Tesla Inc (NASDAQ:TSLA) reported higher sales for locally made electric vehicles in China last month, according to multiple reports on Sunday, citing the China Passenger Car Association (CPCA).
What Happened: Austin, Texas-based Tesla sold 65,814 China-made electric vehicles in March, a jump of 85.5% year-on-year and a rise of 16.5% over February, CnEVpost reported.
Tesla sold 35,478 vehicles in March last year in China and 56,515 vehicles in February this year.
The Elon Musk-led company shipped only 60 vehicles in March, the report said.
See Also: Tesla Giga Shanghai Said To Remain Shut Amid COVID-19 Lockdowns
Why It Matters: Tesla’s Giga Shanghai commenced production in December 2019, a year after construction began at the site. The site, which contributed to 52% of Tesla’s global deliveries last year, has been making the Model 3 electric sedan and the Model Y sport-utility vehicles at the Shanghai gigafactory.
Built with an investment of $2 billion, the manufacturing site has quickly become a key element in Tesla’s production strategy.
Price Action: Tesla shares closed 3% lower at $1,025 a share on Friday.
Photo: Courtesy of Tesla
