Tesla China sets sales record in November; here's why

Tesla's Gigafactory Shanghai hit an all-time record number of deliveries in November, shipping 100,291 electric vehicles to customers in China and overseas markets. However, Tesla stock tumbled on Monday as multiple reports said Tesla is also planning to cut its EV production in China, as demand seems to be faltering.

Breaking the 100,000 monthly delivery barrier for the first time in China also meant that Tesla posted a 40-percent increase from October 2022 and 90 per cent increase from November 2021. The spectacular growth comes after the EV maker ramped up output at the Shanghai plant, cut prices for its best-selling models, the Model Y and Model 3, and offered incentives to Chinese buyers.

That is the highest monthly sales figure since the Giga Shanghai vehicle assembly plant opened in late 2020.

According to Tao Lin, vice president of Tesla China, the localization rate of the industrial chain of Giga Shanghai has now exceeded 95 percent, helping China's new energy vehicle (NEV) industry to develop a world-leading integrated industrial structure and robust consumption potential.

According to reports, sales is up 90 percent from the 52,859 vehicles sold in November of last year and up 40 percent from the 71,704 vehicles sold in October.