Tesla continues its meteoric rise, revealing in a new SEC filing that revenue 47% YoY in Q2 2023 to a whopping $24.927 billion. China powered much of these gains, with sales there jumping 51.33% from last year’s Q2 to reach $5.731 billion.
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China accounted for 22.99% of Tesla’s total Q2 revenue, underscoring the importance of this market. While the EV maker didn’t break down sales, data from the China Passenger Car Association indicates Tesla moved 294,100 vehicles in China from January to June, a 48.9% surge versus 2022. This gave Tesla 9.5% share of China’s new energy vehicle market.
Domestically, Tesla’s Q2 revenue climbed 17.87% year-over-year to hit $11.332 billion. But other regions saw even more spectacular growth, with global markets outside the U.S. and China rocketing 122.59% higher to generate $7.864 billion in sales.
Tesla now holds around 2% share of the whole Chinese auto market, its financials reveal. With scant competition in battery electric vehicles, Tesla’s market share likely increased again in Q2 2023. Rivals like Li Auto and BYD are growing quickly, but most lag Tesla.
For Tesla to clinch the top spot in EVs, its next move may be debuting a more affordable model on a cutting-edge platform, penetrating new lower-priced segments. With Q2 2023 showing sizzling sales growth across the board, Tesla has strong momentum to keep pushing toward EV supremacy.
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