Benzinga | Nov 8, 2021 04:31AM EST

Tesla China Sales Rise 350% YoY In October But Drop 2.8% Sequentially: CPCA Data

Tesla Inc's (NASDAQ:TSLA) China wholesale volume rose four-fold in October on a year-on-year basis but slipped when compared to a month ago, as per the China Passenger Car Association (CPCA).

What Happened The Elon Musk-led company sold 54,391 electric vehicles to dealers in China, a rise of 348% on a year-on-year basis, cnEVpost reported on Monday citing data from the national automotive agency.

The latest numbers indicate Tesla's wholesale volumes declined 2.8% on a month-over-month basis.

October sales include 40,066 export units, indicating it sold 13,725 units in China, as per the CPCA data.

China's overall new energy wholesale volumes for passenger vehicles rose 148.1% to 368,000 vehicles on a year-on-year basis and up 6.3% on a sequential basis, CPCA data shows, as reported by cnEVpost.

The bulk of those wholesale volumes were battery electric vehicles at 303,000 units.

See Also: Volkswagen Beats Xpeng, Li Auto And Nio Numbers For Octobers With Its ID. Series Deliveries In China

Why It Matters: Tesla has been making the Model 3 electric sedan and the Model Y sport-utility vehicles at its Shanghai gigafactory.

For comparison, homegrown rivals Nio Inc (NYSE:NIO) and Xpeng Inc (NYSE:XPEV) delivered 3,667 and 10,138 electric vehicles respectively in October; the former's numbers being impacted by an elongated production shutdown at a key manufacturing facility during the month.

German automaker Volkswagen Group (OTC:VWAGY) sold 12,736 locally made ID. series electric vehicles in China last month, more than the local electric vehicle startups.

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Photo: Courtesy of Tesla