shortages of chips for the auto industry have boosted the pricing power for Tesla and others.
At a company meeting last week, Musk confirmed that the Cybertruck will not be available until the end of 2023. Musk added that volume production will not start until the end of 2023. The delay also suggests that the 4,680 batteries that trucks need are far from mass production.
Musk also tweeted on September 1 that the new Roadster on September 1 is expected to hit the market in 2023, “assuming 2022 isn’t a mega-drama.” Tesla unveiled the second-generation Roadster in 2017.
Tesla shares
The shares rose 1.2% to 761.82 on the stock market today. Tesla stock gained 2.6% to 752.92 on Tuesday. It is still in the buy range after crossing a buy point of 730 last week, according to MarketSmith chart analysis. The pursuit zone extends to 766.50.
Tesla stock has an RS rating of 90 out of a possible 99. His EPS rating is 72. His line of relative strength is on the rise. Tesla is a Leaderboard and SwingTrader share.
Meanwhile, Nio stock fell 2% early Wednesday, after the company announced plans to sell up to $ 2 billion in shares. Li Auto stock edged down and Xpeng stock fell nearly 2% after a solid rise on Tuesday. XPEV was added to SwingTrader on Tuesday.
BYD stock, listed in Hong Kong and traded over-the-counter in the United States, was not yet active on Wednesday. On Tuesday, stocks jumped 7% to 35.25. BYDDF broke a trendline in a handful, providing early entry. The shares have an official listing of 36.01.
Follow Adelia Cellini Linecker on Twitter @IBD_Adelia.
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